Why did profit grow while revenue declined?

EBITDA margin expanded by **39 basis points** to **9.7%**, offsetting the **2.25%** revenue drop and lifting PAT **6.3%** to **₹15.06 crore**.

How large is the Punjab government contract relative to the business?

The **₹92 crore** pilgrimage mandate is roughly **40%** of FY26's total revenue of **₹230.45 crore**, making it a transformational single contract.

What other new business did the company win?

Beyond Punjab, it secured orders worth approximately **₹50 crore**, including a Dubai travel management project and a large MICE movement. Specifics on those contracts are limited.

What is management's revenue target for FY27?

Management stated the order pipeline and diversified model position it to achieve record revenues in FY27 as it builds an integrated travel platform.

Earnings · Professional Services · Micro cap

Mach Travel's profit rises on margin gain, Punjab mandate

FY26 revenue slipped 2.25%, but a 39 bps margin improvement and a ₹92 cr government order lifted profit.

— 1 earlier story on Mach Travel Solutions Ltd. →

MCEL By Tipsheet Editorial 29 May 2026 · 10:03 PM IST Verify on BSE · NSE

Mkt cap₹318 cr

P/E20.28×

ROE13.01%

Debt / eq.0.06

Div yld0.34%

₹92 cr Punjab government pilgrimage mandate secured in FY26.

What's new

FY26 revenue fell 2.25% to ₹230.45 cr, but PAT rose 6.3% to ₹15.06 cr.
EBITDA margin improved 39 basis points to 9.7%.
Company secured a ₹92 cr Punjab government mandate and other orders worth ~₹50 cr.

Why this matters

The Punjab mandate alone is worth about 40% of last year's revenue, giving the company a large, contracted base for FY27. The profit growth despite a topline slip shows the margin discipline is real.

What we're watching

Revenue recognition on the Punjab mandate in FY27.
Execution on the ~₹50 cr of other new orders.
Whether the margin improvement holds as order volume scales.

The full read

Mach Travel Solutions' FY26 shows a company trading revenue for profit. Topline fell 2.25% to ₹230.45 crore. But profit rose 6.3% to ₹15.06 crore, driven by a 39 basis point margin gain to 9.7%. The key development is a ₹92 crore pilgrimage mandate from the Punjab government. That single contract is worth about 40% of last year's revenue. Add another ~₹50 crore in new orders. The pipeline is the strongest it has been. The company, rebranded from Mach Conferences & Events, is building a broader platform. Management targets record revenue for FY27 on this new visibility. The trade-off is clear: a smaller topline for a more profitable, contract-backed business. The open question is whether it can scale without giving back the margin gains.

Questions answered

Why did profit grow while revenue declined?: EBITDA margin expanded by 39 basis points to 9.7%, offsetting the 2.25% revenue drop and lifting PAT 6.3% to ₹15.06 crore.
How large is the Punjab government contract relative to the business?: The ₹92 crore pilgrimage mandate is roughly 40% of FY26's total revenue of ₹230.45 crore, making it a transformational single contract.
What other new business did the company win?: Beyond Punjab, it secured orders worth approximately ₹50 crore, including a Dubai travel management project and a large MICE movement. Specifics on those contracts are limited.
What is management's revenue target for FY27?: Management stated the order pipeline and diversified model position it to achieve record revenues in FY27 as it builds an integrated travel platform.

Mentioned: Punjab Government · ₹92 cr pilgrimage mandate · Dubai travel management project

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on MCEL →

29 May 2026 · 10:03 PM IST Mach Travel's profit rises on margin gain, Punjab mandate
today Mach Travel promoter Amit Bhatia lifts stake to 74% with ₹6.8 cr buy