Management Commentary

Chairman & Managing Director Amit Bhatia stated FY26 was a "defining year" in the company's transformation from a MICE-focused organization into a diversified, technology-enabled travel solutions platform. The year marked investments for future growth despite temporary disruptions from Operation Sindoor and Middle East geopolitical developments. The company improved EBITDA and PAT margins, reflecting strength in operating model and focus on disciplined execution.

Key milestones included the Punjab Government pilgrimage project and multiple large domestic/international mandates. The vision is to create an integrated travel ecosystem bringing together corporate travel management, self-booking technology, MICE services, B2B travel solutions, holidays, inbound tourism, spiritual journeys, and institutional projects under a single platform.

For FY27, the company targets record revenues based on diversified business model, expanding government/institutional projects portfolio, growing enterprise travel management platform, and strong order pipeline.

Business Overview & Transformation

  • Incorporated in 2004, evolved from leading MICE company to integrated travel and mobility platform
  • Provides end-to-end solutions across: MICE Services, B2B Travel Solutions, Corporate Travel Management, Government & Institutional Projects, Flights & Hotels, Self-Booking Tool (SBT), Holidays & Leisure Travel, Inbound Tourism
  • Key transformation timeline:
  • 2004: Company incorporation
  • 2012: Affiliated with PATA
  • 2014: Affiliated with IATO and ADTOI
  • 2024: Achieved ₹100 crore turnover; affiliated with IATA
  • 2025: Mahakumbh; started B2C religious tours; acquired 21 new corporate clients; acquired TravExel Events and Travel Pvt Ltd (medical conferences domain)
  • 2026: Rebranded as Mach Travel Solutions Limited; entered Government & Institutional Projects; launched Enterprise Travel Management vertical; introduced Self-Booking Tool; expanded into Integrated Travel Solutions Platform; developed MachTravel.com B2C platform

Operational Highlights H2 FY26

  • EBITDA: ₹977 lakhs
  • Total MICE Programs: 273
  • ROE: 12.7%
  • ROCE: 16.9%
  • People traveled with Mach: 40,000+
  • Company developed strong capabilities in managing large-scale domestic/international travel programs, conferences, government mandates, and institutional projects

Order Pipeline Highlights H2 FY26

  • Secured mandates: ₹142+ crore
  • Participants & beneficiaries: 1.89 lakh+
  • Major projects: 4 across government, corporate & international segments
  • Key projects include:
  • Oceania MICE Programmes: ₹32 crore, 950-1,000 delegates, Q1 FY27 execution
  • Dubai Travel Management Projects

Recently Managed Programs (Last One Year)

Detailed table showing 12 recently managed programs with destinations, dates, participant numbers, event values, service categories, and client industries:

  • Bali (Jul 2025): 980 participants, ₹1,151.32 lakhs, Incentive Tours/Event, Banking Sector
  • Argentina (Sep 2025): 101 participants, ₹1,074.44 lakhs, Incentive Tours/Event, Insurance Sector
  • Mexico (Apr 2025): 38 participants, ₹584.50 lakhs, Incentive Tours/Event, Insurance Sector
  • Goa (Jul 2025): 1,300 participants, ₹921.71 lakhs, Incentive Tours/Event, Banking Sector
  • Aamby Valley (Jul 2025): 1,250 participants, ₹525.84 lakhs, Incentive Tours/Event, Banking Sector
  • Chennai (Aug 2025): 1,500 participants, ₹932.55 lakhs, Cordelia cruise, Banking Sector
  • Kenya (Aug 2025): 57 participants, ₹445.50 lakhs, Incentive Tours/Event, Banking Sector
  • Punjab (Aug 2025): 120 participants, ₹359.19 lakhs, Incentive Tours/Event, Insurance Sector
  • Bali (Aug 2025): 240 participants, ₹278.05 lakhs, Incentive Tours/Event, Manufacturing Sector
  • Sikkim (Apr 2025): 270 participants, ₹258.07 lakhs, Incentive Tours/Event, Insurance Sector
  • Bangkok (Jun 2025): 400 participants, ₹251.52 lakhs, Tour, Home Appliances Sector
  • Delhi-Agra (Aug 2025): 800 participants, ₹207.06 lakhs, Incentive Tours/Event, Cement Sector

B2C Expansion Strategy

  • MachTravel.com portal to be launched
  • Focus areas: holidays, leisure travel, cruises, spiritual tourism
  • Leveraging established corporate customer base, brand recognition, and strong industry connections with airlines/hotels
  • Market trends supporting expansion: India improved to 39th position on World Economic Forum's Travel and Tourism Development Index 2024 (from 54th in 2021); international travel spending increase; tourism infrastructure development

Geographic Expansion

Current presence across key metro and business hubs: New Delhi, Kolkata, Mumbai

Industry Growth Drivers

  • Indian MICE industry growth
  • Government initiatives: Incredible India Campaign, Swadesh Darshan Scheme, E-Visa Facility for 160+ countries, G20 Presidency (2023)
  • Market trends: expanding middle-income population, improved infrastructure, social media influence

Financial Performance H2 FY26

Income Statement (₹ lakhs):

  • Revenue From Operations: 13,337 (vs 11,644 in H2 FY25; 9,708 in H1 FY26)
  • Other Income: 124 (vs 211 in H2 FY25; 160 in H1 FY26)
  • Total Income: 13,461 (vs 11,855 in H2 FY25; 9,868 in H1 FY26)
  • Employee Benefit Expenses: 792 (vs 521 in H2 FY25; 638 in H1 FY26)
  • Other Administrative Expenses: 11,568 (vs 10,400 in H2 FY25; 8,095 in H1 FY26)
  • Total Expenses: 12,360 (vs 10,921 in H2 FY25; 8,734 in H1 FY26)
  • EBITDA: 977 (vs 934 in H2 FY25; 1,134 in H1 FY26)
  • EBITDA Margin: 7.33% (vs 8.02% in H2 FY25; 11.49% in H1 FY26)
  • Finance Cost: 49 (vs 44 in H2 FY25; 39 in H1 FY26)
  • Depreciation: 83 (vs 74 in H2 FY25; 73 in H1 FY26)
  • PBT: 970 (vs 816 in H2 FY25; 1,022 in H1 FY26)
  • Tax: 245 (vs 252 in H2 FY25; 240 in H1 FY26)
  • PAT: 724 (vs 564 in H2 FY25; 782 in H1 FY26)
  • PAT Margin: 5.40% (vs 4.84% in H2 FY25; 8.06% in H1 FY26)
  • Basic EPS: ₹3.74 (vs ₹2.68 in H2 FY25; ₹3.70 in H1 FY26)

Balance Sheet (as on 31st March 2026, ₹ lakhs):

Equity and Liabilities:

  • Equity Share Capital: 2,104 (2,104 in Mar'25)
  • Reserves and surplus: 10,032 (8,792 in Mar'25)
  • Minority interest: 164 (0 in Mar'25)
  • Shareholder's Fund: 12,300 (10,896 in Mar'25)
  • Non-current Liabilities: 553 (671 in Mar'25)
  • Long Term Borrowing: 421 (529 in Mar'25)
  • Long Term Provisions: 132 (83 in Mar'25)
  • Deferred Tax Liabilities: 0 (59 in Mar'25)
  • Current Liabilities: 5,451 (2,339 in Mar'25)
  • Short Term Borrowings: 138 (127 in Mar'25)
  • Trade Payables: 2,341 (611 in Mar'25)
  • Other Current Liabilities: 2,396 (933 in Mar'25)
  • Short Term Provisions: 576 (669 in Mar'25)

Assets:

  • Non-Current Assets: 4,217 (4,148 in Mar'25)
  • Property Plant & Equipment: 1,924 (1,974 in Mar'25)
  • Deferred Tax Assets: 17 (0 in Mar'25)
  • Long Term Loans & Advances: 124 (22 in Mar'25)
  • Other Non-Current Assets: 2,152 (2,152 in Mar'25)
  • Current Assets: 14,087 (9,758 in Mar'25)
  • Current Investments: 230 (720 in Mar'25)
  • Trade Receivables: 4,903 (4,295 in Mar'25)
  • Cash & Bank Balances: 3,179 (2,666 in Mar'25)
  • Short Term Loans & Advances: 5,712 (1,955 in Mar'25)
  • Other Current Assets: 63 (122 in Mar'25)

Key Financial Ratios

  • Return on Equity (ROE): 12.7% (H2 FY26)
  • Return on Capital Employed (ROCE): 16.9% (H2 FY26)
  • Debt Service Coverage Ratio: Not quantified in disclosure

Forward Outlook & Targets

  • Targeting record revenues in FY27
  • Launch of MachTravel.com B2C portal for holidays, leisure travel, cruises, and spiritual tourism
  • Pan-India expansion to widen footprint across key metros
  • Deepening corporate, government, and institutional relationships
  • Management vision: "To build one of India's leading integrated travel solutions platforms through technology, execution excellence and diversified travel offerings"

Investor Relations Contacts

  • Adfactors Investor Relations
  • Vaibhav Gupta: +91 8108573529, vaibhav.gupta@adfactorspr.com
  • Yash Sanghavi: +91 8369881109, yash.sanghavi@adfactorspr.com

Company Contact

Company Secretary & Compliance Officer: compliance@machtravel.com