Lucent Industrie — Q2 FY26 earnings call

Call held 17 Nov 2025

Management summary

Mobavenue AI Tech Limited (formerly Lucent Industries Limited) reported a strong Q2 FY26, driven by its AI-powered outcome-based model. The company achieved significant sequential growth in revenue and profitability, with EBITDA margin expanding to 20.32%. Management highlighted the full integration of Mobavenue Media and continued investment in its proprietary technology stack, aiming for global expansion and sustained profitable growth.

Highlights

  • Q2 FY26 Revenue from operations stood at INR 54.32 crore, marking a 17% sequential growth over Q1.

  • EBITDA for Q2 FY26 reached INR 11.04 crore, a 26% quarter-on-quarter increase.

  • EBITDA margin expanded to 20.32% in Q2 FY26.

  • Profit After Tax (PAT) for Q2 FY26 was INR 7.31 crore, up 22% from Q1, with a PAT margin of 13.45%.

  • First half FY26 revenue was INR 100.73 crore, with EBITDA of INR 19.77 crore and PAT of INR 13.30 crore.

  • The company emphasized its outcome-based AI business model, contributing over 90% of revenue.

Key financials

2 periods

Headline

  • Revenue from Operations
    ₹54.32 Cr
    QoQ +17%
  • EBITDA
    ₹11.04 Cr
    QoQ +26%
  • EBITDA Margin
    20.3%
  • PAT
    ₹7.31 Cr
    QoQ +22%
  • PAT Margin
    13.4%

H1

  • FY26 Revenue
    ₹100.73 Cr
  • FY26 EBITDA
    ₹19.77 Cr
  • FY26 EBITDA Margin
    19.6%
  • FY26 PAT
    ₹13.3 Cr
  • FY26 PAT Margin
    13%

What they filed

Q1 FY27: revenue up 58.7%, net profit up 100.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue10 33 5 46 54 +440%55 +67%63 +1160%73 +59%
EBITDA1 6 1 9 11 +1000%12 +100%13 +1200%15 +67%
Net profit1 4 1 6 7 +600%8 +100%8 +700%12 +100%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

low confidence
Management focuses on an outcome-led model and long-term client relationships rather than traditional order book metrics.

Source: Inferred

Capital allocation

low confidence
  • Capex Capex disclosed
    One of the most important things that we look at as building a technology platform is investing back into our technology platform. Over the last few years, we have tremendously invested on our machine learning platform. And now we continue to invest on the Al workbench that we are building, which really helps us to improve the outcomes for our brands over the next few quarters and the coming years. So that is an important investment that we continue to do, because we follow an asset-light model at our end.

Guidance & targets

Profitability

  • EBITDA Margin Profitability · Ongoing · High confidence between 20%
    Your EBITDA margins should be between 20, and your PAT margins we continue to put it across above 13%.

    — Ishank Joshi

  • PAT Margin Profitability · Ongoing · High confidence above 13%

    — Ishank Joshi

Revenue

  • Revenue Growth Revenue · Ongoing · High confidence more than 30%
    And we believe with our platform-led approach and outcome-driven model, we will be growing more than 30%.

    — Ishank Joshi

  • Revenue Growth (CAGR) Revenue · Ongoing · High confidence around 35% CAGR
    We have already been growing at a certain CAGR, which is around 35% CAGR. So, we will continue to focus towards that as we go more deeper in India, which is our domestic market, as well as we go deeper in the global market.

    — Ishank Joshi

Technology

  • AI Workbench Development Technology · Next few quarters and coming years · Medium confidence improve the outcomes for our brands over the next few quarters and the coming years
    And now we continue to invest on the Al workbench that we are building, which really helps us to improve the outcomes for our brands over the next few quarters and the coming years.

    — Ishank Joshi

Product Launch

  • Platform Enhancements Product Launch · Q3 and Q4 · Medium confidence launch some new enhancements on our platform
    We are also going to as we move forward towards Q3 and Q4, we look forward to launch some new enhancements on our platform, where we have upgraded our Al decision. And you will hear about this as we launch those purpose-built platforms in the future.

    — Ishank Joshi

What to watch in Q3 FY26

Progress on AI Centre of Excellence and new monetization/marketing platforms

Next quarter
Current Investments ongoing
Target Updates on establishment and initial outcomes

Why it matters

These investments are key to fortifying their long-term strategy and future growth.

Investments in the upcoming AI Centre of Excellence and new monetization and marketing platforms will fortify our long-term strategy.

Q&A highlights

8 direct
Data sources and dataset size for AI/ML models Direct
Our data primarily comes from our bid stream, which is an ad request stream from the SSPs, from the inventories, where we get the opportunity of the ads. This bid stream has lots of information about the user, which our machine learning algorithm and machine learning models uses for identifying whether we should be showing the ad or not. We have built the profiles on roughly around 100 million plus users currently.

Clarifies the proprietary data advantage and scale of their AI training data, crucial for their core business model.

Asked by Agastya Dave

Revenue model comparison with traditional CPC and metrics tracked Direct
We don't charge for media spends, fees, or impressions. We follow an outcome-based revenue approach. We charge only when a real defined user action takes place such as an install, a lead submission, registration, add to cart, transaction, purchase, subscription, a verified view, or repeat orders. Our revenue metrics is equal to number of outcomes that we generate using our platforms, multiplied by Revenue Per Outcome. We call it as RPO.

Explains the fundamental difference in their revenue model, emphasizing alignment with client success and higher margins due to automation.

Asked by Agastya Dave

Addressing receivables challenge and long-term capital requirements Direct
Our trade receivables are more faster, because we are working on outcome. And the brands understand that because we are not charging them fixed fees or retention or fees on their media budgets. We raise the bill once every month the outcomes are generated. And on that basis, it has been verified, we have been paid between 45 to 90 days.

Addresses a common concern in the advertising industry, explaining how their outcome-based model leads to faster collections and an asset-light structure.

Asked by Agastya Dave

Sustainability of margins and revenue growth Direct
One of the most important things that we look at as building a technology platform is investing back into our technology platform. Over the last few years, we have tremendously invested on our machine learning platform. And now we continue to invest on the Al workbench that we are building... Comparatively to the EBITDA margins and the PAT margins that you are talking about, I think for us as a guiding principle we follow a Rule of 40 at our end, which is you should grow beyond 20%... Your EBITDA margins should be between 20, and your PAT margins we continue to put it across above 13%.

Provides clear guidance on target margins and growth rates, linking them to continuous technology investment and their 'Rule of 40' principle.

Asked by Parth Patel

Client concentration Direct
We have well diversified our client portfolio. We have roughly around 80 plus enterprise customers who have been using our platforms directly. And we have roughly around another 15 to 20 customers in India, who have been using our platform via an agency. So, our client concentration is very well diversified at the current moment.

Reassures investors about client diversification, mitigating a potential risk often associated with service-based businesses.

Asked by Parth Patel

Scalability of outcome-based model in international markets Direct
The model is quite scalable, Nimish. There are multiple global companies who have been operating at very large scale, having revenues in $1 billion, where their model is also outcome-based, more or less. And if we are outcome-based, we are very comparable on this global market. And since our platform itself is technology-based, the core fundamental is based on the technology, while we go to the global market, platform base is scalable.

Confirms the global applicability and scalability of their core business model, addressing concerns about market differences.

Asked by Nimish Pandya

Pricing pressure and annual fall in Average Selling Prices (ASPs) Direct
When you are in an outcome-led model and not a simply platform usage fees model, the more the brands spend on us and we generate more and more outcomes, of course, we have an operating leverage with the brand... As compared to the global markets are concerned, they are more focused towards outcomes as well as ROAS. So, if the outcomes that we generate... If it is matching to their expectation, they will continue to pay us higher fees, because we are generating them better customers as compared to platforms which generate large amount of customers, but the lifetime value or the average revenue per user is lesser for them.

Explains how their outcome-based model mitigates pricing pressure, differentiating them from traditional media agencies and potentially leading to higher fees for delivering better quality customers.

Asked by Agastya Dave

Primary revenue drivers among new verticals for FY27 Direct
Again, the advertising and the consumer growth platforms, which is we have now built a completely unified way, will be the core revenue driver for us in the upcoming years too, because this is a matured model... But the primary force will be our advertising and the consumer growth platforms.

Clarifies that despite exploring new adjacent areas like MarTech and Monetization Tools, their core advertising and consumer growth platforms will remain the primary revenue drivers.

Asked by Rushab Shah

3 min read 6 chapters

Detailed narrative

Q2 FY26 Financial Performance Overview

Mobavenue AI Tech Limited reported robust financial results for Q2 FY26, with revenue from operations reaching INR 54.32 crore, representing a 17% sequential growth over Q1. EBITDA increased by 26% quarter-on-quarter to INR 11.04 crore, leading to an EBITDA margin of 20.32%. Profit After Tax (PAT) also saw a 22% increase from Q1, standing at INR 7.31 crore with a PAT margin of 13.45%. For the first half of FY26, the company recorded a revenue of INR 100.73 crore, EBITDA of INR 19.77 crore (19.6% margin), and PAT of INR 13.30 crore (13% margin).

Outcome-Driven AI Business Model

The company's core strategy revolves around an outcome-based revenue model, where it charges clients only for defined user actions such as installs, leads, or purchases, rather than impressions or media spends. This model, which contributes over 90% of the company's revenue, aligns incentives with client success, fosters long-term relationships, and yields higher margins due to automation. Management emphasized that their platforms identify high-intent users, estimate conversion likelihood, and re-engage drop-offs to deliver measurable outcomes.

Proprietary Technology Stack and Data Strategy

Mobavenue AI Tech has built its own technology stack, including platforms like OrbitX, PrismX, SurgeX, DiscoverX, AmplifyX, and ResearchX, which operate under an A3 framework (Awareness, Acquisition, Activation). At the heart of this system is an AI-powered decision layer that processes billions of ad impressions monthly, making decisions in under 15 milliseconds. The AI models are trained on profiles of approximately 100 million users, derived from bid streams, while strictly adhering to data privacy regulations like DPDP, GDPR, and CCPA.

Growth Strategy and Market Expansion

The company aims to sustain its growth trajectory, targeting over 30% revenue growth and maintaining EBITDA margins above 20% and PAT margins above 13%, aligning with its 'Rule of 40' principle. While strengthening its presence in the domestic Indian market, Mobavenue AI Tech is actively exploring opportunities for global expansion, leveraging its scalable, technology-based platform. The company also plans to evaluate adjacent business segments such as MarTech and Monetization Tools for future growth.

Capital Allocation and Receivables Management

Mobavenue AI Tech operates on an asset-light model, continuously investing back into its technology platforms, particularly its AI workbench, to enhance outcomes for brands. The outcome-based model contributes to faster trade receivables, with payments typically received within 45 to 90 days, as clients prioritize clearing bills for successful outcomes. The company maintains a strong production and compliance team to ensure proper credit checks and campaign management, pausing campaigns if payments are delayed.

Future Outlook and AI Investments

The company is positioned at an inflection point where AI intersects with advertising, with plans to launch new platform enhancements in Q3 and Q4 FY26, including upgrades to its AI decision-making capabilities. Mobavenue AI Tech is also investing in an upcoming AI Centre of Excellence and new monetization and marketing platforms to fortify its long-term strategy. The management believes mobile apps and games will continue to be a significant growth driver globally, given the increasing consumer engagement on these platforms.

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