The past year has tested the travel industry in many ways. Geopolitical developments, shifting travel patterns and changing customer sentiment created uncertainty across markets and corridors. Yet, for Thomas Cook India and its businesses, the response was not simply to navigate the challenges, but to adapt, innovate and find new opportunities within them.
Across Leisure and Corporate Travel, MICE, Financial Services and Hospitality, teams responded with agility — reshaping propositions, exploring new destinations, embracing technology, strengthening partnerships and staying close to customers. In doing so, they demonstrated that resilience is not just about weathering difficult times; it is about using change as a catalyst to become stronger, more agile and better prepared for what lies ahead.
Leisure Travel | Turning Shifts into Opportunities
Geopolitical disruptions brought a period of uncertainty for the travel industry, particularly across long-haul corridors. For Thomas Cook India and SOTC Travel, this tested the strength of our diversified portfolio, market understanding and ability to respond with agility.
Within Leisure Travel, the impact was most visible across long-haul travel, prompting a swift pivot towards domestic and short-haul destinations. As travellers reconsidered westbound long-haul markets, the business redirected interest towards compelling alternatives, with Japan, Vietnam, Thailand, Singapore-Malaysia and China gaining traction. Within India, destinations such as Himachal Pradesh, the North East and Kashmir continued to attract travellers, while Kailash Mansarovar and other spiritual journeys added further momentum. Sri Lanka and Bhutan remained important choices across the Indian Subcontinent.
The period also provided an opportunity to deepen and strengthen our spiritual travel proposition. We expanded beyond established pilgrimage circuits to create more curated, convenient and differentiated journeys — including Vaishno Devi, with complex Darshan and pre-booked helicopter transfers, and Mahakaleshwar, with guaranteed Bhasma Aarti slot bookings. The portfolio also encompasses Tirupati Balaji, Mallikarjuna, Kedarnath, Amarnath, Somnath and Rameshwaram.
The next phase is focused on larger, curated circuits bringing together multiple destinations and traditions. These include the 12 Jyotirlinga Complete Circuit, Panch Kedar & Shakti Peeths, dedicated ISKCON and Buddhist Heritage circuits, Sikh Heritage Tours and Divya Desams, positioned as premium expeditions with comprehensive documentation and support.
Together, these initiatives demonstrate Leisure Travel’s ability to read changing traveller sentiment, pivot quickly and convert emerging opportunities into relevant products and destinations.
Corporate Travel | Adapting to Change
While Corporate Travel remained relatively resilient amid geopolitical disruptions, the moderation in international travel sentiment created some pressure on overseas travel. The business responded by strengthening its domestic proposition, supported by new client acquisitions and deeper engagement with its existing portfolio.
Domestic air and non-air travel, along with hotel bookings, recorded healthy growth, helping offset the moderation in international travel. A key enabler was the launch of Lodging One, a dedicated hotel stack that enhances content, expands rate and inventory choices, and provides clearer room-level information and policies.
The strategy translated into strong momentum in domestic hotels, with room nights increasing by nearly 50% year-on-year.
The experience reflects the agility of Corporate Travel — leveraging new opportunities, strengthening existing relationships and adapting its proposition to sustain growth despite external headwinds.
MICE | Scaling with Agility
Our MICE business continued to demonstrate the value of scale, expertise and operational agility. With the ability to manage diverse group sizes, destinations and requirements, the business delivered large-scale domestic and international programmes while responding to changing corporate priorities.
Its ability to bring together destination expertise, detailed planning, local execution and seamless experiences enabled it to remain resilient even as travel patterns evolved. This combination of scale and flexibility continues to position MICE strongly for the growing corporate events opportunity.
Financial Services | Building Frictionless Experiences
In Financial Services, resilience was reflected through continued investment in digital innovation and distribution. The business expanded the Borderless Travel Card to 28 currencies, strengthened digital-first platforms and forged partnerships that made forex faster and more accessible.
From TC Pay and FX on WhatsApp to doorstep delivery through Blinkit and distribution through more than 7,000 Muthoot Forex branches, the business continued to remove friction from the customer journey, while combining digital convenience with the trust of a strong physical network.
The result is an increasingly integrated omnichannel proposition, where technology, partnerships and physical distribution work together to create greater convenience and accessibility for customers.
Leisure Hospitality | Strengthening the Core
Sterling Holiday Resorts continued to build on its strong hospitality foundation, delivering sustained growth and profitability. With a growing resort portfolio, stronger room revenues and continued operational discipline, the business is well positioned to participate in India’s expanding domestic travel opportunity.
The proposed demerger and sharper strategic focus further reinforce the intent to create a focused platform capable of pursuing its growth opportunities with greater agility.
Moving Forward with Confidence
The stories across our businesses demonstrate that resilience is not a single strategy or a one-time response. It is reflected in the ability to recognise change, act decisively and keep moving forward — whether by opening new travel corridors, creating relevant products, embracing technology or strengthening relationships with customers and partners.
The road ahead will undoubtedly bring new challenges and opportunities, but with the agility to adapt, the experience to navigate change and the willingness to continually reinvent, we are well placed to meet what comes next — with confidence and optimism.