Amagi Media Labs Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 475.82 Cr (+26.97% YoY) and PAT growth of +2859.19% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 475.82 Cr (+26.97% YoY) |
| PAT (Q2) | Rs. 74.84 Cr (+2859.19% YoY) |
| EBITDA margin | 13.40% (+1430 bps YoY) |
Amagi delivered a textbook operating-leverage quarter: revenue grew 26.97% YoY to a record Rs.475.82 Cr while employee costs rose only 1.32%, driving PAT up 2,859% YoY to Rs.74.84 Cr and P&L-derived EBITDA margin to 13.40% from (0.90)%. H1 operating cash flow swung to +Rs.68.78 Cr with positive FCF of Rs.60.15 Cr, and receivables grew far slower than revenue. No numerical guidance was beaten (management gave none), and PAT quality is partly flattered by treasury interest and one-time gains, but execution against management's qualitative commitments was confirmed across the board.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Reported YoY growth | "reported YoY growth likely behind Q1's print as the base bites" | +26.97% vs Q1's +32.4% | Played out |
| Underlying growth in-line-to-ahead | "underlying growth likely in-line-to-ahead" | Ex-base/CC growth not in the filing; QoQ +8.91% consistent with normal phasing | Not observable |
| Gross margin | "flat-to-mildly-compressing" within 67–69% | No COGS line in the filing | Not observable |
| EBITDA margin | "expanding or holding above the ~10% steady-state marker" | Company Adj. EBITDA margin 18.20% (derived); P&L-derived 13.40% | Played out |
| FX / one-off repeat | mild tailwind; watch for repeat of Q1's Rs.6 Cr FX charge | No disclosed repeat; H1 net unrealized FX gain Rs.3.46 Cr | Partially |
| M&A deployment | none expected in the window | No acquisition disclosed; Argoid liquidation completed | Played out |
| Labour Codes | no fresh catch-up charge evidenced | None disclosed in the filing — not visible); run-rate open | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Steady-state Adjusted EBITDA margin ~10% | Q3 FY26 earnings call: "we view steady state EBITDA margins at approximately 10%" | Company-definition Adj. EBITDA margin 18.20% (derived); P&L-derived 13.40% — above steady state | On Track |
| Revenue "at a healthy clip"; maintain ~30% trajectory | Q4 FY26 earnings call (CFO): "grow at a healthy clip both on top line and just balancing that with fiscal responsibility" | +26.97% YoY reported; H1 +29.49% | On Track |
| Q2 FY27 product-suite launch at an industry flagship conference | Q1 FY27 shareholders' letter (company-flagged indicative) | Filing silent | Too Early |
| "Operating leverage of the company continues" | Q1 FY27 earnings call (CEO) | Opex grew +1.32% (employee) and +17.60% (other) vs +26.97% revenue; P&L EBITDA margin 6.83% → 13.40% in one quarter | Confirmed |
| Q2 would carry an ~600 bps YoY base-effect headwind | Q1 FY27 earnings call (management) | Reported YoY growth eased to +26.97% from +32.4%; absolute momentum (Rs.475.82 Cr record revenue, +8.91% QoQ) intact | Confirmed |
| Current margins are "not steady state… there is headroom and upside" | Q4 FY26 earnings call (CFO) | Q2 Adj. EBITDA margin 18.20% vs the ~10% steady-state framing — direction | Confirmed |
| Cash conversion improving (H2-weighted) | Q1 FY27 call / presentation | H1 CFO swung to +Rs.68.78 Cr from Rs.(200.60) Cr; FCF +Rs.60.15 Cr | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.