Financial Performance Highlights

Q2 FY27 Consolidated Results:

  • Revenue: ₹321 crore, up 25.6% YoY, down 5.4% QoQ
  • Gross Margin: 26.8% (₹86 crore), up 490 bps QoQ
  • EBITDA: ₹41 crore (12.9% margin), up 330 bps QoQ
  • EBIT: ₹29 crore (8.9% margin), up 250 bps QoQ
  • PAT: ₹26 crore (8% margin), up 8.8% QoQ and 143.8% YoY

H1 FY27 Consolidated Results:

  • Revenue: ₹660 crore, up 24.8% YoY
  • Gross Margin: 24.3% vs 19.3% previous year
  • EBITDA Margin: 11.2%
  • EBIT Margin: 7.6%
  • PAT Margin: 7.4%

Segment-wise Performance

Software Services:

  • Q2 Revenue: ₹252 crore, up 34% YoY and 14.6% QoQ
  • Gross Margin: 32.2%, up 160 bps QoQ

Product Solutions:

  • Q2 Revenue: ₹69 crore, up 2.4% YoY, down 42% QoQ
  • Gross Margin: 7.0%, up from 5.9% in Q1
  • Impacted by memory availability constraints and component pricing pressures

Operational Metrics

  • Active Customer Base: 101 customers (added 4 new logos in Q2)
  • Customer Concentration: Top 5 customers contributed 49% of revenue (vs 56% in Q1); Top 10 contributed 63%
  • Headcount: Grew by 7% YoY
  • LTM Attrition: 9.3%
  • Utilization: 86%
  • Customer Satisfaction: 4.5/5 (industry benchmark 3.75)

Order Book & Contract Wins

  • Total Contract Value (TCV) signed: $47 million (66% YoY growth)
  • New Bookings: $25 million
  • Renewals: $22 million
  • Annual Contract Value: ~$34 million
  • Notable wins include multiyear telematics engineering program with leading European automotive group, cockpit and ADAS work for European Automotive OEM, and integrated asset tracking solution

Strategic Updates

  • Launched Juniper Alta device developed end-to-end within 18 months
  • Focus on AI-enabled delivery, customer-facing AI capabilities, and organizational readiness
  • Chip-to-cognition approach integrating semiconductor design, embedded software, connected devices and ODM capabilities
  • Memory supply challenges addressed through multiple channels: direct supplier engagement, customer support, open market procurement, and configuration changes (DDR5 to DDR4)

Balance Sheet & Capital Allocation

  • Cash and Investments: ₹399 crore as of September 30, 2026
  • Inventory increased due to memory and component stocking for firm customer orders
  • Focus on financial discipline and prudent capital allocation

Management Guidance

  • Product Solutions: Targeting $12-14 million quarterly run rate to achieve 10-12% EBITDA margins
  • Software Services: Expecting sustained single-digit growth above industry average
  • 90-95% of H2 FY27 revenue already covered by signed orders
  • Memory supply secured for 90-95% of FY2027 requirements

Q&A Session Highlights

  • Memory supply challenges being managed through multiple channels and configuration changes
  • Software services growth driven by large deal ramp-ups, bench utilization, and training programs
  • Strategy to reduce customer concentration through 60 x 4 x 3 plan (broad basing revenue)
  • Silicon business split equally between consulting/services and IP-led models, with royalty revenues expected in coming years
  • European telematics deal is multiyear (3-4 years) engagement with expansion potential
  • Automotive focus on high-performance compute and AI-driven opportunities