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Revenue
₹329 Cr
verified against source
Revenue YoY
52%
reported change
EBITDA
₹44.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ivalue Infosolutions reported a record Q2 FY26 with net sales of ₹329 Cr (+52% YoY) and PAT of ₹29.7 Cr (+57% YoY), driven by broad-based growth across all four tech segments, particularly data center infrastructure (+71% YoY in H1) and cybersecurity (48% of business, +29% YoY). The annuity business contributed 42% of gross sales and grew 39% YoY, providing revenue visibility. Management highlighted a strong order pipeline of ₹2,500 Cr for Q3 and expects H2 to be stronger than H1 due to seasonality. AI adoption is seen as a key tailwind across segments. Risks include pricing pressure from currency fluctuations and potential margin compression if commodity mix increases.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects H2 gross sales and EBITDA to be higher than H1, consistent with historical seasonality (60% gross sales, 65% EBITDA in H2).
- Annuity business as a percentage of gross sales is expected to stay in the 40-45% range, with absolute growth faster than overall gross sales.
- Incremental gross margin flow-through to EBITDA is expected to be ~80%, as cost growth will lag revenue growth over the next 18-24 months.
Risks flagged
- Rupee depreciation and dollar appreciation caused pricing pressure in Q1, compressing gross margins. Recovery occurred in Q2 but remains a risk.
- Analyst questioned how Ivalue protects margins against large broadline distributors. Management cited niche focus and solution selling, but risk remains if commoditization increases.
- Top five OEMs contribute 60-65% of business, creating dependency risk if relationships or OEM strategies change.
Key quotes
- We are happy to share that last quarter that is Q2 of FI26 has been the best quarter in IAL's 18 years history reflecting the strength of our business model and execution excellence.
- Our annuity business contributed to 42.3% of the overall gross sales in H1 FY26. This grew by 39.2% in this H1 over last H1.
- We have an external IR and they have advised us not to give any guidance.
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