Dreamfolk Services Q3 FY26 Earnings: Strategic Growth in Travel & Lifestyle Ecosystem

Ladies and gentlemen, good day and welcome to the Dreamfork Services Limited Q3 FY26 earnings conference

call. From the management of Dreamfork Services Limited, we have Miss Liberata

Kala, chairperson and managing director, Mr. Balaji Sunasan, executive director and chief technology officer, Mr.

Shakhar Sud, Chief Financial Officer and Mr. Sundep Sonawan, Chief Business Officer.

As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask

questions after the presentation concludes. Should you need assistance during this

conference, please signal an operator by pressing star then zero on your touchstone phone. Please note that this

conference is being recorded. I now hand the conference over to Miss Liberta Kala. Thank you and over to you

ma'am. Good evening everyone and thank you for joining us for the Dream Folk Services

Q3 FY26 earning call. As we stepped into the new year, we mark an important milestone with Dream Folks completing 13

years last quarter. This journey reflects the residence of our team and the trust placed in us by our partners

and stakeholders. As we look ahead, we remain firmly focused on leading the next phase of growth in the travel and

lifestyle ecosystem with clarity, discipline, and long-term vision. Before we turn to our Q3 performance, I

would like to highlight the key strategic decisions undertaken during the quarter. We announced two

significant acquisitions and launched the Dreamforce club membership as part of our long-term growth journey. Our

inorganic growth strategy anchored by the acquisition of 101 hospitality and easy to travel represent a pivotal step

in Rainfor evolution into fully integrated travel and lifestyle experiences platform.

First through 107 acquisition we have secured direct ownership and operational control of premium railway lounge

infrastructure at strategic locations including Chennai, Mumbai and Badudra. With Chennai already operational, Mumb

has commenced operations and Badudra is expected to launch shortly. This move toward vertical integration

strengthens our overall ecosystem of by enhancing service consistency, improving unique economics and lowering reliance

on third party operators. The broader industry landscape is currently defined by a period of

unprecedented structural growth within the Indian railway ecosystem. Under the Amrit Bharatski, the Ministry

of Railways announced phase redevelopment of 1,300 plus stations, transforming them into modern city

centers with airport-like amenities such as executive lounges, waiting halls, FN outlets, etc. In FY 2025 alone, the wide

rail network facilitated over 7 billion annual passengers. A staggering figure that underscores the massive addressable

market and the continued dominance of rail as India's primary transit artery. This momentum is further bolstered by a

significant fiscal tailwind as the government has committed 2.78 lakh cr rupees cipex outlay towards railways in

the union budget 202627 as well which introduced seven new high-speed rail corridors signaling a

long-term shift toward high efficiency premium connectivity. This strategic acquisition is perfectly

timed with the government's railway modernization drive and its focus on increasing non-fair revenue streams,

positioning us to scale rapidly across hight traffic railway hubs and unlock significant growth opportunities.

Second, the acquisition of easy to travel represents a strategic step in accelerating dream for international

expansion and advancing our vision of creating a seamless globally integrated mobility ecosystem.

ETD adds a wellestablished international footprint and a strong technology-led distribution platform to our portfolio.

These trends complement Rainfork's existing platform to our portfolio. These trends complement Greenfolk's

existing capabilities and further reinforce our ambition to build a truly global experience platform. With ETD's

global presence and its diversified distribution channels, we are now better positioned to deliver consistent premium

and seamless experience to our enterprise partners and customers across international market.

Looking at the travel industry outlook, we are witnessing a sector that has not only recovered, but it is rewriting

historical records. In 2025, the global travel and tourism industry reached a landmark economic impact of 11.7

trillion, contributing a significant 10.3% to the global GDP. This upward trajectory is expected to maintain its

momentum through 2026 with global business travel spending spending projected to grow by 8.1%

as corporations increasingly prioritize in-person collaboration. Another key highlight from the previous

quarter was to the launch of focus club 2.0. Our enhanced B2C membership offering represent a strategic evolution

from a travel ccentric proposition to comprehensive lifestyle access platform. The membership seamlessly integrates

global lounge access with private social clubs, golf, wellness and curated lifestyle experiences broadening our

addressible market. This launch is well timed against a backdrop of strong economic growth and rising consumer

purchasing power in India. India's economy continues to expand at a robust pace with GDP growth projecting

in a 6 to 8% range and continuing momentum in domestic demand and consumption underfiring an environmental

favorable to increased discretionary spending and lifestyle upgrades. Additionally, household disposable

income and consumption trends are on an upward trajectory supporting increased demand for premium travel and lifestyle

experiences. Together, these micro trends reinforce the long-term growth potential of Dream

Folks Club 2.0 and our lifestyle focused offerings. Moving on to the performance for the

third quarter of FI26. This year stood as a defining phase in our ongoing transformation journey representing one

of the execution consolidation and forward momentum following the strategic reset we undertook during the year. Q3

has been translating intent into action strengthening our platform advancing our diversification strategy and laying firm

groundwork for sustainable long-term growth. We have now began to see greater oper operational stability, sharper

strategic focus and improved visibility across our growth engines. While certain short-term impacts

continue to play out, we are confident that the direction we have chosen positions

chosen position dream folks to emerge stronger, more resilient and structural better align in this transformation

journey. To put our transformation into perspective, our global lounge transaction volume increased by

approximately 80% quarteron quarter and nearly 200% yearonear. Railway lounge volumes also grew

sequentially and we are well positioned for substantial scale up as we realize synergies from 10 leverage operational

assets, commission new lounge locations and integrate more client offerings, railway lounge access as a credit card

benefit. Our emerging lifestyle offerings are gaining strong client transa

transactions and demonstrating their potential to become mainstream credit card benefits alongside traditional loan

taxes. As we indicate earlier this year, we are witnessing a significant evolution in credit card value

propositions. We are pleased to announce that these premium lifestyle services went live with major banking and

enterprise clients during the quarter marking an important milestone in our strategic transition.

Turning to our financial performance for the quarter ended December 31st 2025. For the third quarter, we reported

revenue of INR 53.4 crores. A gross profit came in a INR 4.6 6 crores reflecting a gross margin of 8.6%.

The adjusted AITA for the quarter was negative in our 7.6 crores primarily impacted by the ongoing calibration of

our domestic lounge business that we have discussed earlier. Despite these near-term headwinds, we have our balance

sheet remains strong and resolent. We closed the quarter with cash in hand of INR1 129 cror providing us with

significant financial flexibility to execute our strategic initiatives. Our net worth as on December 31st 2025

stands at a healthy INRA 326 cr underscoring our ability to invest in growth opportunities while maintaining

financial discipline during this transformation phase. Periods of transition often test

businesses, but Dream Folks has demonstrated a track record of navigating disruption successfully

during the CO9 pandemic when the global travel activity came to an unprecedented hall. Dream folks not only withtood the

challenges but emerged stronger, more diversified and better positioned for the recovery that followed. That

experience has shaped our approach today, reinforcing a culture of prident risk management, discipline execution,

and long-term thinking. As we navigate aggregate the current industry changes, we remain confident in our ability to

adapt, protect shareholder value, and convert near-term challenges into sustainable long-term opportunities.

On the technology front, we are responding to rapidly evolving client needs by positioning ourselves as a

comprehensive one-stop benefit management ecosystem rather than provider of a static products. Our

approach centers on orchestrating personalized service bundles and bespoke benefit packages that directly enhance

clients customer value proposition. With a portfolio of over 20 travel and lifestyle services, we offer the

flexibility and agility to tailor solutions precisely to clients objectives, enabling us to act as a

strategic partner in matching supply with increasingly nuhance consumer demand. At the core of this strategy is

our machine learning driven tech in intelligent or orchestration platform which employs clients with advanced

capabilities in personalization, pricing and consumption. The platform enables dynamic selection

and configuration of both traditional and next generation services for targeted consumer cohorts aligned to

specific pre preferences and budget. This is underpinned by our industry-leading technology stack

featuring cohort based benefits, spend and usage based models, benefit switchibility and aggregation

fully integrated into client ecosystem reinforcing our sustainable competitive advantage. To conclude, Q36 represent a

phase of transformation. We are confident that our long-term strategy of global expansion, client

diversification, new and technology transformation will drive sustainable growth in the quarters ahead. Thank you

for your continued trust and support. Now I'll hand over to Shaker for an update on the financials for the quarter

ended 31st December 2025. >> Thank you. A very good evening to everyone. I will begin by giving the

highlights of first 9 months of FY26. The company reported a revenue of INR 68 crores against INR 978 Kores last year.

Gross profit for 9 months of FY26 was at INR 80.4 Kores from INR 115 Kores last year. Adjusted EIA for the 9 months of

FY26 was at INR 38.4 4 crores as against INR 76.9 Kores in the same period of last year

adds to that INR 24.6 crores in 9 months FY26 and INR 50.1 Kores in 9 months FY25.

Now moving on to highlights for the Q3 FY26. The company reported a revenue of INR 53

crores compared to INR 340 crores in Q3 FY25 mainly impacted by the legacy domestic loan business. Gross profit

stood at INR 4.6 crores in Q3 FY26 as compared to INR 38.3 crores last year. Adjusted EVIA was at - 7.7 K compared to

25.8 crores in the same quarter of last year. Profit after tax was at INR - 7.9 Kores as compared to INR 16.9 KES in the

same quarter of last year. While our profitability is impacted due to the temporary decline in top line, we

continue to have a strong balance sheet with our net worth currently at INR 326 crores up by 14.5%

compared to the same time last year. On the liquidity front, our cash and cash equivalent balance as at quarter ends to

that INR 129 crores. While we navigate near-term headwinds, our commitment to sustainable growth remains unwavering.

We draw confidence from our strong balance sheet, better tested technology platform, and the strategic foundations

we have laid this quarter. These are not short-term fixes. They represent structural advantages that will drive

long-term value creation as market conditions normalize. With that, I open the floor for questions.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press

star and one on the touch telephone. If you wish to remove yourself from the question, you may press star and two.

Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a

moment while the question few assembles. >> Our first question is from the line of Murjid Ready from Radies. Please go

ahead. >> Yeah. Uh good evening. uh we really understand the challenging times the

company is going through and uh and you are uh really working very hard day in day out to find new

strategies and new ways to go. uh instead of we talking about the legacy numbers uh if we take a fresh clean

slide play what does this mean for for the railway launches that you would see from let's say from 3 years now kind of

a top line and a bottom line same with the global expansion and the lifestyle cards that you are issuing those are the

three verticals you are betting now uh the lifestyle cards club cards and uh ET and the

uh railways launches. So can you give us only ex only exclusive these numbers and how does it translate to some kind of a

topline revenue approximate? I mean no need to be a very fine figure and what would that be at a

a net profit level? >> So I'll start with the railways first. So presently if you actually look at it

uh the railway lounges are around 12 across the country. So uh it is still at the expansion mode. Okay. And um also in

terms of there are a lot of changes which in terms of the infrastructure and uh you know uh the development which is

happening. So I would say that uh 3 years is uh too early for me to actually talk about the numbers. It would

actually take at least four you know five to six years for us to actually start seeing the numbers and what I see

that uh uh the business potential in railways would be somewhere around uh I would say uh 500 crores uh in next five

years time. uh so that is the potential uh in terms of uh the EIT uh I would say that you know just considering the

railway business uh because the volumes it's a more of a volume game and the margins are also going to be uh better

comparative to the other services. So I would say that uh the evita would be somewhere between 9 to 10 uh for uh

railway. So that is uh about the railway business. Now coming to global. So obviously global if you actually see

even our present numbers we are growing by 200%. So yes uh I would say that you know uh

in next uh two years I would say it's not only this but in next two years I would say the

business opportunity would be somewhere around um uh around 500 to 550 crores. Uh this is

the expectation for the global business in next two years time with our margins. uh again the EITA to be around uh uh

same around 9 to 10% EITA for the global as well. So this is what going to be bit for the railway and the global business

global especially it's going to be more of the global client what we are focusing as we mentioned earlier also

that uh the focus market right now is Middle East and Southeast Asia. So yes uh uh we are uh already in a I would say

we have converted few of the clients and yes I would say that uh within this year itself we will see the conversion

happening. However the volume's expectation as I told you would be next two years time. So this is uh the

revenue expected uh from the global business. Now coming to the dream folks club card which we have launched. So

obviously uh you know this is a first thing I mean from B2B to B2C what we have come in and we do not want to

aggressively uh you know spend here because only after you do uh or burn money into

marketing that's where we will actually start seeing the conversion but we are trying to be uh more uh uh uh

>> prudent more financial prudent >> yeah I mean we are trying to be uh you know uh we do not want to actually

uh spend and uh you know trying to uh see that how best we can actually uh grow this business. Uh so even in dream

folks club I would say in next uh 3 years time uh the numbers would not be as equivalent to what we are talking

about railway and uh global but somewhere it would be uh maybe around 100 uh cr in next uh two to three years.

Uh thank you ma'am that's a very good explan explanation very good information um if I really understood clearly that

in 2 to 3 years time putting global and the slow growth of right base will be somewhere we will be topline about 500

crores that is the 9 to 10% the pita that is about 45 to 50 crores uh is that the right uh thing that I answered

correctly >> four to five years yes >> okay And uh how about sorry I just

forgot to ask you were talking earlier about the highway launches. Um is this still on or it's not on?

>> Uh so if you actually saw you also heard me that you know we have spoken about the other services. So the highway

lounges or highway FNB is part of these other services. >> Page is still on.

Yeah. Thank you very much and I wish you I wish the company with the very best and

I wish I wish you all very successful. >> Thank you so much. >> Thank you. Ladies and gentlemen, to ask

a question, you may please press star and one on your national telephones. Participants to ask a question may press

star and one. Our next question comes from the line of Vijay Kumar S from Trust Line India.

Please go ahead. So uh now one promising thing is none of the promoters are sold any shares even

in spite of this uh very tough period that gives the confidence in the companies your ability to build a new

organization because the the old model of how you operated is no more uh applicable now. uh but how confident you

are about this international business uh lounge access will take you to at least somewhere uh to the past.

If you actually have seen our numbers and what we spoke right now the growth which used to be for global was uh in

double digit but right now I mean if you have seen that yes our total focus is on global and we are growing by 200%. So

that actually speaks about our complete focus on global markets, right? And uh yes uh you know uh I mean earlier yes

the focus was more on uh India focused and it was not primarily uh you know the focus was uh for global or the other

services but I think uh uh you know this disruption which has happened has actually uh made uh the complete team

and uh the whole uh uh thing of focus into other services other client and the global So we are very much confident and

as you rightly said that you know because the promoters and the management has the confidence in the company and we

know that yes there is more potential and we know our strength what we have actually built in past and it was not

the business right it was the industry what dream folks has created so yes we are very much confident and you will see

the numbers uh in next few quarters >> so you expanded massively with new people uh trying to sell the products

like this club membership exclusive access. Uh where is it going? Is there any uh traction there?

Golf clubs and access to premium clubs this kind of that particular is there any traction there?

So uh to answer your question both we've uh we did mention that you know if you were to look at the total uh size of the

industry opportunity global is close to around $5 billion. So you know our setting up of Southeast Asia office

based out of Singapore was one step that we took a few years back almost two years back and then we do have

consultants who work out of uh New York you know one is Manchester so on and so forth. We soon are going to actually

establish uh you know some of our off you know offices. One is of course based out of UAE very soon. So yes, so if you

if I were to answer your question, we actually expanded both you know globally as well as within India because if you

were to see the number of services that we have added in our portfolio in domestic market which is India that is

also significantly increased and just like what Liberta mentioned we we've already gone live with one of the client

who has adopted a completely new service and most of the clients are also talking to us in terms of what are the other uh

benefits that they can offer on the card other than the lounge uh domestic lounge. So you will see a soon adoption.

However, the volume revenue uh will definitely lesser as we grow and as the adoption grows by every single client,

the volume will take a scale. So yeah, I don't know whether I answered that question but yeah, we have taken both

and people are working in both domestic as well as out of India market. good you know but it's commendable that

even though there are some corporate governance issues raised by uh you know uh unfortunate thing but the promoters

didn't use that opportunity to liquidate their shares because even though you know the information in probably what's

coming but that shows that there is there can't be any governor collapses uh that I commend the

management and your uh extreme confidence in uh sticking around and not even selling a single chair and and

taking this company, reinventing the company and taking it forward. Wish you all the best. Thank you.

>> Thank you. >> Thank you. >> Thank you. Our next question is from the

line of Priyad Shan from Media Private Limited. Please go ahead. >> Uh hi. Uh first of all like uh uh huge

uh you know like uh props for uh the way you guys have uh dealt with the situation in the last 12 months. Uh it

has been a case study in itself to just observe how you guys have uh behaved and interacted with the public as well as uh

steered the uh business in this period. uh the question my question is specifically related to uh the global

launch business currently I assume it's like I I would like to know how much percentage of the this quarter's revenue

is the global launch business as well as how will this number look like let's say uh 12 months from today 24 months from

today approximate figures are fine like how do you foresee the global launch business becoming part of green folks

revenue uh line items in 12 months 24 month period And uh uh uh how like you know like

typically platforms uh uh which scale uh I mean this was the problem with the previous platform

business model uh which uh frame folks uh basically invented. uh there on one side of the platform you have millions

of users but on the other side of the platform there are uh few players who one day you know decided to just you

know uh uh basically uh give up on the give up on the platform provider. So that problem I I I assume will not

happen with the global launch business because there are so many players on either side like you have customers on

one side that was always the case but on the other side to different airport players owners of airports are different

uh different countries so a lot more diversified. Uh I think this will be a lot more robust model. How do you guys

foresee uh this whole business play out in the next 12 months, 24 months period as well as you know like beyond that

because you guys have built the same business in India for 10 years uh but in global I I assume the runway will be

much longer and much larger. Yeah. So regarding your question uh for the percentage of contribution in

revenue so for the current quarter it stands at uh 68%. So the glo global lounge is contributing

uh 68%. And to answer your question in future also it would remain between you know similar kind of a percentage you

know variation of 3 to 5% here and there because uh yes you are right the global market is not is fairly fragmented

unlike India market where there is a concentration you are right so yeah that's where we are so one of course

it's a fragmented market that allows uh you know gives us a lot of rope plus uh the good thing is that uh you know there

are uh very only two organized players that are known in the industry and the entire ambition is to become a

significant third fourth contributor into this industry. >> Uh if I may sir like how how what is the

size of these two other players? If I'm not wrong, it is one is uh Plaza something and uh uh where I think uh if

I'm not wrong, Libra man used to work before and also like uh there's one more player I think Dragon Pass. Am I am I

right or like am I totally off the mark? But yeah, what is the size in terms of revenue terms and all that uh that we

these guys are? >> So the two players are uh Priory Pass which is Collinsson group and the other

one is Dragon Pass. Uh you're right. I was working with Plaza but Plaza is the lounge operator. They are not uh into

the similar business. They are the lounge operators. So they have lounges across the globe. Uh so and not only

these but there are other small players also u in different regions as well. But yeah the larger players if we talk about

it is prior path and dragon pass they are the two large players and uh as seif has also earlier mentioned that the

industry is of 5 billion uh so that is the industry size and uh the other thing is that you know when we started dream

folks uh in India also I think the biggest uh differentiator was that you know the technology what we had built

right of course then yes uh you know uh everyone started uh copying it I would say but the thing is that I think the

capability of building a differentiator that's what we understand and I think we if you actually look at the other global

players also I think they are uh uh you know they have their uh standard uh uh solution what they have been doing but I

think we are just not limiting ourselves into the airport lounges like the others and that's the only reason that the way

we have curated because we have learned lot of things in terms of I would say that whether it is technology or whether

it is uh the benefit management what we need to give or the services what are required uh you know at the battle so I

would say that the way we have curated and that's what we believe right now is that it should it would not be

concentrated only with the airport lounges but we would want to uh actually completely build a I would say a bouquet

of services and uh you know and that's how the discussion even at the global level uh with our clients we are

building that product and it's not going to be just with one service. So yes, we are confident that you know again we

want to create a differentiator the way we created in India in the global market. So yes uh that's how dream works

would stand uh stand out in in global market. >> One one last question ma'am. So uh this

uh uh the one clarification is that for example in a global business uh the currently it's Indian card holders who

are traveling globally uh is that uh only uh uh user base right now uh if yes then when will it happen like how is the

company forcing it to h that it happens for all card holders from across the world. Uh that's the first part. The

second part is uh specifically about these two big guys right what is if if any idea on uh incl on on how what is

their revenue uh currently or you know like last couple of years priority path especially and how does like dream folks

uh uh I mean one I one one point I understand is that you a larger book of offerings more different set of

offerings but also like apart from that like at a negotiation level how do you you know how does the folks play this in

the global marketplace against uh priorities pass and dragon pass specifically.

>> So our client base or the customer base is not uh uh the Indian card holders I would say. So the change has happened

from past two quarters. So right now we also have clients from outside India who are using the services and the

contribution of that 68% is not just the Indian users but I would also say the other global users.

>> Okay. kind of uh like how big are this the other two guys which we mentioned and uh like uh I I am assuming like

while negotiating at the global level with the lounges you will have to uh I mean they will always be a question mark

right like they'll always be present in these markets if I'm not wrong how does that how does that work

>> uh so you know actually to give their numbers it's uh you know it's not available unlike uh I think red books is

the only uh uh company in this industry who is listed and that's the reason our numbers are available. However, their

figures are actually not there. But yeah, you're right in terms of you know when we are uh working in the other

market. Uh I think uh it is a more competitive world and uh today everybody wants to work with different players. So

uh we are not finding any challenge when we are going to uh the uh lounge operators. uh so they are very happy and

uh giving us almost the similar commercials what with the priority pass or dragon pass when it comes to uh the

clients or the banks or any other corporate clients where we are interacting with so obviously as I told

you that we we are not just focusing on the airport lounges but we are actually focusing on a complete bouet of services

and the technology what we are so this is how we are actually going out So I think uh the the offerings are

different. >> Got it. Good. Of course. >> Thank you.

Participants who wish to ask questions may press star and one. Ladies and gentlemen, you may press star

and one if you wish to ask a question. Our next question is from the line of Maruti Nandan Salva, an individual

investor. Please go ahead. >> Hi, thank you for the opportunity. uh first of all I would like to commend the

management for you know facing uh the situation what has what has gone through in last 6 months and they are coming up

with the new strategies for the business. Uh my question is specifically in respect of the global launch

business. So in last 6 months the business is growing at a tremendous pace. So uh for how long we can we can

see this kind of continuation like you know growing at 100% year on year can it continue for like next 3 4 years

if yes what will be the triggers for this >> yeah so uh you're right see we are very

very uh very small in the entire industry that we mentioned the industry stands at close to 5 billion billion

dollar. So our numbers with respect to $5 billion is very very insignificant as of now. Yes, that's the idea uh that we

will have to grow and grow at whatever you know much much faster pace and that's the ambition.

So I mean what do I tell you uh more about this? Um that's that's our ambition and that

is how we have chosen this path of going global. Okay. Okay. All right. And secondly, I

just wanted to know about this uh you know railway launch business. I know it's a it's it's very it's a it's a it's

at very nent stage because uh we are having like 12 launch uh launches right now and three are owned by us. So if

when we are establishing a launch uh what is the capex involved and what is the kind of ro we are looking at? I know

it's too early but I'm sure that you guys have would have done some kind of know maths uh on all these numbers.

>> Okay. So for railway lounges majorly it's the license fees that is required to be paid and uh then in addition to

this there's the lounge setup cost. So it includes the furniture and other office equipment. So that is the capex

that is involved. So if you talk about in terms of uh cost so then it is uh nearly 1 to2 CR that is the depending on

the size of the lounge. So that is the range that is there. >> Okay. Okay. Okay. That is the capex

involved and then you know we have to do the expenses on day-to-day basis for the operational expenses to run the launch.

So annually what kind of ROE we are expecting in this launch business especially when you when we are putting

these launches at you know heavy traffic areas heavy traffic uh stations like you know Chennai and Mumbai.

>> Yeah. So uh like it again it depends on uh uh on different different lounges but yeah between 15 to 18% this is what we

expect. That's the that's the bare minimum we are looking at right it it can go up as

well. >> Yeah. Yeah. For sure. Yes. That's the bare minimum.

>> Okay. And uh just the last question from my side that uh you know this uh this particular quarter I think we would have

uh had some cash losses. Uh am I right? A small cash loss right? >> Yeah. So because it's a loss so

obviously yes it has impacted our cash in hand. Yeah. >> But yeah not that significant.

So, so u maybe can we expect in next uh two to three quarters that you know we'll be at the catch break even at

least because the business at the global level is going up significantly. So the cash burn will stop in in couple of

quarters or maybe it's like three quarters. >> No I would say in couple of quarters yes

the cash burn will stop and you uh we will actually be positive uh cash positive in uh two to three quarters.

That's that's a great news. And lastly, I would like to know from Libra ma'am that the promoters are they are they

looking to you know increase their shareholding given that the current market capitalization and the valuation

is at quite low level. So are you guys looking at that? >> Uh right now I can't comment on that. Uh

but uh yeah there is some discussions going on. >> Okay. Thanks a lot and keep up this good

work. All the best. >> Thank you. >> Thank you.

>> Thank you. Our next question is a followup from Murida Ready from Readies. Please go ahead.

>> Yes. Uh thank you. I I did some back back of the envelope calculations just to look at the directions again. Uh you

know we all in acquisition for you. We are all support for you know just for our clarity purpose that's all. So

uh for example if you take away all the legacy business out of the equation probably um you would have by the year

end 2028 uh March something like about 700 crores stop line would that be a right number I mean I did some

calculations maybe I would have done something wrong and with a bit of 9 to 10%

You know it is good that you have done the calculation but let me tell you that you know I will not be able to give you

the exact figures right now but for sure uh if you give us some time we will actually give you the uh right outlook

maybe in uh maybe in by next next quarter. >> Yeah fair enough fair enough. Uh yeah I

mean one other thing was Mr. Sep was mentioning is that right now uh the current numbers reported is 60% is from

the global business whatever the numbers right >> 68% is from the global business

>> yeah this is very encouraging that's how I did some calculations okay fine no problem uh what what this call gives the

confidence is that uh uh the management has got very sound I mean I mean under your leadership and rest of the leaders

is very sound, very committed. That's number one. Number two, your trajectory is actually very positive. Uh third is

that you have one or two levers, strategic levels where you are putting all your energies which are a lot more

focused. Uh I mean this is a general understanding of mine. Is that correct?

>> Yes. Absolutely right. If you were to look at the acquisitions also, look at it from that point of view. Acquisition

is not a simple acquisition. there's lot of math, science, energy uh going behind that. So the the fundamental reason for

acquisition of ET as well as uh you know 1011 should give you a overall direction in terms of how we are thinking.

I think you know uh that's that's our uh you know way forward and these are two three things which we are clearly

clearly focusing on and the market is big enough of investing on what uh Sep okay uh in terms of the

acquisition so with the experience what we had recently right and that was one of the reason of uh acquisition of 10

level and where we see that the railways has a great future uh with the government expanding that and uh we all

know the volumes what railway has today. So that was one of the biggest reason I mean today if you actually look at it

yes the numbers are very small but I would say that it is a long vision as a company what we have in it and that's

the only reason so here we would be the asset owners and uh yes uh uh you know the whole program the way we have built

it for uh in the past you'll see that the railways also will continue uh flourishing and the volumes will grow

through dream folks programs in railways as well. >> All right, thank you. We will patiently

wait with you. >> Thank you so much for having that trust. >> Good.

>> Thank you ladies and gentlemen. We have no further questions at this time. I would now like to hand the conference

over to Miss Libra Kala for closing comments. Over to you ma'am. Thank you all for joining our earnings

conference call. We hope your queries have been answered. For any further queries or information, please contact

our investor relationship team. On behalf of the company, I thank you all once again for your time and

participation. Do take care of yourself and goodbye. Thank you. >> Thank you. On behalf of Dreamfolk

Services Limited, that concludes this conference. Thank you all for joining us.