November 04, 2026

Financial Performance Highlights (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹95.21 Cr (vs ₹74.69 Cr), +27.5% YoY
  • Recurring Revenue: ₹82.97 Cr (vs ₹57.87 Cr), +43.4% YoY, representing 87% of total revenue
  • Total Income: ₹96.22 Cr (vs ₹74.93 Cr), +28.4% YoY
  • EBITDA: ₹16.44 Cr (vs ₹13.26 Cr), +24.0% YoY, with margin of 17.3%
  • Profit Before Tax: ₹15.96 Cr (vs ₹12.20 Cr), +30.8% YoY, with margin of 16.8%
  • Profit After Tax: ₹12.03 Cr (vs ₹9.09 Cr), +32.4% YoY, with margin of 12.6%
  • EPS - Basic & Diluted: ₹9.32 (vs ₹9.08), +2.6% YoY
  • Gross Margin: 33.5% (vs 34.3% in H1 FY26)
  • Cloud consumption and third-party costs: 66.5% of revenue
  • Employee costs: 10.8% of revenue (vs 11.2% in H1 FY26)
  • H1 FY27 revenue equals 66% of FY26 full-year revenue

Balance Sheet & Cash Position (as at September 30, 2026)

  • Cash and cash equivalents: ₹43.88 Cr (vs ₹53.95 Cr at March 31, 2026)
  • Net worth: ₹97.71 Cr (vs ₹88.26 Cr)
  • Debt-free status maintained
  • Trade receivables: ₹39.50 Cr (vs ₹28.99 Cr), with debtor days at 64 (vs 62)
  • Operating cash flow: Negative ₹4.70 Cr due to working capital funding growth
  • Annualised return on equity: 24.6% for H1 FY27

Capital Allocation

  • FY2026 interim dividend of ₹2 per share (₹2.58 Cr total) paid during H1 FY27
  • IPO proceeds utilization: ₹16.58 Cr utilized out of ₹29.2 Cr allocated for working capital

Business Highlights: H1 FY27

Recurring Revenue & Annuity Health
  • Monthly Recurring Revenue (MRR): ₹15.9 Cr/month by September 2026 (vs ₹13.25 Cr in April 2026)
  • Average MRR for H1 FY27: ₹13.8 Cr/month (vs ₹9.67 Cr in H1 FY26)
  • Expansion MRR: ₹2.34 Cr/month from existing clients
  • Gross revenue churn: 2.6% annualized (within target ceiling of 10%)
  • New bookings: ₹30 Cr total contract value signed in H1 FY27
  • Project revenue: ₹12.24 Cr, down 27% YoY but up 51% over H2 FY26
Customers
  • Total customer base: 337 (vs 316 in March 2026)
  • Enterprise customers: 44 (vs 38 in March 2026)
  • New logos added: 54 (34 recurring, 20 project)
  • Sector concentration: BFSI 40.6% of revenue (vs 34.2% in FY26), IT/ITeS 34.6%
  • Client concentration: Top 20 clients contributed 71% of revenue (vs 73% in FY26)
  • Large clients: 28 clients with over ₹1 Cr in annualized revenue
  • Strategic wins: Leading retail broking and financial services company; prominent payment technology and financial software company; leading technology and business services company in agricommodities sector
People & Productivity
  • Headcount: 169 employees (steady)
  • Billable utilization: 84%
  • Revenue per employee: ₹0.56 Cr (vs ₹0.44 Cr in H1 FY26)
  • Attrition: 1.78% (vs 1.23% in H2 FY26)
  • AWS certifications: 359 active certifications
AI & Partnerships
  • AWS partnerships: Premier Tier Partner, Managed Security Services Partner, Generative AI Competency Partner
  • AI accelerators in production: 6 total (IntelliOps, CloudTrustMate, Enterprise AI Edge, VoxoRA, VerID, VoyaGE)
  • Enterprise AI Edge: Provides secure access to OpenAI stack through Amazon Bedrock via strategic partnership with OpenAI
  • Intangible assets under development: ₹2.66 Cr (vs ₹0.64 Cr at March 2026)
International Operations
  • International revenue contribution: 3.7% of H1 FY27 revenue
  • US and Middle East expansion: Reactivated for FY27 after previous pause due to geopolitical considerations and tariff uncertainty
  • US subsidiary: Registered to streamline global customer billing
  • Singapore strategy: Being re-evaluated to align with market conditions

H2 FY27 Outlook

  • FY27 revenue outlook raised to ₹202 Cr from ₹190.56 Cr (within original ₹190-210 Cr goal)
  • H2 FY27 revenue expectation: ₹107 Cr total
  • ₹95.4 Cr contracted recurring revenue (aligned with ₹15.9 Cr/month MRR)
  • ₹1.25 Cr expected from new recurring business
  • ₹10.35 Cr expected from projects
  • Weighted pipeline: ₹110 Cr for H2 FY27
  • Large cloud migration for existing NBFC customer
  • Significant cybersecurity opportunity with existing large FSI customer
  • Large migration for mid-sized global IT services company
  • H2 priorities: Pipeline conversion, AI accelerator monetization, US/Middle East operations startup, collections tightening

Management Commentary

Mr. Kamal Nath, Co-Founder, Whole Time Director & CEO:

  • Highlights 27.5% YoY revenue growth and 43% recurring revenue growth to 87% of business
  • Notes addition of 54 new logos, enterprise customer growth to 44, and strategic wins in financial services and payments
  • Mentions six AI accelerators in production and reactivated US/Middle East expansion
  • Confirms raised FY27 revenue outlook to ₹202 Cr based on ₹15.9 Cr/month MRR

Mr. Debasish Sarkar, Co-Founder, Whole Time Director & CFO:

  • Emphasizes profit growing faster than revenue with PAT up 32.4%
  • Notes PBT margin improvement to 16.8% from 13.4% in H2 FY26
  • Highlights recurring revenue at 87% of total and low annualized gross churn of 2.6%
  • Confirms debt-free status with ₹43.88 Cr cash after dividend payment
  • Identifies collections tightening as main financial focus for H2 FY27

Company Background

Workmates Core2Cloud Solution Limited (BSE SME: 544610) is an AWS Premier Tier Partner headquartered in Kolkata, India, with offices in Mumbai, Noida, Bangalore, Hyderabad, Chennai, Bhubaneswar, and Singapore. Founded in 2018, the company provides Cloud Technology and Allied Services to 337 clients across BFSI, IT/ITES, Healthcare, Manufacturing, Media, and Public Sector verticals. The company is ISO 27001 and SOC2 certified and has grown revenue at an 83% CAGR over the last four years.