Matrimony.com H1 EBITDA rose 126% as expenses edged up

Matrimony.com Limited reported H1-FY27 EBITDA of Rs 56.6 crore, up 125.9% year on year, after revenue increased 15.4% to Rs 265.3 crore while total expenses rose 1.9% to Rs 208.7 crore. The resulting EBITDA margin rose to 21.3% from 10.9% in H1-FY26.

How did Matrimony.com increase H1-FY27 EBITDA?

Matrimony.com increased H1-FY27 EBITDA because its Rs 35.4 crore revenue increase was accompanied by only a Rs 3.9 crore increase in total expenses. Revenue rose from Rs 229.9 crore in H1-FY26 to Rs 265.3 crore, while EBITDA rose by Rs 31.5 crore from Rs 25.1 crore to Rs 56.6 crore. The reported 125.9% EBITDA growth was substantially above the 15.4% revenue growth rate.

The EBITDA margin expanded by 1,040 basis points, equivalent to 10.4 percentage points, to 21.3% in H1-FY27. Matrimony.com calculates EBITDA after adjusting operational other income with total expenses. The presentation does not provide a break-up of H1 total expenses by individual cost category, so it does not specify which expense lines limited overall expense growth to 1.9%.

What happened to Matrimony.com profit below EBITDA?

Matrimony.com reported H1-FY27 profit after tax of Rs 39.8 crore, up 146.6% from Rs 16.1 crore in H1-FY26, and the profit-after-tax margin increased to 14.9% from 7.0%. Profit before tax rose 151.4% to Rs 52.3 crore from Rs 20.8 crore, following the increase in operating profit.

Depreciation declined 1.4% to Rs 13.7 crore in H1-FY27 from Rs 13.9 crore a year earlier, while finance cost rose 8.7% to Rs 2.5 crore from Rs 2.3 crore. Other income was unchanged at Rs 12.2 crore, the share of loss from the associate remained Rs 30 lakh, and tax increased to Rs 12.5 crore from Rs 4.6 crore.

Diluted earnings per share, or EPS, rose 157.1% to Rs 19.25 in H1-FY27 from Rs 7.49 in H1-FY26. That increase exceeded the 146.6% rise in profit after tax, but the presentation does not provide a half-year reconciliation of diluted shares that would explain the difference between the EPS and profit growth rates.

Did Matrimony.com sustain the improvement in Q2-FY27?

Matrimony.com sustained the reported improvement in Q2-FY27, with revenue rising 17.6% year on year to Rs 134.8 crore and EBITDA increasing 144.7% to Rs 30.3 crore. Total expenses were Rs 104.5 crore, up 2.3% from Q2-FY26, and the EBITDA margin reached 22.5% compared with 10.8% a year earlier.

Sequentially, Q2-FY27 revenue was 3.3% above Q1-FY27 revenue of Rs 130.5 crore, while EBITDA rose 15.4% from Rs 26.3 crore. The EBITDA margin increased by 240 basis points from 20.1% in Q1-FY27. Q2 profit after tax was Rs 20.7 crore, up 167.3% year on year and 8.6% from Rs 19.1 crore in Q1-FY27.

Matchmaking billings in Q2-FY27 were Rs 130.3 crore, compared with consolidated billings of Rs 131.1 crore. Matrimony.com added 0.30 million paid subscriptions during the quarter, 26.6% more than a year earlier, while average transaction value, or ATV, for matchmaking declined 12.2% year on year to Rs 4,313. The quarterly data therefore show higher paid subscriber additions alongside a lower transaction value.

How does H1-FY27 compare with Matrimony.com earlier profitability?

Matrimony.com EBITDA and EBITDA margin had declined in the two financial years before H1-FY27. EBITDA fell from Rs 73.4 crore in FY24 to Rs 63.8 crore in FY25 and Rs 52.5 crore in FY26. Over those same periods, EBITDA margin declined from 15.2% to 13.9% and then 11.4%.

H1-FY27 EBITDA of Rs 56.6 crore was higher than the Rs 52.5 crore reported for full-year FY26, but the two periods are not like-for-like because H1-FY27 covers six months. The directly comparable half-year measure is EBITDA of Rs 56.6 crore versus Rs 25.1 crore in H1-FY26. H1-FY27 revenue of Rs 265.3 crore was 57.7% of FY26 revenue of Rs 460 crore.

Annual profit after tax declined from Rs 49.6 crore in FY24 to Rs 45.3 crore in FY25 and Rs 34.2 crore in FY26, while its margin moved from 10.3% to 9.9% and 7.4%. H1-FY27 profit after tax of Rs 39.8 crore and a 14.9% margin were above the H1-FY26 figures of Rs 16.1 crore and 7.0%, although the current result remains a partial-year outcome.

What operating and balance-sheet figures put the result in context?

Matrimony.com reported H1-FY27 matchmaking billings of Rs 265.6 crore, marginally above operational revenue of Rs 265.3 crore in the financial-highlights table. For FY26, matchmaking billings were Rs 485.2 crore against operational revenue of Rs 460 crore. Annual ATV was Rs 5,032 in FY26 and Rs 4,625 in H1-FY27.

At H1-FY27, total assets and total equity and liabilities were each Rs 484.1 crore, compared with Rs 440.4 crore at FY26. Investments totalled Rs 260.7 crore, consisting of Rs 167.8 crore of current investments and Rs 92.9 crore of non-current investments. Cash and cash equivalents were Rs 4.3 crore, while bank balances other than cash and cash equivalents were Rs 44 crore.

The Q2-FY27 operational highlights separately reported cash and investments of Rs 345.3 crore and annualised return on capital employed of 39.8%. Those disclosures are distinct from the H1-FY27 balance-sheet classifications, which separately list investments, cash and other bank balances. The presentation does not reconcile the Rs 345.3 crore quarterly cash-and-investments measure to the balance-sheet lines.

Conclusion

Matrimony.com reported a marked H1-FY27 profitability recovery as revenue rose Rs 35.4 crore, total expenses increased Rs 3.9 crore and EBITDA rose Rs 31.5 crore. The result lifted EBITDA margin to 21.3% and profit-after-tax margin to 14.9%, versus 10.9% and 7.0%, respectively, in H1-FY26.

The next reported periods will indicate whether revenue can continue growing faster than expenses, particularly after Q2-FY27 ATV declined 12.2% year on year despite 26.6% growth in paid subscriptions. Matrimony.com does not disclose a financial target, future operating plan or scheduled event in the supplied presentation, leaving the durability of the H1 margin expansion unresolved.