Tracxn Technologies (TRACXN) Q4 25/26 earnings summary

Executive summary

• Revenue from operations for FY26 was ₹84 crore, with Q4 FY26 revenue at ₹20.5 crore; over half of revenue came from international markets, though international revenue declined 10% YoY while India grew 14%.

• PAT for FY26 was -₹0.6 crore, a significant improvement from -₹5.5 crore YoY; adjusted PAT (excluding non-cash expenses) was +₹2.5 crore.

• Customer accounts grew 19% YoY to 2,289, with user count up 23% to 6,227.

• Major investments in data expansion, AI-native product launches, and scaling sales teams are expected to drive growth in FY27.

• Audited results for FY26 were approved, with a net loss for the year and key board appointments including a new independent director.

Financial highlights

• EBITDA for FY26 was -₹6.6 crore, improved from -₹7.4 crore YoY; adjusted EBITDA (excluding non-cash ESOP) was -₹3.5 crore.

• Total expenses for FY26 were ₹90.7 crore, up 8% YoY, with 88% of expenses as team costs.

• Free cash flow for FY26 was ₹17.4 crore; cash and cash equivalents stood at ₹89.2 crore at year-end, net of buyback.

• Deferred revenue at FY26 end was ₹37.9 crore.

• EPS for FY26 was (₹0.73), improved from (₹0.89) in FY25.

Outlook and guidance

• Accelerated India growth is expected to continue in FY27, with international rebound anticipated from Q1 FY27 as vertical teams and datasets are rolled out.

• AI-native access, new partnerships, and expanded regulatory datasets are projected to contribute to revenue in FY27.

• Management targets a 20%+ growth rate, even if market conditions remain soft.

• Management continues to monitor deferred tax asset recoverability and regulatory changes.