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    Pelatro

    PELATRO
    Media, Entertainment & Publication·11 May 2026
    Management Summary

    Pelatro reported a strong Q4 and full year FY26, driven by robust revenue growth of 61.2% and significant EBITDA expansion of 76%. The acquisition of Estel Technologies has stabilized and contributed positively, alongside healthy organic growth in the CVM division. The company highlighted its focus on AI integration for product enhancement and operational efficiency, aiming for continued non-linear growth and margin expansion. Management expressed confidence in achieving at least 15% annual organic revenue growth and 30% EBITDA margins in the coming years.

    Highlights

    6

    • Revenue for FY26 stood at INR 138.23 crores, growing 61.2% year-on-year compared to FY25.

    • EBITDA grew 76% year-on-year to INR 31.5 crores from INR 18 crores in FY25.

    • EBITDA margins expanded to 22.8% in FY26 from 20.9% in FY25.

    • PAT grew 52% year-on-year to INR 18.1 crores against INR 11.9 crores last year.

    • CVM division alone contributed INR 116.5 crores with a healthy growth of approximately 36% from last year.

    • 82% of the expected revenue for FY26-27 is already contracted, providing high visibility and predictability.

    Key financials

    Single quarter

    07 metrics
    1. 01Revenue₹138.23 Cr+61.2%YoY
    2. 02EBITDA₹31.5 Cr+75%YoY
    3. 03EBITDA Margin22.8%
    4. 04PAT₹18.1 Cr+52%YoY
    5. 05EPS₹17

    Segment breakdown

    • CVM Division₹116.5 Cr84.3%
    • Estel Division₹21.7 Cr15.7%
    Donut· Share of Revenue

    Capital allocation

    1
    high confidence
    CategoryHeadline
    Debt

    Debt disclosed

    Guidance & targets

    7
    CategoryTargetPriority
    Revenue
    Organic Revenue Growth
    15%
    		High
    Profitability
    EBITDA Margin
    30%
    		High
    Market Share
    Market Penetration (Telcos)
    20% or 25%
    		Medium
    Product Penetration
    Products per Telco
    two or two and a half products
    		Medium
    Revenue Visibility
    FY27 Revenue Contracted
    82%
    		High
    Revenue Concentration
    Top 10 Customer Revenue Share
    20% or 25%
    		Medium
    Tax Rate
    Effective Tax Rate
    10%
    		Medium

    Organic Revenue Growth

    next quarter
    Current36% (CVM division FY26)
    TargetConsistent with 15% annual organic growth target

    Why it matters

    Organic growth is a key driver of Pelatro's overall performance and a core commitment from management.

    Organic growth of 15% at least over the next five years on an annual basis every year.

    How to verify

    key_financials.segment_breakdown[name='CVM Division'].metrics[label='Revenue Growth']

    Risks & concerns

    2
    RiskSeverity

    AI Disruption and Telcos Building In-House Solutions

    Analyst questioned if telcos could leverage generic LLMs to build their own campaign management solutions, reducing reliance on Pelatro. Management argued against this due to the extreme complexity of their product and the advanced capabilities Pelatro offers. — Analyst acknowledged

    medium

    Slow Sales Cycle and Telco Inertia

    Management highlighted that the sales process with telcos is very slow, typically 10-12 months, due to their risk-averse nature, bureaucracy, and internal decision-making speed, which is beyond Pelatro's control. — Management acknowledged

    medium

    Q&A highlights

    7

    “We do not believe that is going to happen because of the overall complexity of a product like campaign management. People may say, what is it? You just take some subscriber segment, you plan a campaign, campaign being "Buy This, Get That Free," and shoot it out. It is as simple as that is what you will think. The concept is that simple. To understand the product is that simple. But, the nuances are very many.”

    Analyst questioned the viability of Pelatro's business model against generic AI/LLMs, and management provided a detailed explanation of product complexity as a barrier to entry.

    asked by Abhi Jain

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Financial Performance in FY26

    Pelatro delivered a robust financial performance in FY26, with total revenue reaching INR 138.23 crores, marking a significant 61.2% year-on-year growth. This growth was accompanied by a 76% increase in EBITDA to INR 31.5 crores, leading to an expansion in EBITDA margins from 20.9% in FY25 to 22.8% in FY26. Net profit (PAT) also saw a healthy rise of 52% year-on-year, totaling INR 18.1 crores, demonstrating the company's ability to translate revenue growth into higher profitability.

    02

    Contribution from CVM and Estel Divisions

    The company's revenue growth was a result of contributions from both its continuing CVM division and the newly acquired Estel division. The CVM division alone contributed INR 116.5 crores, achieving approximately 36% growth over the previous year, indicating strong organic performance. The Estel division, acquired in FY26, added INR 21.7 crores in revenue over a nine-month period, meeting management's expectations and showing a healthy EBITDA margin of 15.6%.

    03

    Strategic Focus on AI Integration and Efficiency

    Pelatro is actively integrating AI across its product offerings and development processes to ensure product leadership and operational efficiency. The company has launched the mViva Revenue Acceleration Platform, incorporating Gen AI and LLM-driven features like AI Agents and Zero Touch Campaigning. This integration is expected to reduce costs per dollar of revenue and further enhance the non-linearity of the business model, with AI usage leading to a reduced need for increased manpower.

    04

    High Revenue Visibility and Long-Term Growth Targets

    The company boasts high revenue visibility, with 82% of its expected FY26-27 revenue already contracted. Management is committed to achieving at least 15% annual organic revenue growth over the next five years. Furthermore, they anticipate EBITDA margins to reach 30% within the next two to three years, driven by continued non-linearity and AI leverage. Pelatro also aims to increase market penetration to 20-25% and product penetration to 2-2.5 products per telco in the next four to five years.

    05

    Customer Stickiness and Diversification Efforts

    Pelatro emphasized the high stickiness of its products, noting only one customer replacement in 10 years due to non-technical, political reasons. The company is actively working to diversify its revenue base, with the top 5 customers currently accounting for 39-40% of revenue (down from 45% last year) and the top 10 accounting for 60%. Management expects the top 10 customer concentration to reduce to 20-25% within the next three to four years.

    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.