Dreamfolks Services Ltd

AGM Details

• AGM held on 28 September 2026 at 11:30 IST via VC/OAVM.
• Remote e-voting conducted 25–27 September 2026; cut-off date 22 September 2026.
• Shareholders entitled: 96,470; meeting conducted under MCA/SEBI guidelines.

Key Resolutions

• Resolution 1 (Ordinary): Adopt standalone financial statements for FY ended March 31, 2026.
• Resolution 2 (Ordinary): Adopt consolidated financial statements for FY ended March 31, 2026.
• Resolution 3 (Ordinary): Re-appoint Non-Executive Director retiring by rotation.
• Resolution 4 (Ordinary): Re-appoint Statutory Auditors.
• Resolution 5 (Special): Re-appoint Independent Director.
• Resolution 6 (Special): Appoint Independent Director.

Voting Results

• Resolution 1: Passed; in-favour ~99.9%, against ~0.1%.
• Resolution 2: Passed; in-favour ~99.99%, against ~0.01%.
• Resolution 3: Passed; in-favour ~99.99%, against ~0.01%.
• Resolution 4: Passed; in-favour ~99.99%, against ~0.01%.
• Resolution 5: Passed; in-favour ~99.99%, against ~0.01%.
• Resolution 6: Passed; in-favour ~99.9%, against ~0.1%.
• Turnout: 66.14% of shares polled.

Dividend

• No dividend proposed or declared.

Directors & Auditors

• Independent directors appointed/re-appointed under resolutions 5 and 6.
• Statutory auditors re-appointed for the company.

Related Party Transactions & ESOPs

• Material related party transactions: none disclosed.
• ESOPs or similar approvals: none disclosed.

AGM Details

• AGM held on September 28, 2026 at 11:30 AM IST via VC/OAVM.
• 70 Members attended the meeting via VC.
• Notice dated August 13, 2026; meeting conducted per MCA/SEBI LODR.
• The AGM commenced at 11:30 AM IST and concluded at 12:38 PM IST.

Resolutions Put to Vote

• Resolution 1 (Ordinary): Adopt standalone financial statements for FY 2025-26.
• Resolution 2 (Ordinary): Adopt audited consolidated financial statements for FY 2025-26.
• Resolution 3 (Ordinary): Re-appoint Mukesh Yadav by rotation.
• Resolution 4 (Ordinary): Re-appoint S S Kothari Mehta & Co. LLP as Statutory Auditor.
• Resolution 5 (Special): Re-appointment of Sunil Kulkarni as Independent Director.
• Resolution 6 (Special): Appointment of Lloyd Mathias as Independent Director.

Voting Status

• Voting results not disclosed in the summary; will be uploaded on the company site and exchanges.

Directors Appointments

• Re-appoint Mukesh Yadav as Non-Executive Director by rotation.
• Re-appoint Sunil Kulkarni as Independent Director.
• Appoint Lloyd Mathias as Independent Director.

Auditors

• Re-appoint M/s S S Kothari Mehta & Co. LLP as Statutory Auditor.

Key highlights

• FY2025-26 revenue from operations: INR 6,605.59 Mn.
• Adjusted EBITDA: INR 250 Mn.
• PAT (Consolidated): INR 116.23 Mn.
• Dividend for FY2025-26: none declared.
• Global lounge network expanded to 1,000+ lounges across 100+ countries.
• DreamFolks Club 2.0 launched with three-tier membership.
• Ten11 Hospitality stake acquired: 50.01%.
• ETT Dubai stake at 34% as of Apr 22, 2026.
• Undrawn fund-based facilities around INR 1,300 Cr.
• Travel Food Services insolvency petition noted.

Partnership highlights

• DreamFolks named official provider of premium spa benefits for Elixir's upcoming wellness-focused credit card.
• Cardholders gain curated spa experiences via DreamFolks' platform.
• Cardholders also receive complimentary gym access and a 100+ wellness brands marketplace.
• Elixir prepaid card offers 2% back online and 5% back on health/wellness spends.
• Partnership reflects DreamFolks' evolution into a broader travel and lifestyle benefits tech platform.
• DreamFolks positions as an experiences enabler for banks, card issuers, and fintechs.

AGM details

• 18th AGM scheduled Sept 28, 2026 at 11:30 IST via VC/OAVM.
• Notice and Annual Report FY2025-26 accessible on company site and via PDF link.
• Remote e-voting window: Sept 25-27, 2026; cut-off Sept 22, 2026.

Shareholder communications and KYC

• Letters sent to Members with unregistered email providing AGM Notice and Annual Report web-link.
• Unclaimed dividends require updated KYC; process involves compliance email and RTA contact.

Financial & strategic highlights (FY2025-26)

• Revenue from operations: INR 6,605.59 Mn (FY 2025-26).
• Total income: INR 6,796.43 Mn.
• PAT: INR 116.23 Mn (consolidated).
• Adjusted EBITDA: INR 250 Mn (consolidated).
• Shareholders' net worth: INR 3,137.80 Mn.
• Bank balance & liquid investments: INR 1,509 Mn.
• Dividend not declared for FY 2025-26.
• Ten11 stake acquired: 50.01%.
• Undrawn fund-based facilities: INR 1,300m.
• ETT Solutions DMCC investment plan: INR 360m.

Financial Performance

• Revenue for quarter ended 30 June 2026: INR 39 crores.
• Adjusted EBITDA: negative INR 16.4 crores; vs negative INR 14.4 crores last quarter.
• PAT: negative INR 13.8 crores; vs -13.0 crores prior quarter; -21.3 crores in Q1 FY26.
• Gross profit negative INR 0.9 crores due to upfront minimum guarantee payment.
• Net worth INR 300.4 crores; cash and cash equivalents INR 193.3 crores.
• Cash balance rose to INR 193.3 crores from INR 149 crores in prior quarter.
• Non-airport lounge share contributed ~33% of quarterly top line.

Operational Update

• Global lounge network: 1,100+ lounges; 70 new outlets added in the quarter.
• Railway lounges: 100% nationwide coverage; Ten11 Hospitality acquisition strengthened control.
• Golf: 80 outlets in India; 860 courses internationally.
• DF Club Membership program: early traction; memberships growing quarter-on-quarter.
• Diversification underway; non-airport services contributing to revenue growth.
• Expansion focus: global lounges, golf, and other services to broaden wallet share.

Balance Sheet and Liquidity

• Receivables collection improving; cash position strengthened reflectively.
• Promoter group has no plans to increase stake; focus remains on rebuilding business.

Q&A Highlights

• Railway lounge economics: capex varies by lounge size; average 2,000–14,000 sq ft.
• Railway lounges could be a ₹500 crore opportunity over 4–5 years; investment aligned with PM plans.
• ETT margins: similar to domestic lounges; no early margin improvement due to upfront advances.
• ESOP cost impact: ~INR 14 lakhs per year; minimal on overall cost base.
• Q1 revenue drop primarily due to war; international traffic down; India domestic offsetting partially.
• APAC adds: Singapore and Indonesia banks signed; go-live by month-end/early next month.

Outlook and Guidance

• Breakeven expected by next year; management affirmed path during Q&A.
• Incremental contribution from new services expected to help absorb fixed overhead and improve operating leverage as scale hits.
• If earlier ramp occurs, management will announce progression publicly.