Trade Wings Ltd (509953)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Trade Wings' revenue was ₹67.9 Cr (+0.4% year on year, -0.9% on the previous quarter), and net profit ₹-0.9 Cr (against a profit a year earlier); the operating margin was -3.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹67.9 | +0.4% | -0.9% |
| Operating profit | ₹-2.0 | loss widened | to loss |
| Net profit | ₹-0.9 | to loss | to loss |
| EPS (₹) | -2.93 | to loss | to loss |
| Operating margin | -3.0% | — | — |
📢 Recent Corporate Announcements
Trade Wings Limited held its 76th Annual General Meeting on September 24, 2026, where members passed all five scheduled resolutions by requisite majority. The approved resolutions include adopting standalone and consolidated audited financials for FY26, re-appointing director Hemant R Panchal, shifting the registered office within the ROC jurisdiction, and approving managerial remuneration for FY25. The company also noted that active charges on the MCA portal are being resolved with successor banks, and trading suspension had previously been revoked on October 8, 2025.
- 76th Annual General Meeting conducted on September 24, 2026, with 5 members present in person
- All 5 resolutions approved by requisite majority via e-voting (held September 21-23, 2026) and poll
- Approval granted for shifting registered office outside local limits but within the same ROC jurisdiction
- Addressed Secretarial Auditor remarks on obtaining no-dues certificates to close past active bank charges
Trade Wings Limited held its 76th Annual General Meeting on September 24, 2026, where members passed all five scheduled resolutions by requisite majority. The approved resolutions include adopting standalone and consolidated audited financials for FY26, re-appointing director Hemant R Panchal, shifting the registered office within the ROC jurisdiction, and approving managerial remuneration for FY25. The company also noted that active charges on the MCA portal are being resolved with successor banks, and trading suspension had previously been revoked on October 8, 2025.
- 76th Annual General Meeting conducted on September 24, 2026, with 5 members present in person
- All 5 resolutions approved by requisite majority via e-voting (held September 21-23, 2026) and poll
- Approval granted for shifting registered office outside local limits but within the same ROC jurisdiction
- Addressed Secretarial Auditor remarks on obtaining no-dues certificates to close past active bank charges
Trade Wings Limited held its 76th Annual General Meeting on September 24, 2026, where members passed all five scheduled resolutions by requisite majority. The approved resolutions include adopting standalone and consolidated audited financials for FY26, re-appointing director Hemant R Panchal, shifting the registered office within the ROC jurisdiction, and approving managerial remuneration for FY25. The company also noted that active charges on the MCA portal are being resolved with successor banks, and trading suspension had previously been revoked on October 8, 2025.
- 76th Annual General Meeting conducted on September 24, 2026, with 5 members present in person
- All 5 resolutions approved by requisite majority via e-voting (held September 21-23, 2026) and poll
- Approval granted for shifting registered office outside local limits but within the same ROC jurisdiction
- Addressed Secretarial Auditor remarks on obtaining no-dues certificates to close past active bank charges
Trade Wings Limited has submitted its 76th Annual Report for FY 2025-26 pursuant to Regulation 34(1) of SEBI LODR Regulations. The company's 76th Annual General Meeting (AGM) will be held on September 24, 2026. Key agenda items include adoption of standalone and consolidated FY26 accounts, shifting the registered office to Bogmallo Beach Resort in South Goa, and approving the waiver of recovery for FY25 managerial remuneration paid to the Managing Director (₹14.40 lakh) and a Non-Executive Director (₹7.62 lakh).
- 76th Annual General Meeting scheduled for Thursday, September 24, 2026 at 10:30 AM.
- Special resolution proposed to shift registered office within Goa to Bogmallo Beach Resort, South Goa.
- Shareholder approval sought to ratify and waive recovery of FY25 remuneration of ₹14,40,000 for MD Dr. Shailendra Mittal.
- Shareholder approval sought to ratify and waive recovery of FY25 remuneration of ₹7,62,000 for Non-Executive Director Hemant Panchal.
Trade Wings Ltd has announced that its 76th Annual General Meeting (AGM) will be held on Thursday, September 24, 2026. Key special business items include the proposed shifting of the registered office within Goa to Bogmallo Beach Resort and the ratification and waiver of recovery of excess managerial remuneration paid during FY 2024-25. The remuneration waiver covers ₹14.40 lakh paid to Managing Director Dr. Shailendra Mittal and ₹7.62 lakh paid to Non-Executive Director Mr. Hemant Panchal due to inadequate company profits. The cut-off date for remote e-voting is September 17, 2026.
- 76th AGM scheduled to be held on Thursday, September 24, 2026 at 10:30 AM in Goa
- Cut-off date for remote e-voting fixed as Thursday, September 17, 2026
- Special resolution seeking approval to waive recovery of ₹14,40,000 excess remuneration paid to MD Dr. Shailendra Mittal for FY25
- Special resolution seeking approval to waive recovery of ₹7,62,000 excess remuneration paid to Non-Executive Director Mr. Hemant Panchal for FY25
Trade Wings Ltd has submitted its unaudited financial results for the quarter ended June 30, 2026. The company operates in the travel and forex sector with a presence in 34+ cities and a TTM revenue of ₹262 Cr. A key concern for investors is the negative net worth of -₹9 Cr, although the company showed a profit of ₹2.96 Cr in the previous quarter (Mar 2026). With a high P/E of 77.9 and debt of ₹18 Cr, the sustainability of recent profit trends is the primary focus.
- Submission of standalone and consolidated results for the quarter ended June 30, 2026
- Company maintains an established network across 34+ cities in India
- TTM Revenue stands at ₹262 Cr against a market capitalization of ₹186 Cr
- Net worth remains negative at -₹9 Cr as of the latest financial context
Trade Wings Ltd held a board meeting on August 13, 2026, to approve the un-audited financial results for the quarter ended June 30, 2026. The board also approved the shifting of the company's registered office and re-appointed M/s GHV & Co. as Secretarial Auditors for FY27. Additionally, the board reviewed Related Party Transactions under Section 188 and finalized the Directors' report for FY26. Given the company's negative net worth of ₹-9 Cr and thin TTM operating margins of -0.2%, these administrative and compliance steps are routine but necessary for governance.
- Approved un-audited standalone and consolidated financial results for the quarter ended June 30, 2026
- Re-appointed M/s GHV & Co. as Secretarial Auditor for the Financial Year 2026-2027
- Approved the shifting of the registered office of the Company
- Reviewed Related Party Transactions under Section 188 of the Companies Act
- Fixed the date, time, and place for the upcoming Annual General Meeting (AGM) for FY 2025-2026
Trade Wings Ltd has scheduled a board meeting for August 13, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The agenda includes reviewing director remuneration for FY 2026-2027 and considering a proposal to shift the company's registered office. The board will also review Related Party Transactions under Section 188 and finalize details for the upcoming Annual General Meeting. This follows a fiscal year (FY26) where the company generated Rs 262 Cr in revenue but maintained a thin PAT of Rs 2 Cr.
- Board meeting scheduled for August 13, 2026, at 2:00 PM to approve Q1 FY27 results.
- Review of director remuneration and sitting fees for the 2026-2027 financial year.
- Proposal to shift the registered office of the company to be considered.
- Review of Related Party Transactions under Section 188 of the Companies Act.
- Finalization of the date, time, and place for the FY 2025-2026 Annual General Meeting.
Financial Performance
Revenue Growth by Segment
Travel Related Services revenue was INR 212.40 Cr, while Cargo and Others contributed INR 6.37 Cr. Overall revenue from operations grew by 2% YoY to INR 212.41 Cr.
Geographic Revenue Split
The company operates in 34+ cities across India, with its registered office in Goa and corporate office in Mumbai. 100% of revenue is derived from domestic operations.
Profitability Margins
Net Profit Margin improved significantly from 0.04% to 0.29% (a 625% relative increase). Operating Profit Margin rose from 1.29% to 1.38%.
EBITDA Margin
Operating Profit Margin is 1.38%, up 0.09% YoY. Profit Before Tax (PBT) grew by 673.6% YoY to INR 0.61 Cr.
Capital Expenditure
Not explicitly disclosed as a Cr figure, but the company is utilizing assets and borrowing less, with the Debt-Equity ratio improving from 6.16 to 4.98.
Credit Rating & Borrowing
Reaffirmed at 'ACUITE B+' (Long-term) and 'ACUITE A4' (Short-term) for INR 16.38 Cr bank facilities; interest coverage ratio improved from 1.03 to 1.25.
Operational Drivers
Raw Materials
As a service provider, primary inputs are the talent pool (119 employees) and Foreign Exchange (Forex) for money changing services.
Import Sources
Not applicable for service industry; talent is sourced domestically in India.
Key Suppliers
Airlines (for ticketing), Hotels (for reservations), and Foreign Exchange providers.
Capacity Expansion
Operates in 34+ cities; no specific MT/MW capacity as it is a service provider.
Raw Material Costs
Employee costs and service procurement are primary; total expenditure rose 2.3% to INR 218.16 Cr.
Manufacturing Efficiency
Debtors turnover ratio improved from 1798.53 to 2087.88, indicating better recovery efficiency.
Logistics & Distribution
Cargo segment revenue was INR 6.37 Cr.
Strategic Growth
Growth Strategy
Expanding customer base, infrastructure, and service lines. Leveraging India's 5% GDP contribution from tourism and 7.6 crore jobs in the sector.
Products & Services
Airline ticket booking, visa processing, car renting, hotel reservation, and money changing (forex, traveler’s cheques, money gram).
Brand Portfolio
Trade Wings.
New Products/Services
Steady expansion of service lines mentioned, but no specific new product revenue % disclosed.
Market Expansion
Presence in 34+ cities; looking to grow on the back of reviving global economies.
Market Share & Ranking
India's share of International Tourist Arrivals (ITAs) is 1.45% of World ITAs.
Strategic Alliances
Associate company: Trade Wings Logistics (India) Pvt. Limited.
External Factors
Industry Trends
Tourism sector has regained pre-pandemic levels (5% of GDP). ITAs in India have rebounded. The industry is highly competitive with MNC presence.
Competitive Landscape
Highly competitive with MNCs and large Indian companies causing pricing pressure.
Competitive Moat
Established brand (incorporated 1949) and wide network (34+ cities). Sustainability depends on maintaining a talent pool and adapting to rapid service changes.
Macro Economic Sensitivity
Sensitive to global economic cycles and political/social stability. Tourism sector contributes 5% to India's GDP.
Consumer Behavior
Rebound in international travel post-pandemic; easier travel due to tourist visa-on-arrival for certain countries.
Geopolitical Risks
Friendly relations between countries boost business; terrorist threats and changes in external affairs policies are significant risks.
Regulatory & Governance
Industry Regulations
Tourist visa policies, government external affairs policies, and Companies Act 2013 compliance.
Taxation Policy Impact
Not explicitly stated, but PAT (INR 0.67 Cr) is higher than PBT (INR 0.61 Cr) due to potential tax adjustments/deferred tax.
Legal Contingencies
No pending litigations reported that would impact the financial position.
Risk Analysis
Key Uncertainties
Terrorist threats and global economic slowdown (cyclicality).
Geographic Concentration Risk
100% India-based operations across 34+ cities.
Third Party Dependencies
Dependent on airlines and hotels for service fulfillment.
Technology Obsolescence Risk
Risk if the company fails to enhance services to keep pace with rapid business changes.
Credit & Counterparty Risk
Sundry Debtors and Creditors balances are subject to confirmation as of March 31, 2025. Debtors turnover is 2087.88.
