Mach Travel Solutions Q2 FY27 Results (BSE: 544248)
Signal: Margin pressure
The read
The trajectory is rapid top-line scaling rather than clean margin expansion: Q2 revenue reached ₹204.53 Cr, up 174.69% YoY and 41.70% QoQ, while EBITDA margin recovered to 7.00% from 6.30% in Q1 FY27 but remained 581bps below Q2 FY26; the key question is whether Corporate Travel, the B2C OTA and other newer verticals can convert the ₹532.54 Cr quarterly GMV into sustainably higher profitability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹204.53 Cr | +174.69% | +41.70% |
| Net profit | ₹9.26 Cr | +46.87% | |
| EPS | ₹4.4 | N/A | |
| EBIT margin | 7.00% |
P&L walk
Revenue accelerated to ₹204.53 Cr, up 174.69% YoY and 41.70% QoQ, supported by expansion across diversified travel verticals; EBITDA including Other Income rose 48.82% YoY to ₹14.39 Cr but lagged revenue growth, compressing margin to 7.00% from 12.81%, while PAT increased 46.87% YoY to ₹9.26 Cr.
Key positives
- Revenue from operations reached ₹204.53 Cr in Q2 FY27, up 174.69% YoY and 41.70% QoQ, while H1 revenue reached a record ₹348.86 Cr, up 259.36% YoY.
- GMV reached approximately ₹532.54 Cr in Q2 FY27 and ₹784.54 Cr in H1 FY27, giving visibility into transaction scale beyond reported revenue.
- Corporate Travel had onboarded more than 140 clients by September 30, 2026, supporting the development of recurring business.
- EBITDA margin recovered sequentially to 7.00% from 6.30%, while PAT rose 50.15% QoQ to ₹9.26 Cr.
Key concerns
- EBITDA grew 48.82% YoY to ₹14.39 Cr versus revenue growth of 174.69%, and EBITDA margin contracted 581bps YoY to 7.00%.
- H1 EBITDA margin was 6.71% versus 11.49% in H1 FY26, showing that the margin pressure is not limited to the quarter.
- PAT margin declined to 4.50% from 8.35% YoY despite 174.69% revenue growth, indicating weak conversion of rapid scale into earnings.
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