Mach Conferences

Mach Conferences reported consolidated revenue of INR 97.08 crores and PAT of INR 7.82 crores for H1 FY26. Standalone figures were INR 94.81 crores revenue and INR 7.73 crores PAT. While PAT margins marginally increased year-over-year, both top line and bottom line experienced a dip. This decline was primarily attributed to the India-Pakistan war in April and May 2025, which led to air space closures, event cancellations, and disrupted travel. Management expressed confidence that without these external factors, the company would have shown growth.

The company is actively diversifying its business beyond traditional MICE events. It acquired Travexel, a company specializing in doctor conferences and the pharma sector, which already has an order book of INR 22-25 crores for FY26 and INR 20-22 crores for FY27, offering significantly higher profitability than regular MICE business. Additionally, Mach Conferences has entered the government and institutional tender business, securing INR 80 lakh worth of profitable projects in just two months. The Book My Yatra OTA portal, a key B2C initiative, is 90% ready and slated for launch in December 2025, aiming to leverage the company's existing customer base of over 5 lakh travelers.

Management emphasized a strong focus on profitability and margin expansion for the upcoming periods, targeting PAT margins of 12-13%, potentially reaching 14%. This is a strategic shift after experiencing a 'beating' on PAT margins in the previous year. The company aims for a 25% growth in both top line and bottom line, driven by new business segments and a cautious approach to spending. The new, larger office space of 13,000 sq ft, secured for a nine-year lease, is intended to support future growth and the OTA portal efficiently without compromising cost-effectiveness.

Mach Conferences clarified its business model, stating it primarily serves blue-chip corporate clients and focuses on high-profitability events rather than volume-driven, lower-margin business in Tier II cities. Management explicitly stated that average revenue per event is not a relevant metric for evaluating the company's performance, as a smaller, highly profitable event can yield better returns than a large, low-margin one. Instead, investors should focus on the top line and PAT margins as the primary indicators of the company's health and performance.

The company is looking forward to a strong performance in the second half of FY26, with increased queries and confirmations already observed. Management expressed confidence that the upcoming results will justify their efforts. A key long-term objective is to prepare for a main board listing within the next one and a half years, for which the company aims to present strong financial numbers. The expansion into new, higher-margin verticals like government contracts and medical conferences, along with the launch of the Book My Yatra portal, are strategic steps towards achieving this goal.