Total Calls (H2)
9,800
+8.9% YoY
H2 FY26 calls increased from 9,000 to 9,800 vs H2 FY25.
INFOLLIONRESEARCH
Information Technology
15 Apr 2026
Infollion Research Services Ltd — Q4 FY26
Infollion crossed ₹114.73 Cr revenue in FY26, up ~30% YoY, with PAT at ₹12.72 Cr and free cash flow over ₹8 Cr.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Infollion crossed ₹114.73 Cr revenue in FY26, up ~30% YoY, with PAT at ₹12.72 Cr and free cash flow over ₹8 Cr. Core India business showed resilience but H2 volumes moderated, especially in March (25% below run-rate). Three new initiatives—Hooka (L&D), US corridor, and MENA—contributed ~₹1 Cr revenue, with Hooka crossing first crore and MENA growing faster than expected. Management turned aggressive on pricing to gain market share, compressing gross margins, while employee costs rose ~25% due to expansion hires. No specific FY27 guidance given; medium-term outlook hinges on India economy and consulting demand. Risk: sustained volume weakness in core India business if consulting spending slows further.
Key Numbers
Expert Network Size
136,461
N/A
Total experts on platform as disclosed in presentation.
Employee Count
270
+35% YoY
Added ~70 employees, mostly in newer functions like sales and tech.
Hooka Trainings
100+
N/A
Conducted over 100 training sessions in FY26, with repeat clients.
Management Guidance
US business breakeven at ~$1M revenue
Management targets US operations to break even once revenue reaches roughly $1 million (₹8-10 Cr), after which hiring in US will commence.
Management guidance growthCore India employee growth to slow relative to revenue
For the core India business, employee additions will be much slower than revenue growth, implying operating leverage.
Management guidance marginsPotential mainboard migration
Company aims to migrate from SME to mainboard once all criteria are met, including 3-year SME listing and ₹100 Cr turnover (achieved).
Management guidance otherKey Risks
Sustained volume decline in core India business
March saw 25% lower daily project inflow; if this persists, revenue growth could stall.
high · data_observationMargin compression from aggressive pricing and new initiatives
Gross margins fell due to free CD calls and volume discounts; management cannot predict when margins will recover.
medium · management_commentaryAI disruption to research demand
Analyst raised concern that clients may use AI for shallow research, reducing call volumes. Management downplayed but acknowledged risk.
medium · analyst_questionEmployee cost growth outpacing revenue
Employee expenses rose 25% vs 30% revenue growth; further hiring in US and Hooka could pressure margins.
medium · analyst_questionNotable Quotes
We are nothing but a derivative of these three or four categories: strategy consulting, private equity investments, and public markets AUM.
We have been saying this right from our IPO road show days that the reason we exist is because this information and human in the loop and that intuitive ability of experts is what we bring on the table.
We are very aggressive. We want to be dominant within our India market. We are probably equal to the next two or three combined now.
Frequently Asked Questions
What was Infollion Research Services's revenue in Q4 FY26?
Infollion Research Services reported revenue of ₹49 Cr in Q4 FY26, representing a +30% change compared to the same quarter last year.
What guidance did Infollion Research Services management give for FY27?
US business breakeven at ~$1M revenue: Management targets US operations to break even once revenue reaches roughly $1 million (₹8-10 Cr), after which hiring in US will commence. Core India employee growth to slow relative to revenue: For the core India business, employee additions will be much slower than revenue growth, implying operating leverage. Potential mainboard migration: Company aims to migrate from SME to mainboard once all criteria are met, including 3-year SME listing and ₹100 Cr turnover (achieved).
What are the key risks for Infollion Research Services in FY27?
Key risks include Sustained volume decline in core India business — March saw 25% lower daily project inflow; if this persists, revenue growth could stall.; Margin compression from aggressive pricing and new initiatives — Gross margins fell due to free CD calls and volume discounts; management cannot predict when margins will recover.; AI disruption to research demand — Analyst raised concern that clients may use AI for shallow research, reducing call volumes. Management downplayed but acknowledged risk.; Employee cost growth outpacing revenue — Employee expenses rose 25% vs 30% revenue growth; further hiring in US and Hooka could pressure margins..
Did Infollion Research Services meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Infollion Research Services Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.