Amagi Media Labs Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Amagi Media Labs Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Amagi reported FY26 revenue of INR1,506 crores, up 30% year-over-year, with a return to PAT profitability of INR72 crores compared to a loss in the prior year. Management highlighted growth across all three business segments, net revenue retention above 115% for three consecutive years, and early commercialization of its agentic AI product NEWSPULSE with its first paying customer. The company also discussed cash reserves of INR1,664 crores and outlined FY27 focus areas around durable growth, operating leverage and cash conversion.
Numbers mentioned
Revenue: INR1,506 crores (FY26)
p. 4
“revenue grew 30% to INR1,506 crores. with a 23% constant currency growth, Q4 grew about 29%.”
Baskar Subramanian, page 4 of the filed PDF · View the filing
PAT: INR72 crores (FY26)
p. 4
“PAT of INR72 crores, a swing of almost INR140 crores”
Baskar Subramanian, page 4 of the filed PDF · View the filing
Cash in bank: INR1,664 crores
p. 4
“if you look at the cash in the bank, it's about INR1,664 crores.”
Baskar Subramanian, page 4 of the filed PDF · View the filing
Streaming unification revenue: INR838 crores (FY26)
p. 4
“It grew 26% to INR838 crores.”
Baskar Subramanian, page 4 of the filed PDF · View the filing
Monetization and marketplace revenue: INR381 crores (FY26)
p. 4
“grew 36% to INR381 crores, about a quarter of our business, literally today.”
Baskar Subramanian, page 4 of the filed PDF · View the filing
Cloud modernization revenue: INR286 crores (FY26)
p. 5
“The third, which is on the left-hand side that you see is the cloud modernization, which grew by 32% to INR286 crores.”
Baskar Subramanian, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR156 crores (FY26)
p. 8
“We delivered about INR156 crores in FY26 versus 23 crores in FY25.”
Vijay NP, page 8 of the filed PDF · View the filing
Q4 revenue: INR397 crores (Q4 FY26)
p. 8
“In Q4, revenue was INR397 crores, up 29% reported and 21% constant currency.”
Vijay NP, page 8 of the filed PDF · View the filing
Q4 adjusted EBITDA: INR40 crores (Q4 FY26)
p. 8
“In Q4, adjusted EBITDA was INR40 crores, up 161% year-over-year with a 10% margin.”
Vijay NP, page 8 of the filed PDF · View the filing
Q4 PAT: INR34 crores (Q4 FY26)
p. 8
“In Q4, PAT was INR34 crores compared with a loss of INR11 crores last year as well.”
Vijay NP, page 8 of the filed PDF · View the filing
Adjusted operating cash flow: INR60 crores (FY26)
p. 8
“adjusted operating cash flow improved INR60 crores versus INR34 crores, up 80%.”
Vijay NP, page 8 of the filed PDF · View the filing
Net revenue retention: 126% (FY26)
p. 8
“122% in FY24, 127% in FY25 and 126% in FY26.”
Vijay NP, page 8 of the filed PDF · View the filing
Million-dollar customers: 35 (FY26)
p. 8
“Customers contributing more than $1 million in annual revenue for us increased from 28 to 35 during the year, which translates to roughly a 25% growth.”
Vijay NP, page 8 of the filed PDF · View the filing
Adjusted EBITDA margin: 10% (FY26)
p. 8
“adjusted EBITDA improved 800 basis points from 2% in FY25 to about”
Vijay NP, page 8 of the filed PDF · View the filing
Total cost as percentage of revenue: 90% (FY26)
p. 9
“Total cost as a percentage of revenue declined from about 118% in FY24 to 90% in FY26.”
Vijay NP, page 9 of the filed PDF · View the filing
PAT margin: 5% (FY26)
p. 9
“PAT margin moved from negative 6% to positive 5% in FY26, largely driven by a reduction in ESOP costs”
Vijay NP, page 9 of the filed PDF · View the filing
Free cash flow: INR38 crores (FY26)
p. 9
“free cash flow improved from INR29 crores to INR38 crores, up 29% as well.”
Vijay NP, page 9 of the filed PDF · View the filing
Customer count: 492 (FY26)
p. 17
“it's been 396 in FY '24, roughly 463 in FY '25 and about 492 in FY’26.”
Vijay NP, page 17 of the filed PDF · View the filing
Monetized impression growth: 62% (FY26)
p. 14
“If you saw the impression growth that was roughly 62% year-over-year, revenue growth was still 36% year-over-year in the segment.”
Vijay NP, page 14 of the filed PDF · View the filing
Serviceable addressable revenue (cloud modernization): $1.9 billion
p. 5
“our serviceable addressable revenue is kind of starting to grow, and we saw it grew almost 11% a year this year to $1.9 billion.”
Baskar Subramanian, page 5 of the filed PDF · View the filing
CTV ad spend: $42.5 billion
p. 5
“The monetization CTV spend has been moving up, almost $42.5 billion and is growing at 10%.”
Baskar Subramanian, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — FY27
stated as an aspiration by Vijay NP
p. 13
“our aspiration would be to continue to kind of grow at a healthy clip both on top line and just balancing that with fiscal responsibility.”
Vijay NP, page 13 of the filed PDF · View the filing
PAT margin
stated as an aspiration by Vijay NP
p. 19
“I think our current margin levels are not steady state, if that's the question you're asking. There is headroom and upside and you've seen that.”
Vijay NP, page 19 of the filed PDF · View the filing
Full year gross margin — about 69%
stated firmly by Vijay NP
p. 12
“if you look at our gross margin over the last 3 years, we've got lumpiness in quarters, but full year is held steady at about 69%, with minor improvements.”
Vijay NP, page 12 of the filed PDF · View the filing
Operating leverage and cash conversion focus — FY27
stated firmly by Vijay NP
p. 9
“First is the durable revenue growth. We'll be focusing on not just growth, but also the health in the three vectors that we highlighted. Second is the operating leverage.”
Vijay NP, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said interest is broad-based, with existing customers as first port of call, running tens of POCs but early to share exact numbers.
Answered by Baskar Subramanian
Asked by Nimit Tanna: What is the split between cross-selling NEWSPULSE to existing customers versus new logos, and how many sales cycles are being run by editorial buyers?
p. 10
“Today, we are running tens of POCs across, it's early that I might not be able to give you exact numbers of how it's kind of playing it out.”
Baskar Subramanian, page 10 of the filed PDF · View the filing
Management said it's early to indicate gross margin impact, with a mix of fixed and outcome-driven pricing models being used.
Answered by Baskar Subramanian
Asked by Nimit Tanna: What are the unit economics and gross margin implications of NEWSPULSE given GPU inference costs?
p. 11
“today, the way customers are starting to engage is a mix of fixed plus some sort of an outcome-driven approach from a transaction standpoint.”
Baskar Subramanian, page 11 of the filed PDF · View the filing
Management attributed the compression to three factors including customer pricing, AI cost, and dual infrastructure costs, and said full-year gross margin has held steady.
Answered by Vijay NP
Asked by Manish Adukia: How much of the sequential gross margin compression was due to client renegotiation versus other factors, and will it reverse?
p. 11
“there are really three factors that influence the gross margin sequential sort of dynamic that we spoke about.”
Vijay NP, page 11 of the filed PDF · View the filing
Management said volume tailwinds are expected to offset modest price compression, viewing it as a temporary issue rather than a recurring trend.
Answered by Vijay NP
Asked by Manish Adukia: Could gross margin pressure from client renegotiation continue in future years?
p. 12
“there is enough of a tailwind on the volume side to offset modest sort of compression on price. So, we believe that it will net out as a net tailwind.”
Vijay NP, page 12 of the filed PDF · View the filing
Management said they see small point solutions but no credible platform competitor with a comparable glass-to-glass AI strategy.
Answered by Baskar Subramanian
Asked by Manish Adukia: Is there emerging competition to Amagi's AI and platform offerings?
p. 13
“we are not seeing anybody specifically coming to what’s Amagi’s staple today as we see it, right?”
Baskar Subramanian, page 13 of the filed PDF · View the filing
Management said it is hard to give prescriptive guidance but aspires to continue the trajectory of the last three years.
Answered by Vijay NP
Asked by Manish Adukia: What is the aspirational guidance for FY27 revenue growth and margin expansion?
p. 13
“our aspiration is to kind of continue on the trajectory that we have been in the last 3 years.”
Vijay NP, page 13 of the filed PDF · View the filing
Management explained that account management scales sublinearly and that AI and product-led growth are reducing the need for proportional sales headcount growth.
Answered by Baskar Subramanian
Asked by Vivekanand Subbaraman: How should sales headcount efficiency and account management scale be understood?
p. 14
“Account management at some point is sublinear in scale.”
Baskar Subramanian, page 14 of the filed PDF · View the filing
Management said the shift to streaming is driving impression growth and that while advertising macro conditions are a derivative factor, they have not seen negative impact so far.
Answered by Baskar Subramanian
Asked by Vivekanand Subbaraman: Is monetized impression acceleration linked to advertising market macro conditions?
p. 14
“macroeconomic environment today has not impacted, as you see it today, but I can never say never with all this geopolitical climate that we don't control.”
Baskar Subramanian, page 14 of the filed PDF · View the filing
Management said no metrics currently suggest that, expecting volumes to remain a net tailwind offsetting modest CPM pressure.
Answered by Vijay NP
Asked by Omprakash Kavadi: Is pricing compression likely to outpace volume gains in the near term?
p. 15
“I don't think any metrics that we are tracking today suggest that.”
Vijay NP, page 15 of the filed PDF · View the filing
Management said the marketplace business is still developing, with investment continuing and more detail to be shared in future quarters.
Answered by Baskar Subramanian
Asked by Omprakash Kavadi: What progress has been made on the marketplace model strategy?
p. 15
“We don't kind of separate that growth yet today. But I think we are quite -- we're seeing a lot of promise in that whole business.”
Baskar Subramanian, page 15 of the filed PDF · View the filing
Management clarified that gross customer count has grown over three years and that quarterly churn reflects year-end housekeeping of small delinquent accounts.
Answered by Vijay NP
Asked by Bharat Gulati: Why have new customer additions appeared to slow, and what drives the customer flywheel?
p. 16
“if you look at the customer count in Q4, we actually added 27 customers and we probably churned out 30”
Vijay NP, page 16 of the filed PDF · View the filing
Management said they are scanning the landscape with a buy-build-partner approach tied to the glass-to-glass thesis, without a specific deal size target.
Answered by Baskar Subramanian
Asked by Bharat Gulati: What is the company's approach to potential acquisitions given its cash balance?
p. 18
“we're not kind of zeroing in on one versus another today.”
Baskar Subramanian, page 18 of the filed PDF · View the filing
Management said they do not track precise customer cost savings figures but cited Total Cost of Ownership savings of around 30% as the general sales thesis for cloud modernization.
Answered by Baskar Subramanian
Asked by Sanjay Ladha: How much cost savings has Amagi delivered for clients, and is this tracked as a metric?
p. 18
“typically, customers look at anywhere 30% and above TCO savings is what drives this whole thesis of moving to the cloud”
Baskar Subramanian, page 18 of the filed PDF · View the filing
Management said current margin levels are not steady state and that there is headroom for further improvement.
Answered by Vijay NP
Asked by Sanjay Ladha: Is the current 5-6% PAT margin the new steady state, or can it improve further?
p. 19
“I wouldn't call these current levels steady state”
Vijay NP, page 19 of the filed PDF · View the filing
Management said the U.S. will remain the larger revenue contributor given market size, while India represents a growing opportunity given cloud maturity and existing customers like Zee TV and Viacom18.
Answered by Baskar Subramanian
Asked by Sanjay Ladha: How does Amagi view its presence in India versus the U.S. market?
p. 19
“U.S. will continue to be a large enough market just because of exposure, the size of the market, media market there is $150-plus billion of market versus in India is much, much smaller.”
Baskar Subramanian, page 19 of the filed PDF · View the filing
Risks flagged
Gross margin compression from client renegotiation and running parallel infrastructure
p. 11
“there's a double bubble cost to incurring that basically running two parallel instances since a lot of our revenue has mission-critical workflows.”
Vijay NP, page 11 of the filed PDF · View the filing
Modest pressure on CPM/pricing potentially offsetting volume gains
p. 14
“There might be some modest pressure on CPMs, but that's more than offset by the volume uptick, which is causing a net tailwind, right?”
Vijay NP, page 14 of the filed PDF · View the filing
Exposure to macroeconomic and geopolitical conditions affecting advertising revenue
p. 14
“I can never say never with all this geopolitical climate that we don't control.”
Baskar Subramanian, page 14 of the filed PDF · View the filing
Customer churn from payment defaults on small accounts
p. 16
“we probably churned out 30 because as a part of standard year-end housekeeping on payment, defaults and some accounts, most of them which were less than sort of $1,000 where we had some sort of issues and payment.”
Vijay NP, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.