INDIA. Leading travel dining and hospitality company Travel Food Services (TFS) reported strong growth in revenue and profitability for both the fourth quarter and full year ended 31 March 2026.
Fourth-quarter revenue surged +27.7% year-on-year to Rs8,954 million (US$94.2 million), while full-year revenue jumped +25.4% to Rs32,144 million (US$338.4 million).
Consolidated profit after tax climbed +15.1% year-on-year on an adjusted basis to Rs1,226 million (US$12.9 million) in Q4. For FY2026, adjusted profit after tax grew +21.5% to Rs4,523 million (US$47.6 million).
TFS attributed the increase in full-year profitability to robust revenue growth and a higher contribution from its joint ventures.
Like-for-like sales grew +6.1% in Q4 and +9.4% across FY2026, while net contract gains added +17.3% and +13.1%, respectively.
The strong sales growth was driven by a combination of menu innovation, value-focused combo offerings and targeted promotional campaigns, despite subdued passenger traffic during both the quarter and the full year, TFS noted.
Q4 performance came against a backdrop of broadly flat year-on-year passenger traffic across TFS-operated airports. While the quarter began with positive traffic momentum, growth was hit by the Middle East conflict from early March.
Despite conflict-related airline disruptions during the year, passenger traffic at TFS-managed airports rose +1.2% in FY2026. Traffic rebounded after each event, reflecting the underlying resilience and steady demand in India’s aviation sector, the company said.
Portfolio growth
TFS continued to expand its footprint, operating more than 550 travel QSR outlets and lounges across 20 airports as of 31 March.
Growth was supported by outlet openings across Mumbai, Delhi, Ahmedabad, Hyderabad and Cochin hubs and the recently opened Navi Mumbai Airport.
The company’s lounge portfolio expanded to 39 locations, including openings at Cochin Airport Terminal 1 and Hong Kong International Airport, in partnership with SSP Asia Pacific and Airport Dimensions.
The brand portfolio also widened to 145 brands, with 18 additions during the year.
TFS Managing Director and CEO Varun Kapur 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% year-on-year and adjusted consolidated PAT growing +21.5% year-on-year.
“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.”
TFS is the leading operator in India’s fast-growing airport quick-service restaurant and lounge sectors. The company is a joint venture between SSP Group and the Kapur family-led K Hospitality Corp, with shares listed on the National Stock Exchange of India since July 2025. 
