Leadership Announcements

  • Amitabh Jaipuria elevated from Non-Executive Director to Senior Executive Director for a term of 3 years
  • Ram Praveen appointed as Chief Financial Officer, bringing 23 years of experience across multiple industries
  • CEOs of Denave, Athena, and Matrix now report directly to the Managing Director

Financial Performance FY26

  • Total revenue from operations: ₹2,960 crores, up 7% YoY
  • IFM segment revenue: ₹1,995 crores, up 10% YoY
  • BSS segment revenue: ₹966 crores, up 1% YoY
  • Adjusted EBITDA: ₹176 crores (after one-time Avon provision)
  • Adjusted EBITDA margin: 5.9%
  • PAT: ₹83 crores
  • Adjusted return on capital employed: 14.9%
  • Net debt to equity: negative 0.24 (net cash company)
  • Total headcount: 25,586 employees (59,000 in IFM, 16,000 in BSS)

Segment Performance Details

IFM Business (67% of revenue)

  • Revenue growth: 10% YoY to ₹1,995 crores
  • EBITDA margin: 4.5%
  • Added 30 new logos across industrial, technology, commercial sectors
  • Healthcare contribution increased to 7.8% of revenue
  • Q4 FY26 revenue: ₹515 crores, up 5% YoY
  • Q4 EBITDA margin: 4.4%

BSS Segment (33% of revenue)

  • Revenue: ₹966 crores, up 1% YoY
  • Adjusted EBITDA: ₹85 crores
  • Adjusted EBITDA margin: 8.8%
  • Q4 revenue: ₹235 crores, down 1% YoY
  • Q4 EBITDA margin: 11.5%

Denave (Sales Enablement)

  • FY26 revenue: ₹590 crores, up 11% YoY
  • EBITDA: ₹26 crores
  • EBITDA margin: 4.5%
  • Q4 revenue growth: 15%
  • Q4 EBITDA growth: 70%
  • Q4 EBITDA margin: 5.5%+
  • Added 49 new logos

Athena

  • FY26 revenue: ₹113 crores (down from ₹136 crores in FY25)
  • EBITDA: ₹23.6 crores (down from ₹35 crores in FY25)
  • EBITDA margin: 21%
  • BFSI concentration reduced from 86% to 81%
  • Added 4 new logos (real estate, consumer durables, BFSI)

Matrix

  • FY26 revenue: ₹128.6 crores
  • EBITDA: ₹14.9 crores
  • EBITDA margin: 12%
  • EBGC business declined 11% YoY
  • Audit & Assurance business grew 5.8% YoY
  • Won 12 large clients including 4 Sensex-listed companies

Avon Subsidiary Provision

  • Total provision of ₹23 crores for receivables from logistics and freight brokerage business
  • ₹3 crores recognized in Q2, balance in Q3 FY26
  • Core mail room management business remains stable with 9% revenue growth
  • Legal action underway for recovery

Global Flight Handling

  • EBITDA improved to 6% from 3% last year
  • Operational across 23 airports
  • Healthy traction in training initiatives under Global School of Aviation

Strategic Initiatives

  • Focus on technology-led operations and AI integration
  • Strengthening governance and controls
  • FP&A transformation through advanced analytics
  • Shared services implementation for cost optimization
  • Portfolio diversification across verticals

Industry Outlook

  • Structural tailwinds from new labor codes (effective November 2025)
  • Growing GCC expansion driving demand
  • Shift from input-based to outcome-based contracts
  • Increasing preference for organized, compliance-first partners

Capital Allocation

  • Cash balance: ₹450 crores
  • Potential uses: acquisitions, shareholder rewards, organic growth investments
  • Evaluating value-accretive acquisition opportunities

Q&A Highlights

  • 85-90% revenue visibility for FY27
  • Acquisition discussions ongoing but taking longer than expected
  • Athena margins stabilized at 19-20%
  • Cleanup largely completed with provisions taken