AMAGI / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Amagi Media Labs · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

59%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Vive Anand · Ambit Capital

partial

Factors driving customer addition acceleration and gross margin buildup to 10% EBITDA.

Baser: market transformation, cloud modernization, streaming growth. Vijay: steady state EBITDA margin ~10% excluding one-offs; leverage from S&M and R&D as revenue scales.

Vive Anand · Ambit Capital

declined

Disclosure of million-plus clients and top client growth.

On million-dollar annual revenue number, we'll disclose on annual basis at FY results. Top five customers growth not a specific metric we've disclosed.

Kawji Taruja · Kotak Securities

direct

Underlying revenue growth adjusted for timing differences.

I think we would be around 25 to 30% range cover that ... constant currency, we wouldn't see much of a departure so 25 to 30% is a reasonable zip code.

Kawji Taruja · Kotak Securities

evasive

LTV to CAC ratio and gross profit payback period.

We are limited by the amount of metrics we cannot disclose but our model lends itself to scaling with existing customers. S&M as % of revenue has gone down from mid-40% to 30% range.

Kawji Taruja · Kotak Securities

direct

R&D spending direction and leverage potential.

R&D is an area where we'll continue to get leverage. As of December quarter it's at about 21.8% (from 23.4% in H1). We don't capitalize AI expenses.

Kawji Taruja · Kotak Securities

partial

Relevance of Amagi amid AI reducing custom build costs.

We are extremely bullish about AI. We are a vertical software company where deep domain understanding is critical. We see opportunity to deliver better human productivity for customers.

Manish Adukia · Goldman Sachs

direct

Nature of renegotiations with largest customers.

Vijay: We opportunistically evaluate customers. Top five customers wouldn't be routine; we intentionally made a call to derisk concentration. Today top 10 is at 40%.

Manish Adukia · Goldman Sachs

direct

Timing impact on revenue from largest customers.

One large customer has a perpetual license contract. Revenue recognition based on channel go-live. Last year evenly balanced; this year aggressive timeline pulled revenue to H1, so Q3/Q4 dialed up 3-4 points.

Manish Adukia · Goldman Sachs

partial

Breakdown of one-offs in EBITDA margin.

One was seasonality on revenue side, and we had robust collections improving ECL reserve rates. Those are the two broad strokes. Q3 is also the largest quarter due to festive season.

Manish Adukia · Goldman Sachs

evasive

Proportion of managed services revenue and differentiation.

It's a very thin layer, low single digits, not even meaningful. We don't disclose that number. It's to provide 24/7 capability for high SLAs.

Manish Adukia · Goldman Sachs

evasive

Forward revenue and margin aspirations over three years.

Hard to give prescriptive guidance. Our endeavor would be to consistently deliver the growth rates and margin trajectory of the last couple of years over the next two to three years.

Rishi Junjunwala · IFL Capital

direct

Whether 10% EBITDA margin includes labor code provision adjustment.

You're right, it's adjusted for that. We'd be able to provide clarity on run rate impact as things evolve.