Workmates raises FY27 revenue outlook to Rs 202.21 crore

Workmates Core2cloud Solution Ltd, referred to here as Workmates, updated its FY27 revenue outlook to Rs 202.21 crore from Rs 190.56 crore after reporting Rs 95.21 crore in H1 FY27 and estimating Rs 107 crore for H2 FY27 on current visibility.

What is Workmates' updated FY27 revenue outlook?

Workmates' updated FY27 revenue outlook is Rs 202.21 crore, Rs 11.65 crore above its previous Rs 190.56 crore outlook. The revised figure remains within the stated full-year FY27 target range of Rs 190 crore to Rs 210 crore and is Rs 7.79 crore below the upper end of that range.

The Rs 202.21 crore outlook consists of Rs 95.21 crore reported in H1 FY27 and an estimated Rs 107 crore in H2 FY27. H1 accounts for about 47.1% of the outlook, while the estimated second half accounts for about 52.9%, making H2 delivery necessary for the full-year figure to be reached.

The presentation describes the Rs 107 crore H2 amount as an estimate based on current visibility. This distinguishes it from the Rs 95.21 crore H1 amount, which Workmates reports as actual revenue, and means Rs 106.98 crore of the annual outlook was still to be delivered after H1.

How did Workmates' H1 FY27 revenue compare with H1 FY26?

Workmates reported Rs 95.21 crore of revenue in H1 FY27, compared with Rs 74.69 crore in H1 FY26. The increase was Rs 20.52 crore, or about 27.5%, between the two reported half-year periods.

H1 FY27 revenue comprised Rs 82.21 crore of contracted recurring revenue, Rs 0.75 crore of new recurring revenue and Rs 12.25 crore of new project revenue. Contracted recurring revenue represented about 86.3% of the H1 total, while new project work represented about 12.9% and new recurring work about 0.8%.

Workmates reported revenue per employee of Rs 56 lakh in H1 FY27, compared with Rs 44 lakh in H1 FY26. Headcount rose from 168 in H2 FY26 to 169 in H1 FY27, while billable utilisation remained at 84% in both periods.

What makes up Workmates' FY27 revenue outlook?

Workmates' Rs 202.21 crore FY27 outlook comprises Rs 177.61 crore of contracted recurring revenue, Rs 2 crore of new recurring revenue and Rs 22.6 crore of new project revenue. The presentation labels the first two categories as recurring, or “Rec”, and presents project work separately.

Contracted recurring revenue is the largest disclosed component, representing about 87.8% of the Rs 202.21 crore outlook. The new project category represents about 11.2%, while new recurring revenue represents about 1.0%, showing that the outlook is primarily associated with Workmates' contracted recurring category.

The mix is expected to change in H2 FY27. Contracted recurring revenue is estimated to increase by Rs 13.19 crore from Rs 82.21 crore in H1 to Rs 95.4 crore in H2, while new project revenue is estimated to fall by Rs 1.9 crore from Rs 12.25 crore to Rs 10.35 crore; new recurring revenue is estimated to rise by Rs 0.5 crore to Rs 1.25 crore.

What supports Workmates' H2 FY27 revenue estimate?

Workmates estimates H2 FY27 revenue of Rs 107 crore, including Rs 95.4 crore of contracted recurring revenue, Rs 1.25 crore of new recurring revenue and Rs 10.35 crore of new project revenue. The H2 estimate is Rs 11.79 crore higher than the Rs 95.21 crore reported in H1 FY27.

The higher H2 amount is driven by the projected rise in contracted recurring revenue, which is Rs 13.19 crore above the H1 level. That increase more than offsets the estimated Rs 1.9 crore reduction in new project revenue, while new recurring revenue is estimated to be Rs 0.5 crore higher than in H1.

Workmates also disclosed a weighted H2 conversion pipeline of Rs 110 crore. That pipeline is Rs 3 crore larger than the Rs 107 crore H2 estimate, but the presentation does not disclose individual opportunity values, conversion probabilities, timing or whether specific pipeline opportunities are included in the H2 estimate.

Which opportunities and operating metrics are relevant to H2 FY27?

Workmates identified three types of opportunity within its Rs 110 crore weighted H2 conversion pipeline: a large cloud workload migration for an existing non-banking financial company, or NBFC, customer; a cybersecurity opportunity for an existing large financial services and insurance, or FSI, customer; and a migration opportunity for a mid-sized global IT services and digital transformation company.

The presentation does not assign revenue amounts to the three H2 opportunity types. It also does not identify the customers, contract dates or the amount of the Rs 110 crore weighted pipeline that may convert during H2 FY27, leaving the relationship between the pipeline and the Rs 107 crore estimate unspecified.

Workmates reported 359 active Amazon Web Services, or AWS, certifications as of September 2026. Its attrition rate was 1.78% in H1 FY27, compared with 1.23% in H2 FY26, while headcount increased by one employee and billable utilisation remained at 84%.

How is Workmates positioning for markets outside India?

Workmates said its FY26-27 expansion plans for the US and Middle East have been triggered after having been paused because of geopolitical considerations, evolving industry dynamics and tariff uncertainty. The presentation also states that a US subsidiary has been registered to streamline global customer billing operations.

Workmates said it is re-evaluating and adjusting its Singapore go-to-market strategy to align with market conditions. These actions sit alongside the Rs 202.21 crore FY27 outlook, but the presentation does not quantify the revenue contribution expected from the US, Middle East or Singapore during FY27.

Conclusion

Workmates' revised Rs 202.21 crore FY27 outlook combines Rs 95.21 crore of reported H1 revenue with a Rs 107 crore H2 estimate. The disclosed composition is led by Rs 177.61 crore of contracted recurring revenue, while H1 revenue was Rs 20.52 crore above the Rs 74.69 crore reported in H1 FY26.

The next disclosed milestone is delivery of the Rs 107 crore H2 estimate and progress in the Rs 110 crore weighted conversion pipeline, including cloud migration, cybersecurity and IT-services migration opportunities. Readers can also watch the execution of the triggered FY26-27 US and Middle East plans and Workmates' recalibration of its Singapore go-to-market strategy.