Workmates Core2Cloud H1 FY27: consol PAT +32% YoY to ₹12 Cr on 27% revenue growth

Workmates Core2Cloud's consolidated H1 FY27 (six months to September 30, 2026) revenue rose 27.5% YoY to ₹95.21 Cr from ₹74.69 Cr, with consolidated PAT up 32.4% YoY to ₹12.03 Cr from ₹9.09 Cr — profit growth outpacing revenue growth, a sign of operating leverage rather than a one-off (neither statement carries exceptional items). Standalone tells a slightly softer version of the same story: revenue ₹94.75 Cr (+26.9% YoY) and PAT ₹11.78 Cr (+26.2% YoY) — the >6-point gap in PAT growth versus consolidated is the Singapore subsidiary (Workmates Core2Cloud Pte. Ltd.) adding incremental profit this half that wasn't there a year ago; readers tracking the standalone print alone will see a visibly slower number. Consolidated net margin expanded modestly to 12.51% of total income from 12.13% a year ago, and the PBT margin widened to 16.77% from 16.33%. The drivers are mixed rather than uniform: employee costs grew a controlled 22.8% YoY, well under the 27.5% revenue growth, and finance costs were effectively wiped out (₹0.50 lakh vs ₹38.36 lakh), consistent with the company repaying its borrowings during FY26 and now running debt-free. Working against that, cost of cloud technology and allied services — the single largest cost line — grew 28.9% YoY, slightly ahead of revenue, and other expenses jumped 48% YoY on higher event-management and consultancy charges (including ₹60.51 lakh to related party Megagrow). Net effect: margin expansion held, but it was not broad-based. Against management's own numbers, this is a beat: the company had guided H1 FY27 revenue of ₹91.56 Cr (₹79.59 Cr contracted recurring + ₹6.15 Cr new recurring + ₹5.82 Cr new project implementation) at its May 2026 concall, and consolidated revenue of ₹95.21 Cr clears that by ~4%. Annualising H1 PAT (~₹24.1 Cr run-rate) also lands inside management's guided FY27 PAT range of ₹24-25 Cr, even though the full-year revenue run-rate (~₹190 Cr) is tracking the company's revised ₹190.56 Cr outlook rather than its original ₹210 Cr FY27 stretch target (45%+ growth) laid out in the same call — margin is outperforming even as the top-line target has effectively been walked down. No independent analyst consensus could be found for this stock (a ~₹70 Cr SME-board IPO with no active brokerage coverage), so vsStreet is unknown rather than inferred. Two order wins disclosed alongside the results — an ₹11.5 Cr cloud migration order (November 2) and a 'multi-million dollar' AWS cloud deal (October 29) — both fall after the half-year close and will show up in H2 numbers rather than this print; they support the case that the company's prior-quarter bullish, confident tone has carried through. One reporting-cadence caveat: because this filer reports half-yearly rather than quarterly, the sequential comparison is H1 FY27 vs H2 FY26 (revenue +37.7%, PAT +76.2%) rather than a true quarter-on-quarter figure, and FY26's second half was unusually soft versus its first — so that sequential jump is not read as acceleration; the YoY figures above are the reliable gauge.