Tracxn Technologies Limited

Tracxn Technologies reported H1 FY26 revenue from operations of 42.4 crores, a modest 1% year-on-year growth. Total income for the period was 45.4 crores. For Q2 FY26, revenue from operations stood at 21.2 crores and total income at 22.5 crores. The company recorded a negative EBITDA of 0.8 crores for Q2 FY26, but a positive PAT of 1.6 crores, representing a 4% margin. Adjusted EBITDA for H1 FY26, excluding ESOPs, was 0.7 crores, with adjusted PAT at 3 crores.

The company demonstrated strong volume growth in customer accounts and users. Customer accounts reached 2,143 by the end of Q2 FY26, marking a 41% increase year-on-year. The user base also expanded significantly to 5,914, a 44% increase year-on-year. Tracxn added 130 net new accounts in Q2 FY26, continuing a trend of adding over 100 net new customer accounts per quarter for the last six quarters, indicating aggressive customer acquisition.

The India Business Unit (BU) showed healthy acceleration, with accounts growing 50% YoY in Q2 FY26 and revenue up 16% YoY in H1 FY26, validating the vertical team playbook. Internationally, accounts grew 29% YoY in Q2 FY26, a significant improvement from a negative 5% in FY24. A key international initiative is a partnership with TMX Datalinx, the information services division of TMX Group, to expand reach within North American financial institutions. Over 56% of H1 FY26 revenue was from international customers across more than 50 countries.

Tracxn is heavily investing in expanding its datasets, particularly around revenue and financial data of private companies, which is expected to go live in Q3 FY26. The company has significantly increased its coverage of private company financials across 20 countries, with detailed financials growing over 30x in two years. Cap table coverage has increased 9x from 39,000 to 350,000. AI is being leveraged for data production, leading to a 20% reduction in data team headcount in the first nine months of 2025, while expanding data point coverage by over 2.5x.

The company maintains profitable operations and generates positive free cash flow, with H1 FY26 free cash flow at 1.6 crores. Cash and cash equivalents stood at 90.8 crores, a 7% increase YoY, even after accounting for a buyback concluded in Q2 FY26. The buyback was oversubscribed 6x. Management indicated that future buybacks might be considered periodically (every 1.5 years) depending on cash availability and market conditions, often at a premium to market price.

The private markets have been slow, with tech funding and deal volume at a 10-year low in 2024, though 2025 shows slight improvement. Tracxn expects its growth rate to accelerate as investments in vertical teams, international expansion, and data augmentation mature. The company anticipates that profitability will follow revenue growth. The strategy of using content marketing and TracxnLite (with over two lakh sign-ups) continues to generate organic traffic and leads efficiently.