Fractal Analytics is a pure-play enterprise AI company serving 100+ Fortune 500-scale enterprises through AI-led transformation, AI foundations and AI for work, listed on the exchanges in February 2026. This Q2 FY27 print will speak to whether the TMT vertical bottoms out as management pledged, and to the first-ever disclosure of Cogentiq and total license revenue alongside a guided 120-130 bps merit-increase margin drag.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 912.5 Cr (Rs. 9,125 Mn), +20% YoY |
| Previous quarter PAT | Rs. 72.3 Cr (Rs. 723 Mn), +92% YoY |
| Previous quarter EBITDA margin | 16.8% adjusted EBITDA margin, +189 bps YoY |
| Market cap | Rs. 13,056.86 Cr |
| CMP | Rs. 749.65 |
As intimated on September 25, 2026, the board will meet on November 3, 2026 to consider the Q2/H1 FY27 results. The trading window remained closed from October 1 to November 5, 2026.
No dividend was recommended for FY 2025-26; the company stated that profits were ploughed back for growth.
The Q2 FY27 call is the first for new CFO Shilpa Kedia, who joined on October 19, 2026, and the first time management has promised to disclose Cogentiq revenue and total license revenue — against a stated license-driven revenue base of approximately 3% of total revenue. The rupee held in the mid-Rs. 95s through July-September 2026, extending the FX tailwind that contributed +273 bps to Q1 FY27's 45.7% gross margin, while the company's own guided 120-130 bps full-P&L merit-increase drag (the three-month effect of June 1 increments, after 75 bps hit Q1) lands squarely in this quarter. The single biggest growth-quality swing factor is whether TMT, which declined 22% YoY in Q1 FY27, delivers the 'bottom out with healthy sequential growth in Q2' that management committed to on the Q1 call — against hyperscaler capex that kept accelerating through the window, the same opex-to-capex dynamic behind the TMT decline. Ex-TMT growth was 35% in Q1 with Healthcare & Life Sciences up 69% and BFSI up 36%, and management has guided that profitability 'will continue to improve over the next few quarters' while Q2 FY26's soft base (net income Rs. 332 Mn at a 4% margin) flatters YoY comparisons. Watch also Fractal Alpha's loss trajectory after the Q1 segment loss of Rs. 14 crore, and whether Qure.ai's backlog of over Rs. 100 crore starts shrinking the Rs. 23 crore share-of-loss drag.
Guidance scorecard for the Q2 FY27 call: Management's latest-to-oldest commitments and where each stands:
First call for new CFO Shilpa Kedia: Leadership changes since the last results shape how the quarter is presented:
TMT bottoming and margin bridge: The two swing factors management itself has quantified:
Management attributes the gap to expensed R&D of 4.1% of revenue, a roughly 4-point drag peers don't carry, alongside demonstrated SG&A leverage. Adjusted EBITDA has risen from 7% three years ago to 18% in Q3 FY26.
Management promised the first disclosure of Cogentiq revenue and total license revenue 'next quarter', i.e., on the upcoming Q2 FY27 call. The methodology, including license plus FDE revenue, was being finalized, with license-driven revenue currently about 3% of total revenue.
TMT declined 22% YoY in Q1 FY27 due to client-specific issues including a client JV reducing business, an enterprise-software client restructuring, and data-led revenue-recognition delays for a MAG7 company. Management expects TMT 'to bottom out with healthy sequential growth in Q2' FY27 as client-specific issues work themselves out through the year.
Management has guided that Fractal Alpha's revenue contribution will be higher than the prior year in FY27 and that the segment is growing faster relative to Fractal overall. In Q1 FY27, Alpha revenue grew 20% YoY like-to-like with Asper.ai ARR up 59% to $9 million, though the segment loss widened to Rs. 14 crore from Rs. 4 crore a year ago.