Mach Conferences — Q2 FY26 earnings call

Call held 11 Nov 2025

Management summary

Mach Conferences & Events Limited reported H1 FY26 consolidated revenue of INR 97.08 crores and PAT of INR 7.82 crores, with marginally improved PAT margins despite a dip in top and bottom lines attributed to the India-Pakistan war in April and May. The company is expanding into new verticals like doctor conferences through the acquisition of Travexel and the government tender business, while also preparing to launch its Book My Yatra OTA portal in December. Management expressed confidence in H2 performance, targeting 12-14% margins and 25% growth.

Highlights

  • Consolidated revenue of INR 97.08 crores for H1 FY26.

  • Consolidated PAT of INR 7.82 crores for H1 FY26, with marginally increased PAT margins YoY.

  • Acquired Travexel, expanding into doctor conferences and pharma sector, with an existing order book of INR 22-25 crores for this year.

  • Entered government and institutional tender business, already secured INR 80 lakh worth of profitable business.

  • Expanded office space by three times to 13,000 sq ft to support future growth and the upcoming Book My Yatra OTA portal.

Concerns

  • Top line and bottom line dipped in H1 FY26 due to the India-Pakistan war in April and May 2025, leading to cancellations and travel disruptions.

  • Average revenue per event has been trending down, though management states it's not a relevant metric for their business.

Key financials

  1. Consolidated Revenue ₹97.08 Cr
  2. Consolidated PAT ₹7.82 Cr
  3. Standalone Revenue ₹94.81 Cr
  4. Standalone PAT ₹7.73 Cr

What they filed

Q1 FY27: revenue up 23.5%, net profit up 1.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q2 FY25Q4 FY25Q1 FY26Q2 FY26Q4 FY26Q1 FY27
Revenue71 119 116 22 95 +34%74 −38%143 +24%
EBITDA6 11 7 1 10 +67%6 −48%7 −3%
Net profit4 9 6 2 8 +100%4 −51%6 +1%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

high confidence
  • Capex Capex disclosed
    • Office expansion for future requirements (OTA portal)
    But unfortunately, I cannot share the numbers here. So, this is about it. And we, in order to expand, we have moved into an office which is three times bigger than the current one or the one where we were about two months back, from 4,600 square feet, two plate offices. In order to generate synergy, we have moved into 13,000 square feet, one plate office.
  • M&A Travexel Acquisition · Closed

    Expansion into doctor conferences and pharma business, which has higher profitability.

    Medical conferences company, their profitability is much higher than a regular MICE company. Their order book already has about INR 22 crores to INR 25 crore business this year, and the order book for next year also has about INR 20 crores to INR 22 crores business.

    But what has happened for us in positive territory is that we acquired a company a few months back, Travexel, which was into doctor conferences, the pharma business... So, their order book already has about INR 22 crores to INR 25 crore business this year, and the order book for next year also has about INR 20 crores to INR 22 crores business.

Guidance & targets

Profitability

  • PAT Margin Profitability · Future · High confidence 12-14%
    We aspire to reach the last to last year's profitability, 2024... We are comfortable at a figure which is about 12% to 13%, 14% in fact.

    — Amit Bhatia

Growth

  • Top Line and Bottom Line Growth Growth · Future · High confidence 25%
    We are looking at about 25% growth from the last year's number... We are looking at a growth of 25% in the bottom line also.

    — Amit Bhatia

Product Launch

  • Book My Yatra Launch Product Launch · December 2025 · High confidence December
    Book My Yatra is in the launch stage. We should be able to launch it in month of December.

    — Amit Bhatia

Revenue

  • Government and Institutional Business Turnover Revenue · This year · Medium confidence Some part of turnover
    And this year, some part of our turnover will be solidified by, this particular division of government conferences and institutional conferences.

    — Amit Bhatia

What to watch in Q3 FY26

Book My Yatra OTA Portal Launch

December 2025
Current Testing on, product 90% ready.
Target Launched and operational.

Why it matters

Successful launch is key to new revenue stream and B2C expansion.

Book My Yatra is in the launch stage. We should be able to launch it in month of December. The testing is on. The product itself is 90% ready.

Risks & concerns

  • Impact of geopolitical events (India-Pakistan war) on travel and event cancellations.

    high

    The India-Pakistan war in April and May 2025 led to air space closures, cancellations, and affected travel, causing a dip in top line and bottom line for H1 FY26.

    Management acknowledged

  • Competitive intensity in the OTA market for Book My Yatra.

    medium

    The company is launching an OTA portal, Book My Yatra, but explicitly stated they are not trying to compete with larger players, focusing on a niche strategy.

    Management downplayed

Q&A highlights

5 direct
Impact of India-Pakistan war on overseas travel and demand from IT/Pharma sectors. Direct
The business took a setback because of the air spaces being closed and there was a lot of tension around the war. But once things got sorted in the month of May and from June onwards, the regular and the normal travel started.

Explains the reason for the H1 dip and clarifies the recovery post-May, also details strategic entry into pharma via Travexel.

Asked by Sana Shah

Opportunities and scalability of government projects, particularly IFFI Hospitality mandate, and margin profile compared to corporate MICE. Direct
What we are doing here is that we are handling the logistics of about 1,100 to 1,200 participants who are coming to Goa for about a week or 10 days... The margins are kind of on a higher side. Primarily, the reason is that not many companies qualify as vendors for government contracts.

Highlights a new, high-margin revenue stream and the company's competitive advantage in this segment.

Asked by Rohan Mehta

Strategy for Book My Yatra OTA portal, including customer acquisition and branding, especially given past legal issues with 'Yatra'. Direct
From day one, we wanted to captivate the current audience which we have... We are not here to kind of compete with them... when you talk about that platform, it does not matter. That platform took us to a High Court. We fought a legal battle with them for three months and the result was in our favour.

Clarifies the strategic intent behind the OTA portal, leveraging existing customer base rather than direct competition, and addresses a potential brand confusion concern.

Asked by Parth Patel

Sustainable EBITDA margin targets and expected margin uplift from the Travexel acquisition. Direct
We aspire to reach the last to last year's profitability, 2024... We are comfortable at a figure which is about 12% to 13%, 14% in fact... What I can tell you is that the medical conferences company, their profitability is much higher than a regular MICE company.

Provides clear margin guidance for the future and highlights the accretive nature of the Travexel acquisition to overall profitability.

Asked by Kapil Advani

Declining average revenue per event and its sustainability, and what metrics investors should use instead. Direct
The revenue divided by number of events does not justify our actual numbers in the balance sheet... One basic simple formula is the top line and the PAT margins, there is nothing better and easy for calculation.

Management clarifies that average revenue per event is not a meaningful metric for their business model, redirecting investors to focus on top line and PAT margins.

Asked by Parth Patel

Lack of growth and good margins post-IPO, especially compared to peers, and management's confidence. Partial
Had it not been this war scenario, April-May, then we would have shown you a growth... See, their module is different. I do not read their balance sheet. But I know about my company that's why my growth did not come, I gave you the reason for that.

Addresses investor concern about post-IPO performance, attributing H1 dip to external factors (war) and differentiating their business model from peers, while acknowledging promoter share price impact.

Asked by Sourabh

2 min read 5 chapters

Detailed narrative

H1 FY26 Performance Impacted by Geopolitical Events

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.

Strategic Expansion into New Verticals and Digital Platform

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.

Focus on Profitability and Margin Expansion

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.

Differentiated Business Model and Investor Metrics

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.

Outlook and Preparations for Main Board Listing

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.

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