LATENTVIEW Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹258 Cr
verified against source
Revenue YoY
23.2%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Latent View Analytics delivered its 11th consecutive quarter of sequential revenue growth with operating revenue of ₹257 crores, up 23.2% YoY on an apples-to-apples basis. The 9.1% QoQ acceleration was driven by strong performance in Financial Services (94% YoY growth, 30% sequential) and Consumer Goods (23% YoY including Decision Point synergies). EBITDA margin came in at 21.8% reported (22.5% adjusted), with full-year guidance revised to 22-23% range due to incremental investments in Data bricks go-to-market and AI Center of Excellence. Revenue growth guidance was nudged upward to 19-20% for FY26. The technology vertical remains sluggish at 7-8% growth due to client cost consolidation pressures and demand for AI-driven efficiency. Nearshore strategy is being accelerated with plans to scale from 20 to 100 people in 12 months. Key risks include tech vertical renewal negotiations in Q3 and potential client budget tightening, though management flagged that several clients have excess budgets to deploy before fiscal year-end.
Colored figures show movement against the previous available record.
Guidance to track
- Management nudged guidance upward from 18-19% to 19-20% based on strong pipeline momentum in Financial Services, Data bricks, and CPG verticals, pending Q3 renewal outcomes.
- Revised downward from 23-24% as the company commits to sustained investment in Data bricks go-to-market, AI Center of Excellence, and front-end sales bandwidth to drive growth beyond 20%.
- On track for the $50M target in three-year timeframe; first year trajectory at $19M represents 80%+ growth with SAP competency on Data bricks platform being built out.
- No change to the medium-term $200-220M revenue target; management noted need for acceleration but sees visa normalization and nearshore expansion as potential tailwinds.
Risks flagged
- Q3 is renewal season for tech clients who are exhibiting cost consolidation and pricing pressure. Management acknowledged tentative buying behavior and client expectations for AI-driven productivity gains, creating risk of margin compression or account losses.
- Diagnostic/descriptive analytics service line has remained flat at $16-16.5M quarterly for one year, pressured by clients demanding generative AI-driven efficiency. Management is building 'Viz AI' solution but success is not guaranteed.
- Coca-Cola business had 2-3 years of solid growth but has been sluggish this year with volume drops. Though management expects overall CPG growth of 28%, concentrated exposure to stressed clients poses downside.
- Q2 opex at ₹33.5 crore was 27-50% higher QoQ due to seasonal marketing events, visa costs ($220K incremental), and recruitment fees. The EBITDA margin guidance was cut by 100bps, suggesting structural cost pressures from investment phase.
Key quotes
- We are looking to disrupt, we build those AI value propositions and the agentic frameworks that can help do that work. But it's very hard to put down what is going to happen six years down the line—in six years you could have artificial general intelligence.
- While we initially guided on a 23 to 24% band, we would want to keep the level of investment sustained and therefore for the full year we would like to re-guide that the EBITDA will be between 22 to 23% because we would want to incrementally deploy some of the additional cash that the business is generating back into driving growth.
- There are already a lot of questions... about how all of this investment is circular in nature. Is it really pushing the boundaries for the LLMs? Because at the end of the day LLMs use only language-based reasoning and modeling. There are many different classes of intelligence now like spatial intelligence or visual intelligence or physical dynamic intelligence.
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