Dreamfolks Services Ltd (NSE: DREAMFOLKS) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Liberatha Peter Kallat — Chairperson and Managing Director
Shekhar Sood — Chief Financial Officer
Sandeep Sonawane — Chief Business Officer
Analysts:
Unidentified Participant
Muralidhara Reddy — Analyst
Vijay Kumar — Analyst
Priyadarshan Banjan — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the Dreamforks Services Limited Q3FY26 earnings conference call. From the management of Dreamfork Services Limited we have Ms. Libretha Kalat, Chairperson and Managing Director, Mr. Balaji Srinivasan, Executive Director and Chief Technology Officer, Mr. Shekhar Sood, Chief Financial Officer and Mrs. Sandeep Sonawane, Chief Business Officer. As a reminder, all participant lines will be in the listen only 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 Ms. Libretha Kalatt. Thank you. And over to you Ma’. Am.
Liberatha Peter Kallat — Chairperson and Managing Director
Good evening everyone and thank you for joining us for The Dreamfolk Services Q3FY26 earning call as we step into the. New Year, we mark an important milestone with Dreamforks completing 13 years last quarter. This journey reflects the resilience 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 dreamfolks Club membership as part of. Our long term growth journey. Our inorganic growth strategy anchored by the acquisition of 1011 Hospitality and easy to Travel, represent a pivotal step in rainforest and evolution into fully integrated travel and lifestyle experiences. Platform first through 1011 acquisition, we have secured direct ownership and operational control of premium railway lounge infrastructure at strategic locations including Chennai, Mumbai and Madodra. With Chennai already operational, Mumbai has commenced operations and Vadodara is expected to launch shortly. This move toward vertical integration strengthens our overall ecosystem by enhancing service consistency, improving unit 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 Bharat scheme, the Ministry of Railways announced phased redevelopment of 1,300 stations, transforming them into modern city centers with airport like amenities such as executive lounges, waiting halls, FNB outlets, etc. In FY 2025 alone, the white 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 archery. This momentum is further bolstered by a significant fiscal tailwind as the government has committed 2.78 lakh crore capex outlay towards railways in the Union Budget 2026-27 as well which introduced seven new high speed rail corridors signaling a long term shift towards high efficiency premium connectivity.
This strategic acquisition is perfectly timed with the government’s railway modernization drive and its focus on increasing non fare revenue streams positioning us to scale rapidly across high traffic railway hubs and unlock significant growth opportunities. Second, the acquisition of Easy2Travel represents a strategic step in accelerating green for international expansion and advancing our vision of creating a a seamless globally integrated mobility ecosystem. ETT adds a well established international footprint and a strong technology led distribution platform to our portfolio. These trends complement Dreamfolk’s existing platform to our portfolio. These trends complement dreamfolk’s existing capabilities and further reinforce our ambition to build a truly global experience platform.
With ETT’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 markets. 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 projected to grow by 8.1% as corporations increasingly prioritize in person collaboration.
Another key highlight from the previous quarter was the launch of Greenfolks Club 2.0. Our enhanced B2C membership offering represent a strategic evolution from a travel centric 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 addressable market. This lodge 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 underpinning an environmental favorable G 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 Dreamfolks Club 2.0 and our lifestyle focused offerings. Moving on to the performance for the third quarter of FY26. This period 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 intel into action, strengthening our platform, advancing our diversification strategy and laying firm groundwork for sustainable long term growth.
We have now begun to see greater 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 position dreamforks to emerge stronger, more resilient and structural better aligned in this transformation journey. To put our transformation into perspective, our global lounge transaction volume increased by approximately 80% quarter on quarter and nearly 200% year on year. Railway launch volumes also grew sequentially and we are well positioned for substantial scale up as we realize synergies from ten Levitt’s 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 transactions and demonstrating the potential to become mainstream credit card benefits alongside traditional lounge access as we indicated 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 31, 2025, for the third quarter we reported revenue of INR 53.4 crores. Our gross profit came in INR 4.6 crores, reflecting a gross margin of 8.6%. The adjusted EBITDA for the quarter was negative INR 7.6 crores, primarily impacted by the ongoing calibration of our domestic lounge business that we have discussed earlier. Despite these near term headwinds, our balance sheet remains strong and resilient.
We closed the quarter with cash in hand of INR 129 crores, providing us with significant financial flexibility to execute our strategic initiatives. Our net worth as on December 31, 2025 stands at a healthy are in our 326 cross, underscoring our ability to invest in growth opportunities while maintaining financial discipline during this transformation phase. Periods of transition often test businesses, but Dreamfolks has demonstrated track record of navigating disruption successfully during the COVID 19 pandemic when the global travel activity came to an unprecedented halt. Dreamfolks not only withstood the challenges but but emerge stronger, more diversified and better positioned for the recovery that follows.
That experience has shaped our approach today, reinforcing a culture of prudent risk management, disciplined execution and long term thinking. As we navigate 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 product. 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 no harness consumer demand.
At the core of this strategy is our machine learning driven intelligent 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 for targeted consumer cohorts aligned to specific preferences and budget. This is underpinned by our industry leading technology stack featuring cohort based benefits, spend and usage based models, benefit feasibility and aggregation fully integrated into client ecosystem reinforcing our sustainable competitive advantage. To conclude, Q3 FY26 represents 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 Shekhar for an update on the financials for the. Quarter ended 31st December 2025.
Shekhar Sood — Chief Financial Officer
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 608 crores against INR 978 crores last year. Gross profit for 9 months of FY26 was at INR 80.4 crore from INR 115 crore last year. Adjusted EBITDA for the 9 months of FY26 was at Inr 38.4 crores as against INR 76.9 crores in the same period of last year. AD stood at INR 24.6 crores in 9 months FY26 and INR 50.1 crore in 9 months FY25. Now moving on to highlights for the Q3FY26.
The company reported a revenue Of INR 53 crores compared to INR 340 crores in Q3FY25 mainly impacted by the legacy domestic loan business. Gross Profit stood at INR 4.6 crores in Q3FY26 as compared to INR 38.3 crores last year. Adjusted EBITDA was at minus 7.7 crore compared to 25.8 crores in the same quarter of last year, profit after tax was at INR minus 7.9 crore as compared to INR 16.9 crores 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 326crores up by 14.5% compared to the same time last year.
On the liquidity front, our cash and cash equivalent balance as at quarter end stood at 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 and as market conditions normalize. With that, I open the floor for questions.
Questions and Answers:
operator
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 touchtone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of Murlidhara Reddy from Redis. Please go ahead.
Muralidhara Reddy
Yeah, good evening. We really understand the challenging times the company is going through and you are really working very hard day in day out to find new strategies and new ways to go. Instead of we talking about the legacy numbers if we take a fresh clean slide, what does this mean for the railway launches that you would see from let’s say from three 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. Lifestyle cards, club cards and the railways launches.
So can you give us only excludes these numbers and how does it translate to some kind of a top line revenue approximate, I mean no need to be very fine figure. And what would that be then at a EBITDA and at the net profit level?
Liberatha Peter Kallat
So I’ll start with the railways first. So presently if you actually look at. It, the railway lounges are around 12 across the country. So it is still at the expansion mode. Okay. And also in terms of there are a lot of changes which in terms of the infrastructure and you know the development which is happening. So I would say that three years is too early for me to actually. Talk about the numbers it would actually take at least five to six years for us to actually start seeing the numbers. And what I see that the business. Potential in railways would be somewhere around I would say 500 crores in next five years time. So that is the potential in terms. Of the EBITDA I would say that you know just considering the railway business. Because the volumes, it’s more of a volume game and the margins are also going to be better comparative to the other services. So I would say that the EBITDA would be somewhere between 9 to 10 for railway. So that is about the railway business. Now coming to global obviously global. If you actually see even our present. Numbers we are growing by 200%. So yes I would say that you know in next 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. Around 500 to 550 crores. This is the expectation for the global business in next two years time with our margins again the EBITDA to be around same around 9 to 10% EBITDA for the global as well. So this is what’s going to be. 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 the focus market right now is Middle east and Southeast Asia. So yes we are already in a. I would say we have converted few of the clients and yes I would say that within this year itself we will see the conversion happening. However the volumes expectation as I told you would be next two years time. So so this is the revenue expected from the global business now coming to the Dreamfolks Club card which we have launched. So obviously this is the first thing I mean from B2B to B2C what we have come in and we do not want to aggressively spend here because only after you do or burn money into marketing that’s where we will actually start seeing the conversion.
We but we are trying to be more. Prudent, more financial. Prudent. Yeah, I mean we are trying to. Be, you know, we do not want to actually spend and you know trying to see that how best we can actually grow this business. So even in Dreamfolks Club I would. Say in next three years time the. Numbers would not be as equivalent to. What we are talking about railway and global but somewhere it would be maybe around 100 crore in next two to three years.
Muralidhara Reddy
Thank you ma’. Am. That’s a very good explanation, very good information. If I really understood clearly that in two to three years time putting global and the slow growth of right waste will be somewhere. We will be toppling about 500 crores at 9 to 10%. That is about 45 to 50 crores. Is that the right thing that I. Correctly
Liberatha Peter Kallat
4 to 5 years. Yes.
Muralidhara Reddy
Okay. And how about. Sorry, I just forgot to ask. You were talking earlier about the highway launches. Is this still on or it is not on?
Liberatha Peter Kallat
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. Sage is still on.
Muralidhara Reddy
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.
Liberatha Peter Kallat
Thank you so much.
operator
Thank you. Ladies and gentlemen, to ask a question you may please press star and one on your touch tone telephones. Participants to ask a question you may press Star and one. Our next question comes from the line of Vijay Kumar s from Trustline India. Please go ahead.
Vijay Kumar
Now one promising thing is none of the promoters have sold any shares even in spite of this very tough period that gives the confidence in the companies your ability to build a new organization. Because the old model of body operated is no more applicable now. But how confident you are about this international business lounge access will take you to at least somewhere to the past.
Liberatha Peter Kallat
If you actually have seen our numbers. And what we spoke right now the growth which we used to be for global was 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 yes, you know, I mean earlier, yes the focus was more on India focused and it was not primarily, you know, the focus was for global or the other services. But I think, you know this disruption which has happened has actually made the complete team and the whole thing of focus into other services, other clientele 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 Dreamforks has created. So yes, we are very much confident. And you will see the numbers in next few quarters.
Vijay Kumar
So you expanded massively with new people trying to sell the products like this. Club membership, exclusive access. Where is it going? Is there any traction there? Golf clubs and Access to premium clubs, this kind of that particular is any traction there.
Sandeep Sonawane
So to answer your question, both we did mention that you know, if you were to look at the total 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 New York, you know, one is Manchester, so on and so forth. We soon are going to actually establish, you know, some of our office, you know, offices. One is of course based out of UAE very soon.
So yes. So if I were to answer your question, we actually expanded both 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 Librita mentioned, we have 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 benefits that they can offer on the card other than the lounge, domestic lounge.
So you will see a soon adoption. However, the volume revenue 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.
Vijay Kumar
Good. But it’s commendable that even though there are some corporate governance issues raised by unfortunate thing but the promoters didn’t use that opportunity to liquidate their shares because even though probably was coming. But that shows that there can’t be any corporate governance lapses that way. I commend the management and your extreme confidence in sticking around and not even selling a single share and taking this company, reinventing the company and taking it forward. Wish you all the best. Thank you.
Liberatha Peter Kallat
Thank you.
Shekhar Sood
Thank you.
operator
Thank you. Our next question is from the line of Priyadarshan Bunjan from Dal Media Private limited. Please go ahead.
Priyadarshan Banjan
Hi. First of all like huge props for the way you guys have dealt with the situation in the last 12 months. It has been a case study in itself to just observe how you guys have behaved and interacted with the public as well as steered the business in this period. The question, my question is specifically related to the global launch business. Currently I assume it’s like 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 12 months from today, 24 months from today.
Approximate figures are fine. Like how do you foresee the global launch business becoming part of Dreamfolks revenue line items in 12 months, 24 month period? And how like you know, like typically platforms, which scale, I mean this was the problem with the previous platform business model which dream folks basically invented There on one side of the platform you have millions of users but on the other side of the platform there are a few players who one day you know, decided to just you know basically give up on the. Give up on the platform provider. So that problem 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 two different airport players. Owners of airports are different, different countries. So a lot more diversified. I think this will be a lot more robust model. How do you guys foresee 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 but in global I assume the Runway will be much longer and much larger.
Shekhar Sood
Yeah. So regarding your question for the percentage of contribution in revenue, so for the current quarter it stands at 68%
Sandeep Sonawane
So the Global Lounge is contributing 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 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, you know, gives us a lot of room. Plus the good thing is that you know there are 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.
Priyadarshan Banjan
If I may sir, like how what is the size of these two other players? If I’m not wrong it is one is Plaza something and where I think if I’m not wrong Labratham, I’m used to work before and also like there’s one more player I think Dragon, 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 that we these guys are at.
Liberatha Peter Kallat
So the two players are Priority Pass which is Collinson Group and the other. One is Dragon Pass. You’re right, I was working with Plaza but Plaza is the lounge operator. They not into the similar business. They are the lounge operators. So they have lounges across the globe. And not only these, but there are other small players also in different regions as well. But yeah, the larger players if we talk about it is Priory Pass and Dragon Pass. They are the two large players. And as Sandeep has also earlier mentioned that the industry is of course. So that is the industry size. And the other thing is that, you. Know, when we started Dreamfolks in India also I think the biggest differentiator was that, you know, the technology what we had built. Right, of course, yes. You know, everyone started 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, you know, they have their standard 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 the benefit management, what we need to give or. The services what are required at the back end. So I would say that the way we have curated and that’s what we believe right now is that it would not be concentrated only with the airport lounges, but we would want to actually completely build, I would say a bouquet of services. And that’s how the discussion even at. The global level 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, that’s how Dreamfolks would stand. Stand out in global market.
Priyadarshan Banjan
One last question, ma’. Am. So this one clarification is that for example, in a global business currently it’s Indian card holders who are traveling globally. Is that only user base right now? If yes. And when will it happen? Like how is the company forcing it to have that? It happens for all cardholders from across the world. That’s the first part. The second part is specifically about these two big guys, right? What is if, if any idea on, any idea on how, what is their revenue currently or you know, like last couple of years? Priority pass especially.
And how does like dream folks, I mean one I, one, one, one point I understand is that you a larger bouquet of offerings, more different set Offerings, but also, like, apart from that, like, at a negotiation level, how do you. How does Dean folks play this in the global marketplace? Against Priorities Pass and Dragon Pass specifically.
Liberatha Peter Kallat
So our client base or the customer. Base is not the Indian cardholders, 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. And like, how big are this. The other two guys, which we mentioned? And like, I am assuming, like, while negotiating at the global level with the lounges, you will have to. I mean, they will always be a question mark, right? Like, they’ll always be present in these markets. I’m not wrong. How does that. How does that work? So, you know, actually to give their. Numbers is, you know, it’s not available. Unlike, I think DreamWorks is the only 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 working in the other market, I. Think it is a more competitive world. And today everybody who wants to work with different players, so we are not finding any challenge when we are going to the lounge operators. So they are very happy and giving us almost a similar commercial, what with Priory Pass or Dragon Pass, when it. Comes to the clients or the banks. Or any other corporate clients where we are interacting with. So obviously, as I told you, that. We are not just focusing on the airport lounges, but we are actually focusing on. Focusing on a complete bouquet of services and the technology. What we are. So this is how we are actually going out. So I think the offerings are different.
Priyadarshan Banjan
Got it.
operator
Thank you. Participants who wish to ask Questions may press star and 1. Ladies and gentlemen, you may press star and 1. If you wish to ask a question. Our next question is from the line of Maruti, Nandan Sarda, individual investor. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity. First of all, I would like to commend the management for, you know, facing the situation, what has. What has gone through in last six months, and they are coming up with the new strategies for the business. My question is specifically in respect of the global launch business. So in last six months, the business is growing at a tremendous pace. So for how long we can see this kind of continuation, like, you know, growing at 100% year on year. Can it continue for like next three, four years? If yes, what will be the triggers for this.
Sandeep Sonawane
Yeah. So you’re right. See we are very, very, very small in the entire industry that we mentioned. The industry close to $5 billion. So our numbers with respect to $5 billion is very, very insignificant as of now. Yes, that’s the idea 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 more about this? That’s our ambition and that is how we have chosen this path of going global.
Unidentified Participant
Okay. And secondly, I just wanted to know about this railway launch business. I know it’s a, it’s a very nascent stage because we are having like 12 launches right now and three are owned by us. So when we are establishing a launch, what is the capex involved and what is the kind of ROE we are looking at? I know it’s too early, but I’m sure that you guys have would have done some kind of maths on all these numbers.
Shekhar Sood
Okay. So for railway lounges, majorly the license fees that is required to be paid. And then in addition to this there is the lounge setup cost. So it includes the furniture fixture and other office equipment. So that is the capex that is involved. So if you talk about in terms of cost. So then it is nearly 1 to 2 cr that is the. Depending on the size of the lounge. So that is the range that is there.
Unidentified Participant
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 stations like you know, Chennai and Mumbai.
Shekhar Sood
Yeah. So like it again it depends on different, different lounges. But yeah, between 15 to 18% this is what we expect.
Unidentified Participant
That’s, that’s the bare minimum we are looking at. Right. It can go up.
Shekhar Sood
Yeah, yeah. For sure. Yes. There’s the bn.
Unidentified Participant
Okay. And just the last question from my side that you know this, this particular quarter I think we would have had some cash losses, am I right? A small cash loss, right?
Shekhar Sood
Yeah. So because it’s the loss. So obviously yes, it has impacted our cash in hand.
Unidentified Participant
Yeah.
Shekhar Sood
But they are not that significant.
Unidentified Participant
So maybe can we expect in next two to three quarters that we’ll be. At the cash break burn at least. Because the business at the global level is going up significantly. So the cash burn will stop in couple of quarters or maybe like 3/4.
Liberatha Peter Kallat
Now I would say in Couple of quarters. Yes. The cash burn will stop and we will actually be positive. Cash positive in two to three quarters.
Unidentified Participant
That’s, that’s a great news. And lastly I would like to know from Liberta ma’ am that the promoters are they, are they looking to you know, increase their shareholding given that the current market capillation and the valuation is at quite low level. So are you guys looking at that.
Liberatha Peter Kallat
Right now? I can’t comment on that, but yeah, there is some discussion going on.
Unidentified Participant
Okay, thanks a lot and keep up. All the best.
Liberatha Peter Kallat
Thank you.
operator
Thank you. Our next question is a follow up from Reddy. Please go ahead.
Muralidhara Reddy
Yes, thank you. I, I did some back, back of the envelope calculations just to look at the directions again. You know we are all in admiration for you, we are all support for you. Just for our clarity purpose, that’s all. So for example, if we take away all the legacy business out of the equation probably you would have by the year end 2028 March, something like about 700 crores top line, would that be a right number? I mean I did some calculations, maybe I would have done something wrong. And with a EBITDA of 9 to 10%.
Liberatha Peter Kallat
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 if you give us. Some time, we will actually give you. The right outlook maybe in, maybe by next, next quarter.
Muralidhara Reddy
Yeah, yeah, fair enough, fair enough. Yeah. I mean one of the things was Mr. Sandeep was mentioning is that right now current numbers reported is 60% is from the global business. Whatever the numbers, right.
Liberatha Peter Kallat
68% is from the global business.
Muralidhara Reddy
Yeah, this is very encouraging. So that’s how I did some calculations. Okay, fine, no problem. What, what this call gives the confidence is that 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. Third is that you have one or two levers, tragic levers where you’re putting all your energies with a lot more focus. I mean this is a general understanding of mine.
Sandeep Sonawane
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 a lot of math, science, energy going behind that. So the fundamental reason for acquisition of ETT as well as you know, 1011 should give you a overall direction in terms of how we are thinking. I think you know, that’s our way forward. And these are two, three things which we are clearly, clearly focusing on. And the market is big enough in this.
Liberatha Peter Kallat
Sandeep said okay, in terms of the acquisition. So with the experience what we had recently. Right. And that was one of the reason of acquisition of 10 level. And we see that the railways has a great future with government expanding that and we all know the volumes what railway has today. So that was one of the biggest reasons. 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 yes, you know, the whole program the way we have built it for in the past. You’ll see that the railways also will continue flourishing and the volumes will grow through Dreamforce programs in railways as well.
Muralidhara Reddy
All right, we will patiently wait with you.
Liberatha Peter Kallat
Thank you so much for having that trust.
operator
Thank you. Ladies and gentlemen, we have no further questions at this time. I would now like to hand the conference over to Ms. Libretta Kalat for closing comments. Over to you, ma’. Am.
Liberatha Peter Kallat
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.
operator
Thank you. On behalf of dreamfolks Services limited That concludes this conference. Thank you all for joining us. You may now disconnect your lines.