Lucent Industrie — Q4 FY26 earnings call

Call held 18 May 2026

Management summary

Mobavenue AI Tech Limited delivered a strong Q4 and full year FY26, with full year revenue reaching INR218.48 crores and PAT at INR29.35 crores, driven by disciplined execution and improved profitability. Q4 revenue grew 41.9% YoY to INR62.6 crores, with EBITDA margin at 21.3%. The company emphasized its AI-native platform, global expansion, and outcome-led growth, with revenue per outcome improving by 7.7% from Q1 to Q4. Strategic initiatives like the acquisition of Mobavenue Media Private Limited and a capital raise further strengthened its market position and balance sheet flexibility.

Highlights

  • Full year FY26 revenue from operations stood at INR218.48 crores, demonstrating consistent performance across all four quarters.

  • Full year FY26 EBITDA was INR45.37 crores, with an EBITDA margin of 20.8%, and PAT was INR29.35 crores (13.4% margin).

  • Q4 FY26 consolidated revenue of INR62.6 crores showed strong year-on-year growth of 41.9% and sequential growth of 13.6%.

  • The company's revenue per outcome improved by 7.7% from INR44.99 in Q1 to INR48.44 in Q4 FY26, reflecting better monetization and conversion quality.

  • Strategic milestones achieved include renaming to Mobavenue AI Tech Limited, 100% acquisition of Mobavenue Media Private Limited, and a preferential capital raise of INR49.99 crores.

Key financials

2 periods

Q4 FY26

  • Revenue
    ₹62.6 Cr
    YoY +41.9% QoQ +13.6%
  • EBITDA
    ₹13.3 Cr
    YoY +67.5% QoQ +8.9%
  • EBITDA Margin
    21.3%
  • PAT
    ₹8.4 Cr
    YoY +56.6% QoQ +10.9%
  • PAT Margin
    13.5%
  • Revenue per Outcome
    ₹48.44

FY26

  • Revenue
    ₹218.48 Cr
  • EBITDA
    ₹45.37 Cr
  • EBITDA Margin
    20.8%
  • PAT
    ₹29.35 Cr
  • PAT Margin
    13.4%

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

medium confidence
The company delivered 42.72 million verified outcomes annually and reached approximately 2.5 billion devices worldwide, with 80% of revenue coming from retained customers and a diversified base of 150+ active customers.

Source: Prepared remarks

Capital allocation

high confidence
  • M&A Mobavenue Media Private Limited Acquisition · Closed

    Consolidating our integrated AI-powered advertising and consumer growth ecosystem under one listed entity, creating a more unified operating structure and strengthening ability to invest, integrate, and scale.

    Second, we completed the 100% acquisition of Mobavenue Media Private Limited, consolidating our integrated AI-powered advertising and consumer growth ecosystem under one listed entity. This has created a more unified operating structure and strengthened our ability to invest, integrate, and scale.
  • Liquidity Liquidity disclosed The business generated healthy operating cash flow and a free cash flow during the year, with working capital in a comfortable place. A preferential capital raise of INR49.99 crores strengthened balance sheet flexibility.
    We also continued to convert profit into cash. The business generated healthy operating cash flow and a free cash flow during the year. Working capital is in comfortable place and we will continue to focus it through FY 2027. As mentioned earlier by Ishank, the preferential capital raise completed during the year further strengthened our ability to invest selectively across our AI infrastructure and platform capabilities, global expansion, and evaluate selective inorganic technology opportunities.

Guidance & targets

Profitability

  • EBITDA Margin Profitability · long-term · High confidence 20% and above
    Our long-term operating philosophy continues to be anchored around what we call, and we introduced in the last call as Rule of 50, targeting a sustained annual revenue growth of over 30% along with EBITDA margin profile of 20% and above.

    — Ishank Joshi

Revenue

  • Annual Revenue Growth Revenue · long-term · High confidence over 30%
    Our long-term operating philosophy continues to be anchored around what we call, and we introduced in the last call as Rule of 50, targeting a sustained annual revenue growth of over 30% along with EBITDA margin profile of 20% and above.

    — Ishank Joshi

What to watch in Q1 FY27

Progress towards Rule of 50 (Revenue Growth)

next quarter and subsequent quarters
Current FY26 revenue growth not explicitly stated, but long-term target is >30%
Target Continued progress towards >30% annual revenue growth

Why it matters

This is a core long-term strategic target for compounding business growth and a key indicator of the company's execution against its stated philosophy.

Our long-term operating philosophy continues to be anchored around what we call, and we introduced in the last call as Rule of 50, targeting a sustained annual revenue growth of over 30% along with EBITDA margin profile of 20% and above.

Risks & concerns

  • Global Macro Environment

    medium

    Mindful of geopolitical conflicts, oil price volatility, and inflationary pressures, which have been factored into risk modeling.

    We are also mindful of global macro environment including geopolitical conflicts, oil price volatility, inflationary pressures, and have factored this into our risk modeling that we do across the year.

    Management acknowledged

Q&A highlights

7 direct
Acquisitions and Strategic Partnerships Direct
We are very selective and prudent in, you know, the M&A probability. We always look at for two factors. One, it can enhance our technology capability and the second is it can enhance our growth in certain markets that we are looking at and adding more customer base to us.

Clarifies the company's M&A strategy, focusing on technology enhancement and market/customer expansion rather than just size.

Asked by Smit Shah

Strengthening of Technology Platform Direct
Our platform processes more than 125 crore of consented and privacy-compliant consumer and campaign signals... we are able to now process roughly about 50 terabytes of behavioural and contextual signals in roughly one hour which we have, you know, gone down from 10 to 12 hours.

Highlights significant improvements in data processing capabilities and efficiency, crucial for an AI-native company.

Asked by Smit Shah

Customer Retention and Repeat Business Direct
Our customer retention, you know, once they become more active and we finish off our pilot with them and we are able to produce outcomes for them has been phenomenal in nature. So the one which we are sharing with you is 150 active customers today that we have on our platform. They continue to spend with us on a monthly basis and a quarterly basis. That's how we treat that as an active part.

Provides insight into customer stickiness and the effectiveness of their outcome-led model, with 80% of revenue from retained customers.

Asked by Atul Daga

Strongest Demand Verticals Direct
If we have to select the three top most would be Quick Commerce, Fintech, and Retail. I think these are the three areas where we are seeing the demand. Travel was in the first quarter and the second quarter was great.

Identifies key growth drivers and market segments, helping investors understand where the company's revenue is concentrated and growing.

Asked by Atul Daga

Strategic Priorities for Next 12-24 Months Direct
One of the first priorities of course strengthening our relationship with our existing customers, enterprise customers and starting expanding to mid-enterprise customers... The second is of course looking at global growth expansion... And the third... strengthening our product and IP innovation.

Outlines the company's clear strategic roadmap across customer engagement, global expansion, and technology innovation for the near to medium term.

Asked by Chetan Mehta

Client Concentration Risk Direct
Top 10 would be somewhere around, you know, 25% of our revenue and as we kind of progressively go upward the cycle, you know, top 50 customers would today contribute around 60%, 65% of our revenue out there.

Addresses a common investor concern about client dependency, indicating a diversified client base with no single client dominating revenue.

Asked by Chirag Kachhadiya

Exclusivity vs. Competition Direct
The brands and, you know, the businesses do not give exclusivity to, you know, one of the platform. And why reason I am saying this is we do not act like an agency. An agency can have an exclusive partnership with any of our brand and hence their operating leverage and margins are also very thinner.

Clarifies the company's business model as a platform provider that competes on outcomes and value, rather than seeking exclusive agency partnerships, which impacts margin structure.

Asked by Chirag Kachhadiya

3 min read 7 chapters

Detailed narrative

Strong FY26 Financial Performance

Mobavenue AI Tech Limited concluded FY26 with robust financial results, reporting a full year revenue from operations of INR218.48 crores. The company achieved an EBITDA of INR45.37 crores, translating to a healthy EBITDA margin of 20.8%. Profit after tax (PAT) for the full year stood at INR29.35 crores, representing a PAT margin of 13.4%. The fourth quarter alone saw consolidated revenue of INR62.6 crores, marking a 41.9% year-on-year growth and 13.6% sequential growth, with a Q4 EBITDA margin of 21.3% and PAT margin of 13.5%.

Strategic Transformation and AI-Native Approach

FY26 was a milestone year marked by significant structural changes, including the renaming from Lucent Industries Limited to Mobavenue AI Tech Limited, signaling a shift towards an AI-native technology and platform-led growth strategy. The company completed the 100% acquisition of Mobavenue Media Private Limited, consolidating its AI-powered advertising and consumer growth ecosystem. This integration aims to create a unified operating structure to enhance investment, integration, and scalability, reinforcing the company's commitment to an outcome-led business model.

Technology and Platform Advancements

The company made significant strides in its technology architecture, transitioning its core decision engine to a proprietary neural network modeling framework. This upgrade allows for real-time inference under 15 milliseconds, materially faster than the industry benchmark of 50 milliseconds. The platform now processes over 125 crore consented and privacy-compliant consumer and campaign signals daily, and trains deep neural network models on over 50 terabytes of data in roughly one hour, down from 10-12 hours previously. These advancements are critical for the company's P3 framework (Processing Signals, Predict Intent, Produce Outcomes).

Global Expansion and Market Traction

Mobavenue AI Tech Limited expanded its global footprint, with international revenue contributing 11.5% for FY26. UK operations went live, providing direct access to European agency groups, and LATAM expansion is underway, focusing on mobile-first segments. The company serves over 150 brands across 10 countries in diverse sectors such as e-commerce, BFSI, fintech, travel, and retail. Direct client relationships accounted for 73.9% of FY26 revenue, improving understanding of customer objectives and strengthening pricing.

Outcome-Led Growth and Client Impact

The company's platform delivered 42.72 million verified outcomes annually, reaching approximately 2.5 billion devices worldwide. The revenue per outcome improved from INR44.99 in Q1 to INR48.44 in Q4 FY26, a 7.7% improvement, reflecting better monetization and conversion quality. Case studies highlighted significant client impact, such as a 5x increase in app installs for a home services platform and a 2x improvement in click-to-install efficiency for a leading travel OTA, demonstrating the platform's ability to drive measurable consumer growth.

Capital Raise and Financial Discipline

A preferential capital raise of INR49.99 crores was completed during the year, providing greater balance sheet flexibility to invest in technology, global expansion, and potential inorganic opportunities. The company maintained financial discipline, generating healthy operating cash flow and free cash flow, ensuring a comfortable working capital position. Employee benefit expenses increased by 20.1% year-on-year to INR25.9 crores, reflecting investments in technology and global teams while remaining disciplined relative to revenue growth.

Long-Term Vision and Strategic Priorities

Mobavenue AI Tech Limited is guided by its 'Rule of 50' philosophy, targeting sustained annual revenue growth of over 30% and an EBITDA margin profile of 20% and above. Key strategic priorities for FY27 include deepening enterprise and mid-market penetration in India, further global scaling in UK and LATAM with evaluation of new markets, and continued investment in AI and product innovation through Mobavenue AI Labs. The company aims to evolve towards an increasingly AI-driven ecosystem where intelligence continuously optimizes and adapts outcomes across the consumer growth lifecycle.

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