Amagi Media Labs (AMAGI) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹4,758.23 million, up 27% reported and 33% ex-base; adjusted EBITDA rose 114% to ₹89.1 crore, and net profit was ₹748.38 million.

• Activity reached 1.0 million cumulative content hours processed, 10,787 channel deliveries, 477 distributors and 16.0 billion ad impressions; active customers rose 22% to 503.

• TTM NRR exceeded 125%; IDC MarketScape named the business a Leader in the Worldwide AI-Driven Business Cycle in the Media Industry 2026.

Financial highlights

• Q2 revenue was ₹4,758.23 million versus ₹3,747.62 million a year earlier; constant-currency growth was 15% reported and 21% ex-base.

• Q2 adjusted EBITDA was ₹89.1 crore, up 114%, at an 18.7% margin; underlying margin was closer to 16.5% after timing benefits. Net profit was ₹748.38 million, at a 14.9% margin.

• H1 revenue was ₹9,127.01 million, up 30% reported and 34% ex-base; adjusted EBITDA was ₹139 crore at a 15.3% margin, and net profit was ₹1,087.43 million.

• Standalone Q2 revenue was ₹3,065.28 million and net profit ₹511.52 million, versus a net loss of ₹65.98 million in Q2 FY26; H1 revenue was ₹5,821.64 million and net profit ₹741.23 million.

Outlook and guidance

• FY27 priorities remain durable, expansion-led revenue growth; operating costs growing slower than revenue; and improved conversion of profit into operating cash flow.

• FY margin is expected to remain close to the ~16.5% underlying level; Q3 is expected to have elevated margins, supported by U.S. midterm-election advertising and recurring cloud savings.

• AI-related upside is promising but too early to quantify; new products need more than one quarter to progress through paying and scaling stages.

• Medium-term R&D expense is expected to be ~20% of revenue, fully reflected in the P&L with no capitalization.