Amagi Q2 revenue rises 27% to Rs 476 crore across segments

Amagi reported Q2 FY27 revenue of Rs 476 crore, up 27% year on year from Rs 375 crore, as Streaming Unification, Monetization & Marketplace and Cloud Modernization each expanded. Growth was 33% excluding a prior-year Cloud Modernization revenue-recognition timing benefit, while trailing-12-month net revenue retention exceeded 125%.

How much did Amagi’s Q2 FY27 revenue grow?

Amagi’s Q2 FY27 revenue grew 27% year on year to Rs 476 crore, compared with Rs 375 crore in Q2 FY26 and Rs 278 crore in Q2 FY25. The Rs 101 crore increase followed 35% reported growth in Q2 FY26. Constant-currency growth in Q2 FY27 was 15%, compared with reported growth of 27%.

The Q2 FY26 comparison included a one-off Cloud Modernization revenue-recognition timing benefit worth about 600 basis points. Amagi reported Q2 FY27 growth of 33% excluding that base effect, while constant-currency growth excluding the effect was 21%. The company had also reported 26% Q2 FY26 growth on an ex-base basis.

Amagi reported Rs 913 crore of revenue in H1 FY27, up 30% year on year and 34% excluding the H1 FY26 timing benefit. For FY27, management’s stated priorities remain expansion-led durable revenue growth, operating leverage and cash conversion.

Which Amagi segments drove Q2 FY27 growth?

All three Amagi segments expanded in Q2 FY27, led by Streaming Unification, which grew 35% year on year. Monetization & Marketplace grew 28%, while Cloud Modernization grew 9% on a reported basis. Cloud Modernization growth was 36% excluding the prior-year timing benefit.

Streaming Unification accounted for 55% of Q2 FY27 revenue, up from 52% in Q2 FY26 but below 57% in Q2 FY25. Monetization & Marketplace represented 25%, unchanged from Q2 FY26 and above 23% in Q2 FY25. Cloud Modernization contributed 20%, compared with 23% a year earlier and 20% two years earlier.

The mix shift from Q2 FY26 to Q2 FY27 was concentrated in Streaming Unification, whose revenue share increased by 3 percentage points. Cloud Modernization’s share declined by 3 percentage points, while Monetization & Marketplace was unchanged. Nevertheless, the disclosed segment growth rates show that each business added revenue year on year.

What do Amagi’s customer and activity metrics show?

Amagi reported trailing-12-month net revenue retention of more than 125% in Q2 FY27. The company described its FY27 revenue objective as expansion-led growth, and this retention metric was disclosed alongside the Q2 revenue result.

Amagi had 15 customers generating more than US$1 million of revenue in H1 FY27, up from 11 in H1 FY26. Its top 10 customers represented 41% of revenue, flat year on year. The company noted that the 15-customer figure is a half-year measure, whereas its FY26 annual count of customers above US$1 million was 35.

Platform activity also increased in Q2 FY27. Cumulative content reached 1.0 million hours, up 43% year on year, while channel deliveries rose 29% to 10.8 thousand and distributors increased 24% to 477. Ad impressions rose 65% to 16.0 billion, exceeding the quarter’s 27% reported revenue growth rate.

How did Amagi convert revenue growth into profit and cash flow?

Amagi generated adjusted earnings before interest, tax, depreciation and amortisation, or adjusted EBITDA, of Rs 89 crore in Q2 FY27, compared with Rs 42 crore in Q2 FY26. The adjusted EBITDA margin increased by 7.6 percentage points to 18.7% as revenue rose to Rs 476 crore. Operating cost increased to Rs 387 crore from Rs 333 crore under Amagi’s definition, which excludes employee stock option plan expense, depreciation and amortisation, finance cost and tax.

Gross margin was 68.1% in Q2 FY27, up 0.8 percentage points quarter on quarter and within management’s stated 67% to 69% range. Amagi attributed the adjusted EBITDA-margin increase to general and administrative expense of 3.5 points, research and development of 2.9 points and sales and marketing of 2.8 points, partly offset by a 1.6-point gross-margin movement.

Profit after tax was Rs 75 crore, or 14.9% of total income, in Q2 FY27, up 2,860% year on year. Amagi said the profit-after-tax margin rose 14.3 percentage points, including a 6.7-point employee stock option plan effect. Q2 FY26 included a one-time pre-initial-public-offering catch-up; excluding it, employee stock option plan expense was 7.3% of Q2 FY26 revenue.

For H1 FY27, adjusted operating cash flow was Rs 94 crore, equal to 67% of adjusted EBITDA of Rs 139 crore, compared with negative Rs 98 crore in H1 FY26 excluding one-time items. Adjusted free cash flow was Rs 85 crore after Rs 9 crore of capital expenditure. Cash, bank balances and treasury investments stood at Rs 1,774 crore on 30 September 2026, up Rs 110 crore from 31 March 2026, with zero debt.

Conclusion

Amagi’s Q2 FY27 results show growth across all three segments, with reported revenue reaching Rs 476 crore and ex-base growth of 33%. Streaming Unification increased its share of revenue, while Monetization & Marketplace and Cloud Modernization also grew. Higher revenue coincided with adjusted EBITDA of Rs 89 crore, a 18.7% margin, and H1 adjusted operating cash flow of Rs 94 crore.

The next disclosed measures to watch are progress against management’s unchanged FY27 priorities of expansion-led revenue growth, costs growing more slowly than revenue and profit converting into operating cash flow. Management also continues to state a 67% to 69% gross-margin range, while noting that cash-conversion effort is ongoing after H1 adjusted operating cash flow reached 67% of adjusted EBITDA.