Financial Performance Highlights (Consolidated)

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26)

  • Revenue from operations: ₹17,862 lacs (Q2 FY27) vs ₹13,991 lacs (Q1 FY27) vs ₹10,778 lacs (Q2 FY26) - 29% QoQ growth
  • Other income: ₹360 lacs (Q2 FY27) vs ₹148 lacs (Q1 FY27) vs ₹13 lacs (Q2 FY26)
  • Total Income: ₹18,222 lacs (Q2 FY27) vs ₹14,139 lacs (Q1 FY27) vs ₹10,791 lacs (Q2 FY26)
  • Cost of Materials consumed: ₹10,748 lacs (Q2 FY27) vs ₹8,034 lacs (Q1 FY27) vs ₹6,520 lacs (Q2 FY26)
  • Employee benefits expense: ₹1,456 lacs (Q2 FY27) vs ₹1,391 lacs (Q1 FY27) vs ₹1,094 lacs (Q2 FY26)
  • Other expenses: ₹5,476 lacs (Q2 FY27) vs ₹4,365 lacs (Q1 FY27) vs ₹2,658 lacs (Q2 FY26)
  • Gross Profit Before Interest, Depreciation and Tax (PBDIT): ₹826 lacs (Q2 FY27) vs ₹530 lacs (Q1 FY27) vs ₹767 lacs (Q2 FY26)
  • Depreciation: ₹899 lacs (Q2 FY27) vs ₹880 lacs (Q1 FY27) vs ₹768 lacs (Q2 FY26)
  • Interest: ₹159 lacs (Q2 FY27) vs ₹376 lacs (Q1 FY27) vs ₹198 lacs (Q2 FY26)
  • Profit Before Exceptional tax: (₹232 lacs) loss (Q2 FY27) vs (₹726 lacs) loss (Q1 FY27) vs (₹199 lacs) loss (Q2 FY26)
  • Exceptional items: None (Q2 FY27) vs (₹16,729 lacs) (Q1 FY27) vs ₹1,805 lacs (Q2 FY26)
  • Profit Before tax: (₹232 lacs) loss (Q2 FY27) vs ₹16,003 lacs profit (Q1 FY27) vs (₹2,004 lacs) loss (Q2 FY26)
  • Tax Expenses: ₹243 lacs (Q2 FY27) vs ₹3,147 lacs (Q1 FY27) vs ₹2 lacs (Q2 FY26)
  • Net profit after all taxes: (₹475 lacs) loss (Q2 FY27) vs ₹12,856 lacs profit (Q1 FY27) vs (₹2,006 lacs) loss (Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹31,853 lacs (H1 FY27) vs ₹22,425 lacs (H1 FY26)
  • Total Income: ₹32,361 lacs (H1 FY27) vs ₹22,552 lacs (H1 FY26)
  • Profit Before tax: ₹15,771 lacs (H1 FY27) vs (₹2,249 lacs) loss (H1 FY26)
  • Net profit after all taxes: ₹12,381 lacs (H1 FY27) vs (₹2,279 lacs) loss (H1 FY26)

Business Segment Performance

Digital Business

  • Digital business revenue: ₹149 crore in Q2 FY27, up 43% QoQ from ₹104 crore in Q1 FY27
  • Platform business revenue: ₹120 crore in Q2 FY27, up 62% QoQ from ₹74 crore in Q1 FY27
  • Platform business contribution: Now represents approximately 81% of digital revenue
  • EBITDA margin expansion: Improved from 0.9% in Q1 FY27 to 2.7% in Q2 FY27

Print Vertical

  • Remained steady, providing stable base to consolidated business

Operational Highlights

Technology Platform

  • Content Technology Platform: Primary growth lever for market leadership
  • Intelligent Ingestion: Automated content ingestion, AI-assisted pre-press corrections, A+ metadata and keywords corrections
  • Marketplace Intelligence: Data analytics and AI-based actions, buy-box intelligence, demand forecasting, competition intelligence
  • Autonomous Pricing Engine: Real-time margin optimization, competitive response systems, automated dynamic pricing
  • Content as True Platform: Automated content dissemination, content services for print readiness, multi-language content creation, content hosting on local and international channels

Supply Chain Efficiency

  • Closer to Market: Asset-lite model keeping stock closer to customers, reducing transport costs and delivery time
  • Warehouse Integration: Connecting publisher warehouses through technology, fulfilling orders without holding all inventory
  • Print Enabled Distribution: Leveraging print capabilities for regional reach and flexible inventory
  • International Reach: Integrated international solution to and from many countries with market-competitive pricing

Partnerships

Company works with major publishing partners including Bloomsbury, Springer Nature, Macmillan, Oxford University Press, Cambridge University Press, and others.

Capital Structure and Financial Position

Debt Reduction

  • Long-term borrowings: Reduced from ₹91 crore in March 2026 to Nil in September 2026
  • Short-term borrowings: Reduced from ₹75 crore in March 2026 to ₹11 crore in September 2026

Cash Position

  • Cash surplus: Increased from ₹70 crore in Q1 FY27 to over ₹100 crore in Q2 FY27
  • Capital expenditure: No additional capex incurred during H2 FY26

Working Capital Improvement

  • Debtor days: Improved to 46 days in September 2026 from 55 days in March 2026

Business Model Evolution

Company has evolved from two marketplaces to a scalable commerce platform where the same tech and supply stack powers:

  • Offline B2B (R-Godam)
  • International markets (UAE, US)
  • Own D2C (Bookscape)
  • Asset-light drop-ship partnerships

Technology Investments

Tech investments are now delivering revenue with growth achieved on a fully expensed tech base. AI-led content ingestion, dynamic pricing and buy-box intelligence drive every order.

Platform Business Characteristics

  • Runs on negative working capital
  • Cash-flow positive
  • Capital-light model