The call has ended.

Key takeaways

Revenue ₹21.3 Cr, +1.1% QoQ; EBITDA -₹5.9 Cr, PAT -₹4.1 Cr. Management leans on India run-rate and playbook narrative; flat top line since 2023 is not directly answered.

Highlights
Revenue growth	Revenue ₹21.3 Cr, +1.1% QoQ; India +6.9% QoQ, total nearly flat.
Margins	No Q2 margin expansion; claims 80% incremental-to-EBITDA conversion historically.
Demand visibility	Deal volume at ten-year low; MA rebound cited, not quantified.
Management confidence	Over-optimistic: 'encouraging', 'strong' framing amid losses and flat revenue.

Growth

Total revenue +1.1% QoQ only. 'India 30% annualized' extrapolates one quarter's 6.9% QoQ. Customers +13%, users +16%, deferred revenue +9% YoY.

Outlook

Closing sales team ~60 by December 2026; cost growth back to low single-digit in 1-2 quarters. No revenue growth figure guided.

Risks

Revenue flat near ₹20 Cr/quarter since 2023. EBITDA and H1 FCF (-₹6.1 Cr) negative. Sales hiring ramp adds cost before revenue shows.

Last quarter's promises, checked

Delivered

India 15–20% annualised → +6.9% QoQ (≈30% annualised, one quarter) (= BEAT)
IB growth 'to go even further' from ~8% QoQ → ~11% QoQ (= BEAT)

Partly delivered

AI-native access contributes revenue in FY27 → products live, revenue unquantified (= PARTIAL)
Closing sales team ~34 → ~60 by Dec-26 → current headcount not disclosed (= PARTIAL)

Missed

EBITDA expansion once growth re-accelerates → EBITDA -₹4.2 Cr to -₹5.9 Cr, revenue +1.1% QoQ (= MISS)
International impact visible this quarter → total revenue +1.1% QoQ, no intl split disclosed (= MISS)
ASP ~₹3.6 lakh/account stabilising → new wins skew lower-priced; customers +13% vs revenue +1.1% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 6:39 PM IST. Open it on ALFA Filings ›