Enser Communications Limited — Q2 FY26 earnings call

Call held 27 Jan 2026

Management summary

Enser Communications discussed its H1 FY26 performance and strategic direction, highlighting a shift towards high-margin AI-driven services and international expansion. While FY25 revenue was approximately ₹85.44 crores, and recent acquisitions contributed ₹8-9 crores in H1 FY26, specific Q2 FY26 numbers were not provided. The company expects its new Farmkeen Agritech platform to begin revenue generation within 60 days and aims for significant margin improvement in the near term, alongside navigating risks from the Data Protection Act.

Highlights

  • FY25 revenue of approximately ₹85.44 crores, indicating a base for growth.

  • New acquisitions (Teckinfo, Growintelli) contributed ₹8-9 crores in H1 FY26, showing initial inorganic growth.

  • Farmkeen Agritech platform expected to start revenue generation within 60 days, opening a new vertical.

  • Management's clear focus on improving EBITDA margins, targeting a 'drastic improvement' in the next half cycle.

  • Strategic shift towards AI tools and cybersecurity, aligning with industry trends.

Concerns

  • Caution regarding the government's Data Protection Act (DPDP Act) due to potential high fines for data security breaches.

  • Lack of specific revenue growth guidance for the current or next fiscal year.

  • Acknowledgement of a slight downturn in the Ed-tech sector, requiring replacement with new clients.

Key financials

4 periods

Headline

  • Historical EBITDA Margin
    21.5%
  • Historical PAT Margin
    11%

H1 FY26 Margin

  • Acquisition Contribution
    8.5%

H1 FY26 Revenue & EBITDA

  • Acquisition Contribution
    ₹8.5 Cr

FY25

  • Revenue
    ₹85.44 Cr

What they filed

Q4 FY26: revenue up 78.7%, net profit up 53.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue15 18 28 39 31 +114%36 +97%50 +79%
EBITDA2 3 5 7 6 +257%9 +168%8 +55%
Net profit1 2 3 5 3 +258%4 +88%5 +53%
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
The company is focusing on deepening existing client relationships and cross-selling new services rather than solely pursuing new logos, aiming for easier sales and increased opportunities within current accounts.

Source: Inferred

Capital allocation

medium confidence
  • M&A Teckinfo Solutions Acquisition · Integrated

    To enhance software capabilities and build AI bot platforms.

    Contributed to ₹8-9 crores in revenue and EBITDA for H1 FY26, with a margin of 8-9% (combined with Growintelli).

    Mr. Rajnish Omprakash Sarna: So, I think this is about the other two companies we recently acquired, Teckinfo Solutions, which has been a player in the software space for a while... This is a company we worked with as a... they were a vendor for almost about 15 years plus, you know, before we actually looked at acquiring them.
  • M&A Growintelli Acquisition · Integrated

    To strengthen cybersecurity offerings and address DPDP Act requirements.

    Contributed to ₹8-9 crores in revenue and EBITDA for H1 FY26, with a margin of 8-9% (combined with Teckinfo).

    Mr. Rajnish Omprakash Sarna: So, I think this is about the other two companies we recently acquired... this Growintelli is also one area where we are focused on the cybersecurity aspect

Guidance & targets

Profitability

  • EBITDA Margin Profitability · next, half cycle · Medium confidence drastic improvement
    the margins will see a drastic improvement over the next, half cycle, so that's, you know, that's something what we are working for

    — Mr. Rajnish Omprakash Sarna

Revenue Mix

  • Traditional BPM vs New Offerings Split Revenue Mix · next 3 years · Medium confidence drastic shift from 80-20

    From 80-20 today

    this would change to, from an 80-20, it could be a drastic shift over the next 3 years.

    — Mr. Rajnish Omprakash Sarna

New Business Line

  • Farmkeen Agritech Revenue Generation New Business Line · next, 60 days or so · High confidence start generating revenue
    it will start generating revenue, it will start generating revenue in the next, 60 days or so.

    — Mr. Harihara Subramanian Iyer

  • Farmkeen Agritech Break-even New Business Line · first year of operations · Medium confidence break even
    We at least break even on the Farmkeen opportunity, so it's not like any money getting drained out from the company to be able to get Farmkeen organized

    — Mr. Rajnish Omprakash Sarna

  • Farmkeen Agritech Database Size New Business Line · next, about a year or so · Medium confidence 2-3 million farmers
    build up a database of only farmers of at least about, close to about 2-3 million.

    — Mr. Rajnish Omprakash Sarna

International Expansion

  • Dubai Real Estate Deals Materialization International Expansion · next quarter or so · High confidence materialize
    I'm sure those will materialize over the next quarter or so.

    — Mr. Rajnish Omprakash Sarna

  • Philippines Business Expansion International Expansion · Low confidence expand business
    Do a small center, test the proof there, and then expand that business.

    — Mr. Rajnish Omprakash Sarna

What to watch in Q3 FY26

Farmkeen Agritech Revenue Generation

Within 60 days
Current Not yet generating revenue
Target Start generating revenue

Why it matters

This is a new strategic vertical, and its ability to generate revenue quickly will validate the investment and diversification strategy.

No, it is not in a revenue generation phase, it is just, you know, just started, you know... But, I think it will start revenue generating, it will start generating revenue in the next, 60 days or so.

Risks & concerns

  • Data Protection Act (DPDP Act) compliance and potential fines.

    high

    The DPDP Act makes data security mandatory for large companies, with potential for high fines if data security or data threat is not managed, necessitating a strong cybersecurity team.

    Management acknowledged

  • Industry transition from human-based services to AI/technology.

    medium

    The human-related business is moving towards technology, requiring companies to strengthen AI tech platforms and reduce reliance on human resources to remain competitive.

    Management actively adapting

  • Downturn in the Ed-tech sector.

    low

    The Ed-tech portion of the business has seen a slight downturn, but the company is actively replacing this with new clients.

    Management acknowledged

Q&A highlights

7 direct, 1 evasive
Revenue split between traditional BPM services and newer offerings (cybersecurity, AI, chatbots, CRM integration). Direct
I think in terms of the split, Mutuza may not be the exact numbers now, but I would say about a 80-20% split, because some of these new acquisitions are very, very recent, so the split would be about 80-20. So 80% would come from in our traditional BPM business, and the balance would come in from the CRM integration, chatbots you know, cybersecurity, so that's the split currently, and I think this would change to, from an 80-20, it could be a drastic shift over the next 3 years.

Provides current revenue mix and indicates the early stage of new business integration, with a projected significant shift over three years.

Status of Farmkeen Agritech platform regarding revenue generation. Direct
No, it is not in a revenue generation phase, it is just, you know, just started, you know... But, I think it will start revenue generating, it will start generating revenue in the next, 60 days or so.

Clarifies that the new strategic initiative is not yet generating revenue but is expected to do so within two months, providing a short-term outlook.

Revenue and EBITDA contribution from recent acquisitions (Growintelli and Teckinfo) in H1 FY26. Direct
together, I think they contributed, what, about close to, you know, about, 8, 9 crores.

Quantifies the initial financial impact of recent acquisitions for the first half of the fiscal year.

Future acquisition strategy and focus on organic growth. Direct
we'll currently have our hands full in what we've recently acquired, and will not want to add up anything more at this stage... So we'll not look at any... any more acquisitions.

Indicates a focus on integrating current acquisitions and growing organically in the near term, rather than pursuing new M&A.

Primary growth drivers and management's caution for the next 12-18 months. Direct
I think the government's Data Protection Act is something which keeps us cautious... I think, there could be a little shift of businesses on the Al, the voice bot, the Al agent.

Highlights key strategic focus areas (AI, voice bot) for growth and identifies a significant regulatory risk (DPDP Act) that requires careful management.

Strategic objectives and success plan for international expansion in Dubai and the Philippines. Direct
When we look at Dubai, I think the largest opportunity for any company there in this field like ours is, is in the real estate sector... Philippines... opportunities to work with companies in the financial service sector space.

Details the specific market opportunities and initial approach for international growth, including sector focus and phased entry.

Asked by Ms. Bhumika Pathak

Revenue growth targets for the current and next fiscal year. Evasive
I think we did about... roughly about 85.44 or something like that, this, last financial year. And, currently, I think we're well-placed to, on the numbers, so... so I'll not really add too much to it.

Management avoids giving specific forward revenue guidance, which could be a point of concern for investors seeking clarity on the growth trajectory.

Strategy for improving margins. Direct
we want to actually look at how do we grow these margins to a much better numbers... the margins will see a drastic improvement over the next, half cycle.

Indicates a clear focus on improving profitability and provides a short-term outlook for margin expansion, driven by a shift to higher-margin services.

2 min read 7 chapters

Detailed narrative

Overview of Enser's Business & Strategic Shift

Enser Communications, incorporated in 2008, is a BPM-led digital solution provider with over 17 years of experience, serving 100+ clients across BFSI, telecom, government, retail, and healthcare. The company is undergoing a strategic shift towards high-margin services, AI adoption, and building a scalable growth platform, with record quarterly business exceeding ₹25 crores. FY25 revenue was approximately ₹85.44 crores.

Financial Performance & Margin Outlook

Historically, Enser has maintained EBITDA margins between 17-26% and PAT margins between 10-12% over the last 2-3 years. Management aims to significantly improve these margins in the 'next half cycle' by focusing on higher-margin businesses and letting go of less profitable ones. While specific Q2 FY26 numbers were not provided, the company emphasized its commitment to sustainable and profitable growth.

New Verticals & AI Adoption

Enser is expanding into cybersecurity and software development, leveraging AI tools like voice bots, email bots, and AI agents. The company has a dedicated development team of 60-70 people across group companies to build these tools. This shift is a response to the industry's movement towards AI and digital transformation, aiming to improve customer bottom lines and increase margins.

Acquisitions & Integration (Teckinfo, Growintelli)

Enser recently acquired Teckinfo Solutions (software space, building AI bot platform) and Growintelli (cybersecurity focus). These acquisitions contributed approximately ₹8-9 crores in revenue and EBITDA in H1 FY26, with a combined margin of 8-9%. Management is currently focused on integrating these entities and is not looking for further acquisitions in the short term, prioritizing organic growth from existing assets.

International Expansion (Dubai, Philippines)

The company is pursuing international expansion, specifically in Dubai and the Philippines. In Dubai, the focus is on the real estate sector, with deals expected to materialize in the next quarter or so. In the Philippines, Enser aims to establish a small center to target the financial services sector, testing the market before broader expansion.

Farmkeen Agritech Platform

Enser has launched 'Farmkeen Agritech,' a platform designed to connect the government, agri-tech companies, and farmers. While not yet revenue-generating, it is expected to start within the next 60 days and aims to break even in its first year of operation. The goal is to build a database of 2-3 million farmers within the next year or so, with significant numbers expected from FY27-28 onwards.

Data Protection Act & Cybersecurity Focus

Management highlighted the government's Data Protection Act (DPDP Act) as a key concern due to the potential for high fines for data breaches. This regulation has driven the company's focus on cybersecurity, leading to the acquisition of Growintelli and the development of a strong cybersecurity team to protect customer data and ensure compliance.

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