Q2 and H1 FY2027 growth, 22.7% adjusted operating margin and INR 660 crore pipeline
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On the reaction day the stock moved 11.7 pts less than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Q2 FY2027 revenue was INR 745.4 crore, up 152.6%, and adjusted EBITDA was INR 169.1 crore at a 22.7% margin. H1 revenue rose 169.5% to INR 1,530.4 crore, with adjusted EBITDA of INR 362.5 crore at 23.7%. Sojern integration contributed to growth, while gross margin fell to 68.5% on higher ad and data spending. Q2 adjusted profit was INR 90.8 crore, down 20% from Q1. Pipeline was INR 660 crore and net debt INR 494 crore.
Strong growth, a 22.7% margin and INR 660 crore pipeline support optimism, but net debt, lower gross margin and weaker sequential profit are risks.