Adisoft H2 FY26 Concall Decoded: 65% of Revenue From One Customer, 25% Growth Promised
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1. Opening Hook
Adisoft just listed on NSE Emerge in April and held its first earnings call on June 2. The numbers looked robust—H2 EBITDA margin hit 20.52%, up 350 basis points. Net profit jumped 79.47% year-on-year. But buried in the Q&A was a detail that made investors squint: 65% of FY26 revenue came from a single customer. Management called it a “pull,” not a dependency. The market will decide which word fits better.
2. At a Glance
Metric
Punchline
H2 FY26 Revenue
₹119.7 Cr, +46.58% YoY — second half’s 60% of annual revenue arrived on schedule.
FY26 Total Revenue
₹169.3 Cr, +26.66% YoY — full year growth slowed versus H2’s sprint.
EBITDA Margin (FY26)
18% — expanded 210 bps YoY, courtesy H2’s heavier order mix and repeat business.
65% from one customer in FY26 — a market-leading four and two-wheeler maker. The other 35% scattered across automotive OEM, pharma, white goods, e-commerce, printing.
New Pune facility: 70,000 sq ft across 4 floors. Basement + ground + first floor by Oct–Nov; full integration by March ’27. Peak revenue potential: ₹650–700 Cr in 5 years.
Guidance (FY27)
25% top-line growth; margins sustainable at 13–14% PAT; auto segment to stay ~80% for now, target 60–65% in future.
3. Management’s Key Commentary
On the market and margins: “H1 is a little bit slower and H2 is much higher volume. Normally, the cycle is like that, H1 is a little bit slower and H2 is much higher volume.” (Translation: Half the year doesn’t pay the bills. The other half is when orders stack and margins bloom.)
“If you are making a solution or product for the first time, then it is sort of an investment. But as you go on repeating those solutions, selling to different, different customers, your margins is going to improve.” (Translation: First build is expensive. Tenth build is gravy. That’s why they keep redeploying the same tech.)
On customer concentration and growth: “This relationship has been right from the starting of the company. And this is a mutually win-win situation type of relationship… We don’t see that as a dependency, sir. It is a pull from the customers. So we are working for market leaders and that is the pull.” (Translation: We built the business around them, they send orders. Calling it a pull doesn’t change the math.)
“We are having 90-95% business we are getting out of our share” [of the top customer’s smart factory wallet]. (Translation: In their niche (smart factory integration), they own the deal. Outside the niche, other vendors exist.)
On the new factory and capacity: “With this facility, we can definitely achieve more than INR650 crores to INR700 crores… Not in 2 years, 3 years, but definitely in 5 years, sir.” (Translation: Five-year ambition. Reality checks happen annually.)
“Because what happens, once we have the facility in hand, it makes a different impression on the end customer and the confidence of the end customer increases after seeing the facility.” (Translation: A new building is a sales tool. Customers trust vendors who can show up at scale.)
On diversification: “For few years it will be like this only” [80% auto, 20% non-auto], regarding the segment split. (Translation: Diversification is a roadmap, not a near-term shift.)
“We are focusing in that segment [pharma] because we already have the skill of data.” (Translation: They’re leveraging automotive’s data expertise to crack pharma. It’s borrowing, not inventing.)
4. Numbers Decoded
Line
Figure
Context
H2 FY26 Total Income
₹119.7 Cr
Up 46.58% YoY from ₹81.7 Cr in H2 FY25. Second half is consistently the stronger half.
FY26 Total Income
₹169.3 Cr
Up 26.66% YoY from ₹133.6 Cr in FY25. Full-year growth slower than H2 because H1 is weaker.
H2 FY26 EBITDA
₹24.56 Cr
Up 76.69% YoY. Margin: 20.52%, a 350 bps jump from H2 FY25’s 17%.
FY26 EBITDA
₹32.84 Cr
Up 42.35% YoY. Full-year margin: 19.4% (blended). H2’s repeat orders and scale pulled the year-end number up.
FY26 Net Profit
₹22.8 Cr
Up 42.86% YoY from ₹15.95 Cr in FY25. PAT margin: 13.5% vs 11.9% prior year, a 160 bps lift.
H2 FY26 Net Profit
₹17.48 Cr
Up 79.47% YoY from ₹9.73 Cr in H2 FY25. H2 accounts for roughly 77% of annual profit.
Trade Receivables (Mar 26)
₹82–89 Cr
~50% of annual sales. Payment cycle: 45–60 days typical, but Feb–March billing sits uncleared until Q1. ~₹28–29 Cr still pending as of call date. Debtor days: 181 (peer median: ~130).
FY26 Top Customer Revenue
65% of ₹166 Cr = ~₹107.9 Cr
Market-leading four and two-wheeler maker. Relationship since company founding. 90–95% wallet share in smart factory segment.
Trading Business
~22% of FY26 revenue
Margins: ~10%. Box-selling of sensors, control panels, third-party automation products. Management frames it as “market intelligence” and lead generation for solutions.
