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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹404 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹58 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Amagi delivered a strong Q3 FY26 with revenue of 404 crore (+22% YoY) and adjusted EBITDA of 58 crore (14.3% margin, doubling YoY). Growth was broad-based across cloud modernization, streaming, and monetization segments, aided by seasonal advertising strength. Management highlighted a 25-27% underlying revenue growth after adjusting for a one-time accounting timing impact from a top customer. PAT came in at 31 crore (7.7% margin). The company added 40+ customers, with net revenue retention at 127%. AI investments are underway to drive future productivity gains for clients. Risks include potential lumpiness from enterprise agreement renewals and pricing pressure as customers scale. Overall, the operating leverage story remains intact, with costs growing at half the revenue rate.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to sustain historical growth rates of 25-30% on a constant currency basis, excluding one-time timing impacts.
- Management targets EBITDA margins typical of vertical SaaS companies (25-30%) as operating leverage from S&M and R&D scales.
- R&D as a percentage of revenue declined from 23.4% to 21.8% and is expected to keep declining, funding AI investments.
Risks flagged
- Top 10 customers account for ~40% of revenue; renegotiations with large customers could impact near-term pricing and growth.
- Revenue recognition from a perpetual license contract skewed growth in H1, making Q3/Q4 growth appear softer; this may persist.
- Analyst raised concern about AI reducing custom build costs; management downplayed but risk remains as AI commoditizes workflows.
- Enterprise agreements with threshold-scale customers can cause quarterly revenue lumpiness, though smoothed over trailing twelve months.
Key quotes
- We operated the Super Bowl just about 72 hours back for all of the US was watching content through an Amagi's infrastructure.
- Our endeavor would be to kind of consistently deliver the growth rates that we've delivered over the last couple of years and replicate the margin trajectory.
- We are not really dramatically... it's not unlike a horizontal SaaS businesses; Amagi's business is a vertical business.
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