Liyqd Digital India Limited: AdLift supplied 60% of FY26 sales

Liyqd Digital India Limited reported Rs 60.2391 crore of consolidated revenue from operations in Fiscal 2026, but approximately 60% was attributed to AdLift Marketing, acquired in April 2025. The acquisition also coincided with export revenue reaching Rs 19.6799 crore, or 32.67% of FY26 revenue, from Rs 2.63 lakh in Fiscal 2025.

How much of Liyqd Digital’s FY26 growth came from AdLift?

Liyqd Digital’s reported FY26 revenue increase principally reflects the consolidation of AdLift rather than a like-for-like expansion of the original agency. Revenue from operations was Rs 60.2391 crore on a consolidated basis in Fiscal 2026, compared with Rs 24.8695 crore on a standalone basis in Fiscal 2025, a difference of Rs 35.3696 crore. The prospectus states that about 60% of FY26 consolidated revenue was attributable to AdLift Marketing, a material subsidiary acquired in Fiscal 2026.

The FY26 comparison has a changed reporting perimeter. FY26 includes AdLift Marketing and its subsidiary AdLift Inc, while Fiscal 2025 and Fiscal 2024 report Liyqd Digital on a standalone basis. Liyqd Digital’s standalone FY26 revenue was Rs 24.337 crore, compared with Rs 24.8695 crore in FY25 and Rs 18.0546 crore in FY24. The disclosed 82.66% compound annual growth rate, or CAGR, is therefore stated to be higher because of the Fiscal 2026 consolidation of material subsidiaries.

AdLift adds search engine optimisation, or SEO, content marketing and performance marketing to Liyqd Digital’s media buying, social-media management, creative production, online reputation management, and web and application-development services. The larger FY26 revenue base depends on AdLift retaining its clients and mandates, while the prospectus identifies cross-selling between creative and performance marketing as an intended integration benefit.

Why did retainers become Liyqd Digital’s largest revenue vertical?

Liyqd Digital’s retainer revenue became Rs 33.3252 crore, or 55.32% of FY26 revenue, primarily because AdLift Marketing and AdLift Inc were consolidated and their key revenue stream was classified in the retainer vertical. A retainer is a monthly recurring mandate with a defined scope, and Liyqd Digital says the approximate contract tenure is one year with mutual renewals. This differs from project revenue, which comes from one-time assignments with defined start and end points.

Retainer revenue was Rs 4.7955 crore, or 19.28% of revenue, in FY25 and Rs 6.475 crore, or 35.86%, in FY24. The FY26 retainer increase of Rs 28.5297 crore exceeded the total increase in reported revenue between FY25 and FY26. Media revenue rose to Rs 22.2036 crore from Rs 15.0013 crore, but its revenue share fell to 36.86% from 60.32% as the consolidated mix became retainer-led.

The retainer shift does not make FY26 repeat-business data directly comparable with FY25. Liyqd Digital defines repeat customers as those billed at least once each year in two of the preceding three financial years. Reported repeat-business revenue was 22.77% in consolidated FY26, compared with 91.73% in FY25, because AdLift’s revenue was treated as new-client revenue after the acquisition. On Liyqd Digital’s standalone FY26 basis, repeat business was 54.21%.

How did the AdLift acquisition turn one-third of sales into exports?

Liyqd Digital’s export revenue reached Rs 19.6799 crore in FY26, or 32.67% of consolidated revenue, after being Rs 2.63 lakh, or 0.11%, in FY25. Fiscal 2024 recorded no export revenue. The change followed the April 2025 acquisition of AdLift Marketing, whose wholly owned subsidiary AdLift Inc operates in the United States.

AdLift Marketing’s consolidated FY26 revenue was Rs 38.0328 crore. AdLift Marketing’s India standalone operation contributed Rs 22.2665 crore, or 58.55%, and AdLift Inc contributed Rs 15.7663 crore, or 41.45%. The prospectus also says approximately 50% of AdLift Group turnover is derived from the United States through AdLift Inc, which provides a disclosed route for Liyqd Digital’s international exposure.

The export contribution depends on AdLift Inc continuing its U.S. activity. The prospectus states that the U.S. business handles new-business development, enterprise account management, SEO strategies, paid-media planning and consulting. India-based teams execute SEO operations, content creation, digital public relations and paid-media campaigns. AdLift contracts may be denominated in U.S. dollars or Indian rupees depending on geography and scope.

What else changed in Liyqd Digital’s FY26 financial profile?

Liyqd Digital’s reported profit and operating measures increased alongside the enlarged consolidated business, although earlier figures are standalone. Profit after tax, or PAT, was Rs 8.026 crore in FY26, compared with Rs 2.2482 crore in FY25 and Rs 1.903 crore in FY24. Earnings before interest, tax, depreciation and amortisation, or EBITDA, was Rs 11.2563 crore in FY26, compared with Rs 3.9313 crore in FY25, while EBITDA margin was 18.69% versus 15.81%.

The customer mix also changed in FY26. Financial services contributed Rs 15.4645 crore, or 25.67% of revenue; fast-moving consumer goods, or FMCG, contributed Rs 13.1815 crore, or 21.88%; and information technology and communication contributed Rs 11.625 crore, or 19.30%. The top 10 customers produced Rs 31.3984 crore, or 52.12%, of FY26 revenue, compared with 85.95% in FY25, when their contribution was Rs 21.3752 crore.

Liyqd Digital remained connected to its corporate promoter, Concept Communication Limited, which supplied Rs 7.6018 crore, or 12.62%, of consolidated FY26 revenue. This was below Rs 10.9728 crore, or 44.12%, in FY25. Under a business agreement dated August 28, 2025, Liyqd Digital is a preferred vendor and digital partner for Concept Communication’s IPO-related digital-media engagements and other consolidated contracts.

Conclusion

Liyqd Digital’s FY26 revenue, retainer mix and export exposure were reshaped by the April 2025 acquisition of AdLift Marketing. Consolidated revenue reached Rs 60.2391 crore, but the prospectus attributes about 60% of that amount to AdLift. Liyqd Digital’s standalone FY26 revenue of Rs 24.337 crore, compared with Rs 24.8695 crore in FY25, is the more comparable measure for the pre-acquisition business.

The next point to watch is whether the disclosed integration plan produces continuing cross-selling and U.S. revenue beyond the initial consolidation effect. Liyqd Digital says it intends to use shared delivery teams, access the U.S. market through AdLift Group’s client base, and evaluate acquisitions in marketing technology, content intellectual property and influencer technology. The prospectus does not quantify revenue, timing or financial outcomes from these plans.