Capillary Technologies India (CAPILLARY) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue grew 47% YoY to ₹5,279.99 Mn; Adjusted EBITDA rose 116% to ₹888.8 Mn at a 17% margin, reflecting expansion and operating leverage.

• Q2 FY27 revenue was ₹2,713.55 Mn, up 51% YoY; ARR reached ₹10,854 Mn, also up 51%.

• Growth reflected organic expansion, new wins, AI-led differentiation and SessionM; management said it remained on track to meet or slightly exceed FY guidance.

• The loyalty and customer-engagement platform serves 462+ brands across 55 countries, with 2.9B+ consumer profiles and 20+ Fortune 500 customers.

Financial highlights

• Q2 revenue from operations was ₹2,713.55 Mn versus ₹1,793.25 Mn a year earlier; H1 revenue was ₹5,279.99 Mn versus ₹3,592.18 Mn.

• Q2 Adjusted EBITDA was ₹448.6 Mn, up 103% YoY, at a 17% margin; H1 Adjusted EBITDA was ₹888.8 Mn, up 116%, also at a 17% margin.

• Consolidated net profit was ₹219.16 Mn in Q2 and ₹123.64 Mn in H1; H1 included a ₹333.86 Mn exceptional fraud loss in Q1.

• H1 organic revenue grew 23% to ₹3,180 Mn; inorganic revenue was ₹2,100 Mn, largely reflecting SessionM.

• Standalone revenue was ₹842.58 Mn in Q2 and ₹1,485.45 Mn in H1; standalone net profit was ₹294.31 Mn and ₹371.96 Mn, respectively.

Outlook and guidance

• FY27 guidance is ₹10,650 Mn revenue and ₹1,720 Mn Adjusted EBITDA; management said it remained on track to meet these targets.

• Organic growth guidance remains ~20%; management said more quarters are needed to assess whether new-deal momentum supports a higher target.

• aiRA’s $10M ARR year-end objective was described as achievable, though it could slip by a quarter; enterprise licensing is shifting toward fixed-fee tiers.

• SessionM migrations are expected to take 2–3 years, with bulk migrations in FY28–FY29; server-cost and other benefits are expected incrementally and earlier.