• Consolidated PAT increased by 15.1% YoY in Q4FY26 and 21.5% YoY on an adjusted basis2 in FY26
  • System-wide sales1 growth of 27.7% YoY in Q4FY26 and 25.4% YoY in FY26
  • Expanded system-wide network to 550+ Travel QSR Outlets and Lounges across 20 airports, as of March 31, 2026
  • Mobilisation of new units is progressing at Delhi Airport, Navi Mumbai Airport, Cochin Airport and the soon to be commercially opened Noida Airport
  • The Board of Directors recommends a final dividend of Rs.10.25 per share for FY26

National : Travel Food Services Limited, a leading operator of Travel QSR outlets and Lounges in India, announces its results for the fourth quarter and full year ended March 31, 2026.

Financial Performance (Rs. Million)

ParticularsQ4FY26Q4FY25YoYFY26FY25YoY 
System-wide Sales8,9547,01027.70%32,14425,64225.40% 
Consolidated Sales4,6073,66625.70%16,47814,470*13.90%
Consolidated PAT1,2261,06615.10%4,5233,722*21.50%
Consolidated PAT as % of Consolidated Sales26.60%29.10%(246)bps27.40%25.70%173bps

*FY25 consolidated financials (and therefore consolidated YoY comparisons) are adjusted for the one-time effect of the deconsolidation of the JV business. For more details refer to Note 2.

Key Financial Highlights – Q4FY26 & FY26

  • System-wide Sales increased to Rs.8,954 million (up 27.7% YoY) in Q4FY26 and Rs.32,144 million (up 25.4% YoY) in FY26, driven by:
  • Like-for-like (LFL)3 sales growth of 6.1% YoY in Q4FY26 and 9.4% YoY in FY26, which was supported by various revenue-driving initiatives including menu innovations, value-oriented combo offerings, and targeted promotional campaigns, even as passenger traffic remained subdued during both the quarter and the full year. For Q4FY26, passenger traffic at TFS-managed airports was broadly flat year-on-year. The quarter started with a positive momentum in passenger traffic, but growth was impacted by the onset of the Middle East conflict in the beginning of March. For the full year FY26, passenger traffic at TFS managed airports grew by 1.2% YoY, despite disruptions seen due to airline and war related events through the year. However, traffic rebounded after each event, reflecting underlying strength and steadiness of passenger traffic demand in India.
  • Net contract gains4 of 17.3% YoY in Q4FY26 and 13.1% YoY in FY26, driven by continued mobilisation of new units across the network. Over the past 12 months, 76 travel QSR outlets and 2 lounges have been added at a system-wide level, with new outlets commissioned across airports including Mumbai, Delhi, Ahmedabad, Hyderabad, Cochin as well as the newly opened airport at Navi Mumbai.
  • The near-term macro environment remains dynamic, with evolving geopolitical developments, input cost pressures, and passenger traffic volatility. The Company continues to closely monitor these factors. Notwithstanding these uncertainties, TFS remains well-positioned, supported by disciplined execution, strong cost controls, and a continued focus on operational efficiencies, enabling it to navigate the evolving landscape effectively.
  • Consolidated sales were Rs.4,607 million (up 25.7% YoY) in Q4FY26 and Rs.16,478 million (up 13.9% YoY on an adjusted basis) in FY26, mainly driven by:
  • LFL sales growth of 9.4% YoY in Q4FY26 and 6.3% YoY in FY26. Passenger traffic at TFS consolidated airports was broadly similar to the prior year in both Q4FY26 and FY26, with trends through the year reflecting the episodic disruptions as described above. Inspite of the slow growth in traffic, the sales growth continues to be supported by revenue optimisation and premiumisation initiatives.
  • Net contract gains of 21.3% YoY in Q4FY26 and 8.8% YoY in FY26. Contract gains in Q4FY26 were primarily driven by mobilisation of new units across Delhi Airport (Terminal 1 & Terminal 2) and Cochin Airport (Domestic Terminal 1). For the full-year FY26, net contract gains were partially impacted by the expiry of a few contracts during the year and the subsequent pick-up of these contracts by our JV.
  • Consolidated PAT stood at Rs.1,226 million in Q4FY26, reflecting an increase of 15.1% year-on-year. For FY26, consolidated PAT reached Rs.4,523 million, recording a growth of 21.5% YoY (on an adjusted basis) and a PAT margin of 27.4% compared to 25.7% in the prior year. For the full year, profitability increase was driven by strong sales growth and increase in share of profit from the joint ventures.

Key Operational Highlights – Q4FY26 & FY26

Network and footprint Expansion

  • Now operating across 20 airports at a system-wide level as on Mar-26, up from 18 airports as on Mar-25, with commencement of operations at the Cochin Airport (Domestic Terminal -1) and Navi Mumbai Airport during the year.
  • System-wide Travel QSR outlets portfolio increased to 518 outlets as of Mar-26, reflecting a net addition of 76 outlets over the year, mainly at the Mumbai, Delhi, Ahmedabad, Hyderabad, Navi Mumbai, and Cochin Airports.
  • Lounges also increased to 39 lounges as of Mar-26 (up from 37 as of Mar-25) with opening of one lounge at Cochin Airport (Domestic Terminal 1) and another lounge at Hong Kong Airport (operated in partnership with SSP Asia Pacific and Airport Dimensions).
  • Brand portfolio expanded to 145 brands as of Mar-26, with addition of 18 brands in the year. The additions include new in-house concepts such as Lucknow Streat, alongside globally celebrated names including Nando’s, Wagamama, and Gordon Ramsay, further strengthening TFS’s ability to cater to the evolving tastes and preferences of the modern traveller

Commenting on the Q4 & FY26 performance, Mr. Varun Kapur, Managing Director and CEO, TFS, said: ‘FY26 has been a landmark year for TFS – our first full year as a listed company that has been marked by strong financial performance, with system-wide sales growing 25.4% YoY and adjusted consolidated PAT growing 21.5% YoY. We continued to demonstrate our operational resilience, delivering steady performance despite the near-term challenges seen in Q4FY26. Crossing 550+ outlets, expanding to 20 airports, deepening our brand portfolio to 145 brands, and progressing on our EATS technology platform, reflect the breadth of our execution and the directions in which TFS is growing. Operations at Cochin and Delhi Airports are scaling up well, Navi Mumbai is seeing the opening of new concepts, and we remain excited about our upcoming units at Noida Airport ahead of its commercial launch. The near-term environment carries its share of headwinds – the Middle East conflict, firming input costs, and temporary traffic disruptions have added some volatility. We are watching these developments carefully, navigating them with discipline, and responding with the operational execution that has defined our journey. Our conviction in India’s long-term aviation growth story is unchanged. With a growing network, a strong brand portfolio, and new revenue streams taking shape, TFS enters this next phase from a position of strength.’