1. Opening Hook
In a world obsessed with “AI unicorns,” Tracxn quietly did the unthinkable—made profits tracking them. 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,
