Amagi Media Labs Q2 FY27 Results (NSE: AMAGI)
Signal: Loss reversed
The read
The profitability inflection continued: standalone revenue grew +32.2% YoY to ₹3,065.28 million and EBITDA margin expanded 1,682bps to 9.95%, following the prior quarter's positive margin; however, PAT of ₹511.52 million was materially supported by ₹250.26 million of other income, so operating conversion remains the key quality test.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹306.53 Cr | +32.2% | +11.2% |
| Net profit | ₹51.15 Cr | +122.6% | |
| EPS | ₹2.24 | N/A (loss base) | |
| EBIT margin | 9.95% |
P&L walk
Standalone revenue reached ₹3,065.28 million, +32.2% YoY and +11.2% QoQ, while EBITDA margin improved to 9.95% from -6.87% YoY as employee and other expense intensity fell; PAT of ₹511.52 million was amplified by ₹250.26 million of other income.
Segments
The company reports one operating segment, so the ₹3,065.28 million standalone revenue growth and 9.95% EBITDA margin are not attributable to a disclosed business-unit mix.
Key positives
- Standalone revenue was ₹3,065.28 million, +32.2% YoY and +11.2% QoQ, maintaining the recent growth trajectory.
- EBITDA margin expanded to 9.95% from -6.87% YoY, a 1,682bps improvement, as employee expense declined 2.7% YoY and other expense growth of 20.2% lagged revenue growth of 32.2%.
- Finance costs fell 39.6% YoY to ₹5.67 million, while trade receivables declined to ₹1,939.02 million from ₹2,031.30 million at March 31, 2026.
- The balance sheet remained lightly levered, with no borrowings disclosed and ₹1,341.05 million of cash plus ₹5,418.11 million of investments.
Key concerns
- Other income of ₹250.26 million rose 81.3% YoY and represented roughly half of reported profit before tax of ₹511.52 million, making PAT quality weaker than the operating-margin recovery alone suggests.
- Consolidated financial results were referenced by the filing and reviewed by the auditor, but the consolidated P&L was not included in the supplied filing text; the reported headline figures therefore use the available standalone statement.
- The standalone comparative quarter ended September 30, 2025 was compiled by management and was not reviewed or audited by the statutory auditor.
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