Workmates Core2Cloud Solution Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Workmates Core2Cloud Solution Ltd filed with BSE on 25 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
Workmates Core2Cloud reported FY26 revenue of INR 143 crore, up 34% year-on-year, with 82.5% of revenue recurring and profit after tax of INR 15.92 crore, up 16%. Management attributed margin compression to the loss of a Dubai contract, a gaming client exit, and headcount investments made ahead of revenue benefit. For FY27, management guided to INR 210 crore in revenue with INR 190 crore already visible from contracted and pipeline business.
Numbers mentioned
Revenue: INR 143 crore (FY26)
p. 5
“Our revenue grew 34% to INR 143 crores, and 82.5% of that revenue was recurring.”
Kamal Nath, page 5 of the filed PDF · View the filing
Profit after tax: INR 15.92 crore (FY26)
p. 5
“Profit after tax grew 16% to INR 15.92 crore.”
Kamal Nath, page 5 of the filed PDF · View the filing
Gross margin: 32.8% (FY26)
p. 6
“Gross margin was 32.8% versus 33.9% in FY‘25.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
EBITDA margin: 16.2% (FY26)
p. 6
“EBITDA was 16.2% versus 17.7%.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
PAT margin: 11.1% (FY26)
p. 6
“PAT was INR 15.92 crores at 11.1% compared to INR 13.9 crores at 13% in FY‘25.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
Net new clients added: 28 (FY26)
p. 5
“We added 28 net new clients.”
Kamal Nath, page 5 of the filed PDF · View the filing
Enterprise client count: 38 (FY26)
p. 5
“Enterprise client count grew from 34 to 38.”
Kamal Nath, page 5 of the filed PDF · View the filing
Top 20 accounts revenue contribution: 73% (FY26)
p. 5
“Our top 20 accounts contributed 73% of revenue.”
Kamal Nath, page 5 of the filed PDF · View the filing
Billable utilization: 84% (FY26)
p. 5
“Operationally, billable utilization rose from 72% to 84%.”
Kamal Nath, page 5 of the filed PDF · View the filing
Mean time to resolution: 1.2 hours (FY26)
p. 5
“mean time to resolution improved from 4.5 to 1.2 hours, thanks to introduction of AI tools in our management platform.”
Kamal Nath, page 5 of the filed PDF · View the filing
Debtor days: 62 days (FY26)
p. 6
“Debtor days, we have improved 14% from 72 days to 62 days with the FY ‘27 target below 55.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
MRR at FY27 entry: INR 13.5 crore (FY27 opening)
p. 6
“We opened FY‘27 at INR 13.5 crores, a 35% step up before winning a single new deal in the current year.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
Employee cost: INR 16.91 crore (FY26)
p. 14
“It's about, see, we have got INR 16.91 crore is our employee cost, and we have got around 170 employees.”
Debashish Sarkar, page 14 of the filed PDF · View the filing
AI services revenue: INR 2 crore (FY26)
p. 14
“our AI revenue last year, if you look at only the AI services revenue out of the INR 143 crore was around INR 2 crore, but the influence revenue was much more because of that.”
Anirban Dasgupta, page 14 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 — INR 210 crore · FY27
stated firmly by Kamal Nath
p. 5
“Our FY27 revenue target is INR 210 crores, a 45% plus growth on FY26.”
Kamal Nath, page 5 of the filed PDF · View the filing
PAT — INR 24-25 crore · FY27
stated firmly by Debashish Sarkar
p. 8
“So, it will be around INR 24-25 crores on INR 210 crores of business.”
Debashish Sarkar, page 8 of the filed PDF · View the filing
Billable utilization — 88% · FY27
stated as an aspiration by Debashish Sarkar
p. 6
“Second, driving billable utilization from 84% towards 88%.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
Debtor days — below 55 days · FY27
stated firmly by Debashish Sarkar
p. 6
“Debtor days, we have improved 14% from 72 days to 62 days with the FY ‘27 target below 55.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
H1 revenue — around INR 92 crores · H1 FY27
stated conditionally by Debashish Sarkar
p. 6
“Adding new recurring means and project work, H1 outlook is around INR 92 crores and H2 estimate is INR 99 crores.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
AI and cybersecurity revenue share — 5% of revenue · FY27
stated as an aspiration by Anirban Dasgupta
p. 14
“And our target for this year, both AI and cybersecurity put together, we are targeting about 5% revenue from this.”
Anirban Dasgupta, page 14 of the filed PDF · View the filing
US/UK revenue inclusion in FY27 target — FY27
stated firmly by Debashish Sarkar
p. 16
“So, in this INR 210 crore that we are projecting, we have not considered any U.S. or U.K. turnover, top line in that.”
Debashish Sarkar, page 16 of the filed PDF · View the filing
AI as growth engine — FY28 onwards
stated as an aspiration by Kamal Nath
p. 5
“AI will be a meaningful contributor in FY27, and our primary growth engine from FY28 onwards.”
Kamal Nath, page 5 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.
Anirban Dasgupta broke down the visibility into contracted revenue, pipeline deals, and remaining book-and-bill to be closed over the coming months.
Answered by Anirban Dasgupta
Asked by Vedant Patel: How confident is management in achieving the INR 210 crore FY27 revenue target?
p. 7
“So, definitely, if not more, we would be able to meet our revenue guidance of INR 210 crore. That is the visibility that we have.”
Anirban Dasgupta, page 7 of the filed PDF · View the filing
CFO said PAT margin would be roughly in line with or better than current levels, translating to about INR 24-25 crore of PAT on INR 210 crore revenue.
Answered by Debashish Sarkar
Asked by Darshil Jhaveri: What margin can be expected in FY27 given growth targets?
p. 8
“See, we are targeting a 45% growth in our top-line revenue and equivalent increase in our PAT margin. So, that will be around the same, if not more.”
Debashish Sarkar, page 8 of the filed PDF · View the filing
Management said manpower cost is not linear to revenue, with most large investments already made, and only modest additions expected going forward.
Answered by Kamal Nath
Asked by Ankur Gulati: Will manpower cost rise significantly as revenue scales to INR 210 crore?
p. 10
“So, our cost of manpower to our revenue is actually not linear. So, we have had to build the teams, to build the practices, the cyber security, AI practice, and all of that.”
Kamal Nath, page 10 of the filed PDF · View the filing
Management said AWS pricing has remained stable or even declined despite market hardware price increases, describing it as a tailwind rather than a risk.
Answered by Anirban Dasgupta
Asked by Ankur Gulati: Is there cost escalation risk from rising GPU/hardware prices being passed to clients?
p. 11
“while you have a very good observation regarding the hardware prices shooting through the roof, in some cases it has become double or triple, but the Amazon prices have remained the same.”
Anirban Dasgupta, page 11 of the filed PDF · View the filing
Management said AI-specific revenue was small in FY26 but influences much larger cloud and managed services revenue, targeting about 5% combined AI and cybersecurity revenue for FY27.
Answered by Anirban Dasgupta
Asked by Priyansh Miri: What is the current and targeted AI revenue contribution?
p. 14
“So, while the pure play AI services revenue may not look that great, but actually to implement that, it influences a lot of cloud revenue and managed services revenue.”
Anirban Dasgupta, page 14 of the filed PDF · View the filing
Management said a US billing entity is being set up and Singapore operations are being recalibrated, though a full office build-out depends on geopolitical conditions.
Answered by Anirban Dasgupta
Asked by Priyansh Miri: What are the global expansion plans after last year's pause?
p. 15
“we have already initiated the process for setting up a billing entity in the U.S. because we are getting a lot of leads from some large customers whom we have already backed orders from in India”
Anirban Dasgupta, page 15 of the filed PDF · View the filing
Management described declining a Dubai customer after failed credit insurance checks despite an approved deal, while noting no minimum size threshold for new clients.
Answered by Kamal Nath
Asked by Ashish Soni: What criteria determine whether a new customer is onboarded?
p. 17
“we deliberated although it was a 1 crore per month entry order, and it was supposed to go up because it was supposed to be an e commerce site, right. But we decided that at this stage, or juncture of our company, we cannot get into a very a bad debt issue”
Kamal Nath, page 17 of the filed PDF · View the filing
Risks flagged
Loss of Dubai contract due to failed credit insurance checks reduced revenue
p. 6
“The Dubai contract decision removed approximately INR 4 crores from the top line.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
Mandatory exit from a gaming client reduced revenue
p. 6
“The mandatory gaming client exit removed a further INR 3.5 crores.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
Headcount investment added cost without corresponding revenue in the same year
p. 6
“Simultaneously, our headcount investment added approximately INR 6 crores in annual cost, again with the revenue benefit that will flow in the current year FY ‘27 and not FY ‘26.”
Debashish Sarkar, page 6 of the filed PDF · View the filing
Geopolitical situation and tariff uncertainty caused caution on global expansion
p. 15
“So, although we were not directly affected, but we wanted to be cautious. Post that, there is this Anthropic and also the war, which has made us cautious.”
Anirban Dasgupta, page 15 of the filed PDF · View the filing
Customers resist paying higher rates for services despite accepting cloud consumption costs
p. 15
“the customer does not mind paying for the AWS services, but for our managed services, for our implementation, they will negotiate 30 hours in a day to come down to whatever is best possible, right?”
Kamal Nath, page 15 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.