Mach Travel SolutionsShare price, financial results, shareholding and management
- Market cap
- ₹464 cr
- Stock P/E
- 30.8peers 18.3
- Book value
- ₹57.5
- Price to book
- 3.83
- EV / operating profit
- -
- Market cap to sales
- 2.01
- ROCE · FY26
- 17.2%
- ROE · FY26
- 13.1%
- ROE, 3-year average
- 34.4%
- Operating margin · FY26
- 8.0%peers 16.9%
- Sales growth, 3 years
- 17.8%
- Profit growth, 3 years
- 18.7%
- Debt to equity
- 0.05peers 0.27
- Borrowings
- ₹6 cr
- Interest cover
- 20.9×
- Cash from business / op. profit
- 40%
- Debtor days
- 78
- Pledged
- 0.00%
- Promoter holding
- 72.93%
- Change in promoter holding
- +2.03 pts
- Shareholders
- 1,880
- 52-week high / low
- ₹254 / ₹90
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Mach Travel Solutions share price chart
Close on 6 Nov 2026 · -0.50% on the day · Vol 9,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +2.0%
- 3 months
- +36.0%
- 6 months
- +52.3%
- 1 year
- +96.1%
- Traded a day, 20 days
- ₹0.44 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -2% | +6% |
| 3 years, a year | +18% | +19% |
| Latest half, H2 FY26 | +15% | +28% |
About Mach Travel Solutions: business, products and customers
Mach Travel Solutions organises group trips, conferences and business travel for companies, and runs large travel programmes for state governments. Its shares trade on BSE SME.
Mach Travel Solutions, called Mach Conferences and Events until 2026, has organised incentive trips and conferences since 2004, mostly for banks, insurers, carmakers, cement and pharma companies, in India and abroad. From April 2026 it added business travel booking for companies through its own self-booking tool, air tickets for smaller travel agents, holidays and government travel programmes, and it is testing a consumer travel website, machtravel.com. It works from seven offices with its corporate office in Noida, and holds IATA accreditation for its own air ticketing.
Most revenue is the full price of trips the company sources from airlines, hotels and local vendors and resells, so revenue is large and margins are thin: cost of sales took about 87% of revenue in the June 2026 quarter. The company now also reports the gross value of travel it handles, which was well above revenue in that quarter. Management says incentive trips earn more than government work, and that it gives up some markup when it pushes for more business.
Read more about the business
Customers pay after the trip while vendors are often paid ahead, so growth ties up cash: in FY26 advances to service providers and money owed by customers both rose, and cash from operations stayed below profit. On the August 2026 call the Chairman said the IPO money had been used and the company may take a bank overdraft if growth continues. The company also carries a project it finished in FY25 and intends to dispose of, and is exiting the medical conference firm Travexel a year after acquiring 60% of it.
The annual reports name no competitors; the FY25 report says new technology-led platforms and larger established firms compete on price. Listed SMEs in the same industry group include Exhicon Events Media Solutions, E Factor Experiences and Party Cruisers, which also earn from organising events and experiences for clients. In business and online travel it faces much larger booking companies, and the Chairman says it will not burn money to match them.
From the FY26 and FY25 annual reports, the August 2026 investor presentation, the earnings call of 18 August 2026 and the press releases of 29 September and 1 October 2026. There is no offer document among the company's documents read here.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.05.
- The promoters own a large part of the company: 72.93%.
- It paid a dividend in the past year.
To watch
- Results for the half to September 2026, the first check on management's guidance of revenue of ₹500 cr or more in FY27 (earnings call, 18 August 2026).
- Whether new government work replaces the Punjab pilgrimage programme, which management expects to finish by November 2026 and may not be repeated (earnings call, 18 August 2026, p.14).
- New people at the top: Joint Managing Director Kaushik Ghosh from 12 August 2026 on up to ₹2.25 cr a year plus a bonus of up to ₹1 cr, and Swati Aggarwal named Company Secretary by 29 September 2026 (annual report FY26, p.51 to 53; press release, 29 September 2026).
- The sale of the whole Travexel stake, approved by the board on 1 August 2026 about a year after acquiring 60%, and the ₹21.5 cr project held for sale (annual report FY26, p.67 and p.160).
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Mach Travel Solutions revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Mach Travel Solutions half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 119.31 | 116.44 | 97.08 | 133.37 |
| Expenses | 107.86 | 109.21 | · | · |
| Operating profit | 11.45 | 7.23 | · | · |
| OPM | 9.6% | 6.2% | · | · |
| Interest | 0.51 | 0.44 | · | · |
| Depreciation | 0.53 | 0.74 | · | · |
| Profit before tax | 11.58 | 8.16 | 10.22 | 9.70 |
| Net profit | 8.53 | 5.64 | 7.82 | 7.24 |
Mach Travel Solutions profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 23 | 141 | 237 | 235.75 | 230.45 |
| Expenses | 25 | 130 | 203 | 217.07 | 210.45 |
| Operating profit | -2 | 11 | 35 | 18.68 | 20 |
| OPM | -10.0% | 8.0% | 15.0% | 7.9% | 8.0% |
| Other income | 1 | 1 | 2 | 3.28 | 2.84 |
| Interest | 0 | 1 | 1 | 0.95 | 1 |
| Depreciation | 0 | 0 | 0 | 1.27 | 2 |
| Exceptional and other items | -1 | · | · | · | · |
| Profit before tax | -2 | 11 | 35 | 19.74 | 19.92 |
| Tax rate | 25.0% | 18.2% | 25.7% | 28.2% | 24.4% |
| Net profit | -3 | 9 | 26 | 14.17 | 15.06 |
| EPS ₹ | -522 | 1,762 | 13.92 | 7.07 | 7.44 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 15.0% | 7.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Mach Travel Solutions profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | -10.0% | 8.0% | 15.0% | 7.9% | 8.0% |
| Tax rate | 25.0% | 18.2% | 25.7% | 28.2% | 24.4% |
| ROCE | · | 47.0% | 76.6% | 23.2% | 17.2% |
| ROE | · | 49.9% | 72.2% | 17.8% | 13.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 15.0% | 7.0% |
Mach Travel Solutions debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Mach Travel Solutions balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.05 | 0.05 | 19 | 21 | 21 |
| Reserves | 14 | 22 | 31 | 88 | 100 |
| Net worth | 14.05 | 22.05 | 50 | 109 | 121 |
| Borrowings | 5 | 10 | 12 | 7 | 6 |
| Other liabilities | 20.95 | 25.95 | 39 | 23 | 56 |
| Total liabilities | 40 | 58 | 101 | 139 | 183 |
| Fixed assets | 12 | 12 | 22 | 20 | 19 |
| Capital work in progress | 1 | 6 | 0 | 0 | 0 |
| Investments | 7 | 2 | 0 | 7 | 2 |
| Other assets | 20 | 38 | 79 | 112 | 162 |
Mach Travel Solutions cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -7 | -3 | 18 | -9 | 8 |
| Cash from investing | -15 | 0 | -1 | -25 | 5 |
| Cash from financing | 5 | 4 | 1 | 39 | -7 |
| Net cash flow | -17 | 1 | 18 | 5 | 6 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 184 | 32 | 22 | 66 | 78 |
| Inventory days | · | · | · | 0 | 0 |
| Cash conversion cycle | 184 | 32 | 22 | 66 | 78 |
| Working capital days | -129 | 9 | 20 | 62 | 83 |
Mach Travel Solutions peers and competitors
Listed SME companies in the same industryBy sales, Mach Travel Solutions is number 3 of the 22 listed SME companies in other consumer services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Vinsys IT Services India | 866 | 29.1 | 268 | 29.7 | 15.8% | 0.32 |
| Mach Travel Solutions | 464 | 30.8 | 230 | 15.1 | 8.0% | 0.05 |
| Exhicon Events Media Solutions | 765 | 17.0 | 203 | 45 | 27.0% | 0.10 |
| E Factor Experiences | 252 | 12.8 | 191 | 19.7 | 15.0% | 0.33 |
| Party Cruisers | 114 | 9.1 | 147 | 12.6 | 12.5% | 0.00 |
| Robokidz Eduventures | 226 | 22.6 | 93 | 10 | 18.0% | 1.20 |
| Addictive Learning Technology | 72 | - | 75.7 | -0.5 | 16.4% | 0.01 |
| Safecure Services | 23 | 3.9 | 66.9 | 6 | 17.5% | 0.21 |
| Arihant Academy | 279 | 30.6 | 63.4 | 9.1 | 22.2% | 0.00 |
| Ascensive Educare | 67 | 19.6 | 58.7 | 3.4 | 10.3% | 0.41 |
| Mopshop Distribution | - | - | 44.1 | 5.2 | 18.1% | 1.02 |
| Median of the 10 others | 226 | 18.3 | 84.4 | 9.6 | 16.9% | 0.27 |
Mach Travel Solutions shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Mach Travel Solutions shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 70.04% | 70.25% | 70.90% | 72.93% |
| Foreign investors (FIIs) | 5.68% | 3.88% | 3.94% | - |
| Indian institutions (DIIs) | 2.73% | 1.55% | 1.90% | - |
| Number of shareholders | 2,085 | 2,238 | 2,096 | 1,880 |
Mach Travel Solutions study: the business from its own documents
Read from 7 of the company's own documentsMach Travel Solutions key facts from the filings
Each figure with the document it comes from
- June 2026 quarter revenue
- ₹144.3 cr
- Against ₹22.6 cr a year earlier; the company has chosen to report every quarter, which SME companies need not do.Investor presentation, August 2026, p.16; earnings call, 18 August 2026, p.4 and p.11
- Travel handled (GMV)
- ₹252 cr
- Gross value of travel handled in the June 2026 quarter, against revenue of ₹144.3 cr; profit is earned on the markup, not the gross value.Investor presentation, August 2026, p.15; earnings call, 18 August 2026, p.4 and p.6
- Trips and events run
- 273 in FY26
- Up from 156 in FY25, while average revenue per programme fell to ₹0.84 cr from ₹1.51 cr.Investor presentation, August 2026, p.9
- Punjab pilgrimage mandate
- ₹92 cr
- Chief Minister's Tirth Yatra for about 1,85,000 pilgrims across FY26 and FY27; management expects to finish it by November 2026 and is not sure it will be repeated.Annual report FY26, p.22; earnings call, 18 August 2026, p.13 to 14
- Corporate travel clients
- 140+
- Companies onboarded to its booking tool by 30 September 2026, six months after the corporate travel unit started; they pay twice a month.Press release, 1 October 2026, p.2; earnings call, 18 August 2026, p.7
Show 5 more facts
- Money owed by customers
- ₹49.0 cr
- At March 2026, up from ₹43.0 cr; days of sales outstanding rose to about 73 from about 44, which the company ties to milestone billing on government work.Annual report FY26, p.26
- Cash from operations
- ₹7.5 cr
- Consolidated, FY26, against profit after tax of ₹15.1 cr; advances to service providers rose to ₹31.9 cr from ₹2.4 cr.Annual report FY26, p.144 and p.159
- Project held for sale
- ₹21.5 cr
- A project finished in FY25 that the company intends to dispose of; it was still looking for buyers at March 2026. The report does not describe the project.Annual report FY26, p.160; annual report FY25, p.137
- Amit Bhatia's stake
- 65.41%
- 1,37,59,400 shares at March 2026, up from 1,33,37,600 shares (63.40%) in the FY25 report.Annual report FY26, p.50; annual report FY25, p.7; reported figures, our arithmetic
- Staff and offices
- 200+ staff, 7 offices
- Noida, New Delhi, Mumbai, Kolkata, Bengaluru, Bhubaneswar and Ahmedabad, with two more offices planned; staff were 81 at March 2025.Investor presentation, August 2026, p.7 and p.12; annual report FY25, p.19
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the August 2026 call the company said it is confident of revenue of around ₹500 cr or more in FY27, a figure first given in November 2025, and named ₹1,000 cr as a later milestone. It expects the Punjab pilgrimage programme to finish by November 2026, plans two more offices in the south, and says it expects to be eligible to move to the main board within twelve months. The FY25 annual report had pointed to 25% yearly growth over three years; FY26 revenue fell slightly instead.
| What management said | When | What happened |
|---|---|---|
| 25% yearly revenue growth over the next three years | FY25 annual report | FY26 revenue ₹230.5 cr against ₹235.8 cr |
| Consumer travel website to launch at the end of August 2026 | August 2026 call | In public beta by 29 September 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Mach earns a thin markup on trips, events and tickets it sources and resells to companies and governments, so revenue is large next to profit.
Its weak spots are lumpy project work, travel shocks, price competition and cash tied up in vendor advances and customer credit.
WatchCan it set its own prices?Mach prices against large travel companies and says it gives up part of its markup when it pushes for more business.
AverageHow strong is it against rivals?A long record in incentive trips and a place among a handful of top IRCTC vendors help, but in business and online travel it is small beside large booking companies.
AverageWho are its customers?Large companies, mostly banks and insurers, pay for incentive trips, and a state government bought a large pilgrimage programme that was a big part of the latest quarter.
WatchDoes it need a lot of money?It owns few assets, but it pays vendors ahead and gives customers credit, so growth needs working capital and the IPO money has been used.
AverageCan it keep finding new work?It is adding business clients quickly and running more trips each year, but beyond the Punjab programme it discloses no order book.
WatchDo good and bad years swing a lot?Travel demand falls with conflicts and shocks, and single large events or mandates make one year look very different from the next.
Who runs Mach Travel Solutions?
Promoters, directors and officers; tap a name for the background
ABAmit BhatiaPromoter, Chairman and Managing Director · holds 65.41%
On the board since the company was formed in 2004, with more than 22 years in MICE, corporate travel and events. Passed the CBSE Intermediate Examination in 1992. Also a director of Mach Conventions and Voyages and Mach Horizon LLP. The annual report states Amit Bhatia is the spouse of Laveena Bhatia, father of Adit Bhatia and son of Yash Pal Bhatia.
Annual report FY26, p.7 and p.50LBLaveena BhatiaPromoter and Whole-time Director · holds 6.99% (FY25 report)
With the company since inception, with over two decades in MICE, corporate travel and event management; a graduate of the University of Delhi. Oversees operations, business development and service quality; named Women Leader in the MICE Industry at the India Travel Awards North 2023.
Annual report FY26, p.7 to 8; annual report FY25, p.7KGKaushik GhoshJoint Managing Director from 12 August 2026
Bachelor of Science with about 32 years in travel, tourism and hospitality. Formerly Chief Executive Officer and whole-time director of Globe All India Services, a subsidiary of Yatra Online, and earlier with United Airlines and Carlson Wagonlit Travel. Joined the board on 7 March 2026; the five-year term carries a salary of up to ₹2.25 cr a year plus a bonus of up to ₹1 cr.
Annual report FY26, p.8 and p.51 to 54ABAdit BhatiaPromoter group, Executive Director (on the board from 29 May 2026) · holds 0.43%
Bachelor of Commerce with more than five years of experience. Built the government and institutional projects unit and works on new business and investor relations. Salary of up to ₹0.03 cr a month.
Annual report FY26, p.9 to 10 and p.61 to 63RGRanjan GhoshExecutive Director (on the board from 7 March 2026)
With the company since inception, about 22 years in event execution, operations and vendor management; passed the CBSE Intermediate Examination. Salary of up to ₹0.05 cr a month.
Annual report FY26, p.9 and p.54 to 57YPYash Pal BhatiaNon-Executive Director (on the board from 29 May 2026)
An Indian Army veteran of more than 30 years who retired in 1993 and then ran a service business for over 15 years; postgraduate in English Literature and Business Management. Takes no remuneration.
Annual report FY26, p.10 and p.59 to 60RKRavi Kumar MishraChief Financial Officer
Responsible for financial planning, treasury, taxation, internal controls and statutory reporting.
Annual report FY26, p.12HKHemant KoushikIndependent Director, chair of the audit committee
A Chartered Accountant with over 15 years in accounting, auditing, taxation and business advisory. The board's report records that the internal auditor appointed in May 2025 resigned in August 2025 and was replaced in November 2025.
Annual report FY26, p.11, p.71 and p.77MSManishkumar Shankarlal ChandakIndependent Director
LL.B. with over 12 years in corporate law, civil litigation and regulatory compliance.
Annual report FY26, p.11Mach Travel Solutions latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹133 cr (+15%), net profit ₹7.2 cr (+28%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 70.90% to 72.93%.
Mach Travel Solutions announcements
8 on record, latest first; each opens the filing on the exchange
- Company UpdateEnclosedPDF ↗
- Company UpdateEnclosedPDF ↗
- Company UpdateEnclosedPDF ↗
- Company UpdateEnclosedPDF ↗
- Company UpdateEnclosedPDF ↗
- Company UpdateThe Exchange has sought clarification from Mach Travel Solutions Ltd on September 29, 2026 with reference to significant movement in price, in order to ensure t
- Insider Trading / SASTEnclosedPDF ↗
- AGM/EGMThe voting results along with the consolidated Scrutiniser''s report in respect of the Twenty-Second (22nd) Annual General Meeting of the Company held on TuesdaPDF ↗
Mach Travel Solutions annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Mach Travel Solutions share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 0.5000ex-date 4 Sept 2026
- DividendFinal Dividend - Rs. - 1.0000ex-date 4 Sept 2025
Checks we ran on Mach Travel Solutions' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,10,37,100 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹1,762.00) and FY24 (₹13.92) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Mach Travel Solutions
What does Mach Travel Solutions do?
Mach Travel Solutions organises group trips, conferences and business travel for companies, and runs large travel programmes for state governments. Its shares trade on BSE SME.
What is the share price of Mach Travel Solutions?
₹220 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Mach Travel Solutions?
₹464 cr at the close on 6 Nov 2026, on 2,10,37,100 shares.
What is the P/E of Mach Travel Solutions?
30.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Mach Travel Solutions' revenue and profit?
Revenue ₹230 cr and profit after tax ₹15 cr in FY26.
Who are the promoters of Mach Travel Solutions?
Amit Bhatia, Laveena Bhatia, Adit Bhatia; promoters held 72.93% at 31 March 2026.
What is Mach Travel Solutions' website?
www.machconferences.com
More SME companies like Mach Travel Solutions
Other listed SME companies in other consumer services, the closest in size first, each read from its own documents.
- Exhicon Events Media SolutionsEXHICON · BSE SME · Other Consumer ServicesMarket cap ₹716 cr
- Flywings Simulator Training CentreFWSTC · NSE Emerge · Other Consumer Services · listed 2025Market cap ₹298 cr
- E Factor ExperiencesEFACTOR · NSE Emerge · Other Consumer Services · listed 2023Market cap ₹243 cr
- Arihant AcademyARIHANTACA · NSE Emerge · Other Consumer Services · listed 2022Market cap ₹242 cr
- Vinsys IT Services IndiaVINSYS · NSE Emerge · Other Consumer Services · listed 2023Market cap ₹909 cr
- Robokidz EduventuresROBOKIDZ · BSE SME · Other Consumer ServicesMarket cap ₹180 cr
Built from 3 annual reports, 2 press releases, 1 earnings call transcript, 1 investor presentation, 8 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.