Company Overview

Amagi Media Labs Limited (formerly Amagi Media Labs Private Limited) provides cloud-native technology that enables media companies to create, distribute, monetize and operate video channels globally. The company operates across three divisions: Cloud Modernization (19% of revenue), Streaming Unification (56% of revenue), and Monetization & Marketplace (25% of revenue).

Financial Performance FY2025-26

Revenue and Profitability

  • Revenue from operations: ₹1,506 crore (+29.5% YoY) with Cloud Modernization: ₹286 crore (+32% YoY), Streaming Unification: ₹838 crore (+26% YoY), and Monetization & Marketplace: ₹381 crore (+36% YoY)
  • Adjusted EBITDA: ₹156 crore (+563% YoY) with margin of 10.3% (vs 2.0% in FY25)
  • Profit After Tax: ₹72 crore (vs loss of ₹69 crore in FY25)
  • Total comprehensive income: ₹883.70 crore (vs loss of ₹769.87 crore in FY25)

Operational Metrics

  • Net Revenue Retention: 125.9%
  • Customers above $1 million: 35 (vs 28 in FY25)
  • Total customers: 492 (vs 463 in FY25)
  • Monetized ad impressions: 42.4 billion (+62.2% YoY)
  • Channel deliveries: 9,425 (+33% YoY)
  • Hours of content processed: 875,970 hours (+50.7% YoY)
  • Employees: 977 (+11% YoY)

Balance Sheet and Cash Flow

  • Cash and investments: ₹1,664 crore (including IPO proceeds)
  • Total assets: ₹23,532.55 crore
  • Total equity: ₹17,568.09 crore
  • Adjusted operating cash flow: ₹60 crore
  • Adjusted free cash flow: ₹38 crore
  • Capital expenditure: ₹22 crore

IPO Completion and Capital Restructuring

  • Completed IPO on January 21, 2026 issuing 49,546,221 equity shares at ₹361 per share
  • Total Offer Size: ₹17,886.19 million (₹1,788.6 crore) with Fresh Issue: ₹8,160.00 million and Offer for Sale: ₹9,726.19 million
  • All outstanding preference shares converted to equity: 12,430,901 CCPS converted to 159,300,958 equity shares
  • Promoter holding reduced from 21.72% to 14.92% due to dilution from IPO and conversions
  • IPO proceeds allocated to technology infrastructure (₹5,500.64 million) and inorganic growth (₹2,223.87 million)

Share-Based Payment Plans

  • Migrated all existing stock option plans to Amagi Employee Stock Option Plan 2025 on June 18, 2025
  • Settled 1,625,732 vested stock options for cash consideration of ₹945.52 million
  • Total share-based payment expense: ₹869.34 million
  • Converted SAR Scheme I 2020, II 2020, and III 2020 into ESOP 2025
  • Labour Code impact recognized ₹76.24 million additional cost for gratuity and compensated absences

Subsidiary Updates and Acquisitions

  • Investment in Amagi AI Private Limited: ₹7,00,000 as equity share capital
  • Initiated liquidation of Argoid Analytics Private Limited (step-down subsidiary)
  • Acquired Argoid Analytics Inc., USA on November 26, 2024 for USD 4.55 million (₹384.71 million)
  • Recognized goodwill of ₹347.83 million and intangible assets of ₹65.20 million
  • 5 wholly owned subsidiaries and 4 step-down subsidiaries as of March 31, 2026

Board and Management Changes

  • Ms. Ira Gupta appointed as Independent Director (May 2, 2025)
  • Mr. Giridhar Sanjeevi appointed as Non-Executive Chairperson (July 2, 2025)
  • Mr. Baskar Subramanian re-designated as Managing Director & CEO (July 2, 2025)
  • Ms. Srividhya Srinivasan, Mr. Nishant Kanuru Rao, and Mr. Shantanu Rastogi resigned from Board (May 22, 2025)

18th Annual General Meeting

Notice convenes AGM on September 23, 2026 with resolutions for:

  • Adoption of audited standalone and consolidated financial statements for FY26
  • Re-appointment of Mr. Shekhar Kirani Hanumanthasetty as director
  • Re-appointment of Mr. Baskar Subramanian as Managing Director & CEO for 5 years
  • Appointment of M/s. BMP & Co. LLP as Secretarial Auditors for 5 years
  • Reclassification of authorized share capital structure

Risk Factors and Future Outlook

The company identified key risks including Cyber Security & Platform Reliability, Strategic Execution & AI Innovation, Leadership Readiness & Talent Density, and Market Dynamics & Customer Concentration. The structural shifts driving the market remain intact with broadcast moving to the cloud, content expanding across streaming destinations, and advertising following audiences to connected TV.