INDIA. Leading travel dining and hospitality company Travel Food Services (TFS) has reported double-digit growth in revenue and profits for the first quarter of its financial year ended 30 June.
Sales across the business climbed +18% year-on-year to Rs8,437 million (US$88 million), with new openings playing a key role, notably at Delhi International Airport (terminals 1 and 2), Cochin International Airport (Domestic Terminal 1), and the recently opened Noida International Airport, India’s newest major gateway.
Like-for-like growth was more modest at +0.8% and influenced by several key factors. These included traffic migration to new airports and terminals and the impact of the Middle East conflict on airports especially in Southern India, which has higher exposure to the region. Excluding these markets, system-wide like-for-like sales growth was around +7% year-on-year.
Consolidated profit after tax (PAT) leapt +35.6% year-on-year to Rs1,288 million (US$13.4 million), with a PAT margin of 28.5% compared with 25.3% in the previous year. PAT growth was supported by sales growth and Other Income. The latter included a partial write-back of GST provisions of Rs131 million (US$1.37 million).
With the start of commercial operations at Noida International Airport during the quarter, the TFS network expanded to 21 airports as of 30 June, compared to 18 a year earlier. In the last 12 months, 87 quick-serve restaurants and two lounges have opened across the TFS network.
In its results statement, TFS also highlighted the ten honours it received at The Moodie Davitt Report-organised Airport Food & Beverage + Hospitality (FAB) Awards in July. TFS won nine Asia Pacific regional awards across categories including sustainability, F&B innovation and marketing, along with the FAB Superstars Star Team (Back of House) award.
TFS noted, “FAB is globally regarded as the travel hospitality industry’s most prestigious awards programme organised by The Moodie Davitt Report, and TFS’s wins reflect the strongest performance by an Indian company at the award ceremony.”
TFS Managing Director and CEO Varun Kapur said, “Q1 FY27 was a strong quarter for TFS, with sales and profitability delivering double-digit growth despite a challenging operating environment impacted by disruptions arising from the Middle East conflict.
“The quarter reflects the benefits of our ongoing network expansion and continued focus on operational excellence across the business.
“During the quarter, we commenced operations at Noida International Airport, launching multiple Travel QSR outlets, the airport’s first lounge and new passenger-facing services under our Elite Assist brand, further strengthening our presence across key airport locations.
“While the quarter was affected by external disruptions beyond our control, TFS has consistently demonstrated its ability to navigate periods of volatility through operational agility and disciplined execution. Historically, passenger traffic and consumer spending trends have recovered quickly following such events, and we expect a similar recovery as geopolitical uncertainties ease.
“We remain focused on driving productivity across our existing network, accelerating the ramp-up of newly opened locations, progressing the development of our strong pipeline of new units, enhancing the customer experience, and scaling our emerging service offerings. As operating conditions normalise, we believe these initiatives position us well to deliver sustained growth and create long-term value for our stakeholders.”
TFS is the leading player 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. 
