Amagi Q2 FY27: consolidated PAT at ₹74.8 Cr, OPM surges to 13.4% as revenue grows 27% YoY

Consolidated revenue rose 26.97% YoY to ₹475.82 Cr (up 8.91% QoQ from Q1's ₹436.88 Cr), and consolidated PAT came in at ₹74.84 Cr — up 120.7% QoQ from ₹33.91 Cr, and sharply higher than the ₹2.53 Cr the Group posted a year ago (a base so small the YoY percentage itself isn't a meaningful gauge). Standalone, which excludes the overseas subsidiaries, swung from a ₹6.60 Cr loss a year ago to a ₹51.15 Cr profit this quarter on revenue up 32.3% YoY to ₹306.53 Cr — a materially different trajectory from consolidated, which was already marginally profitable last year, so the two statements shouldn't be read as telling the same story this time.

The real story is the margin bridge: consolidated net margin (PAT/total income) rose to 14.91% from 7.46% in Q1 and just 0.65% a year ago, while operating margin (EBITDA excluding other income, over revenue) jumped to 13.4% from 6.83% in Q1 and was actually slightly negative (-0.9%) in the year-ago quarter. The consolidated effective tax rate was a light 9.4% (₹7.75 Cr on ₹82.58 Cr PBT), helped by the foreign-tax mix; standalone paid zero tax, continuing to carry unabsorbed depreciation and losses with no deferred tax asset recognised (note 7).

The stock went into the print at ₹584.95, up 4.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 4 quarters on our records; revenue is at a 4-quarter high.

Management's FY26-close commentary pointed to "operating leverage" and "headroom for further margin improvement" in FY27 without quantitative targets — this quarter's inflection in OPM/NPM is consistent with, and arguably ahead of, that framing, so the print reads as a beat against the qualitative guidance on record. No formal brokerage consensus or Q2 preview for Amagi could be located in search, so the street comparison is unknown; coverage tied to the Q1 release had flagged a base-effect headwind to Q2 YoY revenue growth, and the 27% actual print suggests the underlying business absorbed that drag. The quarter also carried a cybersecurity disclosure — on October 22, 2026 the company notified CERT-In of a cyber extortion threat on an edge transmission site, with management's preliminary assessment indicating no material financial impact (standalone and consolidated note 8) — alongside a commercial win, with NDTV adopting Amagi's AdFlow Orchestrator for FAST/CTV monetization, one concrete data point behind the AI/ad-tech growth narrative management has been citing. The board was strengthened concurrently with results: Dr. Bhaskar Ghosh (former Accenture Chief Strategy & Innovation Officer) joins as an additional independent director, and CTO Srividhya Srinivasan is elevated to Whole-time Director, both subject to shareholder approval.