WCWorkmates Core2Cloud Solution544610Quarterly results

H1 FY27: revenue ₹95.21 Cr, PAT ₹12.03 Cr; FY27 revenue outlook raised to ₹202 Cr

H1 FY27 (half year ended September 30, 2026): revenue from operations ₹95.21 Cr, up 27.5% YoY; recurring revenue ₹82.97 Cr (87% of total, up 43.4%); PAT ₹12.03 Cr, up 32.4%.

By ScoutQuest · Wed 4 Nov 2026, 10:54 PM IST · 3 min read

Revenue from operations (H1 FY27)

₹95.21 Cr, up 27.5% YoY

PAT (H1 FY27)

₹12.03 Cr, up 32.4%

FY27 revenue outlook

Raised to ₹202 Cr

Results in one line

The Board approved unaudited consolidated results for the half year ended September 30, 2026. Revenue from operations grew 27.5% year-on-year to ₹95.21 Cr, with profit after tax up 32.4% to ₹12.03 Cr.

Growth and profitability

• Revenue from operations ₹95.21 Cr against ₹74.69 Cr in H1 FY26, a rise of 27.5%.
• Recurring revenue ₹82.97 Cr, up 43.4% year-on-year, and equal to 87% of total revenue (77% in H1 FY26).
• Project revenue ₹12.24 Cr, down 27% year-on-year.
• EBITDA ₹16.44 Cr at a 17.3% margin; profit before tax ₹15.96 Cr at a 16.8% margin.
• Profit after tax ₹12.03 Cr, with PAT margin improving to 12.6% from 12.2%.
• Gross margin 33.5% (H1 FY26: 34.3%); employee costs eased to 10.8% of revenue from 11.2%.
• EPS basic and diluted ₹9.32 against ₹9.08.

Balance sheet and cash

• The Company is debt-free, with cash and cash equivalents of ₹43.88 Cr as at September 30, 2026, against ₹53.95 Cr as at March 31, 2026.
• Net worth ₹97.71 Cr, up from ₹88.26 Cr.
• Trade receivables rose to ₹39.50 Cr from ₹28.99 Cr, and debtor days moved to 64 from 62.
• Operating cash flow was negative ₹4.70 Cr, as working capital funded growth; collections are stated as a priority for H2 FY27.
• Annualised return on equity was 24.6% for H1 FY27.

Recurring business and customers

• Monthly recurring revenue (MRR) grew to ₹15.9 Cr/month by September 2026 from ₹13.25 Cr in April, helped by ₹2.34 Cr/month of expansion within existing clients. Average MRR for H1 FY27 was ₹13.8 Cr/month.
• Gross revenue churn was 2.6% annualised, against a 10% ceiling the Company targets. New bookings in H1 FY27 totalled ₹30 Cr in contract value.
• Customer base grew to 337 from 316 in March 2026, including 44 enterprise customers (38 in March).
• BFSI was 40.6% of revenue (FY26: 34.2%) and IT/ITeS 34.6%. Top 20 clients contributed 71% of revenue (FY26: 73%), and 28 clients now generate over ₹1 Cr in annualised revenue.

People

• Headcount steady at 169 with billable utilisation at 84%.
• Revenue per employee for H1 FY27 rose to ₹0.56 Cr from ₹0.44 Cr.
• Attrition 1.78% (H2 FY26: 1.23%), with 359 active AWS certifications.

Capital allocation

• The FY2026 interim dividend of ₹2 per share (₹2.58 Cr) was paid to shareholders during H1 FY27.
• Of the ₹29.2 Cr of IPO proceeds allocated to working capital, ₹16.58 Cr has been utilised up to H1 FY27.

Strategic developments

• Six AI accelerators are in live production, three for IT operations and three for business functions.
• Investment in AI accelerators continued, with intangible assets under development rising to ₹2.66 Cr from ₹0.64 Cr as at March 2026.
• Expansion into the US and Middle East, paused earlier, has been reactivated for FY27; a US subsidiary has been registered for global customer billing.
• The Singapore go-to-market strategy is being re-evaluated. International business contributed 3.7% of H1 FY27 revenue.

Outlook

• Management raised its FY27 revenue outlook to ₹202 Cr from ₹190.56 Cr, within a full-year goal of ₹190-210 Cr.
• The outlook assumes H2 FY27 revenue of ₹107 Cr, of which ₹95.4 Cr is contracted recurring revenue; the balance is expected from new recurring business (₹1.25 Cr) and projects (₹10.35 Cr).
• The Company has a weighted H2 pipeline of ₹110 Cr, including a large cloud migration for an existing NBFC customer and a cybersecurity opportunity with an existing large FSI customer.

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