Financial Performance Highlights

Full Year FY26 Results:

  • Revenue: INR1,506 crores, up 30% YoY (23% constant currency growth)
  • Adjusted EBITDA: INR156 crores versus INR23 crores in FY25 (more than sixfold increase)
  • PAT: INR72 crores compared to loss of INR69 crores in FY25 (swing of ~INR140 crores)
  • Adjusted Operating Cash Flow: INR60 crores, up 80% YoY
  • Cash and Bank Balance: INR1,664 crores (includes INR907 crores from FY25 exit plus IPO proceeds)

Q4 FY26 Results:

  • Revenue: INR397 crores, up 29% YoY (21% constant currency growth)
  • Adjusted EBITDA: INR40 crores, up 161% YoY with 10% margin
  • PAT: INR34 crores compared to loss of INR11 crores in Q4 FY25

Segment Performance

Streaming Unification: INR838 crores (26% growth), representing more than half of total business

Monetization and Marketplace: INR381 crores (36% growth), about a quarter of total business

Cloud Modernization: INR286 crores (32% growth), approximately one-fifth of total business

Key Business Metrics

  • Net Revenue Retention: 126% for FY26 (122% in FY24, 127% in FY25)
  • Million-dollar customers: Increased from 28 to 35 during the year (25% growth)
  • Total cost as percentage of revenue: Declined from 118% in FY24 to 90% in FY26
  • Sales & marketing plus customer success: Reduced from 44% of revenue in FY24 to 24% in FY26
  • R&D: Reduced from 33% of revenue in FY24 to 23% in FY26
  • ESOP costs: Reduced from 12% of revenue to 7% of revenue over two years

Operational Highlights

  • Processed billions of impressions and thousands of channels 24/7
  • Serves 400+ content owners and 400+ distribution platforms
  • Supported marquee live events including FIFA World Cup, Super Bowl, Winter Olympics, Grammys, and Oscars
  • Won multiple NAB 2026 awards for agentic AI investments

Strategic Developments

AI Commercialization:

  • NEWSPULSE (first agentic AI product) signed first paying customer
  • In trials with leading news networks
  • Targets both cost reduction for customers (reducing operational toil) and revenue expansion (extending content to new audiences)

Key Customer Wins:

  • AccuWeather completed end-to-end migration to Amagi Cloud (cloud modernization win)

Strategic Partnerships:

  • Signed partnerships with ADAMS in Latin America
  • Partnership with ad partner Anoki for distribution of monetization stack

Market Context

Industry Tailwinds:

  • Cloud modernization SAR: $1.9 billion (grew 11% annually)
  • 48% of U.S. TV viewing now on streaming platforms (4 percentage point increase in last year)
  • FAST viewership in U.S. now as high as Netflix
  • CTV ad spend: $42.5 billion growing at 10%

Management Commentary

Growth Strategy: Focus on durable revenue growth, operating leverage, and cash conversion

AI Positioning: Considered the single most compelling growth opportunity, building on existing infrastructure, data gravity, and network effects

Competitive Moats: Deep domain expertise (mission-critical workflows), proprietary data, and network effects (400+ content owners and 400+ distributors)

Financial Guidance

  • No specific quantitative guidance provided
  • Aspiration to continue trajectory of healthy growth balanced with fiscal responsibility
  • Historical phasing: Q1 represents ~22% of full year revenue, 11% of adjusted EBITDA
  • First half: ~45% of full year revenue, 37% of adjusted EBITDA
  • Second half: ~55% of full year revenue, 63% of adjusted EBITDA

Capital Allocation

  • Strong cash position of INR1,664 crores
  • Exploring capability-driven organic acquisitions to fill gaps in glass-to-glass thesis
  • Conservative approach to valuation and rational acquisition strategy

Geographic Revenue

  • Global company with significant U.S. exposure due to market size ($150+ billion media market)
  • India represents exciting growth opportunity as streaming market expands and cloud maturity increases
  • Existing Indian customers include Zee TV and Viacom18

Risk Factors

  • Macroeconomic environment could impact advertising economy which indirectly affects revenue
  • Mission-critical nature of services requires zero tolerance for errors
  • AI commercialization still in early stages with limited visibility on long-term margin impact