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Mahasagar Travels Q2 FY27 results: net loss widens to ₹0.46 crore, revenue up 19.9%
Mahasagar Travels Ltd reported a net loss of ₹0.46 crore in Q2 FY27 on revenue of ₹9.23 crore, up 19.9% from ₹7.70 crore a year earlier. The EBITDA margin was 1.1%, against 4.1% in Q1 FY27, while basic EPS was -₹0.58. The board approved the unaudited standalone results for the quarter and half year ended 30 September 2026 on 5 November 2026.
Key points
- Q2 FY27 revenue was ₹9.23 crore, up 19.9% from ₹7.70 crore in Q2 FY26 but down 9.2% from ₹10.17 crore in Q1 FY27.
- EBITDA was ₹0.10 crore with a margin of 1.1%, against ₹0.08 crore and 1.0% in Q2 FY26 and ₹0.41 crore and 4.1% in Q1 FY27.
- The company reported a net loss of ₹0.46 crore and basic EPS of -₹0.58, against a net loss of ₹0.29 crore and EPS of -₹0.37 in the year-ago quarter.
- H1 FY27 revenue was ₹19.41 crore, up 12.9% from ₹17.19 crore in H1 FY26, while the net loss widened to ₹0.56 crore from ₹0.13 crore.
- Total borrowings rose to ₹8.38 crore from ₹7.3 crore at 31 March 2026, and cash and cash equivalents increased to ₹0.43 crore from ₹0.28 crore.
How did Mahasagar Travels perform in Q2 FY27?
Mahasagar Travels reported revenue of ₹9.23 crore for Q2 FY27, up 19.9% from ₹7.70 crore in Q2 FY26 and down 9.2% from ₹10.17 crore in Q1 FY27. EBITDA was ₹0.10 crore, with an EBITDA margin of 1.1%, compared with ₹0.08 crore and 1.0% a year earlier and ₹0.41 crore and 4.1% in the previous quarter. The margin narrowed by 3.0 percentage points sequentially, while it rose by 0.1 percentage points year on year.
The company reported a net loss of ₹0.46 crore in Q2 FY27, against a net loss of ₹0.29 crore in Q2 FY26 and a net loss of ₹0.10 crore in Q1 FY27. Basic EPS was -₹0.58, compared with -₹0.37 in the year-ago quarter and -₹0.13 in the previous quarter. The results are on a standalone basis, and the board approved the unaudited figures on 5 November 2026. The B H Advani & Associates review report stated that nothing had come to its attention that caused it to believe the results were not disclosed as required under Regulation 33.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9.23 | 10.17 | 7.70 | +19.9% | −9.2% |
| Other income | 0 | 0.01 | 0.07 | ||
| Total expenses | 9.69 | 10.29 | 8.06 | +20.2% | −5.8% |
| EBITDA | 0.10 | 0.41 | 0.08 | +25.0% | −75.6% |
| EBITDA margin | 1.1% | 4.1% | 1.0% | +0.1 pp | −3.0 pp |
| Profit before tax | −0.46 | −0.10 | −0.29 | ||
| Tax | 0 | 0 | 0 | ||
| Net profit | −0.46 | −0.10 | −0.29 | ||
| EPS (₹) | −0.58 | −0.13 | −0.37 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mahasagar Travels' costs and profit?
Total expenses rose to ₹9.69 crore in Q2 FY27 from ₹8.06 crore in Q2 FY26, an increase of ₹1.63 crore, or 20.2%. Cost of materials was the largest change, rising by ₹2.50 crore to ₹5.40 crore, while employee cost rose by ₹0.09 crore to ₹0.41 crore and depreciation rose by ₹0.13 crore to ₹0.36 crore. Other expenses fell by ₹1.06 crore to ₹3.25 crore and finance costs fell by ₹0.01 crore to ₹0.20 crore.
Other income fell by ₹0.07 crore to ₹0.00 crore in the quarter, with no tax charge in either period. There was no exceptional item. The filings do not state a reason for the increase in cost of materials or the fall in other expenses, so the figures show the direction of each change without explaining the cause. Against Q1 FY27, total expenses were lower by ₹0.60 crore, with cost of materials down ₹0.63 crore and other expenses down ₹0.29 crore, while employee cost rose ₹0.11 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 5.40 | 2.90 | +2.50 | +86.2% |
| Employee cost | 0.41 | 0.32 | +0.09 | +28.1% |
| Finance costs | 0.20 | 0.21 | −0.01 | −4.8% |
| Depreciation | 0.36 | 0.23 | +0.13 | +56.5% |
| Other expenses | 3.25 | 4.31 | −1.06 | −24.6% |
| Total expenses | 9.69 | 8.06 | +1.63 | +20.2% |
| Other income | 0 | 0.07 | −0.07 | |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, revenue was ₹19.41 crore against ₹17.19 crore in H1 FY26, an increase of ₹2.22 crore, or 12.9%. Total income was ₹19.42 crore, up ₹2.11 crore, or 12.2%, from ₹17.31 crore. The company reported a loss before tax of ₹0.56 crore and a net loss of ₹0.56 crore, compared with a loss before tax and net loss of ₹0.13 crore in H1 FY26.
Basic EPS for H1 FY27 was -₹0.71, against -₹0.17 in the first half of FY26. The loss widened by ₹0.43 crore in the half-year comparison. These are standalone figures for the period ended 30 September 2026, as approved by the board on 5 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 19.41 | 17.19 | +12.9% |
| Profit before tax | −0.56 | −0.13 | |
| Net profit | −0.56 | −0.13 | |
| EPS (₹) | −0.71 | −0.17 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹15.76 crore on 30 September 2026, up from ₹14.71 crore at 31 March 2026. Total equity fell to -₹0.07 crore from ₹0.49 crore, while borrowings rose to ₹8.38 crore from ₹7.3 crore. Cash and cash equivalents increased to ₹0.43 crore from ₹0.28 crore. Inventories were ₹0.25 crore against ₹0.19 crore, trade receivables were ₹4.48 crore against ₹4.68 crore, and trade payables were ₹7.08 crore against ₹6.45 crore.
For H1 FY27, operating cash flow was ₹0.81 crore, compared with ₹0.56 crore in H1 FY26. Investing cash flow was -₹2.12 crore against -₹2.58 crore, and financing cash flow was ₹1.08 crore against ₹1.78 crore. Capital expenditure was ₹2.29 crore, lower than ₹2.47 crore in the earlier half-year. The filings do not give reasons for these cash flow movements.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 15.76 | 14.71 |
| Total equity | −0.07 | 0.49 |
| Borrowings | 8.38 | 7.30 |
| Cash and equivalents | 0.43 | 0.28 |
| Inventories | 0.25 | 0.19 |
| Trade receivables | 4.48 | 4.68 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.81 | 0.56 |
| Cash from investing | −2.12 | −2.58 |
| Cash from financing | 1.08 | 1.78 |
| Capital expenditure | 2.29 | 2.47 |
Source: Company's results filing (XBRL).
How has Mahasagar Travels done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. Over the eight quarters to September 2026, revenue peaked at ₹10.17 crore in Q1 FY27 and was lowest at ₹7.7 crore in Q2 FY26, before falling to ₹9.23 crore in Q2 FY27. The EBITDA margin peaked at 10.3% in Q4 FY25 and bottomed at 1.0% in Q2 FY26, ending the period at 1.1%.
Profit moved from a net loss of ₹0.29 crore in Q2 FY26 to a profit of ₹0.26 crore in Q3 FY26 and ₹0.28 crore in Q4 FY26, before turning to a net loss of ₹0.10 crore in Q1 FY27 and a net loss of ₹0.46 crore in Q2 FY27. Revenue peaked at ₹10.17 crore in Q1 FY27, and the current quarter was the second consecutive quarter of revenue growth year on year.
Which businesses drove the quarter?
The TOURS & TRAVELS segment reported revenue of ₹4.81 crore in Q2 FY27, up 10.7% from ₹4.34 crore in the year-ago quarter. EBIT was -₹0.30 crore against -₹0.36 crore a year earlier, with an EBIT margin of -6.1%.
The PETROL PUMP segment reported revenue of ₹4.43 crore, up 29.3% from ₹3.42 crore in Q2 FY26. EBIT was ₹0.04 crore against -₹0.01 crore in the year-ago quarter, with an EBIT margin of 0.8%. The remaining reported segments, Segment -C, Segment and Unallocated, each reported revenue and EBIT of ₹0.00 crore in both periods.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Segment -TOURS & TRAVELS | 4.81 | +10.7% | −0.30 | -6.1% |
| Segment- PETROL PUMP | 4.43 | +29.3% | 0.04 | 0.8% |
| Segment -C | 0 | 0 | ||
| Segment | 0 | 0 | ||
| Unallocated | 0 | 0 |
Source: Company's results filing (XBRL segment data).
Quick answers
What was Mahasagar Travels' revenue in Q2 FY27?
Revenue from operations was ₹9.23 crore, up 19.9% from ₹7.70 crore in Q2 FY26 (standalone).
Did Mahasagar Travels make a profit in Q2 FY27?
No. It reported a net loss of ₹0.46 crore, against a net loss of ₹0.29 crore in Q2 FY26.
What was Mahasagar Travels' EPS in Q2 FY27?
Basic loss per share was ₹0.58, against a loss of ₹0.37 in Q2 FY26.
When did Mahasagar Travels announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve Unaudited Standalone Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 05, 2026 (BSE, 5 November 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 5 November 2026) · PDF
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