Dreamfolks Services has scheduled its 18th Annual General Meeting (AGM) for Monday, September 28, 2026. The meeting will commence at 11:30 am and will be conducted through Video Conferencing or Other Audio Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs circulars.

Meeting Details

The company will provide remote e-voting facilities to eligible members. The voting window opens on Saturday, September 25, 2026, at 9:00 am and closes on Monday, September 27, 2026, at 5:00 pm. Shareholders holding shares in physical or dematerialized form as on the cut-off date of September 22, 2026, are eligible to vote.

Key Dates

Members who have cast their votes via remote e-voting may attend the AGM but cannot vote again during the meeting. Those who did not vote remotely may cast their votes electronically during the AGM.

Investor Information

Electronic copies of the AGM notice and the Annual Report for FY26 have been sent to members with registered email addresses as on August 21, 2026. Physical copies are available only upon request. The documents are also accessible on the company’s website.

Dreamfolks Services has engaged National Securities Depository Limited (NSDL) to facilitate the electronic voting process. Members are advised to update their KYC details, including PAN and bank account information, to ensure smooth processing of dividends and communications. Unpaid dividends from previous financial years remain uncredited until KYC is updated.

Dreamfolks Services reported a consolidated net loss of ₹138.3 million for the first quarter of FY27 (ended June 30, 2026), marking a slight deterioration from the ₹130.1 million loss in Q4FY26. The financial performance was impacted by upfront minimum guarantee commitments supporting the scale-up of its global lounge business. Revenue from operations contracted sharply to ₹390.1 million, down from ₹526.4 million in the preceding quarter and significantly lower than the ₹3,489.5 million recorded in Q1FY26.

The operating results reflected substantial pressure as the company invests in global expansion. Dreamfolks incurred an Adjusted EBITDA loss of approximately ₹163.7 million in Q1FY27, compared to a loss of ₹143.6 million in Q4FY26 and a gain of ₹304.9 million in Q1FY26. Gross profit turned negative at ₹(9) million, down from a negative ₹(62) million in the prior quarter but a stark contrast to the ₹466 million gross profit in Q1FY26. Management indicated that these investments are expected to be recovered as transaction volumes build in coming quarters.

Business Diversification and Global Expansion

Despite the near-term financial pressure, the company highlighted progress in diversifying its revenue streams. Non-airport lounge services contributed approximately 33% of the topline during the quarter. The global network expanded to over 1,100 airport lounges, with more than 70 new lounges added during the quarter. Additionally, the company went live with major programs across Global Lounges, Global Meet & Assist, Airport Transfers, and premium members-only clubs. The DF Club Membership program saw steady quarter-on-quarter growth in memberships sold, positioning it as a potential direct-to-consumer channel.

Chairperson and Managing Director Liberatha Kallat noted a shift in how banks and enterprises design customer value propositions, moving towards personalized combinations of experiences. This transformation reinforces Dreamfolks' positioning as a Benefits Technology platform enabling clients to design and manage differentiated propositions across travel and lifestyle categories. The company also highlighted new client acquisitions in APAC, including large banking networks in Singapore and Indonesia, though Middle East expansion remains paused due to regional conflicts impacting traffic.

What the Numbers Show

The divergence between the top-line operational metrics and the bottom-line result highlights the severity of the quarter's performance relative to the prior year. With Adjusted EBITDA turning negative at ₹163.7 million while net loss stood at ₹138.3 million, the data suggests that other income (₹37.2 million) partially offset the operational deficit. The transition from a ₹304.9 million Adjusted EBITDA gain in Q1FY26 to a ₹163.7 million loss represents a total swing of ₹468.6 million in operating profitability year-on-year. Furthermore, cash and cash equivalents stood at ₹1,933 million as of June 30, 2026, providing the company with flexibility to continue executing its growth strategy despite the current losses. Net worth remained healthy at ₹300.4 million.

Corporate Governance Updates

During its meeting on August 13, 2026, the Board of Directors approved several key governance changes:

• Reappointment of Independent Director: Mr. Sunil Kulkarni was reappointed as an Independent Director for a further period of five years, effective November 21, 2026 through November 20, 2031, subject to shareholder approval.
• Appointment of Additional Director: Mr. Lloyd Mathias was appointed as an Additional Director and designated as an Independent Director effective August 14, 2026, for a term of three years through August 13, 2029, subject to shareholder approval.

Legal Developments

The statutory auditors’ report included an Emphasis of Matter regarding a petition filed on May 15, 2026, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Travel Food Services Limited, an operational creditor, filed the petition before the National Company Law Tribunal, New Delhi Branch, alleging default in payment and seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the company for an amount aggregating to approximately ₹114.0 million. The management has represented that it strongly disputes these claims and has taken appropriate legal steps. The company stated that appropriate provisions have been made in the books of account and that the matter is not indicative of financial stress affecting its going-concern status. The next hearing is scheduled for August 21, 2026.

Financial Highlights

Note: Figures are consolidated unless stated otherwise. All amounts in INR million. Adjusted EBITDA is adjusted for non-cash ESOP expense.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0JS101016/39dafb7e-86d5-46b5-bc6e-722f159065d1.pdf