Capillary Tech. Q2 FY27 Results (NSE: CAPILLARY)
Signal: Margin expansion
The read
Consolidated top-line growth remained strong at +51.3% YoY to ₹2,713.55 Mn, while standalone operations demonstrated massive operating leverage with PAT turning around to ₹294.31 Mn; however, standalone H1 operating cash flow was negative (-₹454.50 Mn) on working capital lock-up.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹271.36 Cr | +51.3% | +5.7% |
| EBIT margin | 14.5% |
P&L walk
Consolidated revenue expanded +51.3% YoY to ₹2,713.55 Mn driven by acquisition additions and SaaS expansion, while total operating expenses grew +44.3% YoY to ₹2,318.77 Mn.
Segments
The company operates in a single reportable operating segment: cloud-based intelligent customer engagement software solutions (CRM services).
Key positives
- Consolidated revenue grew +51.3% YoY to ₹2,713.55 Mn (+5.7% QoQ).
- Software and server charges as a % of consolidated revenue reduced by 310bps YoY to 15.5%.
- Standalone PAT turned around sharply to ₹294.31 Mn from a loss of ₹29.65 Mn YoY.
- Appointment of Deloitte Touche Tohmatsu India LLP as internal auditor strengthening global governance.
Key concerns
- Standalone operating cash flow in H1FY27 turned negative at -₹454.50 Mn vs +₹88.57 Mn in H1FY26.
- Standalone trade receivables jumped 55.4% in 6 months from ₹768.31 Mn (Mar 2026) to ₹1,193.83 Mn (Sep 2026).
Research and educational content only. Not investment advice.