Whalesbook
📈 Capillary Tech: Earnings Aur AI Ka Dhamaka!
Capillary Technologies India Limited ne apne Q3 FY26 ke results announce kiye hain, aur bhai, numbers mast hain! Revenue mein 16% ka YoY growth dikhaya hai, jo ₹184 crore tak pahunch gaya. Aur agar 9 mahino ki baat karein toh revenue 22% badhkar ₹543 crore ho gaya hai. Matlab sales mein toh solid momentum hai!
Adjusted EBITDA toh aur bhi acche hain. Q3 FY26 mein yeh 24% jump karke ₹30 crore ho gaya hai, jisse EBITDA margin bhi sudhkar 16.4% ho gaya hai (jo pichhle saal Q3 mein 15.3% tha). 9 mahino ki baat karein toh Adjusted EBITDA mein 53% ka dhamakedar growth dikhaya hai, ₹71 crore tak pahunch gaya, aur margins bhi 10.5% se badhkar 13% ho gaye hain.
📉 PAT Mein Kyun Aaya Dip?
Ab PAT (Profit After Tax) ki baat karte hain. Q3 FY26 mein PAT ₹8 crore (revenue ka 4%) raha, jo pichhle saal se kam hai. Iska reason hai kuchh one-time expenses, jaise ₹1.6 crore gratuity ke liye aur ₹2 crore IPO expenses ke liye. Iske alawa, Kognitiv acquisition ke baad depreciation aur amortization (D&A) bhi badh gaya hai. Lekin, agar normalized PAT dekho toh woh flat hi raha hai year-on-year. Achhi baat yeh hai ki 9 mahino ka PAT ₹9 crore (revenue ka 1.7%) raha hai, jo pichhle saal se 8 guna zyada hai! Toh underlying business toh strong lag raha hai.
🎯 NRR Aur ARR Ki Kahani
Company ka Net Retention Rate (NRR) 111% raha hai trailing 12 mahino mein. Organic business ka NRR toh aur bhi mazboot 115% hai, jabki inorganic NRR 96% hai (jo acquired companies ke migration process ki wajah se hai). Annual Recurring Revenue (ARR) bhi 21% badhkar ₹736.1 crore ho gaya hai March 2025 ke comparison mein. Is 9 mahino mein company ne 12 naye customers bhi jode hain, jisse ₹66 crore ka naya order book bana hai. Kognitiv acquisition bhi poora ho gaya hai.
👍 Quality Aur Cash Flow
Gross margins lagbhag 69-70% ke aas paas hain. Non-COGS expenses revenue growth se kam badhe hain, sirf 11% ke mukable 22% revenue growth (9M FY26 mein), jo profitability ko aur badhata hai. Operating cash flow bhi 142% raha 9 mahino ke adjusted EBITDA ka, yani ₹101 crore. Company apne cash balance ko bhi accha maintain kar rahi hai, jo ₹463 crore hai.
🤖 AI Ko Lekar Kya Hai Management Ka Plan?
Management ne AI disruption ko lekar chinta dur ki hai. Unka kehna hai ki Capillary isse safe hai kyunki yeh 'system of record' jaisi hai, outcome-linked pricing karti hai, aur loyalty par focus hai. US healthcare market mein bhi koi exposure nahi hai Medicare/Medicaid ka. PAT mein jo dip aaya tha Q3 mein, woh one-off expenses aur D&A badhne ki wajah se tha, aur normalized PAT dikhata hai ki business fundamentally strong hai.
🚀 Future Outlook Aur AI Innovation
Company AI innovation par bohot focus kar rahi hai, especially apne aiRA product ke saath jo advanced conversational analytics, campaign management aur customer support dega. AI aur migration platforms mein strategic investments kiye ja rahe hain. Subscription-led business model aur long-term contracts ki wajah se revenue predictable hai. Capillary apni M&A strategy bhi jari rakhe hue hai, do aur Letters of Intent (LOIs) market mein hain, jisse market consolidation ka plan hai.