1. Opening Hook
In a world obsessed with “AI unicorns,” Tracxn quietly did the unthinkable—made profits trackingthem. The Bengaluru-based data sleuth for global private markets somehow squeezed out ₹1.6 crore in PAT while everyone else was crying about deal winters.
But wait—growth barely budged, EBITDA turned red (thanks, ESOPs), and yet the CEO sounded as calm as a meditation app. The plan? More datasets, more verticals, and apparently,more universities than Unacademy. Grab your chai—this story’s about how a data company sells data about companies selling dreams.
2. At a Glance
- Revenue ₹21.2 Cr– Up just 1% YoY; data may be growing, but dollars aren’t.
- EBITDA ₹(0.8) Cr– Blame ESOPs; even spreadsheets need motivation.
- PAT ₹1.6 Cr– Somehow, profits survived the HR apocalypse.
- Free Cash Flow ₹1.6 Cr– Cash flow is the new cool.
- Cash Balance ₹90.8 Cr– Enough to survive another VC winter.
- Customer Accounts 2,143– Up 41%; users love Tracxn more than investors do.
3. Management’s Key Commentary
“Revenue grew 1% YoY, total income ₹22.5 crore.”(Translation: We made more slides than money.)
“EBITDA negative ₹0.8 crore due to ESOPs.”(The price of keeping employees happy is a sad EBITDA.) 😏
“Customer accounts grew 41% YoY to 2,143.”(So many new users, so little upsell.)
“India business grew 16% YoY; accounts up 50%.”(Desi VCs finally started paying invoices.)
“56% of revenue from international clients across 50 countries.”(Global domination—minus the domination part.)
“Free cash flow positive; cash up ₹5.7 crore YoY despite buyback.”(CFO flexes while Excel formulas weep softly.)
“TMX Datalinx partnership in Canada to tap financial institutions.”(A fancy way to say ‘we made friends with Canadians’.) 🇨🇦
4. Numbers Decoded
| Metric | Q2FY26 | YoY Growth | QoQ Growth |
|---|---|---|---|
| Revenue (₹ Cr) | 21.2 | +1% | +0% |
| EBITDA (₹ Cr) | -0.8 | – | – |
| PAT (₹ Cr) | 1.6 | Flat | – |
| Free Cash Flow (₹ Cr) | 1.6 | +5% | + |
| Cash Balance (₹ Cr) | 90.8 | +7% | + |
| Customer Accounts | 2,143 | +41% | +130 QoQ |
| Users | 5,914 | +44% | +538 QoQ |
Comment:The dashboard’s green on everything except the P&L. Growth is in users, not rupees—classic
“Freemium Syndrome.”
5. Analyst Questions
- Q:“Growth’s stuck—when will revenue actually move?”A:“H2FY26 or FY27. Probably. Maybe.”
- Q:“TMX deal—big money or big hope?”A:“Early days. It’s more LinkedIn than ledger for now.”
- Q:“Why rising employee cost if AI’s doing the work?”A:“AI trims data teams, but we’re hiring salespeople. Robots don’t sell subscriptions.”
- Q:“Deferred tax assets?”A:“Gone. Vanished. Like unicorn IPOs.”
- Q:“Buyback at premium—why?”A:“Can’t give dividends due to old losses. So, buyback = financial yoga.” 🧘♀️
6. Guidance & Outlook
Neha Singh insists FY26 will be the “turning point”—because AI’s scaling data faster, India BU’s on fire (+50% accounts), and the TMX partnership might finally open North American wallets.
Plans include:
- Q3 launch of expanded private company financial datasets(aimed at PE & IB customers).
- Vertical team expansionfrom India to global markets.
- Organic traffic scaling– 25M annualized visits now; aiming for global SEO domination.
- Aggressive AI automation– more
