Shareholder Letter Q4 FY26
AMAGI · price
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Amagi Media Labs reported strong Q4 FY26 with revenue of ₹397 Cr (+28.5% Y/Y) and full-year revenue of ₹1,506 Cr (+29.5% Y/Y). The company turned PAT-positive for the full year at ₹71.7 Cr versus a loss of ₹68.7 Cr in FY25, while Adjusted EBITDA expanded to ₹155.7 Cr (10.3% margin vs 2.0% in FY25). Key highlights include AI product NEWSPULSE signing first customers, AccuWeather selecting Amagi for cloud modernization, and strong operating metrics: 876k hours processed (+51%), 9,425 channel deliveries (+33%), 407 distributors (+24%), and 42.4 Bn monetized impressions (+62%). Customer count reached 492 with 35 contributing over $1M annually. Net Revenue Retention was 125.9%. The company ended with ₹1,664 Cr cash and zero debt.
Amagi demonstrated operational leverage with PAT margin swinging from -5.6% to +4.6% over two years. The consistent ~29% revenue growth alongside margin expansion signals execution quality. Customer expansion (35 above $1M, NRR 126%) and accelerating AI adoption provide growth visibility, though CTV CPM pressure and cloud deal cycles remain watch items.