Workmates Reports Strong FY2026 Revenue And Debt Free Balance Sheet

21 May 2026 CW Team

Workmates entered the new year with cash of 539.5 mn and no long term borrowings after its IPO. The IPO included a fresh issue of 2,908,800 shares at Rs204 each and an offer for sale of 514,800 shares, increasing paid up capital by 29.0 mn. Proceeds repaid secured loans of 86.0 mn and partially funded working capital allocations.

Operational metrics strengthened as billable utilisation improved to 84 per cent and average debtor days fell to 62 days, aiding cash conversion. Monthly recurring revenue reached 100.0 mn by the second half and entry contracted MRR for FY2027 stood at 132.5 mn per month, a 35 per cent increase versus March 2026. Client retention remained robust at 95 per cent while active enterprise clients exceeded 316, supported by talent additions that raised headcount to 168.

Delivery automation and centralised governance reduced mean time to resolve from four point five hours to one point two hours and accelerated deployment cycles by 70 per cent. The company expanded cybersecurity and generative AI capabilities and launched a key account programme to pursue multi year contracts. Management noted that strategic investments will focus on enterprise sales, solution architecture and AI partnerships aligned with the AWS ecosystem.

Management described FY2026 as a foundation year that improves revenue visibility for FY2027, with a contracted recurring base covering a substantial part of the first half. The company said remaining working capital allocations will be deployed in FY2027 and that governance and investor relations arrangements have been strengthened.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Workmates Core2Cloud Solution Limited (Workmates) reported audited consolidated results for the year ended 31 March 2026, with revenue from operations of 1,438.2 mn, up 33.6 per cent year on year. Recurring revenue amounted to 1,180.0 mn, forming 82.5 per cent of total revenue and supporting higher revenue predictability. Profit before tax was 214.6 mn and profit after tax was 159.2 mn for the year. The board approved an interim dividend of Rs two per equity share. Workmates entered the new year with cash of 539.5 mn and no long term borrowings after its IPO. The IPO included a fresh issue of 2,908,800 shares at Rs204 each and an offer for sale of 514,800 shares, increasing paid up capital by 29.0 mn. Proceeds repaid secured loans of 86.0 mn and partially funded working capital allocations. Operational metrics strengthened as billable utilisation improved to 84 per cent and average debtor days fell to 62 days, aiding cash conversion. Monthly recurring revenue reached 100.0 mn by the second half and entry contracted MRR for FY2027 stood at 132.5 mn per month, a 35 per cent increase versus March 2026. Client retention remained robust at 95 per cent while active enterprise clients exceeded 316, supported by talent additions that raised headcount to 168. Delivery automation and centralised governance reduced mean time to resolve from four point five hours to one point two hours and accelerated deployment cycles by 70 per cent. The company expanded cybersecurity and generative AI capabilities and launched a key account programme to pursue multi year contracts. Management noted that strategic investments will focus on enterprise sales, solution architecture and AI partnerships aligned with the AWS ecosystem. Management described FY2026 as a foundation year that improves revenue visibility for FY2027, with a contracted recurring base covering a substantial part of the first half. The company said remaining working capital allocations will be deployed in FY2027 and that governance and investor relations arrangements have been strengthened.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..