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    Lucent Industrie

    539682
    Information Technology·13 Feb 2026
    Management Summary

    Mobavenue AI Tech Limited delivered robust Q3 FY26 results, driven by strong growth in digital-native segments, premium video formats, and improved unit economics. The company's AI-powered outcome-driven platform strategy is yielding significant operating leverage and margin expansion. Strategic investments in AI, global expansion, and product innovation are underway, supported by a recent fundraise, positioning Mobavenue for continued long-term growth and profitability.

    Highlights

    8

    • Q3 FY26 Revenue stood at INR 55.12 crores, marking a 67.2% YoY growth.

    • EBITDA for Q3 FY26 was INR 12.25 crores, with an EBITDA margin of 22.2%.

    • PAT for Q3 FY26 reached INR 7.61 crores, translating to a PAT margin of 13.8%.

    • Revenue per outcome improved to INR 47.45 in Q3 FY26 from INR 45.89 in Q2 FY26.

    • The company achieved 113% YoY EBITDA growth and 107% YoY PAT growth in Q3 FY26.

    • Global markets contributed 10.5% to the 9 months FY26 revenue, reflecting diversification.

    • A fundraise of INR 50 crores (part of approved INR 100 crores) was completed at INR 1,088 per share, to be deployed over 12-18 months for AI stack, product innovation, global expansion, and selective M&A.

    • Management reiterated a long-term target of over 30% sustained annual revenue growth and an EBITDA margin of 20% and above.

    What Changed2

    vs Q4 FY26

    Guidance items2 → 4 (+2)Risks discussed1 → 2 (+1)
    Key financials

    Metrics

    11

    Periods

    2

    Q3 FY26

    6
    • Revenue
      ₹55.12 Cr
      YoY+67.2%
    • EBITDA
      ₹12.25 Cr
      YoY+113.0%
    • EBITDA Margin
      22.2%
    • PAT
      ₹7.61 Cr
      YoY+107%
    • PAT Margin
      13.8%

    9M FY26

    5
    • Revenue
      ₹155.85 Cr
    • EBITDA
      ₹32.02 Cr
    • EBITDA Margin
      20.5%
    • PAT
      ₹20.91 Cr
    • PAT Margin
      13.4%

    Order Book

    low confidence

    "The company's business model is based on outcome-driven platforms and revenue per outcome, rather than a traditional order book with long-term contracts."

    Source:
    Inferred

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    ₹50 crores

    preferential route fundraise and internal accruals

    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    Company is well-capitalized due to internal accruals and balance sheet.

    Guidance & targets

    3
    CategoryTargetPriority
    Revenue
    Sustained Annual Revenue Growth
    over 30%
    		High
    Revenue
    Sequential Growth
    growth
    		Low
    Profitability
    EBITDA Margin
    around 20% and above
    		High

    Global Expansion Progress

    next quarter
    CurrentLatAm operations launched, ASEAN and UK targeted
    TargetLaunch of new markets every quarter

    Why it matters

    Global expansion is a key pillar for higher margins and achieving the 30% revenue growth target.

    So, look at from an 18-month perspective, we will continue to launch every quarter one of the new markets and then scale that market because we are asset-light and our platform approach is what we are taking.

    How to verify

    detailed_narrative[title='Global Expansion Strategy']

    Risks & concerns

    2
    RiskSeverity

    Sector-specific slowdowns (e.g., Real Money Gaming ban)

    Analyst raised concern about the impact of the Real Money Gaming ban. Management stated that while RMG contributed 6.2% to 9M FY26 revenue, its Q3 contribution was negative 1.4%, with the rest of the business growing over 100%, demonstrating diversification. — Analyst acknowledged

    medium

    AI bubble ecosystem

    Analyst questioned the resilience given an 'AI bubble'. Management emphasized that AI helps increase efficiency and is a core part of their platform, implying it's a structural advantage rather than a bubble risk for them. — Analyst downplayed

    low

    Q&A highlights

    6

    “So revenue grew almost 67% year-on-year, which is INR55.12 crores. But more importantly, the growth came from multiple directions. We strongly see that our digital-native segment, which is Quick Commerce, BFSI, Fintech, Travel, and consumer categories, are growing faster. But at the same time, you know, we expanded towards traditional enterprises which are now allocating their portion of budgets towards measurable digital outcomes. And these are traditional categories such as Retail, such as FMCG, such as Healthcare, such as Pharma.”

    Clarified the multi-faceted nature of revenue growth, highlighting diversification across client segments and inventory types.

    asked by Nitesh Agrawal

    2 min read6 chapters

    Detailed Narrative

    01

    Industry Shift and Mobavenue's Outcome-Driven Approach

    The digital advertising and AI ecosystem is undergoing a structural transformation, moving beyond surface-level metrics like impressions to demand predictability, accountability, and measurable business impact. Mobavenue AI Tech positions itself as a consumer growth platform powered by AI, not a media intermediary. The company's philosophy is to grow only when clients grow, aligning product, price performance, and global scaling with client success.

    02

    Q3 FY26 Financial Performance Highlights

    Mobavenue reported strong Q3 FY26 results with revenue of INR 55.12 crores, an increase of 67.2% year-on-year compared to INR 32.97 crores in Q3 FY25. EBITDA grew by 113% YoY to INR 12.25 crores, achieving a 22.2% margin. PAT also saw significant growth of 107% YoY to INR 7.61 crores, with a PAT margin of 13.8%. For the nine months of FY26, revenue stood at INR 155.85 crores, EBITDA at INR 32.02 crores (20.5% margin), and PAT at INR 20.91 crores (13.4% margin), reflecting steady margin expansion.

    03

    Technology Foundation and AI Center of Excellence

    The company's multi-platform stack is built on an AI-powered decision layer, integrated with a centralized machine learning workbench and cloud-native auto-scaling infrastructure. Systems operate with 12-15 millisecond response times, processing over 100 crore data signals daily. Mobavenue has expanded PrsmX, its video DSP platform, across high-value CTV, video streaming, and OTT platforms. The company's core predictive bidding and consumer intelligence engines have been enhanced, and campaign optimization is progressively transitioning to agentic AI journeys.

    04

    Global Expansion Strategy and Revenue Mix

    Mobavenue's global expansion strategy is capability-led, focusing on markets with high mobile penetration and internet audiences. International markets contributed 10.5% to the 9 months FY26 revenue. The company has launched operations in LatAm (Argentina, Chile, Brazil, Mexico) and plans to expand into ASEAN and other developed markets like the UK. Management noted that global markets offer better margin opportunities compared to the volume-driven Indian market, reinforcing the strategy to deepen global presence for improved blended realizations.

    05

    Capital Allocation and Fundraise

    The Board approved a fundraise of up to INR 100 crores via preferential route, with an initial allotment of INR 50 crores completed at INR 1,088 per share. These funds are earmarked for platform enhancement, AI stack development, global expansion, and selective M&A over the next 12-18 months. The company is well-capitalized through internal accruals and maintains a healthy balance sheet, with potential consideration for debt financing in the future without equity dilution.

    06

    Outlook and Long-term Compounding Strategy

    Mobavenue expects sequential growth in Q4 FY26. The long-term operating philosophy targets over 30% sustained annual revenue growth and an EBITDA margin of 20% and above. The company is building a compounding multi-technology platform in advertising, marketing, and monetization, driven by AI. This approach emphasizes disciplined execution, technology ownership, and sustainable profitability, aiming for asset-light global scaling and long-term value creation.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.