1. At a Glance – The OTT Ad Machine Wakes Up?
₹8,157 Cr market cap. ₹377 current price. High/Low ₹435/₹317. Quarterly revenue ₹404 Cr. Quarterly PAT ₹30.9 Cr. ROCE -10.4%. ROE -15.5%. Debt just ₹36 Cr. Cash & investments ₹803.4 Cr.
Let that sink in.
This freshly listed Connected TV (CTV) darling just reported Q3 FY26 revenue of ₹404 Cr (up 22% YoY) and PAT of ₹30.9 Cr (up 292%). After years of red ink in annual numbers (FY25 PAT -₹69 Cr), suddenly we have profit fireworks.
Is this the SaaS hockey stick? Or just IPO-season glow?
With 26+ billion ad impressions delivered in FY25, 580k+ hours processed, and presence across 40+ countries, Amagi isn’t some local IT vendor. It’s trying to be the plumbing behind global streaming ads.
But here’s the spicy part:
Annual ROE is still negative. Operating margins for FY25 were -8%. Interest coverage is negative.
So which story do we believe? The fast-growing cloud CTV unicorn? Or the capital-consuming media-tech experiment?
Let’s investigate.
2. Introduction – From Bengaluru to Billboard Ads on Your Smart TV
Founded in 2008, Amagi Media Labs started when streaming wasn’t cool and “Connected TV” sounded like a Wi-Fi problem.
Fast forward to 2026.
It is now listed on the exchanges after raising ₹1,789 Cr through IPO, listed January 21, 2026. The fresh issue of ₹816 Cr is being used for:
- Technology & cloud infrastructure
- Inorganic growth
- General corporate purposes
Translation: More servers, more acquisitions, more ambition.
Amagi operates a three-sided marketplace connecting:
- 400+ content providers
- 350+ distributors
- 75+ advertisers
And it claims to serve 45% of the top 50 global media companies by revenue.
That’s not small talk.
Geographically:
- Americas: 73%
- Europe: 17.5%
- Asia-Pacific: 7%
- India: 1.5%
Basically, it’s an Indian company earning like a Silicon Valley SaaS firm.
But here’s the catch.
FY25 revenue: ₹1,163 Cr
FY25 PAT: -₹69 Cr
ROE (3-year avg): -43%
Now suddenly Q3 FY26 is profitable.
Is this a turning point? Or is quarterly profitability just seasoning on a still-cooking business?
3. Business Model – WTF Do They Even Do?
Imagine Netflix, Roku, Samsung TV Plus, Pluto TV — but instead of making shows, Amagi helps
