Investor Presentation for the half year and year ended 31st March 2026
Price
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Workmates Core2Cloud Solutions reported FY26 revenue of ₹143 Cr, up 33.6% YoY, with PAT of ₹15.92 Cr growing 16%. However, profitability margins declined across the board: PAT margin fell to 11.07% from 12.99%, EBITDA margin to 16.21% from 17.7%, and gross margin to 32.79% from 33.89% — reflecting higher manpower costs (headcount increased from 129 to 168) and strategic investments. The company highlighted two revenue headwinds: a rejected Dubai contract worth ~₹4 Cr and exit of gaming clients due to a govt circular costing ~₹3.5 Cr. Despite this, the annuity-heavy model delivered strong recurring revenue of ₹118 Cr (82.5% of mix), with exit MRR of ₹10 Cr/month and FY27 entry MRR of ₹13.5 Cr/month. International expansion to UK/US is on hold due to geopolitical considerations.
Margins are under pressure from investments in talent and operations, but the high annuity mix and strong contracted base provide revenue visibility. The ₹210 Cr revenue goal for FY27 implies 45%+ growth, though current visibility sits at ₹190 Cr.