Mach Travel Solutions LtdHospitality & TourismMACHLTD
Q1 FY27 concall · earnings callMach Travel Solutions Ltd
The quarter saw massive revenue growth as a travel tech transformation beyond the core MICE business into corporate travel, leisure, and government projects began to show results.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹144.33 Cr | 538% YoY | |
| GMV | ₹252 Cr | — | |
| EBITDA | ₹8.92 Cr | 437% YoY | |
| EBITDA Margin | 6.09% | Down from 7.17% YoY | |
| PAT | ₹6.17 Cr | 307% YoY | |
| PAT Margin | 4.22% | Down from 6.54% YoY |
TL;DR
- Revenue grew 538% YoY to INR144.33 crores driven by diversification beyond MICE.
- EBITDA grew 437% to INR8.92 crores with margin improvement sequentially.
- Corporate travel vertical launched in April and onboarded over 100 corporate clients.
- Large government project (Punjab Yatra, INR92 crores) and IRCTC empanelment provide visibility.
- Management is confident of achieving INR500 plus crores revenue in FY27.
Said on the call
“The transformation we have been working on is now beginning to show results. From a MICE led model, we are basically a tech-enabled, technology-based travel company.”
From the Q&A
| Topic | What management said |
|---|---|
| Growth Drivers | Management attributed the 538% revenue growth to expanding beyond MICE into corporate travel, leisure, government projects, and B2B, leveraging IPO funds and new technology. |
| Working Capital | Acknowledged working capital challenges due to rapid growth and is considering taking an OD from a bank to manage it, as the company is largely debt-free with only INR3 crores of debt. |
| Corporate Travel Dynamics | Explained that corporate travel is a recurring business with annual relationships, using a self-booking tool (SBT); over 100 clients signed in three months, contributing 10-15% of revenue. |
| Margin Outlook | Stated that margins were lower due to investments in new verticals but expects operating leverage and increased negotiating power to improve PAT margins over time, though gave no firm timeline. |
| Punjab Yatra Details | Confirmed the INR92 crore government contract covers 1.85 lakh travelers at INR4,950 per person; daily operations involve about 3,300-3,500 people, with payment from the government within 15 days of travel. |
| B2C OTA Strategy | Aims to leverage captive audience of ~1.25 lakh annual travelers via an upcoming app, offering competitive pricing without burning money to compete directly with large OTAs. |
Guidance
- Confident of achieving revenue of around INR500 plus crores in FY27.
- Believes the current pace of growth can be sustained through the balance of the financial year.
- Aims to become eligible for main board listing in the next 12 months.
Source
Summary written from the transcript filed by Mach Travel Solutions Ltd for the call held on 18 Aug 2026; published 20 Aug 2026, 22:47 IST.
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