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.

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.

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