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Domestic lounge revenue cliff
View Risks →Dreamfolks Services Limited — Q2 FY26
Dreamfolks reported Q2 FY26 revenue of ₹205.5 crore, down 35% YoY from ₹316.9 crore, as the domestic airport lounge program was discontinued.
bearish
high
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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.
ड्रीमफॉक्स ने दूसरी तिमाही में 205.5 करोड़ रुपये की कमाई की, जो पिछले साल के 316.9 करोड़ से 35% कम है। इसकी वजह घरेलू हवाईअड्डा लाउंज प्रोग्राम बंद होना है। मुनाफा भी गिरकर 11.2 करोड़ रुपये रह गया, जो पहले 16 करोड़ था। अब कंपनी विदेशी लाउंज, रेलवे लाउंज और जीवनशैली सेवाओं पर ध्यान दे रही है। विदेशी लाउंज से कमाई दोगुनी हो गई है और अब यह कुल कमाई का 13% है। कंपनी ने 11.46 करोड़ रुपये में 101 हॉस्पिटैलिटी खरीदी है, जिससे तीन रेलवे लाउंज मिलेंगे। प्रबंधन को अगली दो तिमाहियों में और कमाई गिरने की उम्मीद है। खतरा यह है कि नए कारोबार पुराने लाउंज के नुकसान की भरपाई जल्दी नहीं कर पाएंगे।
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Read Transcript →Quarter Snapshot
Global lounge revenue share
13%
+13pp YoY
Global lounge revenue contributed 13% of Q2 revenue, up from negligible in prior year.
Global airport touch points
900+
+900 YoY
Expanded global airport lounge network to over 900 touch points outside India.
Railway lounge locations (owned)
3
+3 YoY
Acquired 101 Hospitality with railway lounges in Chennai, Mumbai, and Vadodara.
Golf club network
850+
+200 QoQ
Added 200 new golf touch points globally, now covering 850+ clubs.
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Guidance and risk preview
Management stated Q3 revenue will be 'much lesser' than Q2 as the full impact of domestic lounge discontinuation materializes.
The discontinuation of the domestic airport lounge program will cause a significant revenue drop in Q3 and Q4, with no clear timeline for recovery.
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