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Revenue
₹206 Cr
verified against source
Revenue YoY
-35.2%
reported change
EBITDA
₹15.6 Cr
latest reported figure
Source
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record provenance
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What the record says.
Dreamfolks reported Q2 FY26 revenue of ₹205.5 crore, down 35% YoY from ₹316.9 crore, as the domestic airport lounge program was discontinued. EBITDA fell to ₹15.6 crore (margin 7.6%) from ₹25.4 crore (8.0%) last year. PAT was ₹11.2 crore vs ₹16 crore. The company is pivoting to global lounges, railway lounges, and lifestyle services. Global lounge revenue doubled QoQ and now contributes 13% of revenue. The acquisition of 101 Hospitality (₹11.46 crore for 50.01% stake) adds three railway lounges. Management expects further revenue decline in Q3 and Q4 as the domestic lounge impact fully materializes. Risk: new businesses may not scale fast enough to offset the lost domestic lounge revenue, leading to prolonged earnings pressure.
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Guidance to track
- Management stated Q3 revenue will be 'much lesser' than Q2 as the full impact of domestic lounge discontinuation materializes.
- Global lounge revenue doubled QoQ in Q2 and is expected to grow 'many fold' in coming quarters.
- Management expects new services (global lounges, lifestyle) to go live with bank partners in the next few months.
Risks flagged
- The discontinuation of the domestic airport lounge program will cause a significant revenue drop in Q3 and Q4, with no clear timeline for recovery.
- Management declined to provide specific revenue guidance for new initiatives, indicating uncertainty in how quickly global lounges and railway lounges can offset the lost domestic revenue.
- The acquisition of 101 Hospitality and railway lounge operations will increase depreciation and interest expenses, potentially pressuring margins.
Key quotes
- The domestic program is discontinued. However, our contracts with all our bank partners are still live and that's the only reason what we were mentioning about initiating or starting this new services.
- Our monthly global lounge transaction volume has already more than doubled from Q1 FY26 and we expect it to grow many fold in the coming quarters.
- The impact of India lounge is not fully seen in Q2. It will be seen in Q3 and maybe Q4 as well.
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