Please find earning call transcript for Audited Financial Results of the Company for financial year ended March 31, 2026.
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NIIT Learning Systems reported Q4 FY26 revenue of INR 5,252 million (up 22% YoY, 5% QoQ) and full-year FY26 revenue of INR 19,520 million (up 18.1% YoY). EBITDA for Q4 was INR 1,002 million (19% margin), while full-year EBITDA stood at INR 3,957 million (20.3% margin). Revenue came in below management expectations due to two large clients making material but temporary budget cuts in Q4, which management views as timing-driven rather than structural. The company added 5 new long-term annuity clients in Q4 (21 for the full year), increasing total annuity clients to 110 with revenue visibility of USD 459 million. AI-enabled revenue now constitutes approximately 13% of total revenue, up from 11% in the previous quarter. Management guided for FY27 high single-digit revenue growth and 18-20% EBITDA margin, with Q1 expected at the lower end of the range due to SweetRush integration costs.
The conservative FY27 guidance reflects ongoing macro uncertainty and elongated decision cycles, though strong cash position (INR 9,366 million) and expanding AI capabilities provide long-term upside. Near-term margin pressure is expected from SweetRush ramp-up, but management remains confident in delivering 20%+ margins as the integration progresses over the next few quarters.