Mumbai: Workmates Core2Cloud Solution Limited reported revenue of Rupees 143 crore for FY26, compared with Rupees 107 crore in FY25, marking 33.6 percent year-on-year growth. The company’s investor presentation did not disclose Q4 FY26, Q3 FY26, or Q4 FY25 numbers, so quarterly YoY and QoQ comparisons are not available from the filing. Profit after tax stood at Rupees 15.92 crore in FY26, compared with Rupees 13.90 crore in FY25, which the company reported as 16 percent growth.
H2 Slower Than H1
For FY26, the company reported H1 revenue of Rupees 75 crore and H2 revenue of Rupees 68 crore. This shows a sequential decline of 9.3 percent from H1 to H2. PAT also moved lower in the second half, with H1 PAT at Rupees 9 crore and H2 PAT at Rupees 6.76 crore. PAT margin was 12 percent in H1 and 10 percent in H2. For the full year, PAT margin stood at 11 percent, compared with 13 percent in FY25.
Recurring Revenue Led The Mix
Recurring revenue formed the largest part of Workmates Core2Cloud’s business in FY26. It stood at Rupees 118 crore, or 82.5 percent of revenue, up 29.7 percent from Rupees 91 crore in FY25. Project implementation billing rose 56.3 percent to Rupees 25 crore from Rupees 16 crore. The company said its revenue model is supported by annuity infrastructure and managed services, along with one-time cloud migration and transformation projects. It also reported 316 total customers in FY26, up from 288 in FY25.
Full-Year Business Update
The company’s average monthly recurring revenue stood at Rupees 9.83 crore in FY26. It also reported Rupees 159 crore of assured recurring revenue for FY27 entry position, with entry MRR of Rupees 13.25 crore per month. Workmates said debtor days reduced to 62 days in FY26 from 72 days in FY25. The company added 39 employees during the year, taking manpower from 129 to 168, with a stated cost impact of Rupees 6 crore.
Disclaimer: This report is based on financial results filed by the company and does not constitute investment advice.
