DREAMFOLKS

Dreamfolks Services financials

Market cap
₹367 Cr
Sector
Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 13 Aug 2026

Dreamfolks Services Limited Q1 FY27

Revenue ₹39 cr −89%Adjusted EBITDA ₹-16.4 cr −154%PAT ₹-13.8 cr −165%

What went well

  • Non-airport lounge services contributed approximately 33% of the top line, demonstrating diversification success.
  • Global airport lounge network expanded with 70 new outlets, reaching 1,100+ lounges.
  • Railway lounge network achieved 100% coverage across the country.

What to watch

  • Revenue declined significantly to ₹39 crores in Q1 FY27, down 88.8% YoY and 25.9% QoQ.
  • Adjusted EBITDA was negative ₹16.4 crores, a substantial decline from positive ₹30.5 crores in Q1 FY26.
Read the full call →

What Dreamfolks Services Limited does

DreamFolks runs a technology platform that enables banks, card issuers, card networks, airlines and enterprises to offer travel and lifestyle benefits to their own customers, principally airport lounge access, without those clients owning the underlying infrastructure. Access is delivered through an omni-channel stack — physical card, DreamFolks app, issuer app, self check-in kiosks and web check-in — built on an in-house, ISO 27001/PCI-DSS/SOC-certified technology platform. Beyond airport lounges, it has moved into direct ownership of railway lounges (via the Ten11 Hospitality acquisition), golf access (via Golfklik), and a wider lifestyle bouquet spanning spa, social clubs, hotel room upgrades, airport transfers, dining and meet & assist. It has also launched a B2C membership program (DreamFolks Club) and is acquiring Easy To Travel (ETT) to build out an international travel-distribution network.

Segments

  • Airport lounge access
  • Railway lounge access
  • Golf & recreational access
  • Lifestyle services
  • B2C membership
  • International travel distribution
Global network reach
100+ countries, 6,000+ touchpoints
Global airport lounge & related touchpoints
1,000+
Domestic airport lounge coverage
100% of Indian airports
Directly-owned railway lounges
3 cities (Chennai, Mumbai, Vadodara), Lucknow upcoming — via Ten11 Hospitality
Social clubs onboarded
3,500+
Golf courses outside India
950+
Headquarters Gurgaon, Haryana, IndiaEmployees 110 (FY25) Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 3 delivered 2 missed 7 open
  • Non-Lounge Revenue Contribution delivered, diluted said Q4 FY25 Promised: Scale contribution up to a third of revenues in the next 5 years Q1 FY27: Non-airport lounge services contributed 33% of revenue, meeting the target. However, this was achieved primarily due to the collapse of the denominator (lounge revenue) rather than purely organic growth of new services.
  • Enterprise Client Revenue Contribution on track said Q3 FY25 Promised: Close to 20% of top line in the next 4-5 years Q1 FY27: No specific update provided on enterprise client revenue contribution. Management focus remains on global, railway, and other new services.
  • Revenue at risk said Q4 FY25 Promised: More than double in the next 5 years Q1 FY27: Revenue fell further to just INR 39 crores. The current annualized run-rate is ~INR 156 crores, making the target of >INR 2584 crores by FY30 appear impossible.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 88.8%, net profit down 166.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue317 340 314 349 206 −35%53 −84%53 −83%39 −89%
EBITDA23 23 20 27 12 −48%-14 −161%-22 −210%-21 −178%
Net profit16 17 15 21 11 −31%-8 −147%-13 −187%-14 −167%
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.

Performance −52.0% 1Y

₹60₹80₹100₹120₹140Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹137.84 on 10 Sept 2025 → ₹66.12. High ₹150.38 (14 Oct 2025), low ₹57.19 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.1%
13 Aug
Q4 FY26
−2.0%
29 May
Q3 FY26
+2.5%
9 Feb
Q2 FY26
−4.5%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 5.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 0.5%.

Year endingFY23FY24FY25FY26
Revenue₹773 Cr₹1.1k Cr₹1.3k Cr₹661 Cr
Operating profit₹99 Cr₹94 Cr₹89 Cr₹3 Cr
Operating margin12.8%8.3%6.9%0.5%
Interest₹1 Cr₹0 Cr₹3 Cr₹2 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Net profit₹72 Cr₹69 Cr₹65 Cr₹11 Cr
Net margin9.3%6.1%5.0%1.7%
Cash from operations₹50 Cr₹22 Cr₹57 Cr₹8 Cr
Free cash flow₹49 Cr₹20 Cr₹57 Cr₹5 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹10 Cr₹10 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹60 Cr₹72 Cr₹146 Cr₹226 Cr₹323 Cr₹303 Cr
Borrowings₹9 Cr₹8 Cr₹7 Cr₹6 Cr₹10 Cr₹12 Cr
Other liabilities₹49 Cr₹78 Cr₹159 Cr₹176 Cr₹134 Cr₹58 Cr
Total liabilities₹123 Cr₹169 Cr₹323 Cr₹419 Cr₹477 Cr₹384 Cr
Fixed assets₹39 Cr₹16 Cr₹14 Cr₹12 Cr₹15 Cr₹31 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹44 Cr₹44 Cr₹91 Cr₹103 Cr
Other assets₹84 Cr₹153 Cr₹264 Cr₹363 Cr₹371 Cr₹250 Cr
Total assets₹123 Cr₹169 Cr₹323 Cr₹419 Cr₹477 Cr₹384 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +3.63 pp while DIIs trimmed −3.07 pp. The shareholder count shrank 17% to 97,725.

Promoters
65.7%
FIIs
0.1%
DIIs
0.0%
Public
34.2%

Since Jun 2025

  • Public +3.63 pp
  • DIIs −3.07 pp
  • FIIs −0.56 pp

How it drifted, 12 quarters

Over this window the public went from 22.2% to 34.2% — +11.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.0%, FIIs 5.7%, DIIs 6.1%, Public 22.2%.Dec '23: Promoters 66.0%, FIIs 5.2%, DIIs 9.2%, Public 19.5%.Mar '24: Promoters 66.0%, FIIs 5.3%, DIIs 8.0%, Public 20.6%.Jun '24: Promoters 66.0%, FIIs 3.9%, DIIs 9.3%, Public 20.8%.Sep '24: Promoters 66.0%, FIIs 3.5%, DIIs 7.8%, Public 22.6%.Dec '24: Promoters 65.7%, FIIs 2.5%, DIIs 7.6%, Public 24.2%.Mar '25: Promoters 65.7%, FIIs 1.0%, DIIs 3.5%, Public 29.8%.Jun '25: Promoters 65.7%, FIIs 0.7%, DIIs 3.1%, Public 30.5%.Sep '25: Promoters 65.7%, FIIs 0.0%, Public 34.3%.Dec '25: Promoters 65.7%, FIIs 0.0%, Public 34.3%.Mar '26: Promoters 65.7%, FIIs 0.6%, Public 33.7%.Jun '26: Promoters 65.7%, FIIs 0.1%, DIIs 0.0%, Public 34.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Dreamfolks Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Liberatha Peter Kallat 24.52%unchanged
Mukesh Yadav 21.09%unchanged
Dinesh Nagpal 20.11%unchanged
Anilkumar . 0.00%unchanged
Rakesh Kumar 0.00%unchanged
Ramesh Kumar 0.00%unchanged
Savitri 0.00%unchanged
Neelam Rani 0.00%unchanged
Dumpala Shiva Kumar 0.00%unchanged
Indu Nagpal 0.00%unchanged
Usha Yadav 0.00%unchanged
Ashok Kumar 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Dreamfolks Services Limited

Guides on how to read this kind of business and the numbers that matter.