Tracxn Technologies (TRACXN) Q2 25/26 earnings summary

Executive summary

• Revenue from operations for Q2 FY26 was INR 21.2 crores (₹2,124.55 lakhs), with H1 FY26 at INR 42.4 crores (₹4,537.22 lakhs); total income for H1 was INR 45.4 crores.

• Customer accounts grew 41% year-on-year to 2,143, with user count up 44% to 5,914, marking record additions.

• PAT for H1 FY26 was INR 1.6 crores (4% margin), but Q2 FY26 saw a net loss of ₹556.26 lakhs due to deferred tax asset reversal and ESOP/buyback expenses.

• Free cash flow for H1 FY26 was INR 1.6 crores; cash and equivalents at ₹90.8 crores, net of buyback outgo.

• International revenue comprised 56% of H1 FY26, with customers in 50+ countries.

Financial highlights

• Revenue growth was 1.2% year-on-year; expenses for H1 increased 6% to INR 43.3 crores, with 88% being team costs.

• Q2 FY26 EBITDA was -₹0.6 crores (-3% margin); H1 FY26 EBITDA was -₹0.8 crores (-2% margin).

• Deferred revenue for Q2 FY26 was nearly INR 35 crores (₹34.9 crores).

• Contract price/invoicing for H1 FY26 was nearly INR 40 crores; contract price at ₹88.5 crores (15% CAGR).

• Free cash flow increased by ₹6.8 crores YoY in H1 FY26.

Outlook and guidance

• Revenue growth expected to accelerate in H2 FY26 and H1 FY27 as new data sets and vertical teams mature.

• International growth anticipated to improve with new channel partnerships and expanded data offerings.

• Annualized price increases being implemented in select segments and geographies, with phased rollout planned.

• Strategy to replicate vertical BU teams internationally underway.

• Continued investment in sales, marketing, and data expansion expected to accelerate growth.