Banks in Focus: Dreamfolks Shares Slip as ICICI, Axis & Mastercard Bypass Aggregator

On June 19, 2025, shares fell 4% to ₹252 after reports that ICICI Bank, Axis Bank, and Mastercard would bypass

olks for direct lounge partnerships. On July 2, 2025, the stock ended flat at ₹237.50 following an exchange filing about program closures with Axis Bank and ICICI Bank. Certain lounge programs with Axis Bank and ICICI Bank were deactivated from July 1, 2025, potentially impacting revenues materially. Management stressed that no partnerships have been cancelled and that program activations and deactivations are routine governance actions. Q4 FY25 revenue rose 11.75% YoY to ₹314.16 cr, while net profit declined 17.09% YoY to ₹14.94 cr. Full-year FY25 revenue increased 13.82% YoY to ₹1,291.88 cr, with net profit down 5.17% YoY to ₹65.43 cr. Stock trades at a P/E ratio of 20.92, suggesting potential valuation pressures. Key monitorables include renegotiations with ICICI and Axis, pace of new program activations, and quarterly updates for recovery signals.