Thakral profit more than doubles in Q1 on lifestyle segment strength

The higher contribution from South Asia and Greater China offset investment losses.

Thakral Corporation Ltd (Thakral) reported that its adjusted attributable profit more than doubled to $3.3m for the three months ended 31 March, a 109.4% increase from $1.6m from a year earlier, supported by stronger performance in its Lifestyle segment.

The Lifestyle segment revenue increased 47.3% to $109.0m from $74.0m a year earlier, with segment EBIT rising 92.7% to $6.6m, underpinned by growth across South Asia and Greater China, Thakral reported.

The group recorded a $31.5m unrealised fair value loss on its holdings in GemLife Communities Group (GemLife) and The Beauty Tech Group plc (TBTG), reflecting share price movements in March amidst broader market conditions. It added that both investments showed signs of recovery in the second quarter of 2026.

Revenue rose 44.2% year on year (YoY) to $109.5m, whilst operating profit increased 62.6% to $5.4m.

In South Asia, revenue increased 52.5% to $62.7m, supported by distribution of Dà-Jiāng Innovations (DJI) products and expansion into retail chains. The group said it plans to open 20 to 30 DJI stores across India and other South Asian markets over the next two to three years.

In Greater China, including Hong Kong and Macau, revenue rose 54.5% to $27.6m, driven by demand for beauty and fragrance brands across more than 65 mono-brand stores and retail partners.

In India, the group continued expanding its Nespresso operations through boutique stores, ecommerce channels and partnerships with hospitality brands.

It will also begin distribution via Blinkit, a quick commerce platform with more than 30 million weekly active users adding that the Nespresso India business remains on track to reach profitability in FY2027.

The group expects the Lifestyle segment to grow by about 25% in FY2026, supported by store expansion in South Asia, continued growth in Greater China, and expansion of its Nespresso business in India.

It also noted ongoing expansion in its drone ecosystem exposure in India through Bharat Skytech and Skylark Drones, supported by the country’s “Make in India” initiatives.

Its five Osaka office buildings remained fully occupied, whilst its Best Western Tsukamoto Hotel in Japan recorded strong revenue, contributing to profit share income. In India, the group is advancing a 2.5 million square feet (sq ft) mixed-use healthcare-led development in Gurugram.

On 28 May, the group completed the acquisition of an additional 81.64% stake in TIL Investments Private Limited for $93.9m, lifting its effective stake to 95.28% and giving it control of the Gurugram development project, the group added.

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