WCWorkmates Core2Cloud Solution544610Quarterly results

Workmates Core2Cloud H1 FY27 presentation: revenue up 27.47% YoY, FY27 outlook raised to ₹202 Cr

H1 FY27 revenue ₹95.21 Cr, up 27.47% YoY; EBITDA up 23.99% to ₹16.44 Cr, profit after tax up 32.49% to ₹12.03 Cr.

By ScoutQuest · Wed 4 Nov 2026, 11:01 PM IST · 1 min read

H1 FY27 Revenue

₹95.21 Cr, up 27.47% YoY (vs ₹74.69 Cr in H1 FY26)

H1 FY27 PAT

₹12.03 Cr, up 32.49% YoY

FY27 Revenue Outlook

₹202 Cr, up from previous outlook of ₹190.56 Cr

Period

H1 FY27 (Apr–Sep 2026)

Positioning

Presents itself as a cloud modernisation partner and Premier Tier AWS Partner serving 337 customers, with 87% of H1 FY27 revenue recurring and 96.26% of it earned in India.

📈 Consolidated H1 FY27 revenue was ₹95.21 Cr against ₹74.69 Cr in H1 FY26, up 27.47%, with EBITDA of ₹16.44 Cr (up 23.99%) and profit after tax of ₹12.03 Cr (up 32.49%). Recurring revenue mix rose to 87% from 77%, and recurring annuity revenue reached ₹82.97 Cr, up 43% year on year.

📉 Margins narrowed even as profit grew: EBITDA margin slipped to 17.27% from 17.75% and gross margin to 33.53% from 34.25%, while cloud consumption and third-party costs rose 72 bps to 66.47% of revenue. Project implementation revenue fell 27% year on year to ₹12.24 Cr, even as profit after tax margin improved to 12.64% from 12.17%.

📉 Cash generation weakened: cash flow from operations was negative ₹4.70 Cr for H1 FY27 versus −0.07 Cr a year earlier, OCF/EBITDA was −29%, debtor days moved from 62 to 64 and cash, bank and liquid investments fell to ₹43.88 Cr from ₹53.95 Cr. The company carries zero borrowings and net worth of ₹97.71 Cr, with return on equity of 24.63% annualised.

🎯 Management states a FY27 revenue outlook of ₹202 Cr, up from its previous outlook of ₹190.56 Cr and within a full-year goal of ₹190-210 Cr; it estimates H2 FY27 revenue at ₹107 Cr as per current visibility and cites a weighted H2 conversion pipeline of ₹110 Cr. Customer count rose from 316 to 337 and enterprise customers from 38 to 44 between March and September 2026.

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