Datamatics Global Services Limited — Q3 FY26
Datamatics delivered a strong Q3 FY26 with revenue of ₹510.1 crore (+19.9% YoY) and EBITDA of ₹96.2 crore (+76.4% YoY), driving EBITDA margin expansion of 604 bps YoY to 18.9%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
73%Questions answered1Evaded / deflected11Questions auditedMixedNumbers vs filing
Partial answer
High priority
How will the three segmental mix evolve and digital experience decline recovery?
Asked by Danashi Zada
Gave directional outlook but no quantitative mix or margin details.
no specific revenue mix numbersqualitative only
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Question
how should we see the three segmental mix evolve in next couple of quarters and also if you can throw some light on digital experience which has shown some decline in this quarter whether it will recoup that degrowth
Rahul (CEO)
On digital experiences, two customers moving work to captives. Q4 full impact, Q1 next year upswing with new logos. Digital technologies robust, digital operations transitioning on AI side.
Partial answer
High priority
What is the order booking and pipeline growth this quarter?
Asked by Danashi Zada
Provided qualitative pipeline commentary but no quantitative order booking figures.
no specific booking numbersqualitative only
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Question
If you can throw some light on order booking and the nature of these that we have run this quarter and pipeline if you can give us some cues on how it is growing
Rahul (CEO)
Pipeline is still fairly strong, seeing a little uptick. Current uncertainties in US have become a state of normal. Velocity is slow but slight upward trend.
Evasive
Medium priority
What is the revenue mix from Google Gemini enterprise solutions?
Asked by Yajut Sha
Did not answer current revenue portion or expected mix; deferred to future quarters.
no revenue mix givendeferred to future
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Question
Regarding the Google Gemini enterprise solutions that we have started to grow out. Is it a big portion of our revenue and also what is the expected revenue mix from it?
Rahul (CEO)
No, we are implementing Google Gemini across the enterprise internally. Revenues will flow in next few quarters. Once we acquire a few customers in next 3-4 months we will get good visibility.
Answered
Medium priority
Will the labor code impact be just this quarter or continue?
Asked by Yajut Sha
Clearly stated one-time impact and gave approximate future impact range.
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Question
The labor code is back. Is this just for this quarter or will we see any other small impacts over the next quarter or the year?
Rahul (CEO)
It is just for this quarter, a one-time hit with retrospective effect. From next quarter onwards routine marginal increase in gratuity, maybe 34.5 but still doing math.
Partial answer
High priority
How is TNQ Tech performing and what is organic growth excluding TNQ?
Asked by Krishma Sha, Nvision Capital
Gave sequential growth but did not isolate organic growth or provide TNQ-specific numbers.
no standalone organic growth numberno TNQ YoY growth given
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Question
How is TNQ Tech doing? If you had to exclude that and look at standalone business, if you could give us some idea as to how the business is done.
Rahul (CEO)
TNQ is doing good, successfully integrating. Sequential quarter-on-quarter growth of 4% includes TNQ. Growth is not coming from acquisition. For Q1-Q3 we got a bump up of 19% from acquisition.
Answered
High priority
What is the outlook for FY27 growth?
Asked by Krishma Sha, Nvision Capital
Provided explicit growth guidance of high single digits.
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Question
For FY27, what does the outlook look like? Is it a flat year in terms of growth or low single digit?
Rahul (CEO)
We are looking at high single-digits growth, not factoring M&A. That would be a decent number to look at.
Partial answer
Medium priority
What was the spend on AI written off in Q3?
Asked by Piml Parik, Suniti
Gave annual spend range but not Q3-specific amount.
annual figure given, not Q3 specific
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Question
During Q3 what was the spend on AI which we have written off?
Rahul (CEO)
Our spend on transformation technologies is roughly 40 to 50 crores a year. We write this off as an expense.
Answered
Medium priority
Are companies warming up to give more AI projects?
Asked by Piml Parik, Suniti
Provided clear qualitative update on customer adoption trends.
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Question
In his earlier experience he had said that most companies are just testing out AI. So what is the experience now? Are the companies warming up to give more projects?
Rahul (CEO)
Customers are testing, some going into mainstream production. Hesitation from a year ago is waning. They are more open to adopting AI in main operations.
Answered
High priority
Are EBITDA margins sustainable at 19%?
Asked by Rahel, Safia Capital
Explicitly confirmed margin sustainability and improvement.
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Question
Are the EBITDA margins sustainable because we have been growing by a few basis points and we close with 19%? Is it sustainable for quarters ahead?
Rahul (CEO)
We will be sustaining the margins. We continue to look at cost control. EBITDA will maintain and keep improving.
Answered
High priority
Why guide only high single-digit growth when YoY growth is 18-20%?
Asked by Rahel, Safia Capital
Explained rationale for conservative guidance clearly.
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Question
Why as a company we are not guiding with a strong 20% plus growth for consolidated level?
Rahul (CEO)
Growth includes acquisition bump. We rather be conservative due to uncertainty. Sequential growth has been 4% for two quarters, healthy organic.
Answered
Medium priority
Will Q4 be muted due to digital experience impact?
Asked by Sanjot
Addressed the question directly with qualitative outlook.
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Question
Q4 is generally a good quarter. You mentioned digital experience will have some impact. Is it going to be a muted quarter compared to Q4 generally?
Rahul (CEO)
Q4 might be a little soft but Q1 will pick up. We will see a spike in Q4 but not as prominent as past because other businesses are larger and more stable.
Partial answer
Low priority
What is current employee count and wage hike status?
Asked by Sanjot
Gave qualitative headcount commentary but no exact number.
no specific employee count given
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Question
On headcount side in Q3, have you added any number of employees? What is the current employee count and wage hike?
Rahul (CEO)
We've not added too much more, augmenting with AI. Wage hike for this year is done. Next cycle next financial year April-May.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Sequential quarter-on-quarter growth of 4% | 4% | 19.9% | Understated vs filing |
| Bump up of 19% from acquisition for Q1-Q3 | 19% | 19.9% | Matches filing |
| EBITDA margin at 19% | 19% | 19% | Matches filing |
| FY27 growth guidance high single digits | 8% | 19.9% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.