Company Overview & Strategic Positioning

Workmates Core2Cloud Solutions Limited is described as one of India's fastest-growing cloud and digital transformation service providers, helping enterprises and SMBs with secure, scalable, and AI-powered cloud-first solutions. The company operates at the intersection of Cloud, Cybersecurity, and AI - three high-growth areas.

Key strategic positioning elements include:

  • Premier AWS Partner status (highest-tier partnership)
  • Mid-market and Enterprise focus
  • Asset light, annuity heavy growth model
  • Dual-engine model: 80% annuity/predictable revenue vs 20% one-time revenue

Leadership Team

The presentation lists the following leadership team members with their roles:

  • Kamal Nath - Co-founder & Chief Executive Officer
  • Basanta Kumar Rana - Co-founder & Managing Director
  • Debasish Sarkar - Co-founder & Chief Financial Officer (Chartered Accountant with 39 years' experience)
  • Anirban Dasgupta - Strategy & Growth Officer, Co-Founder
  • Anindya Sen - Head, Cybersecurity Practice, Co-Founder
  • Dibyendu Naha - Chief Services Transformation & Business Officer
  • Arunava Mukherjee - Chief Technology Officer
  • Vivek Mohta - Chief Customer Officer

The team is described as being built by experienced professionals turned entrepreneurs from HCL Tech, TCS, Sify, Tata Com, Microsoft, and DXC.

AI Strategy, Solutions & Innovation

The company emphasizes AI as a strategic growth lever, noting global AI spending of $390B growing roughly 35% annually and projected to reach $1.8 Trillion+ by 2030.

AI Approach: Focuses on autonomous, goal-oriented agents that plan, reason, call tools, remember context, and act.

AI Assets & Accelerators (all in LIVE PRODUCTION):

AI for IT Assets:

  • IntelliOps: Real-time incident detection, correlation, triaging & resolution with SLAdriven workflows and L1 automation
  • CloudTrustMate: AI token Allocation, Optimisation, Observability with Enterprise Guardrails
  • Enterprise AI Edge: Enterprise AI playground with OpenAI stack securely through Amazon Bedrock

AI for Business Assets:

  • VoxoRA: AI-enabled contact management with multi-lingual inbound/outbound outreach
  • VerID: Multi-lingual NBFC compliance automation including Video KYC
  • VoyaGE: Agentic travel-industry solution for enquiry handling and itinerary building

H1 FY27 Business & Financial Performance (Consolidated)

Performance Highlights (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹95.21 Cr vs ₹74.69 Cr (27% YoY growth)
  • Recurring (Annuity) Revenue: ₹82.97 Cr vs ₹57.87 Cr (43% YoY growth)
  • Project Implementation Revenue: ₹12.24 Cr vs ₹16.82 Cr (-27% YoY decline)
  • Recurring Mix: 87% vs 77%
  • Average MRR: ₹13.8 Cr/month vs ₹9.67 Cr/month (43% YoY growth)
  • Gross Profit: ₹31.92 Cr vs ₹25.58 Cr (25% YoY growth)
  • Gross Margin: 33.53% vs 34.25%
  • EBITDA: ₹16.44 Cr vs ₹13.26 Cr (24% YoY growth)
  • EBITDA Margin: 17.27% vs 17.75%
  • Profit After Tax (PAT): ₹12.03 Cr vs ₹9.08 Cr (32% YoY growth)
  • PAT Margin: 12.64% vs 12.17%
  • EPS (not annualized): ₹9.32 vs ₹9.08 (3% YoY growth)

Cost Structure (% of revenue):

  • Cloud consumption & third-party costs: 66.47% vs 65.75% (72 bps increase)
  • Employee benefit expenses: 10.78% vs 11.19% (-41 bps decrease)
  • Other operating expenses: 7.05% vs 7.05% (0 bps change)

Profitability Drivers: Although FY27 headcount remained almost same (168 to 169), cost per resource increased significantly with investments in R&D for AI accelerators.

Customer Metrics

Position as on September 30, 2026 vs March 31, 2026:

  • Total Customers: 337 vs 316
  • Enterprise Customers: 44 vs 38
  • New Logos Added in H1 FY27: 54 (Recurring Business: 34, Project Implementation: 20)
  • Top-20 Contribution: 71% of H1 revenue (FY26: 73%)
  • ₹1 Cr+ Annual Clients: 28 with annualized revenue run rate
  • Average Revenue/Client: ₹58.8 L (H1, Annualized)

Revenue Mix by Industry:

  • IT/ITeS: 34.57% vs FY26: 36.9%
  • FSI/BFSI: 40.56% vs FY26: 34.2%
  • Media: 3.59% vs FY26: 5.1%
  • Manufacturing: 4.46% vs FY26: 4.6%
  • E-Commerce: 2.50% vs FY26: 3.0%
  • Others: 14.31% vs FY26: 16.2%
  • Geographic Mix: India 96.26%, International 3.74%

H1 Strategic Wins:

  • A leading retail broking and financial services company
  • A prominent payment technology and financial software company
  • A leading technology and business services company in the agri-commodities sector
  • Specifically mentioned: FSS, Geojit, Mindsprint

Balance Sheet & Cash Position

Balance Sheet (₹ Crores as at period end):

  • Networth: ₹97.71 vs ₹88.25 (Mar-26)
  • Total borrowings: ₹0.00 vs ₹0.00
  • Cash, bank & liquid investments: ₹43.88 vs ₹53.95
  • Net debt/(net cash): ₹0.00 vs ₹0.00
  • Trade receivables: ₹39.50 vs ₹28.99
  • Net working capital: ₹84.66 vs ₹77.04
  • Debtor days: 64 vs 62 (Mar-26 → Sep-26)

Cash Flow (₹ Crores for half year):

  • Cash flow from operations: -₹4.70 vs -₹0.07 (H1 FY26)
  • Capex: ₹2.36 vs ₹1.21 (H1 FY26)
  • Free cash flow: ₹43.88 vs ₹53.95 (H1 FY26)

Growth Strategy & Future Outlook

Global Expansion:

  • FY26-27 expansion plans for US and Middle East markets have been triggered (previously paused)
  • Singapore GTM strategy being re-evaluated and adjusted
  • US Subsidiary registration completed to streamline global customer billing operations

FY27 Revenue Outlook Update:

  • H1 FY27 (Actual): ₹95.21 Cr
  • H2 FY27 (Estimate): ₹107 Cr
  • FY26-27 Outlook: ₹202.21 Cr
  • Gap to ₹210 Cr goal: ₹7.79 Cr

Breakdown of FY27 Outlook:

  • Contracted (Recurring): ₹177.61 Cr
  • New (Recurring): ₹2 Cr
  • New (Project): ₹22.6 Cr

H2 Conversion Pipeline: Weighted Pipeline of ₹110 Cr including:

  • Large workload migration to cloud for existing NBFC customer
  • Significant Cybersecurity opportunity for existing large FSI customer
  • Large migration opportunity for mid-sized global IT services and digital transformation company

Contacts

For further queries, contact:

  • Purnima Mundhra, Company Secretary & Compliance Officer: cs@cloudworkmates.com, +91 90735 55305
  • Adfactors PR: Vanessa Fernandes (vanessa.fernandes@adfactorspr.com, +91 97733 55200) and Heer Shah (heer.shah@adfactorspr.com, +91 90295 97144)