Financial Performance - Q2 FY27

Revenue: ₹224.29 Cr vs ₹194.44 Cr in Q2 FY26, growth of 15.35% YoY

EBITDA: ₹77.03 Cr vs ₹60.47 Cr in Q2 FY26, growth of 27.39% YoY

EBITDA Margin: 34.34% vs 31.10% in Q2 FY26, expansion of 324 bps (highest in company history)

PBT (excl. exceptional items): ₹69.40 Cr vs ₹56.36 Cr in Q2 FY26, growth of 23.14% YoY

PAT: ₹52.10 Cr vs ₹55.44 Cr in Q2 FY26, decline of 6.04% YoY (Q2 FY26 included one-time net exceptional income of ₹12.81 Cr from Liberate Group acquisition)

Basic EPS: ₹30.70 vs ₹32.67 in Q2 FY26

Diluted EPS: ₹30.64 vs ₹32.64 in Q2 FY26

Headcount: 3,557 vs 3,200 in Q2 FY26, increase of 11.16%

Segment Performance - Q2 FY27

Research Solutions (including AJE):

  • Revenue: ₹129.82 Cr (8.56% YoY growth)
  • EBITDA: ₹62.53 Cr (25.26% YoY growth)
  • Margin: 48.17% (642 bps expansion)
  • Headcount: 2,666

Research Solutions (excluding AJE):

  • Revenue: ₹104.00 Cr (21.71% YoY growth)
  • EBITDA: ₹51.22 Cr (29.31% YoY growth)
  • Margin: 49.25% (290 bps expansion)

Education Solutions:

  • Revenue: ₹68.68 Cr (30.03% YoY growth)
  • EBITDA: ₹20.89 Cr (-6.11% YoY)
  • Margin: 30.42% (1,171 bps contraction)
  • Unbound Medicine contributed ₹21.07 Cr revenue and ₹3.82 Cr EBITDA (18.13% margin)
  • Headcount: 755

Corporate Learning:

  • Revenue: ₹25.79 Cr (17.01% YoY growth)
  • EBITDA: ₹6.38 Cr (98.14% YoY growth)
  • Margin: 24.74% (1,013 bps expansion)
  • Headcount: 136 (19.05% reduction)

H1 FY27 Performance

Revenue: ₹448.53 Cr vs ₹380.72 Cr in H1 FY26, growth of 17.81% YoY

EBITDA: ₹153.99 Cr vs ₹110.76 Cr in H1 FY26, growth of 39.03% YoY

EBITDA Margin: 34.33% vs 29.09% in H1 FY26, expansion of 524 bps

PBT (excl. exceptional items): ₹139.23 Cr vs ₹104.01 Cr in H1 FY26, growth of 33.86% YoY

PAT: ₹102.48 Cr vs ₹90.68 Cr in H1 FY26, growth of 13.01% YoY

Basic EPS: ₹60.40 vs ₹53.45 in H1 FY26

Diluted EPS: ₹60.33 vs ₹53.40 in H1 FY26

Balance Sheet & Cash Position

Cash & Cash Equivalents: ₹163.23 Cr as on 30 September 2026

Debt Position: Zero debt (acquisition borrowings prepaid in full in August 2026)

DSO: 38 days vs 45 days in Q1 FY27 and 37 days in Q2 FY26

Business Highlights & Operational Metrics

Client Diversification:

  • 839 clients billed in Q2 FY27 vs 422 in Q2 FY26
  • Top 5 clients contribution: 46% vs 51% in Q2 FY26
  • Top 10 clients contribution: 60% vs 63% in Q2 FY26
  • Top 15 clients contribution: 66% vs 69% in Q2 FY26

Geographic Revenue Mix:

  • North America: 47% (same as Q2 FY26)
  • Europe: 36% (vs 35% in Q2 FY26)
  • Rest of World: 17% (vs 18% in Q2 FY26)

AI Implementation: AI-enabled production and quality workflows live in client delivery

Peer Review Scale: Won 110,000+ annual submissions from top-five global publisher

New Journals: 42 new journals from largest customer in Q2, with 25 more due in Q3

FY27 Outlook & Guidance

EBITDA Guidance: Company expects to cross ₹300 Cr EBITDA for FY27 (H1 achievement: ₹154 Cr)

H2 FY27 Priorities:

  • Ramp new peer review and research integrity mandates (billing from November/December)
  • Convert Education pipeline for Florida and California adoptions
  • Grow Unbound Medicine with hospitals and health systems
  • Grow Corporate Learning on rebuilt margin base

Corporate Social Responsibility

Q2 FY27 CSR Spend: ₹64 Lakhs

H1 FY27 CSR Spend: ₹184 Lakhs

CSR Initiatives: Girls' Education Project (IIMPACT), Mental Healthcare (Sambandh Health Foundation), Vedanta Cultural Foundation, Prem Charitable Trust, ISB Scholarships, Association of People with Disability, KHUSHII, Student breakfast program with Old Columbans Trust