Infollion Research Services Q2 FY26 Concall Decoded – “Margins Lost in Translation, Confidence Found in Volume Calls”
1. Opening Hook
Gurugram’s favorite “knowledge matchmaker” just pulled off another quarter of quietly compounding growth — even as auditors, AI agents, and U.S. ambitions crowded the call. Gaurav Munjal (no, not the Unacademy one, the other one) was in form — part philosopher, part operator — explaining gross margin dips with the calm of a man who’s been asked that question a dozen times already.
While analysts obsessed over 2.6% here and 1.5 crore there, Infollion’s boss was already plotting a future where expert calls turn into AI-tagged insights. Read on — because halfway through this transcript, the “CD calls” (Corporate Development freebies) start sounding like an origin story for global domination. 😏
2. At a Glance
Revenue ₹52.7 Cr (↑46% YoY) – Growth so steady, even ChatGPT would envy the trendline.
EBITDA ₹8.7 Cr (↑21% YoY) – Expansion mode with just enough restraint.
PAT ₹7.3 Cr (↑23% YoY) – Stable profitability, with Diwali vibes intact.
Cash Flow ₹4.3 Cr (positive) – Rare sighting in the expert-network jungle.
Gross Margin ↓ ~2.6% QoQ – Not a meltdown, just some free samples gone rogue.
U.S. Team Size: 35–40 (and counting) – “Empire State of Calls” in progress.
Huksa 2.0: Fixed-panel rebrand with corporate focus – slow burn, high conviction.
AI Marketplace (Beta): Agents tagging, annotating, and mildly terrifying interns.
3. Management’s Key Commentary
Gaurav Munjal: “We’ve been growing 40% annually since 2019.” (Translation: Compounding like a smallcap stock you ignored in 2020.)
On U.S. Expansion: “Team crossed 35–40 people; one-fourth of calls now from the U.S.” (Translation: Still small, but no longer a garage project.)
On Huksa: “It’s now a broader platform for long-term corporate engagements.” (Translation: Our expert calls are finally getting commitment issues sorted.)
On Margin Dip: “Blame a new auditor and some free development calls.” (Translation: The cost of romance — free trials before commitment.)
On Discounts: “We give some, but only for testing. Not for survival.” (Translation: This isn’t Flipkart Big Billion Day, calm down.)
On AI Use: “We filed an M&A and TIR policy; exploring RLHF, tagging, and annotation.” (Translation: We’re flirting with AI, but keeping one foot in cash flow reality.) 🤖
On Business Mix: “Financial services growing faster than others.” (Translation: PE guys call more often — must be the 2025 bull market hangover.)
On Expansion: “We’ll dominate existing markets before raising prices.” (Translation: Land grab first, pricing power later. Classic playbook.)
