Mobavenue H1 FY27 revenue rose 48.6% while PAT grew 72.2%

Mobavenue AI Tech Limited reported H1 FY27 revenue of Rs 149.6 crore, up 48.6% year on year, while profit after tax (PAT) increased 72.2% to Rs 22.9 crore and PAT margin rose 210 basis points to 15.3%. The first-half result showed profit expanding faster than revenue.

How did Mobavenue perform financially in H1 FY27?

Mobavenue generated revenue from operations of Rs 149.6 crore in H1 FY27, compared with Rs 100.7 crore in H1 FY26. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59.6% to Rs 31.6 crore from Rs 19.8 crore, exceeding the 48.6% revenue growth rate. EBITDA margin increased to 21.1% from 19.7%, a 140-basis-point expansion.

PAT rose to Rs 22.9 crore in H1 FY27 from Rs 13.3 crore a year earlier. Profit before tax increased 65.8% to Rs 31 crore, while total tax expense grew 50.0% to Rs 8.1 crore. Finance cost rose 130.0% to Rs 2.3 crore, depreciation and amortisation increased 55.6% to Rs 1.4 crore, and other income rose to Rs 3.1 crore from Rs 0.8 crore.

Why did Mobavenue's margins increase in H1 FY27?

Mobavenue's EBITDA margin reached 21.1% in H1 FY27 and its PAT margin reached 15.3%, compared with 19.7% and 13.2%, respectively, in H1 FY26. Supply and data cost rose 42.5% to Rs 88.9 crore and other expenses increased 32.1% to Rs 10.7 crore, both below the 48.6% increase in revenue.

Employee benefit expense was the exception, rising 76.9% to Rs 18.4 crore from Rs 10.4 crore in H1 FY26. Despite this increase, EBITDA increased by Rs 11.8 crore and PAT by Rs 9.6 crore during the half year. Management described its focus as profitable growth and disciplined execution, while the presentation does not provide an expense-by-expense attribution for the margin movement.

What changed in Mobavenue's Q2 FY27 performance?

Mobavenue reported Q2 FY27 revenue of Rs 76.7 crore, up 41.3% from Rs 54.3 crore in Q2 FY26, while EBITDA increased 47.3% to Rs 16.2 crore. Q2 EBITDA margin was 21.1%, compared with 20.3% a year earlier, and PAT rose 54.8% to Rs 11.3 crore, with PAT margin increasing 130 basis points to 14.7%.

Revenue increased from Rs 72.8 crore in Q1 FY27 to Rs 76.7 crore in Q2, and EBITDA rose from Rs 15.4 crore to Rs 16.2 crore. PAT moved in the other direction, declining from Rs 11.7 crore in Q1 FY27 to Rs 11.3 crore in Q2. Management attributed year-on-year revenue growth to direct advertiser demand and new client wins across quick commerce, banking, financial services and insurance, fintech, entertainment, travel, superapps and commerce.

Q2 supply and data cost increased 34.4% to Rs 44.9 crore, below the 41.3% revenue increase, while employee benefit expense grew 62.3% to Rs 9.9 crore. Other income rose from Rs 0.4 crore in Q2 FY26 to Rs 1 crore in Q2 FY27, while finance cost increased from Rs 0.6 crore to Rs 1 crore.

How did outcomes and revenue per outcome support Mobavenue's growth?

Mobavenue recorded 14.97 million outcomes in Q2 FY27, up 52.3% from 9.83 million in Q2 FY26, while revenue per outcome rose 10.4% to Rs 50.67 from Rs 45.89. The company reported revenue per outcome, calculated from outcome volumes and revenue per outcome, of Rs 75.8 crore, up 68.1% from Rs 45.1 crore.

Q2 FY27 outcomes also increased from 14.16 million in Q1 FY27, while revenue per outcome advanced from Rs 49.94. Revenue associated with the metric rose from Rs 70.7 crore in Q1 FY27 to Rs 75.8 crore in Q2 FY27. Management said the outcome-based revenue model strengthened through the increase in revenue per outcome, but did not identify the individual campaigns or outcome types behind the gain.

Mobavenue's Q2 operating snapshot cited approximately 2.7 billion devices reached worldwide, about 1.4 billion signals processed daily and response time below 15 milliseconds. The company also reported more than 200 employees, 170 brands and operations across 13 countries. These measures describe platform reach and activity rather than revenue or profit by product.

What is Mobavenue's geographic and client-channel revenue mix?

International markets contributed 23.8% of Mobavenue's Q2 FY27 revenue, up from 20.7% in Q1 FY27, while India accounted for 76.2%. For H1 FY27, management reported that international markets contributed 22.3% of revenue. The company cited Singapore as its Southeast Asia hub and reported business activity in the Philippines, Indonesia and Thailand.

Direct clients accounted for 64.7% of Q2 FY27 revenue, with other channels contributing 35.3%, compared with 34.8% for other channels in Q1 FY27. Management attributed the increase in other channels to a major global client win served through a reseller or agency model. The presentation does not disclose the client or quantify its revenue contribution.

PiiX, Mobavenue's artificial intelligence-powered Apple Ads platform within the acquisition layer of its A3S framework, was live after its launch and included keyword, competitor, bid-optimisation and Custom Product Page intelligence features. Management also said its platforms were connected through the Mobavenue Neural Engine, a shared artificial intelligence layer intended to help clients drive measurable outcomes.

Conclusion

Mobavenue's H1 FY27 results combined 48.6% revenue growth with 72.2% PAT growth, increasing EBITDA margin by 140 basis points and PAT margin by 210 basis points. Supply and data cost and other expenses grew more slowly than revenue, while Q2 also delivered higher outcome volumes, higher revenue per outcome and a greater international revenue share than Q1 FY27.

The next disclosed matter to watch is completion of the proposed merger of Mobavenue's wholly owned Indian subsidiary into Mobavenue, which management said would consolidate Indian operations and improve operational efficiency. Management also plans to expand teams across emerging and developed markets, including the United States, and develop PiiX across customer relationships, but the presentation gives no completion date or financial target for these initiatives.