The call has ended.

Key takeaways

H1 FY27 was a record: revenue rose 17.8% to ₹448.5 Cr and EBITDA 39% to ₹154 Cr at a 34.3% margin, with zero debt. Q2 margin was also 34.3%.

Highlights
Revenue growth	H1 revenue +17.8%; Q2 sequentially flat per analyst; organic ex-AJE research +22%.
Margins	Group 34.3% in Q2 and H1; Research 48.2%, up 6+ points YoY; Unbound ~18%.
Order book	Education bookings led by Florida adoption; order book figures not stated.
Demand visibility	Research mandates bill from Nov–Dec; Florida math adoption leads education bookings.
Management confidence	Over-optimistic: adjective-heavy ('hyperactive', 'heartwarming') while FY28 acquisitions lag.

Growth

H1 revenue +17.8% and EBITDA +39%. Analyst flagged near-flat sequential Q2 revenue; management attributes this to mandate billing timing.

Outlook

FY27 EBITDA floor raised to at least ₹310 Cr from 'comfortably above ₹300 Cr'. FY28 ₹1,500 Cr revenue target retained, including acquisitions.

Risks

Near-flat sequential Q2 revenue; growth back-loaded to Q4; research growth depends on AJE; top five clients still 46% of revenue.

Last quarter's promises, checked

Delivered

Outperform Research mkt 8–9% → ex-AJE +22% (= BEAT)
Outperform Corp mkt 12–13% → Q2 +17% (= BEAT)

Partly delivered

FY27 EBITDA >₹300 Cr → H1 ₹154 Cr, floor raised to ₹310 Cr (= PARTIAL, in progress)
FY28 ₹1,500 Cr revenue → retained, M&A-dependent (= PARTIAL, at risk)
Unbound margin 18–20% → ~18% (= PARTIAL, low end)

Missed

M&A ₹300–500 Cr 'fairly doable', active pipeline → pace lagging (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 6:54 PM IST. Open it on ALFA Filings ›