Transcript of the Investor/Analyst Earnings Call held on Wednesday, November 05, 2025
TRACXN · price
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Tracxn reported Q2 FY26 revenue of ₹21.2 crores and H1 FY26 revenue of ₹42.4 crores, growing about 1% year-on-year. Customer accounts reached 2,143 (up 41% YoY) with 130 net new accounts added in Q2, and user base grew to 5,914 (up 44% YoY). EBITDA was negative ₹0.8 crores for the quarter but adjusted EBITDA was positive ₹0.7 crores for H1, while PAT stood at ₹1.6 crores (4% margin). Free cash flow was positive at ₹1.6 crores in H1 FY26, and cash reserves stood at ₹90.8 crores, up 7% YoY even after a buyback. India business unit revenue grew 16% YoY with accounts up 50%, while international accounts grew 29% YoY. The company announced a channel partnership with TMX Datalinx (part of TMX Group, owner of Canada's largest stock exchange) to expand in North America, and is investing heavily in vertical sales teams, AI-driven data production, and new datasets expected to go live in Q3.
Modest top-line growth (~1% YoY) continues to be a concern despite strong account additions and healthy cash generation. Management indicated that once growth accelerates, margins could expand meaningfully — historically up to 80% of incremental revenue has flowed to the bottom line. The TMX partnership and Q3 data launches could be catalysts, but near-term revenue trajectory remains soft.