Recode Studios H2FY26 Results (BSE: 544755)
Signal: Margin expansion
The read
H2 FY26 marked by exceptional margin expansion: EBITDA margin surged 1,220bps to 24.66%, PAT margin up 391bps to 12.96%, driven by strong revenue growth of 48% YoY. Full-year revenue crossed ₹80 Cr with 67% YoY growth and EBITDA margin of 20.69%. Management guides 50%+ revenue growth for FY27.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹43.01 Cr | 48% | N/A |
| EBIT | ₹10.61 Cr | 193% | |
| Net profit | ₹5.57 Cr | 112% | |
| EBIT margin | 24.66% |
P&L walk
H2 FY26 revenue ₹43.01 Cr (4,300.89 lakh) grew 48% YoY; EBITDA nearly tripled to ₹10.61 Cr (1,060.80 lakh) with margin expanding 1,220bps to 24.66%, driven by revenue growth outpacing cost growth (operating leverage per management); PAT doubled to ₹5.57 Cr (557.39 lakh) with margin up 391bps to 12.96%.
Key positives
- H2 FY26 revenue grew 48% YoY to ₹43.01 Cr
- EBITDA nearly tripled (193% YoY) with margin expanding 1,220bps to 24.66%
- PAT doubled (112% YoY) to ₹5.57 Cr
- Full-year EBITDA margin improved 786bps to 20.69%
- Management guides 50%+ revenue growth for FY27
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