Travel Food Services Ltd.Sales +18%, PAT +36%, traffic flat

Travel Food Services reported Q1 FY27 system-wide sales of ₹8.4 bn, up 18%, and consolidated revenue of ₹4.5 bn, up 20.6%, even though airport passenger traffic was broadly flat as Middle East disruptions cut international travel.

EBITDA rose 11% to ₹1.6 bn with margin moderating to 35.8% on pre-operating and staffing costs for new outlets at Noida, Cochin and Delhi, while consolidated PAT rose 35.6% to ₹1.3 bn, helped by a ₹131 Mn GST provision write-back. System-wide like-for-like growth was 0.8%, or about 7% excluding Mumbai, Guwahati and South India. The network reached 580 outlets and lounges across 21 airports, with over 50 more outlets under development and Bhogapuram airport opening on 17 August.

Cash is ₹9.7 bn with no debt. Management expects an H2 traffic rebound as international routes return, like-for-like growth of 5% to 7% above traffic, and pre-operating costs to normalise within about 12 months. Delhi T3 moves to a 30% GMR JV after 30 September if the bid succeeds.