Ksolves India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ksolves India Ltd filed with BSE on 06 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
Ksolves reported FY26 revenue of INR 162.7 crores, up 18.4% year-on-year, with EBITDA margin of 29.7% and PAT of INR 34.3 crores. Q4 FY26 revenue was INR 43.03 crores, growing 29.1% year-on-year and 1.7% sequentially, with management citing conversion of strategic wins including an SAP-to-Odoo migration and new client deployments. Management guided FY27 annual revenue growth of 18% to 20% with EBITDA margins in the range of 25% to 30%, and discussed reduced investment in the DFM product going forward.
Numbers mentioned
Revenue: INR 162.7 crores (FY26)
p. 3
“We closed the year with revenue of INR 162.7 crores.”
Ratan Srivastava, page 3 of the filed PDF · View the filing
Revenue growth: 18.4% year-on-year (FY26)
p. 3
“It is up 18.4% year-on-year with an EBITDA of INR 48.3 crores at a margin of 29.7% and PAT of INR 34.3 crores.”
Ratan Srivastava, page 3 of the filed PDF · View the filing
Q4 Revenue: INR 43.03 crores (Q4 FY26)
p. 3
“In terms of quarterly performance, Q4 was a strong quarter, with revenue of INR 43.03 crores, growing 29.1% year-on-year and 1.7% sequentially.”
Ratan Srivastava, page 3 of the filed PDF · View the filing
EBITDA margin: 29.7% (FY26)
p. 4
“Our EBITDA was at INR 48.3 crores and EBITDA margin stood at 29.7% in FY26 versus 34.8% in FY25.”
Umang Soni, page 4 of the filed PDF · View the filing
DFM development expense: approx. INR 2 crores (FY26)
p. 8
“All right Jatin, on DFM development, if you want to quantify it, then you can consider approx. INR 2 crores was expensed in FY26, and we expect no further big investments on DFM development in FY27.”
Umang Soni, page 8 of the filed PDF · View the filing
FX gain: approx. INR 20 lakhs (Q4 FY26)
p. 8
“No, we have, in fact, seen a FX tailwind. So, we have benefited, not in a larger scale, but yes, to quantify it, I would say this lies somewhere around approx. INR 20 lakhs.”
Umang Soni, page 8 of the filed PDF · View the filing
Recurring revenue share: 82% (FY26)
p. 4
“Our growth continues to be driven by a diversified services mix across ERP, cloud, data, AI, salesforce and enterprise transformation, with 82% of revenue being recurring, providing strong visibility and resilience.”
Ratan Srivastava, page 4 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.
Annual revenue growth — 18% to 20% · FY27
stated firmly by Ratan Srivastava
p. 4
“Now coming to guidance for FY27, we expect annual revenue growth to be around 18% to 20% and EBITDA margins to be in the range of 25% to 30%.”
Ratan Srivastava, page 4 of the filed PDF · View the filing
EBITDA margin — 25% to 30% · FY27
stated firmly by Ratan Srivastava
p. 4
“Now coming to guidance for FY27, we expect annual revenue growth to be around 18% to 20% and EBITDA margins to be in the range of 25% to 30%.”
Ratan Srivastava, page 4 of the filed PDF · View the filing
DFM development investment — no further big investments · FY27
stated firmly by Umang Soni
p. 8
“we expect no further big investments on DFM development in FY27.”
Umang Soni, page 8 of the filed PDF · View the filing
Event-related expenses — reduce by at least 60% · FY27
stated firmly by Ratan Srivastava
p. 8
“And on the event side, the expenses we have done last year, will reduce by at least 60% this year.”
Ratan Srivastava, page 8 of the filed PDF · View the filing
Dividend payout — 40% to 60% of profits
stated firmly by Umang Soni
p. 10
“It will continue in the same manner, as we are not looking for any acquisitions or inorganic growth currently in the coming quarters.”
Umang Soni, page 10 of the filed PDF · View the filing
EBITDA margin — higher side of the 25% to 30% range · FY27
stated as an aspiration by Ratan Srivastava
p. 12
“But overall, our aspiration 1s to end on the higher side of tt.”
Ratan Srivastava, page 12 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 it has not measured exact results yet but is seeing reduced time and increased output from agents.
Answered by Ratan Srivastava
Asked by Apoorv: How much efficiency in employee expense is expected going forward from using AI agents?
p. 6
“See, basically, we have not exactly measured, , what the results will be. But what we are observing right now 1s that when we are using the agents, it is reducing the time, and it is increasing the output.”
Ratan Srivastava, page 6 of the filed PDF · View the filing
Management attributed the margin impact to planned investments in ESOPs, events, branding, and DFM, and expects to remain at a similar margin level going forward.
Answered by Umang Soni
Asked by Darshil Jhaveri: Why has PAT been nearly flat over three years despite revenue growth, and how does the company see bottom line growth going forward?
p. 7
“Despite all this, we ended at the upper range of the guided margin. If you compare from last year Q4, this year Q4 has been quite significant, and we expect it to be in the same range going forward.”
Umang Soni, page 7 of the filed PDF · View the filing
Management acknowledged expectations were higher than what was achieved and said the company will now focus on services rather than the DFM product.
Answered by Ratan Srivastava
Asked by Kaustav Bubna: Were expectations for the DFM product higher than the current reality of customer acceptance?
p. 9
“See, you are correct. Expectation was more, and that we could not achieve till now.”
Ratan Srivastava, page 9 of the filed PDF · View the filing
Management said it is being conservative given geopolitical uncertainty but expects a good number if conditions remain favorable.
Answered by Ratan Srivastava
Asked by Kaustav Bubna: Why is the margin guidance range as wide as 25% to 30%?
p. 9
“Considering geopolitical factors, I'm trying to be conservative, and that's why I have given you the bracket. But if everything goes well all around the world, then it will be a good number.”
Ratan Srivastava, page 9 of the filed PDF · View the filing
Management explained the moderation is due to the larger revenue base, making the same percentage growth require a much larger absolute increase.
Answered by Ratan Srivastava
Asked by Rajesh: Is the FY27 revenue growth guidance of 18-20% a moderation from prior years, and why?
p. 11
“Now the base is large. When we started the company, when we launched the IPO, at that time, the overall revenue was INR 10 crores yearly.”
Ratan Srivastava, page 11 of the filed PDF · View the filing
Management confirmed delays from customers in the UAE region due to the war but said releases are resuming.
Answered by Ratan Srivastava
Asked by Apoorv: Are order delays being seen due to the ongoing war?
p. 11
“Yes, definitely. Actually, we have a good business in the UAE. But we had a few customers, who were about to release the orders, but they could not.”
Ratan Srivastava, page 11 of the filed PDF · View the filing
Management said there are additional investment factors like AI, insurance, and IT security that keep the margin range at 25% to 30%.
Answered by Ratan Srivastava
Asked by Rajesh: Given reduced product and event expenses in FY27, can PAT growth exceed revenue growth?
p. 12
“There are many factors attached to margin because we are investing heavily in AI. And we are investing in insurances, security, IT security.”
Ratan Srivastava, page 12 of the filed PDF · View the filing
Risks flagged
Geopolitical factors and uncertainty affecting margin guidance conservatism
p. 9
“Considering geopolitical factors, I'm trying to be conservative, and that's why I have given you the bracket.”
Ratan Srivastava, page 9 of the filed PDF · View the filing
Order delays due to the ongoing war affecting UAE customers
p. 11
“But we had a few customers, who were about to release the orders, but they could not. And that's why you can see that if they would have released them, then for this quarter, the growth would have been more than 1.7%.”
Ratan Srivastava, page 11 of the filed PDF · View the filing
Global situation causing deal delays despite healthy demand
p. 7
“And due to the current global situation, there are a few delays, you can say, but the conversions are going strong and demand is healthy.”
Umang Soni, page 7 of the filed PDF · View the filing
DFM product customer conversions shifted due to geographical problems
p. 9
“I sold it to two customers also. Two or three customers are in pipeline, but due to geographical problems, they have shifted it to June or July.”
Ratan Srivastava, page 9 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.