Mobavenue AI Tech Q2 FY27 Results (BSE: 539682)
Signal: Growth decelerated
The read
The trajectory remains profitable scale: Q2 revenue reached ₹76.7 crore, up 41.3% YoY, EBITDA rose 47.3% to ₹16.2 crore and margin expanded 80bps to 21.1%, while PAT grew 54.8% to ₹11.3 crore; however, revenue growth has moderated from 58.7% YoY in Q1FY27, making international expansion and the 10.4% rise in revenue per outcome important validation points for sustaining growth quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹76.7 Cr | 41.3% | N/A |
| Net profit | ₹11.3 Cr | 54.8% | |
| EBIT margin | 21.1% |
P&L walk
Consolidated revenue was ₹76.7 crore, up 41.3% YoY, while EBITDA rose faster at 47.3% to ₹16.2 crore and EBITDA margin expanded 80bps to 21.1%; PAT increased 54.8% to ₹11.3 crore, with the release attributing growth to advertiser demand, new client wins and profitable scaling but not disclosing the tax or other-income bridge.
Key positives
- Revenue of ₹76.7 crore grew 41.3% YoY, with approximately 15 million consumer outcomes up 52.3%, indicating growth was supported by both activity volume and monetisation.
- Revenue per outcome increased 10.4% YoY, providing evidence of improved value capture rather than growth relying only on higher outcome volumes.
- EBITDA rose 47.3% to ₹16.2 crore and margin expanded 80bps YoY to 21.1%, holding above 20% for the third consecutive quarter.
- International markets contributed 23.8% of Q2 revenue versus 12.3% in the year-ago quarter, while direct advertisers contributed 64.7% of revenue.
- PAT rose 54.8% to ₹11.3 crore, ahead of revenue growth, and H1FY27 PAT increased 72.2% to ₹22.9 crore.
Key concerns
- Revenue growth slowed to 41.3% YoY in Q2FY27 from 58.7% YoY in Q1FY27, requiring continued execution in international markets and new client acquisition.
- The filing does not disclose EPS, cash flow, balance-sheet metrics, customer concentration or segment profitability, limiting earnings-quality and dilution analysis.
- EBITDA growth exceeded revenue growth by only 6.0 percentage points, so the filing does not establish the operating-leverage threshold needed to call the margin expansion structural.
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