NSE: DREAMFOLKS · BSE: 543591
DREAMFOLKS SERVICES LTD
Runs an airport lounge access and travel experience platform, selling lounge entry primarily to credit card banks, airlines, and corporate clients in India and abroad. In FY26, reported revenue was Rs 660.6 crore against Rs 1,291.9 crore in FY25 — a near-49% decline — as banks shifted domestic credit card programmes from unlimited to spend-based lounge access. Materials and partner payouts form 88.8% of revenue and are the dominant cost, with employee cost at 6.6%. The global lounge business spans 1,000+ airport touchpoints across 100+ countries and was 68% of Q3 FY26 revenue, with global lounge volumes up roughly 200% year-on-year that quarter. The business has added railway station lounges through a 50.01% stake in Ten11 Hospitality (Chennai live, Mumbai started, Vadodara launching) and global distribution via a 60.24% stake in ETT Solutions DMCC acquired for about Rs 360 million, alongside a new B2C lifestyle membership called DreamFolks Club 2.0. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Global lounge access (68%), Domestic lounge access, Railway lounge access, International travel distribution, B2C lifestyle membership. Asset-light service platform in transition from legacy domestic credit-card lounges to global lounges, railway lounges, and lifestyle membership
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 773 | 1,135 | 1,292 | 661 |
| EBITDA (ex other income) | 99 | 94 | 89 | 3 |
| margin % | 12.8 | 8.3 | 6.9 | 0.4 |
| Owners' profit | 73 | 69 | 65 | 12 |
| EPS, as reported (₹) | 13.88 | 13.02 | 12.32 | 2.17 |
| ROE % · ROCE % | 46.2 · 59.3 | 29.0 · 38.1 | 21.6 · 29.7 | 3.6 · 5.5 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.01 |
| Cash from operations | 50 | 22 | 57 | 8 |
| Capex | (1) | (1) | (1) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 340 | 314 | 349 | 206 | 53 | 53 | 39 | 31 |
| Profit before tax | 24 | 21 | 28 | 15 | (10) | (18) | (18) | (13) |
| Net profit | 17 | 15 | 21 | 11 | (8) | (13) | (14) | (11) |
| EPS (₹) | 3.24 | 2.81 | 3.99 | 2.11 | (1.48) | (2.46) | (2.57) | (1.98) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GMR AIRPORTS LIMITED | 1,05,277 | 201.5 | — | 25.5 | (15.0) | 0.5 | 18.9 | 36.0 |
| DREAMFOLKS SERVICES LTD ◆ | 314 | — | 1.06 | 105.7 | (8.3) | (9.8) | — | (39.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.1 | 1.3 | 4 of 12 | 73% |
| ROCE | (9.8) | 3.4 | 14 of 14 | 0% |
| ROE | (8.3) | 5.3 | 11 of 12 | 9% |
| Debt / Equity | 0.0 | 0.4 | 4 of 12 | 73% |
| EBITDA margin | (39.2) | 36.0 | 13 of 15 | 14% |
| Revenue growth | (84.9) | 12.4 | 12 of 12 | 0% |
| Profit growth | (195.7) | 18.0 | 12 of 13 | 8% |
| Market cap | 314 | 314 | 8 of 15 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Q2 FY27 revenue declines sharply while quarterly losses narrow | investor communications | medium | — | — |
| 4 Nov 2026 · Newspaper ads published for September 2026 quarter results | compliance | minimal | — | — |
| 3 Nov 2026 · Earnings call recording for September 2026 quarter and half year | investor communications | low | — | — |
| 3 Nov 2026 · Sanyam Nagpal named Executive Director from Jan 1, 2027; Q2 net loss Rs 107.4 crore | management changes | medium | — | — |
| 3 Nov 2026 · Meena Lall approved as independent director from January 2027 | management changes | medium | — | — |
| 3 Nov 2026 · Revenue slump, insolvency petition and new director appointments | management changes | medium | — | — |
| 3 Nov 2026 · H1 FY27 revenue falls sharply as losses persist | investor communications | medium | — | — |
| 3 Nov 2026 · Subsidiary overdrafts backed by INR 11 crore of fixed deposits | credit debt | medium | — | — |
| 3 Nov 2026 · Meena Lall and Sanyam Nagpal to join Dreamfolks board from January 2027 | management changes | medium | — | — |
| 3 Nov 2026 · Board approves results, director and internal auditor appointments, INR 11 crore security | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.