Amagi Media Labs LimitedMedia & EntertainmentAMAGI
Q1 FY27 earnings callAmagi Media Labs Limited
Amagi posted record quarterly revenue of INR437 crores, up 32% year-on-year, driven by strong volume growth across its cloud-native media platform, while also showing expanding profitability and early AI traction with 10 active pilots.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR437 crores | 32% | |
| Adjusted EBITDA Margin | 11.5% | — | |
| PAT Margin | 7.5% | — | |
| Net Retention Rate (TTM) | 125% | — | |
| Ad Impressions | 13.6 billion | 59% |
TL;DR
- Revenue was INR437 crores, up 32% YoY and 21% on a constant currency basis.
- Adjusted EBITDA margin expanded to 11.5%, up from 10.3% in FY26 full year.
- Platform activity was strong: content processed grew 43%, ad impressions grew 59%.
- AI product Newspulse gained its first paying customer, a major U.S. news network.
- Cash and investments stood at INR1,616 crores, including IPO proceeds.
- Management sees a large TAM of $17 billion, with AI potentially doubling it over time.
Said on the call
“This creates a pretty long runway for Amagi as we see this happening in the next few years.”
From the Q&A
| Topic | What management said |
|---|---|
| Gross Margin Sustainability | Management expects gross margins to remain in the 67% to 69% range for the year, with ongoing cloud cost savings being reinvested for growth, and sees AI's margin impact following a similar S-curve to historical patterns. |
| AI Monetization and Pricing | AI pricing is still early; models include an AI credit system to mimic cost-plus and working with customers to measure cost reduction or incremental revenue value. No material deflationary impact on revenue has been seen yet. |
| Channel Delivery Growth Drivers | Growth in channel deliveries is directional from existing channels going to more distribution points; net revenue retention is a proxy, with roughly 26% of growth coming from existing customers. |
| Industry Consolidation & Vendor Strategy | Customers want to consolidate vendors, which is a right-to-win for Amagi. Early AI wins, like Newspulse with a U.S. news network, are with existing customers, leveraging the platform. |
| Ad Impressions and FIFA Impact | The 59% growth in ad impressions is organic, driven by CTV penetration and more content, with no correlation to FIFA World Cup. Platforms are outsourcing ad management, not in-sourcing. |
Guidance
- Q2 FY26 had a revenue recognition timing benefit, creating a headwind of about 600 basis points for the Q2 year-over-year comparison.
- Historically, H1 has been about 47% of full-year revenue and 37% of full-year adjusted EBITDA, with profitability more back-half weighted.
- AI is viewed as a 2- to 3-year S-curve for margin development.
Source
Summary written from the transcript filed by Amagi Media Labs Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 17:21 IST.