Mobavenue AI Tech Q2 FY27 results: net profit ₹22.93 crore vs ₹7.30 crore, revenue up 175.3%

How did Mobavenue AI Tech perform in Q2 FY27?

Mobavenue AI Tech reported consolidated revenue of ₹149.55 crore for Q2 FY27, against ₹54.32 crore in Q2 FY26 and ₹72.85 crore in Q1 FY27. EBITDA rose to ₹31.59 crore from ₹11.04 crore a year earlier and ₹15.42 crore in the previous quarter. The EBITDA margin was 21.1%, up 0.8 percentage points year on year but down 0.1 percentage points sequentially.

The company reported a net profit of ₹22.93 crore, compared with ₹7.30 crore in Q2 FY26 and ₹11.66 crore in Q1 FY27. Profit before tax was ₹30.97 crore, against ₹10.33 crore a year earlier and ₹15.52 crore in the previous quarter. Basic EPS was ₹2.97, compared with ₹4.86 in Q2 FY26 and ₹1.51 in Q1 FY27. Standalone revenue was ₹25.43 crore and standalone profit before tax was ₹5.64 crore.

On the consolidated basis, total income was ₹152.7 crore, against ₹54.75 crore in Q2 FY26 and ₹75.0 crore in Q1 FY27. The result included other income of ₹3.15 crore, total expenses of ₹121.72 crore and tax of ₹8.04 crore. The company reported no exceptional item for the quarter.

What changed in Mobavenue AI Tech's costs and profit?

Total expenses rose to ₹121.72 crore in Q2 FY27 from ₹44.43 crore in Q2 FY26, an increase of ₹77.29 crore. Employee cost increased by ₹12.22 crore to ₹18.31 crore, other expenses by ₹62.45 crore to ₹99.65 crore, finance costs by ₹1.69 crore to ₹2.32 crore and depreciation by ₹0.93 crore to ₹1.44 crore. There was no exceptional item.

Other income increased by ₹2.72 crore to ₹3.15 crore from ₹0.43 crore in Q2 FY26. Profit before tax rose by ₹20.64 crore to ₹30.97 crore, while tax increased by ₹5.02 crore to ₹8.04 crore. Net profit consequently rose by ₹15.63 crore to ₹22.93 crore.

Against Q1 FY27, total expenses were higher by ₹62.24 crore, including a ₹50.61 crore increase in other expenses and a ₹9.93 crore increase in employee cost. Other income rose by ₹1 crore to ₹3.15 crore, while tax was higher by ₹4.18 crore. Profit before tax increased by ₹15.45 crore and net profit by ₹11.27 crore. The filings do not state reasons for the cost movements.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹242.12 crore, compared with ₹205.39 crore at 31 March 2026. Total equity rose to ₹114.37 crore from ₹90.56 crore, while borrowings fell to ₹2.26 crore from ₹8.49 crore. Cash and cash equivalents were ₹19.66 crore, compared with ₹39.94 crore at the previous balance sheet date.

Trade receivables increased to ₹64.39 crore from ₹59.33 crore, and trade payables rose to ₹30.08 crore from ₹27.68 crore. The company reported no inventory at either balance sheet date. Total assets, equity, receivables and payables were higher than at 31 March 2026, while borrowings and cash were lower.

For H1 FY27, operating cash flow was ₹31.72 crore, compared with ₹4.47 crore in H1 FY26. Investing cash flow was negative ₹44.33 crore, compared with negative ₹8.43 crore, while financing cash flow was negative ₹7.67 crore against positive ₹1.2 crore. Capital expenditure was ₹9.25 crore, compared with ₹0.98 crore a year earlier.

How has Mobavenue AI Tech done over the last 7 quarters?

Revenue rose in each of the last three quarters on a year-on-year basis, reaching ₹149.55 crore in Q2 FY27 from ₹54.32 crore in Q2 FY26. The quarterly revenue sequence moved from ₹54.32 crore to ₹55.12 crore, ₹62.62 crore, ₹72.85 crore and then ₹149.55 crore. Q2 FY27 was the highest revenue quarter in the reported trend.

Net profit followed a similar direction, rising from ₹7.30 crore in Q2 FY26 to ₹7.61 crore, ₹8.44 crore, ₹11.66 crore and ₹22.93 crore in Q2 FY27. Q2 FY27 was the highest profit quarter in the series, while Q4 FY25, at ₹0.99 crore, was the lowest.

EBITDA margin moved from 26.3% in Q4 FY25 and 28.6% in Q1 FY26 to 20.3% in Q2 FY26, before recovering to 22.2%, 21.3%, 21.2% and 21.1%. The latest margin was lower than the earlier peak but higher than the recent low of 20.3%. Revenue and profit both rose year on year in each of the last three quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 3 November 2026. It also declared an interim dividend of Rs. 0.10 Paise per equity share of face value of Rs. 2/- each for FY27. The record date is 13 November 2026, and eligible shareholders are to be paid on or before 2 December 2026.

The same-day filing stated that promoters Prachi, Kunal Kothari and Tejas Rathod had voluntarily waived their entitlements to the interim dividend. The board also approved the draft notice for an extraordinary general meeting on 26 November 2026, to be held through video conferencing or other audio-visual means. The company filed an investor presentation alongside the results.

What did the auditors point out?

N.A. Shah Associates LLP said its limited review provided moderate assurance and was not an audit, so the auditors did not express an audit opinion. The conclusion stated that nothing had come to their attention causing them to believe that the statement did not disclose the required information or contained any material misstatement.

The auditors drew attention to Note 6 and an emphasis of matter concerning a step-down wholly owned subsidiary and the process relating to remittance of capital under FEMA. They said their report was not modified in respect of this matter. They also noted that three step-down wholly owned subsidiaries had interim results that were not reviewed by their auditors; management said these results were not material to the group, and the report was not modified for this matter either.

What did Mobavenue AI Tech's management say?

Management maintained its FY27 Rule of 50 benchmark of more than 30% annual revenue growth and about 20% EBITDA margin. It said H1 FY27 revenue grew 48.6% with a 21.1% EBITDA margin and expressed confidence in achieving the benchmark. Management also expects direct-client revenue mix to increase over the medium to long term as international direct teams mature, without providing a target split.

Management identified dependence on continued research and development, proprietary infrastructure and data as the company navigates rapid AI change. It also cited early-stage international monetisation, the need to sustain more than 30% growth at about 20% EBITDA margins, and early-stage PiiX monetisation as risks. Management said PiiX was live, but no current revenue contribution was disclosed.

How did Mobavenue AI Tech shares react?

Earlier results-day reactions were mixed: the stock was up 0.1% on 10 August 2026 and 4.9% on 15 May 2026, while it fell 2.0% on 23 October 2024 and rose 5.0% on 2 August 2024. It was unchanged on 23 May 2024. The available figures do not include a five-day move after the latest result.

How did other Software Products companies do?

Among 15 Software Products peers that had filed for the quarter, the median revenue growth was 6.6%. Thirteen peers grew more slowly than Mobavenue AI Tech and two grew faster. Nine of the 19 peers compared for profit reported higher profit. The peer figures were available as of 6 November 2026.