HRHNEXT
HRH Next Services financials
- Market cap
- ₹33 Cr
- Sector
- Services
- Calls analysed
- 3
HRHNEXT Q4 FY26
What went well
- FY26 Revenue grew 18% to ₹68 crores.
- EBITDA grew 38% in FY26, indicating significant margin expansion.
- AINA (AI division) contributed ₹7 crores to FY26 revenue, with 2 full productions live and 3 more in pipeline.
What to watch
- Delayed payments from large enterprises impacting working capital.
- High capex requirement for new physical centers (₹3-3.5 crores per 300-seat center) and AI development (₹5-6 crores for FY27).
What HRH Next Services Limited does
HRH Next Services Limited provides outsourced customer-engagement and contact-centre services -- inbound and outbound call handling, omnichannel/SEO support, and BPO advisory & consulting -- for enterprise clients across sectors such as fintech, e-commerce, food-tech, telecom, tourism and BFSI. It operates eight service delivery centres across South India (Hyderabad, Coimbatore, Bangalore, Warangal, Nizamabad, Tumkur and Palakkad) staffed by associates and support teams serving customers in 11 Indian languages. In 2025 it launched AINA (Artificial Intelligence for the New Age), a vernacular AI division offering voicebots, chatbots, automated call audits, workflow automation, an AI HR video-interview bot and a voice-intelligence analytics tool, layered on top of its human contact-centre operations.
Segments
- Contact Centre Services
- SEO & Omnichannel Services
- Advisory & Consulting Services
- AINA (AI & Automation)
- Service delivery centres
- 8 (Hyderabad, Coimbatore, Bangalore, Warangal, Nizamabad, Tumkur, Palakkad)
- Workforce (associates + support teams)
- 2,690 (2,375 associates + 315 support staff)
- Languages served
- 11 Indian languages
- Annual call volume handled
- 46.54M calls (FY26 till date, up from 30.63M in 2024)
- Distinct support service lines
- 7
- AINA AI productions live
- 2 live, 3 more in pipeline
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 1 delivered 2 missed 7 open- Profitability (Margins) delivered said Q4 FY25 Promised: 200 to 300 basis point improvements in our bottom lines in FY26 and FY27 Q4 FY26: Reported 38% EBITDA growth in FY26, with management citing 'significant margin expansion' due to cost controls and AINA contribution, fulfilling the FY26 part of the promise.
- Cash Flow missed said Q4 FY25 Promised: Positive cash flow in Q2 and for the coming quarters by 2026 Q4 FY26: Management acknowledged 'challenges with delayed payments from large enterprises impacting working capital', indicating the H2 FY26 target for positive cash flow was not met.
- Capacity Expansion diluted said Q4 FY25 Promised: Expanding with one center in Indore... augmenting facilities in Tungkur as well as in Coimbatore Q4 FY26: Planned capex for 'two new physical centers' in FY27, but did not specify locations, continuing the ambiguity from the previous quarter.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 49.8%, net profit up 742.4% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 21 | 24 | 29 | 29 | 32 +51% | 36 +50% |
| EBITDA | 4 | 3 | 6 | 3 | 6 +55% | 7 +143% |
| Net profit | 2 | 0 | 2 | 1 | 2 +38% | 3 +742% |
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.
Performance −30.4% 1Y
1Y: ₹34 on 10 Sept 2025 → ₹23.65. High ₹37.9 (15 Sept 2025), low ₹21.95 (10 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −4.0%
- 10 Jun
- Q2 FY26
- +2.6%
- 21 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹6 Cr | ₹7 Cr | ₹10 Cr | ₹12 Cr | ₹25 Cr | ₹28 Cr |
| Borrowings | ₹4 Cr | ₹4 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹18 Cr |
| Other liabilities | ₹3 Cr | ₹7 Cr | ₹8 Cr | ₹6 Cr | ₹13 Cr | ₹39 Cr |
| Total liabilities | ₹13 Cr | ₹19 Cr | ₹29 Cr | ₹37 Cr | ₹61 Cr | ₹98 Cr |
| Fixed assets | ₹5 Cr | ₹7 Cr | ₹13 Cr | ₹15 Cr | ₹25 Cr | ₹42 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹7 Cr | ₹11 Cr | ₹15 Cr | ₹22 Cr | ₹36 Cr | ₹51 Cr |
| Total assets | ₹13 Cr | ₹19 Cr | ₹29 Cr | ₹37 Cr | ₹61 Cr | ₹98 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters added +1.07 pp while the public trimmed −1.06 pp. The shareholder count grew 18% to 541.
- Promoters
- 56.6%
- Public
- 43.4%
Since Mar 2025
- Promoters +1.07 pp
- Public −1.06 pp
- DIIs −0.01 pp
How it drifted, 5 quarters
Over this window the public went from 30.3% to 43.4% — +13.1 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 69.6%, DIIs 0.1%, Public 30.3%.Sep '24: Promoters 55.4%, FIIs 0.2%, Public 44.4%.Mar '25: Promoters 55.5%, DIIs 0.0%, Public 44.5%.Sep '25: Promoters 55.6%, DIIs 0.0%, Public 44.4%.Mar '26: Promoters 56.6%, Public 43.4%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parikshit Sanjay Shah newly disclosed 5.44% held
- Ankit Sanjay Shah +0.94 pp 26.90% held
- Pushpa Bhaju +0.19 pp 5.51% held
- Jugal Kishore Bhagat +0.12 pp 4.08% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of HRH Next Services Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ankit Sanjay Shah | 26.90% | +0.94 pp |
| Tara Sanjay Shah | 18.78% | unchanged |
| Pushpa Bhaju | 5.51% | +0.19 pp |
| Parikshit Sanjay Shah | 5.44% | newly disclosed |
| Jugal Kishore Bhagat | 4.08% | +0.12 pp |
| Rekha Bhagat | 3.60% | unchanged |
| Mr Ankush Ashok Sharma | 2.35% | −1.07 pp |
| Trishla Shah | 2.15% | unchanged |
| Pranav Pankaj Shah | 2.09% | unchanged |
| Nezone Herbals Pvt Ltd | 1.14% | unchanged |
| Channel Plastics Private Limited | 1.00% | −0.09 pp |
| Prachi Parikshit Shah | 0.78% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -16.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse HRH Next Services Limited
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