📌 At a Glance (Excerpt)
Dreamfolks went public as the “MakeMyTrip of airport lounges,” rode the post-COVID travel boom, and even promised cardholders golf games and nap pods. But from ₹522 highs to ₹236 today, investors are realizing — selling peace of mind at airports doesn’t guarantee peace in your portfolio.
1️⃣ Flashback: IPO Dreams at 30,000 Feet
Founded in 2008, Dreamfolks quietly became India’s largestairport service aggregator— giving credit card holders VIP lounge access, spa perks, and more. It wasn’t an airline or an airport — just the middleman between banks and experience vendors.
Then in 2022:
- 🪩 IPO launched at ₹326
- 🌍 Listed at ₹508 — a 56% premium
- 🧋 Business looked light-asset, tech-driven, scalable
- 😎 Investors said: “Finally! A cool B2B2C story.”
But post-IPO, turbulence began.
2️⃣ 5-Year
Financials: Lounge Full, Valuation Empty?
| 💼 Metric | FY21 | FY25 | CAGR |
|---|---|---|---|
| Revenue (₹ Cr) | 106 | 1,292 | 88% 🚀 |
| EBITDA (₹ Cr) | -0 | 89 | NA |
| Net Profit (₹ Cr) | -1 | 65 | Healthy |
| EPS (₹) | -3.05 | 12.28 | Turned profitable |
| ROCE | -1% | 33.8% | Best-in-class 💪 |
| OPM | -0% | 7% | Stable, not stellar |
🎯 Revenue boomed due to post-COVID travel demand. But margins peaked at 14% in FY23… and have been falling since.
3️⃣ Quarterly Check-In: Cracks on the Runway
| Quarter | Revenue (₹ Cr) | OPM (%) | PAT (₹ Cr) | EPS |
|---|---|---|---|---|
| Q1 FY24 | 321 | 7% | ₹17 | ₹3.24 |
| Q3 FY24 | 340 | 7% | ₹17 | ₹3.23 |
| Q4 FY25 | 314 | 6% | ₹15 | ₹2.80 |
💡 Despite revenue growth, margins and EPS are down.📉 TTM PAT fell 5% YoY — first decline post-listing.
Why? Volume growth slowed and banks renegotiated rates.
4️⃣ Business Model: Looks Fab, But…
🛬 Dreamfolks Makes Money By:
- Partnering with banks/credit card companies
- Giving
