Closing order book position and split by segment (cybersecurity, healthcare, etc.)

46-47% cybersecurity, 24-26% enterprise apps, ~14% healthcare, rest consulting; confirmed order book ₹1,100 Cr+ for FY27.

Sustainability of Q4 margin improvement and steady-state EBITDA margin

Margin improved due to productization and R&D payback; expect better margins going forward, guided 10-15% sustainable range.

₹1,100 Cr is from existing recurring contracts; additional pipeline, MOUs and inorganic contributions will bridge the gap. Aspiring to reach target.

Timing effect due to geopolitical delays in collections; shifting to pro-rata billing model; expect improvement from next quarter.

Blue Cloud Softech reaffirms ₹3,000 Cr FY27 revenue target, Q4 margin jumps to 17%, and order book stands at ₹1,100 Cr minimum.

10 Jun 2026 · Analysis by Alpha Inflection

FY27 Revenue guidance ₹3,000 Cr . New guidance — FY27 fy27 revenue ₹3,000 Cr . New story: AI-First platform scaling .

Q4FY26 EBITDA margin improved to 17% (from 12% QoQ); confirmed order book of at least ₹1,100 Cr for FY27 provides strong revenue visibility.

Blue Cloud Soft. Q4 FY26 reported figures
Metric	Value	Change	Basis
EBITDA margin	17%	+5pp	qoq · Q4FY26 · vs Q3FY26 12%
Order book	₹1,100 Cr		point_in_time · FY27 · as of Jun-26, minimum confirmed
Revenue guidance	₹3,000 Cr		yoy · FY27 · target for FY27
Depreciation	₹3 Cr		point_in_time · Q4FY26 · quarterly depreciation

Management reiterated FY27 revenue target of ₹3,000 Cr and guided for ~30% year-on-year growth in FY28.

Consolidated revenue in FY27 will reach ₹3,000 Cr. — ₹3,000 Cr, FY27
Revenue growth in FY28 will be approximately 30% year-on-year. — ~30%, FY28
Minimum confirmed order book from existing long‑term contracts stands at ₹1,100 Cr for FY27. — ₹1,100 Cr, FY27
Total CAPEX for FY27 will be at least ₹150‑200 Cr, with potential increase if additional telecom/data centre projects are closed. — ₹150‑200 Cr, FY27
First line of data centres will be operational by Q1FY28 (calendar Q1 2027). — Q1FY28
Gross margin will improve by 5‑6 percentage points from the current level. — 5‑6%
Sustainable EBITDA margin will remain in the 10‑15% range going forward. — 10‑15%, ongoing

AI-first platform scaling and global expansion

AI-First platform scaling: Multi-year R&D investment now yielding productised AI platforms (AccessGenie, BluHealth, BluTOR) that are being scaled across government and enterprise clients.
Global expansion in emerging markets: Active discussions at highest levels in West Africa (Ghana, Liberia, Senegal, Mauritius) to export proven AI platforms, opening a large addressable market outside India.
Productisation driving margin uplift: Shift from custom development to SaaS/recurring models and in-house AI algorithms is structurally improving gross and EBITDA margins after the heavy R&D phase.
Receivables normalisation after spike: Accounts receivable increased due to geopolitical payment delays; management describes it as a timing effect and is moving to pro‑rata billing to improve cash conversion.
Capex for data centre and telecom: Building owned data centres and 5G private networks to reduce cloud costs and capture sovereign/government demand; initial capex of ₹150-200 Cr planned with flexibility.
Balanced government-private revenue mix: Company targets ~80% revenue from private/enterprise and ~20% from government, with slight variations possible; current ratio is similar and expected to persist.

Cybersecurity remains largest revenue stream at ~46-47% of business, driven by long-term contracts extending to 2030.
Enterprise applications (including AccessGenie) contribute 24-26%; Healthcare ~14%; IT consulting the rest.
AI-first platforms (AccessGenie, BluHealth, BluTOR, BluHawk) now scaling after multi-year R&D, with productization improving margins.
International expansion underway: advanced discussions in West Africa (ECOWAS region) and other emerging markets like Ghana, Liberia, Senegal, Mauritius.
Data center project advancing; first line expected operational by Q1FY28, targeting sovereign and private cloud demand.
Acquisition of Geo Impex received in-principle BSE approval; process to close in coming months.
Telecom division building 5G CNPN/PMN networks; CAPEX-light financing model to limit depreciation impact.
Receivables spike attributed to temporary timing effects; shift to pro-rata billing to improve cash conversion.

Q. Closing order book position and split by segment (cybersecurity, healthcare, etc.)
46-47% cybersecurity, 24-26% enterprise apps, ~14% healthcare, rest consulting; confirmed order book ₹1,100 Cr+ for FY27.
Q. Sustainability of Q4 margin improvement and steady-state EBITDA margin
Margin improved due to productization and R&D payback; expect better margins going forward, guided 10-15% sustainable range.
Q. Whether ₹3,000 Cr FY27 revenue guidance is still intact given only ₹1,100 Cr confirmed order book
₹1,100 Cr is from existing recurring contracts; additional pipeline, MOUs and inorganic contributions will bridge the gap. Aspiring to reach target.
Q. Reason for spike in accounts receivable and when normalization expected
Timing effect due to geopolitical delays in collections; shifting to pro-rata billing model; expect improvement from next quarter.

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