gross margin
67–69 pct
FY 2027
management framework
AMAGI MEDIA LABS LIMITED
Last · —₹563.40-7.55 (-1.32%)live · yahoo · 51m ago
Market cap₹121.9B216.3M sh
P/E · TTM119fwd — · eps 4.74
Beta—vs S&P 500
Div yield0.00%annual · TTM
52w range
₹316.70₹674.70
Volume173.9Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong execution is offset by cash conversion and unproven AI economics.
Hold after a strong Q1:
revenue rose 32% to INR437 crore (21% constant currency), adjusted EBITDA margin expanded to 11.5% and NRR reached 125%. The core land-and-expand model is working, but AI monetization remains early, gross margin was 67.3% and operating cash outflow was still INR65 crore, so the call does not yet justify a clean buy.
Themes
- Revenue Growth
- Operating Leverage
- Cash Conversion
- Gross Margin
- Ai Monetization
- Streaming Unification
Near term
Q2 faces an approximately 600-basis-point year-over-year comparison headwind from the prior-year revenue-recognition timing benefit.
Gross margin is framed at 67% to 69% for FY27, leaving limited room for near-term upside while AI investment and mix remain variable.
Cash conversion remains a watch item: adjusted EBITDA improved sharply, but Q1 free cash outflow was INR68 crore.
Longer term
Existing-customer expansion and platform activity are tangible: content processed rose 43% to 959,000 hours, distributors reached 451 and ad impressions increased 59% to 13.6 billion.
The structural thesis depends on Amagi becoming the consolidated operating layer for broadcast, FAST and monetization workflows as only about 10% of playout is on the cloud.
AI could expand the addressable market, but management expects a multi-year S-curve and has not yet shown material revenue contribution or durable pricing power.
Red flags
Management does not disclose gross retention and offered only low-single-digit logo churn and a five-year average vintage for its top 10 customers.
AI has more than 10 pilots and one paying Newspulse customer, but management acknowledged limited visibility on pricing, revenue contribution and cost impact.
Receivables and Q1 seasonality continue to pressure cash, while management is considering M&A deployment of the IPO-funded INR1,616 crore cash balance.
Forward outlook
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer IR
Earnings call transcript↗
AMAGI MEDIA LABS LIMITED
- Issuer IR
Q4Transcript
AMAGI MEDIA LABS LIMITED
- Issuer IR
Earnings call transcript
AMAGI MEDIA LABS LIMITED
- Issuer webcastVideo
Get to know Amagi ↗
AMAGI MEDIA LABS LIMITED
- Issuer webcastAudio
Earnings call replay ↗
AMAGI MEDIA LABS LIMITED
- Issuer webcastAudio
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AMAGI MEDIA LABS LIMITED
Documents
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