LATENTVIEW Q3 FY26 earnings call.
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Revenue
₹278 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Source
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Where this quarter sits.
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What the record says.
Latent View Analytics delivered its 12th consecutive quarter of sequential growth with Q3 FY26 revenue up 5.7% QoQ in USD terms (approx. 8% in INR), driven primarily by strong BFSI momentum where revenue share has increased ~400bps since FY26 start. Technology (largest vertical) returned to growth aided by year-end projects and price increases at a top-2 account. CPG/Retail was muted due to delayed follow-on work from apparel/FMCG clients and timing issues at a large beverage account. Reported EBITDA margin of 22.4% (24.6% adjusted for one-time labor code restructuring costs of Rs 4.6 crore). Full-year guidance maintained at 19-20% revenue growth ($119-120 million) with EBITDA of ~24%. The company targets $200 million revenue by FY28 (~30% growth trajectory), though this may require 1-2% margin investments. Key risks include a $5-6 million annualized headwind from a large tech account restructuring toward FTE hiring and broader tech sector capital reallocation toward AI infrastructure. Databricks partnership is on track for $16-17 million FY26 revenue toward the $50 million three-year target.
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Guidance to track
- Full-year revenue guidance maintained at 19-20% YoY growth, with potential to exceed $120M if current pipeline projects execute. This represents 12th consecutive quarter of sequential growth.
- Adjusted EBITDA margin (excluding one-time items) expected at 24% for full year, with Q4 specifically targeted at 24.5-25% due to absence of severance costs and lower visa expenses.
- Management targets $200M revenue by FY28, requiring ~30% growth trajectory from current $120M base. Gap of ~$80M expected to be addressed through organic growth and M&A (potentially larger ticket deals).
- Databricks partnership on track for $50M revenue target over 3-year horizon with $16-17M expected in FY26. Mix expected to shift from 80/20 (analytics/migration) to 60-70/30-40 as migrate mate solution gains traction.
Risks flagged
- A major technology account's stakeholder prefers FTE over contractor hiring, resulting in consolidation and budget cuts. Net annualized impact estimated at $5-6M with effects visible in Q4 technology vertical. Multiple other stakeholder threads being pursued to offset shortfall.
- Large tech companies are reallocating budgets from analytics initiatives toward AI infrastructure (data centers, LLM investments). This has caused softness in lower-priority analytics work and longer decision cycles, impacting tech vertical performance.
- Analyst questioned whether Latent View's AI accelerators (Marquee, MigrateMate) can be replicated by larger Indian IT firms. Management acknowledged 'nothing prevents them' from copying, citing agility and focus as differentiators rather than insurmountable technological barriers.
- Multiple small-value projects from a large beverage manufacturer (Decision Point) did not close in Q3 due to timing delays in start dates. While pipeline has firmed up for Q4, execution on these smaller value projects creates revenue unpredictability in the consumer vertical.
Key quotes
- There is some level of additional capacity that was built up over a period of time and there were certain roles that also did not align with our sort of strategy going forward. So there was a little of a rationalization exercise that we undertook in this particular quarter where we let go close to about 40 odd people.
- What prevents from our Indian outsourcing system integrators copying these accelerators... nothing prevents them. It is just a question of focused effort and the extent to which you're able to bring the combination of domain, technology, architecture expertise and the strength of the relationship that you're able to build with the partner ecosystem.
- There is a $5-6 million annualized revenue headwind from this particular account. While there is dependency on this particular stakeholder, there are multiple other threads that we have opened up in this large account which should partially offset the drop in revenue.
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