Amagi delivered a sharp financial turnaround in the first half of FY26, driven by strong momentum in its core distribution and payout services business. The segment contributed nearly 98% of operating revenue, with income rising 36% year-on-year to Rs 690 crore during the period.
Revenue from the company’s AdPlus segment remained largely flat at Rs 15 crore. Including other income of Rs 29 crore, Amagi’s total income climbed to Rs 734 crore in H1 FY26, up from Rs 551 crore in the same period last year.
Controlled Cost Growth Supports Return to Profitability
Employee benefit expenses continued to be the largest cost component, increasing 12.5% to Rs 386 crore, accounting for over 53% of total expenditure. Communication costs rose 32.5% to Rs 216 crore, forming close to 30% of overall expenses.
Other overheads such as legal and professional charges declined to Rs 27 crore, while travel and miscellaneous expenses together stood at Rs 71 crore. Overall, total expenses grew 18.2% to Rs 722 crore, significantly slower than revenue growth.
Profit Reversal Marks Key Milestone
With revenue outpacing expense growth, Amagi returned to profitability, reporting a profit of Rs 6.5 crore in H1 FY26, compared to a loss of Rs 66 crore in the corresponding period last year. The company’s ROCE and EBITDA margin stood at -1.51% and -0.57%, respectively, reflecting improving operational leverage.
Healthy Balance Sheet Strengthens IPO Readiness
As of September 2025, Amagi reported cash and bank balances of Rs 397 crore, while current assets stood at Rs 1,177 crore, providing a strong liquidity cushion ahead of its public listing.
IPO Details and Investor Upside
Amagi has announced a price band of Rs 343–361 per share for its Rs 1,788.62 crore IPO, which opens on January 13 and closes on January 16, with the anchor book opening on January 12. The lot size is fixed at 41 shares, translating to a minimum retail investment of approximately Rs 14,800 at the upper end.
Early and growth-stage investors including Premji Invest, Accel India, and Norwest Venture Partners are set to see multi-fold returns, with Premji Invest emerging as the biggest gainer at nearly 14x returns.
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