💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 reached INR 97.08 Cr. The core MICE segment remains the primary driver, while the newly launched Government Projects Division secured INR 0.80 Cr in its first two months. The Medical Conference vertical (Travexel) has an order book of INR 22-25 Cr for the current year and INR 20-22 Cr for the next year, indicating high-margin growth potential.

Geographic Revenue Split

The company manages both domestic and international events. Significant international projects in H1 FY26 included an incentive tour to Argentina (INR 10.74 Cr), Bali (INR 11.51 Cr), and niche events in Peru. Domestic highlights included events in Chennai (INR 9.32 Cr) and Goa (INR 9.21 Cr).

Profitability Margins

PAT margin for H1 FY26 stood at 8.16% (INR 7.82 Cr), a marginal increase from the previous year despite a dip in absolute top-line figures. Management targets a sustainable PAT margin range of 12% to 14% as they integrate higher-margin medical and government projects.

EBITDA Margin

EBITDA margin was 11.49% in H1 FY26, representing an improvement of 91 basis points YoY. This was achieved through operational discipline and cost optimization despite a soft operating quarter due to external disruptions.

Capital Expenditure

The company invested in a new 250-275 seater office in Noida (Sector 73) to support the launch of the 'Book My Yatra' OTA portal and future headcount growth. Specific INR expenditure for this facility was not disclosed.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company maintains a strong liquidity position with cash and bank balances of INR 21.65 Cr as of H1 FY26.

⚙️ Operational Drivers

Raw Materials

Key cost components include hotel and venue bookings, airline tickets, visa processing fees, and entertainment/logistics setups for gala dinners and conferences.

Import Sources

Sourcing is global, following event destinations such as Argentina, Peru, Bali (Indonesia), and domestic hubs like Goa and Chennai.

Key Suppliers

Suppliers include major hotel chains, airlines (for ticketing), and Cordelia Cruises (used for a INR 9.32 Cr event in Chennai).

Capacity Expansion

Current capacity includes a new 250-275 seater office with a 9-year lease to support the B2C expansion. The company is also expanding its team for the new Government and Medical conference divisions.

Raw Material Costs

Direct event expenses are managed on a turnkey basis. Management focuses on a 'cost-effective zone' to preserve profitability, avoiding 'burning money' for growth.

Manufacturing Efficiency

Average revenue per event was INR 92 Lakhs in H1 FY26, down from INR 263.62 Lakhs in FY24, reflecting a shift in event mix and the impact of deferred projects.

Logistics & Distribution

End-to-end logistics management is a core service offering, including ticket and visa assistance and destination management.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be driven by a 25% targeted increase in both top and bottom lines through the launch of the 'Book My Yatra' B2C portal in December 2025, empanelment with government agencies (e.g., IFFI 2025), and scaling the high-margin medical conference vertical.

Products & Services

Turnkey MICE solutions (Meetings, Incentives, Conferences, Events & Exhibitions), hotel and venue booking, destination management, and B2C travel services via an OTA portal.

Brand Portfolio

Mach Conferences and Events, Book My Yatra (B2C OTA brand), Travexel (Medical conference vertical).

New Products/Services

Launch of 'Book My Yatra' OTA portal (expected Dec 2025) and the formal entry into Government Projects (Hospitality Partner for IFFI 2025).

Market Expansion

Expansion into the B2C segment and institutional/public sector event management; targeting the main board listing within 1.5 years.

Market Share & Ranking

The company has 21 years of experience in the MICE industry; specific market share percentage not disclosed.

Strategic Alliances

Appointed as the official Hospitality Management Partner for the International Film Festival of India (IFFI) 2025 by the Ministry of Information & Broadcasting.

🌍 External Factors

Industry Trends

The MICE industry is evolving toward niche segments like medical conferences and government-led events. Mach is positioning itself by diversifying away from pure corporate MICE to capture these higher-margin, stable opportunities.

Competitive Landscape

Competition includes smaller local players and large travel management companies; Mach differentiates through end-to-end in-house management.

Competitive Moat

Moat is built on 21 years of turnkey execution expertise and deep corporate relationships in the BFSI and Auto sectors. This is sustainable due to the high complexity of managing large-scale international logistics for thousands of participants.

Macro Economic Sensitivity

Highly sensitive to geopolitical stability and travel sentiment; the India-Pakistan conflict led to a temporary halt in outbound programs in H1 FY26.

Consumer Behavior

Shift toward incentive-based travel in banking and insurance sectors; management notes that IT sectors have less incentive-based movement.

Geopolitical Risks

Cross-border conflicts (e.g., Pahalgam attack) directly impact travel volumes and lead to event cancellations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Ministry of Information & Broadcasting standards for government projects and SEBI Listing Obligations for its current BSE listing.

Taxation Policy Impact

Not specifically detailed beyond standard corporate tax applications.

Legal Contingencies

No specific pending court cases or case values were disclosed in the provided transcripts.

⚠️ Risk Analysis

Key Uncertainties

Geopolitical tensions (India-Pakistan) remain a primary risk, with the potential to disrupt travel and impact revenue by 10-20% if prolonged.

Geographic Concentration Risk

Revenue is diversified across India, SE Asia (Bali), and South America (Argentina, Peru).

Third Party Dependencies

Dependency on airline carriers and international hotel partners for event execution.

Technology Obsolescence Risk

The company is mitigating digital risks by launching its own OTA portal (Book My Yatra) to capture B2C demand.

Credit & Counterparty Risk

Receivables were higher in H1 FY26 due to the timing of large event contracts, indicating a need for continued liquidity discipline.