Financial Performance Highlights

Revenue:

  • Q1 FY27 revenue from operations: ₹144.33 crores
  • YoY growth: 538% (vs. ₹22.62 crores in Q1 FY26)
  • Sequential growth: 73% (vs. ₹83.25 crores in Q4 FY26)

Profitability Metrics:

  • EBITDA: ₹8.92 crores (vs. ₹1.66 crores in Q1 FY26), growth of 437%
  • EBITDA margin: 6.09% (vs. 7.17% in Q1 FY26)
  • PAT: ₹6.17 crores (vs. ₹1.52 crores in Q1 FY26), growth of 307%
  • PAT margin: 4.22% (vs. 6.54% in Q1 FY26)

Additional Metric:

  • GMV (Gross Merchandise Value) disclosed for first time: ₹252 crores for Q1 FY27

Business Transformation and Vertical Expansion

The company has transformed from a MICE-focused company to a broader travel platform with multiple verticals:

  • Corporate travel (launched April 2026): Already onboarded 100+ corporate clients
  • B2B travel services for smaller agents
  • Leisure travel for HNIs and corporates
  • Government and institutional projects
  • B2C OTA platform (Machtravel.com) in testing phase, planned September 2026 launch

Key Business Developments

MICE Business:

  • Completed programs in Oceania region worth approximately ₹32 crores
  • Covered 950-1,000 delegates
  • Remains core business with higher profitability

Government Projects:

  • Punjab Yatra program: ₹92 crores value, covering approximately 1.85 lakh yatris
  • Current daily handling: 3,300-3,500 people with 1,100 people traveling daily
  • Cost per person: ₹4,950 for 2-night, 3-day yatra
  • Payment cycle: 15 days from travel (7 days after billing)
  • Contract expected to continue until November 2026

IRCTC Empanelment:

  • Empaneled for back-end travel and tourism services
  • Opportunity in rail tours, charter trains, customized tours, and holiday packages
  • Recently secured first business worth ₹75 lakhs to ₹1 crore
  • Empanelment duration: Approximately 2 years (extendable)

Geographic Expansion

Expanded operating presence to:

  • Noida, New Delhi, Mumbai, Kolkata, Bengaluru, Bhubaneshwar, and Ahmedabad

Capital Structure and Working Capital

  • Debt-free company with minimal debt of ₹3 crores
  • Facing working capital challenges due to rapid growth
  • Considering bank OD facilities if growth continues
  • Payment cycles: Corporate travel typically 15-day cycles (1st-15th payable by 20th, 16th-30th payable by 6th-7th)

Guidance and Outlook

  • FY27 revenue guidance: ₹500+ crores
  • Confidence in sustaining current growth pace through financial year
  • Focus on improving operating leverage as verticals scale
  • Target to achieve main board listing eligibility in next 12 months

Management Commentary

Transformation Strategy:

  • Broadening business beyond MICE to create recurring revenue streams
  • Building technology-enabled scalable platform
  • Focus on cross-selling across customer segments

Margin Outlook:

  • Current margin pressure due to investments in new verticals, team expansion, and technology
  • Expect margin improvement as business scales and buying power increases
  • No intention to burn money for volume growth

Growth Sustainability:

  • Corporate travel provides recurring revenue vs. project-based MICE
  • Captive audience of 1.25 lakh annual travelers to leverage for B2C platform
  • Strong pipeline across all business verticals

Q&A Highlights

Corporate Travel:

  • All 100+ signed corporates are active
  • Revenue contribution: 10-15% of total revenue
  • Uses self-booking tool (SBT) covering booking, approval, ticketing, invoicing, and reporting

Revenue Mix:

  • Q1 FY27: MICE contributed approximately ₹100 crores (70%), other verticals 30%
  • Expected shift toward higher contribution from new verticals over time

Technology:

  • B2C app launch delayed from August to September 2026
  • Plans to migrate existing customer communications to app platform