Investor Presentation
CAPILLARY · price
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Capillary Technologies, a global loyalty and engagement management platform and Forrester Wave leader, hosted its Analyst Day presenting strong FY26 results — revenue of ₹7,346 Mn (up 23% YoY, 53% CAGR over FY23–26), Adjusted EBITDA of ₹1,069 Mn (up 43% YoY), and Free Cash Flow of ₹1,106 Mn (15% margin). Q4 FY26 saw revenue of ₹1,913.5 Mn, PAT of ₹433.6 Mn (23% margin, boosted by exceptional income), and normalised PAT of ₹196.6 Mn. The company is pivoting to an AI-native model, launching its aiRA analytics and action agents — showing 45× monthly usage growth in early adopters. Management guided FY27 Adj. EBITDA of ₹172 Cr (organic ₹152 Cr + inorganic ₹20 Cr) from ~₹1,065 Cr revenue, with long-term EBITDA visibility of ₹370–410 Cr by FY30. The M&A playbook continues — targeting North American loyalty firms at 0.5–1.5× sales multiples with 20%+ ROIC and 4–5 year payback. SessionM acquisition closed May 1, 2026. Total cash on balance sheet stands at ₹5,070 Mn.
Strong growth trajectory, improving margins, and a clear AI-native transition strategy support a positive outlook. The guided FY27 EBITDA and long-term visibility signal confidence in both organic expansion and inorganic M&A margin turnaround, which should be constructive for the stock.