Mach Conferences and Events Limited: Navigating Headwinds with Strategic Diversification in H1 FY26

Mach Conferences and Events Limited, a prominent player in India's Meetings, Incentives, Conferences, and Exhibitions (MICE) industry, recently unveiled its performance for the first half of Fiscal Year 2026. Despite facing significant external challenges, the company demonstrated remarkable resilience, maintaining healthy margins and embarking on strategic diversification initiatives aimed at bolstering future growth and profitability. The H1 FY26 period, ending September 30, 2025, saw the company report a consolidated revenue from operations of INR 97.08 crore and a Profit After Tax (PAT) of INR 7.82 crore. While the topline experienced a dip due to geopolitical tensions, particularly the India-Pakistan conflict in April and May, management's focus on operational discipline led to an improved EBITDA margin of 11.49% and a PAT margin of 8.06%, both up 91 basis points year-on-year.

The first half of FY26 was characterized by a challenging macro environment that impacted cross-border travel and outbound programs. However, Mach Conferences utilized this period to strengthen its internal systems, vendor partnerships, and working capital management. The company's core MICE and corporate events segment saw the addition of several new marquee clients, securing seven high-value mandates worth nearly INR 40 crore. These contracts, involving over 6,100 participants across global and domestic destinations, are slated for progressive execution throughout FY26, providing robust revenue visibility for the second half of the fiscal year.

Strategic Expansion and New Growth Avenues

Mach Conferences is actively pursuing a multi-pronged diversification strategy to tap into new growth opportunities and enhance profitability. A significant move has been the launch of a dedicated Government Projects Division, marking the company's formal entry into the institutional and public sector event management space. This division has already secured its first major mandate as the official Hospitality Management Partner for the International Film Festival of India (IFFI) 2025, an annual event organized by the Ministry of Information & Broadcasting, Government of India. Management anticipates higher margins from government projects due to less competition and specialized requirements.

In a strategic acquisition, the company brought Travexel, a firm specializing in doctor conferences and the pharma business, into its fold. This move is designed to address the pharma sector's unique MICE needs, which often have limitations on incentive travel. Travexel already boasts a healthy order book of INR 22-25 crore for the current fiscal year and INR 20-22 crore for the next, promising a significant boost to profitability, as medical conferences typically yield higher margins than traditional MICE events.

Digital Foray and Operational Enhancements

Further expanding its reach, Mach Conferences is set to launch its Online Travel Agency (OTA) portal, 'Book My Yatra,' in December. This initiative aims to leverage the company's extensive existing customer base, which includes approximately five lakh individuals who have traveled with them over the past five years. The strategy is to onboard these customers onto the new platform and partner with various associations to drive traffic, focusing on a cost-effective revenue generation model rather than direct competition with large, established OTAs. The portal is currently 90% ready and undergoing testing.

To support its ambitious growth plans and new ventures, Mach Conferences has also undertaken an office expansion. The company relocated to a larger 13,000 square feet office in Sector 73, Noida, a significant upgrade from its previous 4,600 square feet space. This new facility, designed to accommodate 250-275 employees, particularly for the OTA portal, is expected to foster synergy and optimize operational costs over its nine-year lease period.

Outlook and Investor Confidence

Looking ahead, Mach Conferences is optimistic about its performance in the second half of FY26. Management has guided for a 25% growth in both topline and bottom line from last year's figures, with an aim to achieve an EBITDA margin of 12-14%. The company's strong liquidity position, with cash and bank balances at INR 21.65 crore as of September 30, 2025, and a low debt-to-equity ratio of 0.06, underscores its financial prudence. The management also highlighted that promoters are actively buying shares from the market, signaling their strong confidence in the company's future prospects and intrinsic value. This strategic clarity, coupled with disciplined execution and diversification, positions Mach Conferences and Events Limited for sustained growth in the evolving MICE and travel landscape.