Key Financial Figures

Revenue Performance:

  • Revenue from operations: ₹22.32 Cr in H1 FY27 vs ₹13.51 Cr in H1 FY26, representing 65.2% YoY growth
  • Full year FY26 revenue: ₹36.72 Cr vs ₹20.85 Cr in FY25, representing 76.1% growth

Profitability Metrics:

  • EBITDA: ₹4.09 Cr in H1 FY27 vs ₹1.79 Cr in H1 FY26 (128.5% growth)
  • EBITDA margin: 18.3% in H1 FY27 vs 13.3% in H1 FY26 (500 bps expansion)
  • Profit before tax (PBT): ₹3.85 Cr in H1 FY27 vs ₹1.62 Cr in H1 FY26 (137.7% growth)
  • Profit after tax (PAT): ₹2.80 Cr in H1 FY27 vs ₹1.22 Cr in H1 FY26 (129.5% growth)
  • PAT margin: 12.5% in H1 FY27 vs 9.0% in H1 FY26 (350 bps expansion)
  • EPS - diluted: ₹2.92 in H1 FY27 (not comparable to previous periods due to capital restructuring)

Revenue Breakdown:

  • Threatcop products revenue: ₹11.6 Cr (52% of total revenue), up 68% YoY
  • Kratikal services revenue: ₹10.7 Cr (48% of total revenue), up 62% YoY

Expense Management:

  • Employee benefits expense grew 39.9% YoY, slower than revenue growth
  • Employee cost as percentage of revenue: 40% in H1 FY27 vs 41% in FY26 and 48% in FY25

Business Highlights

Order Book & Client Metrics:

  • Order book: ₹42.6 Cr
  • Revenue per client: ₹5.1 lakh in H1 FY27 vs ₹2.84 lakh in H1 FY26 (1.8x increase)
  • More than 50 Forbes Global 2000 companies are clients; 23 placed orders in H1 FY27

International Expansion:

  • International order bookings: ₹8.2 Cr (3.1x growth), representing 30% of total bookings vs 19% previously
  • Middle East bookings: ₹5.1 Cr (3.0x growth) across government, healthcare and logistics clients
  • USA orders: Increased from 3 to 15 clients
  • Export revenue: ₹5.5 Cr in H1 FY27 (US: ₹1.5 Cr; UAE and Gulf: ₹4.0 Cr)
  • New market entry: Nepal
  • USA subsidiary: Incorporated Kratikal AI Inc. (wholly owned subsidiary) in Delaware

Major Contract Wins:

  • ₹2.48 Cr government OT security contract in the Middle East
  • 3-year ₹3.7 Cr USA government contract
  • Critical-infrastructure wins in power and energy (IEC 62443)

Product Development:

  • Launching two new AI products: AutoGRC (automated governance, risk and compliance platform) and email security product
  • ₹9.2 Cr of IPO proceeds allocated to product development
  • 49 hires planned to build AutoGRC and Threatcop email gateway

Partnership Strategy:

  • Expanding strategic partnerships with large global system integrators

Management Commentary

Mr. Pavan Kumar, Founder, Chairman, Managing Director & CEO stated:

  • Bookings doubled to ₹27.8 crore, with 60% coming from existing customers
  • Building significant momentum in USA and Middle East with engagements with large banks in UAE
  • Positioning USA as a major growth engine through Kratikal AI Inc.
  • Order book of ₹42.6 crore represents business already won with execution spread over coming years
  • Historically stronger second half provides encouraging foundation
  • Focus on executing wins, pursuing larger enterprise opportunities, and strengthening technology leadership

Additional Context

  • EPS figures are not comparable across periods due to equity shares increasing from 12,144 to 1,11,00,545 through capital restructuring and corporate actions linked to listing
  • Company is CERT-In empanelled auditor
  • Served 677 clients in FY26 across 24 countries outside India
  • Subsidiaries in UAE, USA and India