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Revenue
₹39.1 Cr
verified against source
Revenue YoY
61.2%
reported change
EBITDA
₹31.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Pelatro delivered a strong Q4 FY26 with consolidated revenue of ₹138.23 crore (+61.2% YoY), driven by 36% organic growth in the CVM division and a 9-month contribution from the acquired Estel division. EBITDA grew 76% YoY to ₹31.5 crore, with margins expanding 190 bps to 22.8%, reflecting operating leverage and nonlinearity. PAT rose 52% to ₹18.1 crore. Management guided for at least 15% annual organic revenue growth over the next five years and EBITDA margins reaching 30% in 2-3 years, supported by AI-driven cost efficiencies and product enhancements. Key risks include long telco sales cycles and potential geopolitical disruptions in key markets.
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Guidance to track
- Management commits to at least 15% organic revenue growth per annum over the next five years, excluding any acquisitions.
- EBITDA margins expected to reach 30% in the next 2-3 years, driven by operating leverage and AI-led cost reductions.
- At the start of FY27, 82% of the internal revenue target is under contract, providing high visibility.
- AI integration in development and support is expected to lower cost per dollar of revenue over the next 18-24 months.
Risks flagged
- Telco decision-making is slow, with average sales cycles of 10-12 months, which could delay revenue recognition.
- Management cited 'political reasons' as a key factor for losing deals or getting replaced, without elaborating.
- An analyst questioned whether generic LLMs could replace Pelatro's platform; management argued complexity makes it unlikely, but the risk remains.
- Top 5 customers contribute ~40% of revenue, posing a concentration risk if any are lost.
Key quotes
- We are absolutely confident of excellent growth in the years to come and we are committing to at least 15% annual growth on revenue organic growth.
- If you look at our EBITDA growth, you will see it is upwards of 80%... that nonlinearity will continue in the years to come will only accelerate because of AI.
- We lose out because of political reasons and we could get replaced because of political reasons but not because of technical reasons.
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