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Latest filing: 2026-08-25 17:17
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35 announcements match the current filters (relevance ≥ 5).
Capillary Clarifies ~4% Equity Sale Was PE Investor Exit (Peak XV), Not Founder Divestment
Capillary Technologies clarified that the transaction executed on August 10, 2026, involving approximately 4% of the company's equity share capital by its promoter entity Capillary Technologies International Pte. Ltd. (CTIPL), was done to facilitate an exit for early-stage investor Peak XV Partners. The company emphasized that this was not a divestment or exit by operational founders, whose commitment and alignment remain intact. Following this transaction, other institutional private equity investors continue to hold an aggregate equity stake of over 30% in CTIPL. The company noted that future liquidity events by such PE investors may also take place through CTIPL in line with the holding structure.
Confidence: HIGH
What changedThe company issued a formal clarification regarding the ~4% promoter stake sale on August 10, 2026, confirming it was a PE exit rather than founder selling.
Why it mattersAllays market concerns regarding founder commitment and operational stability following the promoter entity's recent block disposal.
Equity share capital sold: ~4%Date of transaction: August 10, 2026Remaining institutional PE stake in promoter entity (CTIPL): >30%
📅 Short termReduces negative sentiment or ambiguity around promoter selling, as the block was confirmed as a standard institutional PE exit.
📈 Long termStructural overhang remains possible over the medium-to-long term, as remaining PE funds holding >30% in CTIPL may seek future exits.
⚠ Risk flags
- Potential supply overhang from future secondary exits by remaining PE investors holding >30% in CTIPL
Key Highlights
Clarified that the ~4% equity share capital transaction executed on August 10, 2026, was a PE exit for Peak XV Partners
Operational founders have not divested their stake or reduced alignment with the company
Other institutional private equity investors continue to hold over 30% aggregate equity in promoter entity CTIPL
Future secondary liquidity events by CTIPL-level PE investors may similarly be routed via CTIPL
👀 What to Watch
Track shareholding patterns and disclosures regarding CTIPL to monitor any further secondary sales by remaining institutional PE investors.
Capillary Q1 FY27: New ACV Grows 75% to ₹92 Cr; Management to Beat ₹1,065 Cr Revenue Guidance
Capillary Technologies reported a strong start to FY27, with trailing 12-month new Annual Recurring Contract Value (ACV) growing 75% to ₹92 crore. The company maintains a healthy Net Retention Rate (NRR) of 111% (116% excluding the largest customer) and a subscription gross margin of 66%. Management indicated they expect to exceed their full-year FY27 guidance of ₹1,065 crore in revenue and ₹172 crore in profitability. The US market remains the primary growth driver, now accounting for 60% of total revenue.
Confidence: HIGH
What changedThe company has accelerated its new customer acquisition (ACV growth) and successfully integrated the SessionM acquisition, shifting its revenue mix heavily toward the US market.
Why it mattersThe 75% growth in new ACV and high NRR suggest strong product-market fit in the global loyalty software space, providing high revenue visibility through long-term (3-7 year) subscription contracts.
New ACV (TTM): ₹92 crFY27 Revenue Guidance: >₹1,065 crNet Retention Rate: 111%US Revenue Share: 60%Subscription Gross Margin: 66%
📅 Short termThe outlook is positive as management expects to beat previous guidance, and the integration of recent acquisitions appears to be progressing ahead of schedule.
📈 Long termThe structural shift to a US-centric, AI-first loyalty platform with high recurring revenue (90%+) positions the company for steady long-term growth, provided it manages institutional investor concerns regarding ESOPs.
⚠ Risk flags
- High institutional dissent (49.7%) on ESOP 2021 ratification
- Mention of a recent 'fraud incident' in closing remarks
- High server costs in SessionM business (50% of its revenue)
Key Highlights
New ACV (trailing 12 months) increased 75% YoY to ₹92 crore from ₹53 crore.
Net Retention Rate (NRR) reached 111%, indicating strong expansion within the existing customer base.
US market contribution has grown to 60% of total revenue, followed by Asia at 25% and Europe at 15%.
Management expects to beat the FY27 revenue guidance of ₹1,065 crore and profitability target of ₹172 crore.
SessionM acquisition (from Mastercard) closed on May 1, 2026, with integration already contributing to QSR and airline segments.
👀 What to Watch
Investors should monitor the margin trajectory of the SessionM acquisition, which management expects to improve from break-even to 15% EBITDA margin within a year by reducing server costs.
75% New ACV Growth and SessionM Integration Highlight Q1 FY27 Earnings Call
Capillary Technologies reported strong momentum in Q1 FY27, with trailing 12-month new Annual Recurring Contract Value (ACV) growing 75% to ₹92 cr. The company is successfully integrating the SessionM acquisition (closed May 1, 2026), targeting a move from break-even to 15% EBITDA margins within a year by optimizing server costs. Management expressed high confidence in exceeding their FY27 guidance of ₹1,065 cr in revenue and ₹172 cr in EBITDA. Despite a mentioned 'fraud incident', the core business remains robust with a Net Retention Rate (NRR) of 111%.
Confidence: HIGH
What changedThe company has transitioned to a US-heavy revenue mix (60%) and significantly accelerated new contract wins compared to the flat growth seen in FY26.
Why it mattersThe shift toward high-margin subscription revenue (66% gross margin) and successful integration of global acquisitions like SessionM and Kognitiv are critical for reaching the ₹172 cr EBITDA target.
New ACV (Trailing 12 Months): ₹92 crNet Retention Rate: 111%FY27 Revenue Guidance: ₹1,065 crSubscription Gross Margin: 66%US Revenue Share: 60%
📅 Short termPositive sentiment is expected as management confirmed they will beat their annual revenue and EBITDA guidance, supported by strong new logo wins.
📈 Long termThe company is positioning itself as a global leader in AI-first loyalty software; long-term success depends on successfully migrating acquired customers to the core Capillary platform.
⚠ Risk flags
- High institutional investor dissent (49.7%) regarding ESOP schemes
- Mention of a 'fraud incident' during the call
- High server cost concentration in the SessionM business (50% of its revenue)
Key Highlights
New Annual Recurring Contract Value (ACV) grew 75% YoY to ₹92 cr on a trailing 12-month basis
Net Retention Rate (NRR) stood at 111%, or 116% when excluding the single largest customer
Management expects to exceed the full-year FY27 revenue guidance of ₹1,065 cr
US market now accounts for 60% of total revenue, followed by Asia at 25% and Europe at 15%
SessionM integration is expected to save $6-8 million in server costs over the next 3-4 quarters
👀 What to Watch
Watch for the execution of the SessionM margin recovery plan and the specific impact of the 'fraud incident' mentioned by management in future filings. Monitor if the company can maintain the 30-40% ACV growth rate projected for the full year.
43% Revenue Growth in Q1 FY27; Adj. EBITDA up 132% to ₹44 Cr despite Exceptional Loss
Capillary Technologies reported a robust 43% YoY revenue growth to ₹256.64 cr for Q1 FY27, underpinned by 111% organic Net Revenue Retention (NRR). Adjusted EBITDA surged 132% to ₹44.02 cr as operating expenses (excluding COGS) rose only 32%, demonstrating significant operating leverage. Despite strong operational performance, the company recorded a net loss of ₹9.55 cr due to a one-time exceptional expense of ₹33.39 cr. Growth was further bolstered by a 75% YoY increase in new Annual Contract Value (ACV) and the integration of the SessionM acquisition.
Confidence: HIGH
What changedThe company successfully integrated the SessionM acquisition (closed May 1st) and demonstrated strong organic growth and operating leverage in the first quarter of FY27.
Why it mattersHigh NRR and ACV growth indicate strong product-market fit and expansion within existing enterprise accounts, while the margin expansion on acquired entities provides a clear path to long-term profitability.
Revenue (Q1 FY27): ₹256.64 crAdj. EBITDA (Q1 FY27): ₹44.02 crOrganic NRR: 111%New ACV Growth (YoY): 75%Exceptional Loss: ₹33.39 crSubscription Gross Margin: 66%
📅 Short termThe market is likely to react positively to the strong top-line and EBITDA growth, though the bottom-line loss due to exceptional items may temper immediate gains.
📈 Long termStructural shift towards higher-margin subscription revenue and successful M&A integration could significantly re-rate the business over the next several quarters.
⚠ Risk flags
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- Integration risk of SessionM and Kognitiv acquisitions
- High institutional investor dissent (49.7%) on ESOP schemes
- Impact of one-time exceptional expenses on reported PAT
Key Highlights
Revenue from operations grew 43% YoY to ₹256.64 cr in Q1 FY27.
Adjusted EBITDA increased 132% YoY to ₹44.02 cr, with margins expanding to 17%.
Organic Net Revenue Retention (NRR) remained strong at 111%.
New Annual Contract Value (ACV) grew by 75% YoY, excluding exceptional healthcare wins.
One-time exceptional loss of ₹33.39 cr led to a consolidated net loss of ₹9.55 cr.
👀 What to Watch
Monitor the migration timeline of acquired SessionM and Kognitiv customers to the Capillary platform; management expects this to improve their gross margins from ~30% to ~65%.
Capillary Acquires CustomerGlu to Scale AI Loyalty for 1.9 Billion+ Consumers
Capillary Technologies has acquired the CustomerGlu software platform and associated intellectual property from Delaware-based Marax AI, Inc. through an asset purchase agreement. The acquisition integrates gamification and GenAI-driven interactive engagement into Capillary's existing loyalty stack, which currently serves over 1.9 billion consumers globally. While the transaction value was not disclosed, the move is designed to eliminate IT bottlenecks for enterprise clients, allowing marketers to launch real-time interactive experiences like challenges and streaks.
Confidence: MEDIUM
What changedCapillary has formally acquired the CustomerGlu platform, adding a gamification and interactive engagement layer to its AI-driven loyalty suite.
Why it mattersThis acquisition strengthens Capillary's competitive position in the global SaaS loyalty market by enabling real-time, marketer-led digital experiences, potentially increasing platform stickiness and ARPU.
Consumers reached: 1.9 billion+Countries served: 46+Loyalty programs: 100+Dec 2025 Revenue: Rs 184.035 crAcquisition cost: not disclosed
📅 Short termThe market is likely to view this as a positive strategic expansion of the product portfolio, though the lack of financial disclosure on the deal size may limit immediate price movement.
📈 Long termStructurally significant as it moves Capillary toward a more comprehensive 'marketer-first' platform, reducing client friction and potentially accelerating global market share gains.
⚠ Risk flags
- Integration risk of new technology platform
- Undisclosed acquisition cost and valuation
- High institutional investor dissent (49.7%) noted in previous filings
Key Highlights
Acquisition of CustomerGlu platform and IP from Marax AI, Inc. via Capillary Pte Ltd.
Capillary's SaaS platform currently powers loyalty experiences for over 1.9 billion consumers.
The company supports 100+ loyalty programs across more than 46 countries.
Integration follows an 8-month AI-led transformation period at CustomerGlu.
Acquisition aims to reduce heavy IT dependencies for enterprise brands using the CustomerGlu SDK.
👀 What to Watch
Watch for the integration timeline of CustomerGlu into Capillary's core SaaS offering and any subsequent impact on client retention or new enterprise contract wins in the next 2-3 quarters.
₹33.39 Cr Cyber Fraud Reported; Standalone Revenue Up 52% YoY to ₹64.29 Cr
Capillary Technologies reported a strong standalone operational performance for Q1 FY27, with revenue growing 51.9% YoY to ₹64.29 cr and turning a standalone profit of ₹7.77 cr. However, the results are overshadowed by a major cyber-enabled banking fraud in its Czech Republic subsidiary, resulting in an unauthorized transfer of ₹33.39 cr (€3.04 million). This loss has been recognized as an exceptional item in the consolidated results. The company still holds ₹203.22 cr in unutilized IPO proceeds, primarily earmarked for inorganic growth and cloud infrastructure.
Confidence: HIGH
What changedThe company transitioned from a standalone loss to a profit YoY while simultaneously disclosing a significant one-time loss due to international banking fraud.
Why it mattersThe standalone growth validates the business model's scalability, but the fraud loss (representing ~52% of quarterly standalone revenue) significantly impacts consolidated earnings and raises questions about global operational oversight.
Standalone Revenue (Q1 FY27): ₹642.87 millionStandalone PAT (Q1 FY27): ₹77.65 millionCyber Fraud Loss: ₹333.86 millionFraud Loss vs Standalone Revenue: 51.93%Unutilized IPO Proceeds: ₹2,032.17 million
📅 Short termThe stock may face downward pressure due to the material impact of the cyber fraud on consolidated profitability and sentiment regarding internal controls.
📈 Long termStructural growth in revenue is positive; however, long-term value will depend on the company's ability to secure international operations and effectively deploy the remaining ₹203 cr IPO proceeds for growth.
⚠ Risk flags
- Cyber-security and internal control breach in international subsidiary
- High institutional investor dissent (49.7%) on ESOP schemes noted in context
- Concentration of IPO proceeds in unutilized fixed deposits
Key Highlights
Standalone revenue from operations grew 51.9% YoY to ₹642.87 million from ₹423.25 million.
Standalone PAT turned positive at ₹77.65 million compared to a loss of ₹51.21 million in the same quarter last year.
Reported a cyber-fraud loss of ₹333.86 million (€3.04 million) in a Czech step-down subsidiary.
Unutilized IPO proceeds stand at ₹2,032.17 million as of June 30, 2026, out of ₹3,229.08 million raised.
Employee benefit expenses increased 36.3% YoY to ₹347.23 million.
👀 What to Watch
Investors should monitor the progress of the forensic investigation into the Czech subsidiary fraud and the recovery of the ₹4.67 cr currently frozen by authorities. The core business shows strong standalone growth, but internal control risks in international operations are now a key concern.
Capillary Technologies Acquires CustomerGlu Platform to Enhance AI-Driven Loyalty Gamification
Capillary Technologies has acquired the CustomerGlu software platform and associated intellectual property from Marax AI, Inc. through its subsidiary, Capillary Pte Ltd. The acquisition integrates CustomerGlu’s gamification and interactive UI layer into Capillary’s AI core, aiming to reduce IT dependencies for marketers. While the acquisition value was not disclosed, the move strengthens Capillary's position in the global loyalty market where it already serves 1.9 billion+ consumers. This strategic addition allows for real-time deployment of interactive experiences like challenges and streaks within digital products.
Confidence: MEDIUM
What changedCapillary has transitioned from a pure AI-loyalty provider to an integrated platform offering both AI-driven personalization and an interactive gamification layer through the acquisition of CustomerGlu.
Why it mattersThis acquisition addresses a major pain point in the MarTech industry—IT dependency—by allowing non-technical marketing teams to deploy complex engagement features, potentially increasing platform stickiness and ARPU.
Consumers reached: 1.9 billion+Countries served: 46+Loyalty programs: 100+Dec 2025 Revenue: Rs 184.035 crAcquisition Value: not disclosed
📅 Short termThe news is likely to be viewed positively by the market as it demonstrates inorganic growth and product portfolio expansion in the high-growth AI-SaaS segment.
📈 Long termStructurally significant as it moves Capillary higher up the value chain in customer engagement; however, long-term success depends on the seamless technical integration of the CustomerGlu SDK.
⚠ Risk flags
- Lack of disclosure regarding acquisition cost and valuation
- Integration risk of merging a new software platform into existing architecture
- High institutional investor dissent (49.7%) noted in previous filings regarding ESOPs
Key Highlights
Acquisition of CustomerGlu platform and IP from Delaware-based Marax AI, Inc. via an asset purchase agreement.
Capillary's SaaS platform currently delivers loyalty experiences for over 1.9 billion consumers.
The company supports 100+ loyalty programs across more than 46 countries globally.
The acquisition follows an 8-month AI-led transformation period spearheaded by CustomerGlu's CEO.
Integration aims to eliminate engineering bottlenecks, allowing marketers to launch interactive UI experiences in near real-time.
👀 What to Watch
Investors should monitor the integration of CustomerGlu's SDK into Capillary's existing SaaS suite and watch for improvements in client retention or new enterprise contract wins in subsequent quarterly filings.
43% Revenue Growth in Q1 FY27; Adjusted EBITDA Surges 132% to ₹44.0 Cr
Capillary Technologies reported strong operational performance for Q1 FY27, with revenue from operations growing 43% YoY to ₹256.6 cr. Adjusted EBITDA saw a significant jump of 132% to ₹44.0 cr, driven by operational leverage as non-COGS costs grew only 32%. Despite strong operations, the company posted a net loss of ₹9.55 cr due to a one-time exceptional expense of ₹33.39 cr. Key growth metrics remain robust with an organic Net Revenue Retention (NRR) of 111% and a 75% YoY growth in TTM New Annual Contract Value (ACV).
Confidence: HIGH
What changedThe company successfully closed the SessionM acquisition on May 1, 2026, and demonstrated significant operational leverage with EBITDA growing 3x faster than revenue.
Why it mattersThe high NRR and ACV growth indicate strong market demand and 'stickiness' in the loyalty software space, while the acquisition strategy provides a clear path for margin expansion through platform migration.
Revenue from Operations (Q1 FY27): ₹2,566.4 MnAdjusted EBITDA: ₹440.2 MnExceptional Loss: ₹333.9 MnOrganic NRR: 111%Subscription Gross Margin: 66%Revenue Growth vs Prev Year: 43%
📅 Short termThe market is likely to react positively to the strong top-line growth and EBITDA expansion, looking past the one-time exceptional loss.
📈 Long termThe company is successfully transitioning into a global loyalty leader with improving cash conversion (CROIC at 23.2%) and a scalable AI-led platform model.
⚠ Risk flags
- One-time exceptional expenses impacting reported PAT
- Integration risks associated with the SessionM acquisition
- High institutional investor dissent regarding ESOP schemes
Key Highlights
Revenue from operations increased 43% YoY to ₹2,566.4 Mn in Q1 FY27
Adjusted EBITDA grew 132% YoY to ₹440.2 Mn, with margins expanding to 17% from 11%
Organic Net Revenue Retention (NRR) maintained at a healthy 111%
TTM New Annual Contract Value (ACV) grew by 75% YoY, excluding exceptional healthcare vertical entry
Subscription Gross Margin remained stable at 66% for the quarter
👀 What to Watch
Watch the execution of the SessionM and Kognitiv customer migrations; management expects these to move from ~30% to ~65% gross margins once fully integrated into the Capillary stack.
Capillary Technologies Appoints KPMG for Forensic Audit Over Suspected Banking Fraud
Capillary Technologies has formally initiated a forensic audit following suspected fraudulent and unauthorized banking transactions, as disclosed on July 31, 2026. The company has appointed KPMG Assurance and Consulting Services LLP to investigate the root cause and assess internal financial controls. This follows a preliminary intimation on July 06, 2026. While the company reported a net profit of ₹7.99 cr in the Dec 2025 quarter, the total financial exposure from this incident remains undisclosed.
Confidence: HIGH
What changedThe company has escalated its response to a suspected banking fraud by appointing an external Big Four firm (KPMG) for a formal forensic investigation.
Why it mattersThis indicates a potential breach in internal financial controls. Given the company's relatively thin quarterly margins (₹7.99 cr PAT on ₹184 cr revenue), any significant fraud could materially impact the bottom line and investor confidence.
Dec 2025 Quarterly Revenue: ₹184.035 crDec 2025 Net Profit: ₹7.991 crInstitutional Dissent on ESOPs: 49.7440%Initial Incident Disclosure Date: July 06, 2026
📅 Short termThe stock is likely to remain under pressure or exhibit volatility until the financial impact of the 'unauthorised banking transactions' is quantified.
📈 Long termThe audit outcome will be critical in determining if this was an isolated fraud or a systemic governance failure, which could affect the company's ability to attract institutional capital.
⚠ Risk flags
- Internal financial control failure
- Unquantified financial loss
- High institutional investor dissent
- Reputational risk
Key Highlights
Forensic audit initiated on July 31, 2026, following a suspected banking fraud incident.
KPMG Assurance and Consulting Services LLP appointed as the independent forensic auditor.
Audit scope includes reviewing banking processes and determining the root cause of unauthorized transactions.
Company reported Dec 2025 quarterly revenue of ₹184.035 cr and PAT of ₹7.991 cr.
High institutional dissent noted previously with 49.74% of institutional votes against ESOP 2021 ratification.
👀 What to Watch
Investors should monitor upcoming disclosures for the forensic audit's findings and the specific quantum of financial loss. The impact on internal control ratings and potential regulatory scrutiny from SEBI are key factors to watch.
EUR 3.0 Million Cyber Fraud at Overseas Subsidiary; EUR 0.45 Million Recovered
Capillary Technologies reported a sophisticated cyber-enabled banking fraud at a recently acquired overseas subsidiary, involving the fraudulent transfer of approximately EUR 3.0 million (approx. ₹27 crore). The attackers used advanced deep-fake methodologies, including voice cloning and signature forging, to impersonate Key Managerial Personnel (KMPs). The company has recovered EUR 0.45 million to date and has placed holds on additional traced funds, though the exact amount on hold is yet to be determined. While the company is covered by cyber insurance, the net financial impact remains under assessment as recovery efforts continue.
Confidence: HIGH
What changedAn overseas subsidiary was targeted by a deep-fake cyber fraud resulting in a significant unauthorized fund transfer.
Why it mattersThe fraud amount (approx. ₹27 crore) is more than triple the company's last reported quarterly profit (₹7.99 crore), posing a significant risk to the bottom line if insurance or recovery efforts fail.
Fraud Amount: EUR 3.0 millionRecovered Amount: EUR 0.45 millionDec 2025 Quarterly PAT: ₹7.991 crEstimated Fraud vs Dec 2025 Revenue: ~14.7%Estimated Fraud vs Dec 2025 PAT: ~337%
📅 Short termExpect negative pressure on the stock as the market digests the potential one-time loss and concerns over internal controls at acquired entities.
📈 Long termThe structural impact depends on the final net loss after insurance; however, it highlights the operational risks of global expansion and the need for robust cyber-security protocols.
⚠ Risk flags
- Internal control failure
- Cyber security risk
- Significant impact on profitability
- Uncertainty of insurance recovery
Key Highlights
Total fraudulent transfer of approximately EUR 3.0 million from an overseas subsidiary.
Immediate recovery of EUR 0.45 million achieved through swift action with local authorities.
Fraud utilized advanced deep-fake techniques including voice cloning and social engineering.
Company's Dec 2025 quarterly PAT was ₹7.99 crore, making the ₹27 crore fraud highly material.
No evidence of compromise to customer data, employee data, or technology infrastructure.
👀 What to Watch
Monitor future disclosures regarding the final recovery amount and the percentage of the loss covered by insurance. Investors should also look for management commentary on improved internal controls and financial oversight for overseas subsidiaries.
Capillary Technologies Head of Finance Ravi Jaswani Resigns Effective June 5, 2026
Capillary Technologies India Limited has announced the resignation of Mr. Ravi Jaswani, who served as the Head of Finance and a Senior Management Personnel. The resignation was officially communicated on May 29, 2026, with his final working day set for June 05, 2026. Mr. Jaswani is leaving the organization to pursue new professional challenges and opportunities outside the company. The company has not yet announced a successor for this key financial leadership position.
Key Highlights
Mr. Ravi Jaswani has resigned from his role as Head - Finance (Senior Management Personnel).
The resignation is effective from the close of business hours on June 05, 2026.
The announcement was made on May 29, 2026, indicating a very short transition period of 7 days.
The reason cited for the departure is to pursue new challenges and opportunities.
👀 What to Watch
Investors should monitor for the appointment of a new Head of Finance to ensure continuity in financial reporting and strategy. The short notice period for a senior finance role warrants a cautious watch on upcoming quarterly filings.
Capillary Technologies Unveils AI-Native Strategy and Global Expansion Roadmap
Capillary Technologies is transitioning into an AI-native company, leveraging its 'aiRA' suite to automate loyalty and engagement for over 415 global brands. The company currently manages 1.9 billion+ consumers across 49 countries and was recently recognized as a 'Leader' in the Forrester Wave Q4 2025 report. Key strategic shifts include moving toward usage-based AI pricing and reducing campaign execution times from days to minutes. The presentation outlines a long-term value creation path toward FY30 through both organic growth and strategic M&A.
Key Highlights
Recognized as a 'Leader' in Forrester Wave (Q4 2025) with a 5/5 score in 22 out of 27 criteria.
Global footprint includes 415+ brands, 1.9 billion+ consumers, and 20 Fortune 500 customers across 49 countries.
Transitioning to an AI-native model with the 'aiRA' suite, reducing campaign cycle times from 2-3 days to just minutes.
Platform handles 10 billion+ transactions per year with a 99.999% product uptime.
Implementing new AI-native pricing models based on usage and outcomes to scale with customer growth.
👀 What to Watch
Investors should monitor the adoption of the new AI-native pricing models and the company's ability to execute its inorganic growth playbook. The 'Leader' status in global analyst reports provides a strong competitive moat in the high-growth APAC and mature North American markets.
Capillary Tech FY26 Revenue Up 23%; Q4 EBITDA Margin Hits 19% Amid Major M&A and $20M Deal
Capillary Technologies delivered a strong FY26 with 23% revenue growth and a 14.7% adjusted EBITDA margin, which expanded to 19% in Q4. The company maintained a healthy organic Net Retention Rate of 114%, driven by AI stack adoption and platform usage. A major milestone was the $35 million acquisition of SessionM from Mastercard, which is expected to push the company's Annual Recurring Revenue (ARR) to $115 million within 18 months. Additionally, the company secured a significant $20 million contract with a Fortune 50 retailer, signaling strong momentum in the US market.
Key Highlights
Full-year FY26 revenue grew 23% YoY, with Q4 growth accelerating to 26%
Adjusted EBITDA margin improved to 19% in Q4 FY26 compared to 14.7% for the full year
Organic Net Retention Rate (NRR) stood at 114%, while overall NRR including acquisitions was 110%
Completed the $35 million acquisition of SessionM, adding 40+ logos and 5 Fortune 500 clients
Signed a landmark $20 million, 5-year deal with a Fortune 50 retailer in March 2026
👀 What to Watch
Investors should monitor the integration of SessionM and the migration of its customers to the high-margin Capillary platform. The strong organic NRR and AI-led product traction suggest robust long-term scalability and margin expansion potential.
Capillary Technologies FY26 Revenue Up 23% to ₹7,346 Mn; Normalised PAT Surges 128%
Capillary Technologies reported a robust performance for FY26, with revenue from operations growing 23% YoY to ₹7,346 million. The company demonstrated significant operating leverage as Adjusted EBITDA grew 43% YoY to ₹1,069 million, while Normalised PAT surged 128% to ₹322.8 million. Growth was driven by a strong organic Net Revenue Retention (NRR) of 114% and a landmark $20M+ five-year deal with a US Fortune 50 retailer. The acquisition of SessionM, adding $35M in ARR, further strengthens its global market position.
Key Highlights
FY26 Revenue grew 23% YoY to ₹7,346 Mn, with Q4 FY26 revenue rising 26% to ₹1,913.5 Mn.
Normalised PAT for FY26 increased by 128% YoY to ₹322.8 Mn, reflecting improved unit economics.
Annual Recurring Revenue (ARR) reached ₹7,654 Mn, supported by a healthy organic NRR of 114%.
Closed SessionM acquisition on May 1st, adding $35M ARR and 5 Fortune 500 customers.
Secured a 5-year strategic partnership with a US Fortune 50 retailer worth over $20M in March 2026.
👀 What to Watch
Investors should monitor the successful integration of SessionM and the migration of acquired customers to Capillary's higher-margin platform as primary margin drivers. The company's breakthrough into the US Fortune 50 market signals strong global competitiveness for its AI-powered loyalty suite.
Capillary Technologies Q4 FY26 Revenue Up 26% YoY; Normalized FY26 PAT Jumps 128%
Capillary Technologies reported a strong performance for FY2026, with annual operating revenue growing 23% to ₹7,346 million. The company's profitability saw a significant boost, with Normalized PAT surging 128% YoY to ₹322.8 million, driven by operational efficiencies and the integration of the Kognitiv acquisition. Q4 FY26 specifically showed robust growth with revenue up 26% and Adjusted EBITDA up 28% YoY. The recent acquisition of SessionM from Mastercard is expected to further strengthen its global market position and Fortune 500 client base.
Key Highlights
Full-year FY26 Operating Revenue grew 23% YoY to ₹7,346.0 million.
Normalized PAT for FY26 increased by 128% YoY to ₹322.8 million.
Adjusted EBITDA for the full year reached ₹1,069.2 million, representing a 43% YoY growth.
Q4 FY26 PAT saw a massive 233% jump to ₹433.6 million, though normalized growth was 51%.
Successful integration of Kognitiv and the acquisition of SessionM from Mastercard are key strategic drivers.
👀 What to Watch
Investors should view the strong growth in normalized profit and successful M&A integration as positive indicators of the company's SaaS scalability. Monitor the impact of the SessionM acquisition on future margins and global market share expansion.
Capillary Technologies Q4 PAT Jumps 40% to ₹98.95 Mn; Revenue Up 31% YoY
Capillary Technologies reported a strong performance for the quarter ended March 31, 2026, with standalone revenue growing 31.4% YoY to ₹650.23 million. Net profit for the quarter rose significantly by 40% YoY to ₹98.95 million, showcasing strong quarterly momentum. However, on a full-year basis, the annual net profit declined to ₹28.90 million from ₹35.06 million in FY25, despite a 21.7% increase in total annual revenue. The company also announced the appointment of Protiviti India Member Private Limited as its internal auditor for FY 2026-27.
Key Highlights
Q4 FY26 standalone revenue from operations rose to ₹650.23 million from ₹494.74 million in Q4 FY25.
Quarterly Net Profit (PAT) increased 40% YoY to ₹98.95 million compared to ₹70.63 million.
Full-year FY26 revenue reached ₹2,118.90 million, up from ₹1,740.91 million in FY25.
Annual Profit After Tax for FY26 stood at ₹28.90 million, a decrease from ₹35.06 million in the previous year.
The Board appointed Protiviti India Member Private Limited as Internal Auditors for the 2026-27 financial year.
👀 What to Watch
Investors should take note of the strong Q4 recovery and revenue growth, though the full-year profit dip warrants a closer look at rising employee benefit expenses. The stock remains a watch for sustained margin improvement in the upcoming quarters.
Capillary Technologies Q4 PAT Surges 40% YoY to ₹98.95 Mn; Revenue Up 31%
Capillary Technologies reported a robust performance for Q4 FY26, with standalone revenue growing 31.4% YoY to ₹650.23 million. Profit After Tax (PAT) for the quarter saw a significant jump to ₹98.95 million, compared to ₹70.63 million in the same period last year and just ₹10.52 million in Q3 FY26. While full-year FY26 revenue grew 21.7% to ₹2,118.90 million, the annual PAT slightly declined to ₹28.90 million from ₹35.06 million in FY25. The board also approved the appointment of Protiviti India as internal auditors for FY 2026-27.
Key Highlights
Q4 FY26 standalone revenue increased 31.4% YoY to ₹650.23 million from ₹494.74 million.
Quarterly PAT surged 40.1% YoY and nearly 9x sequentially to ₹98.95 million.
Full-year FY26 revenue reached ₹2,118.90 million, a 21.7% growth over FY25.
EBITDA (Profit before finance costs, depreciation, and tax) for FY26 stood at ₹499.94 million.
Protiviti India Member Private Limited appointed as Internal Auditors for the financial year 2026-27.
👀 What to Watch
The sharp recovery in quarterly margins and strong revenue growth indicate positive business momentum. Investors should watch for the sustainability of these margins in the upcoming quarters to confirm a long-term turnaround.
Capillary Technologies Completes 100% Acquisition of Mastercard's Session M Inc.
Capillary Technologies has successfully finalized the 100% acquisition of Session M Inc. and its subsidiary Session M Czech Republic s.r.o. from Mastercard Inc. The transaction, completed on May 1, 2026, was executed through the company's international subsidiaries, Capillary Pte. Ltd. and Capillary Technologies LLC. This acquisition follows the initial approval and disclosure made on February 24, 2026. The move is expected to significantly bolster Capillary's global presence and loyalty management capabilities by integrating a major platform previously owned by Mastercard.
Key Highlights
Completed 100% acquisition of Session M Inc. and Session M Czech Republic s.r.o.
Acquired from global payments leader Mastercard Inc.
Transaction finalized on May 1, 2026, following the February 24, 2026, board approval.
Execution carried out via wholly-owned subsidiary Capillary Pte. Ltd. and step-down subsidiary Capillary Technologies LLC.
👀 What to Watch
Investors should view this as a significant strategic expansion; monitor upcoming quarterly results for the impact of this acquisition on consolidated revenue and global market share.
Capillary Technologies Appoints Sumit Kumar as President for MEA & India Regions
Capillary Technologies has appointed Sumit Kumar as President for the Middle East, Africa, and India regions to drive its next phase of expansion. Kumar brings over 28 years of experience from major brands like Marks & Spencer and Bata to lead the sales organization from Dubai. The company currently serves 115 customers, including 20 Fortune 500 companies, across 47 countries. This strategic hire is aimed at accelerating enterprise adoption of Capillary's AI-based loyalty platform in high-growth markets.
Key Highlights
Sumit Kumar appointed as President for Middle East, Africa & India with 28 years of industry experience
The company currently serves 115 global customers, including 20 Fortune 500 companies
Capillary operates across 47 countries providing AI-based cloud-native SaaS loyalty products
New leadership will focus on driving enterprise sales and expanding client partnerships from Dubai
👀 What to Watch
Investors should view this as a positive step toward strengthening international sales leadership. Monitor the company's upcoming quarterly results for signs of accelerated revenue growth from the MEA and India regions.
Capillary Shareholders Approve ESOP Extension to Subsidiaries Despite Institutional Dissent
Capillary Technologies has successfully passed a special resolution to extend its 2021 Employee Stock Option Scheme (ESOP) to employees of its Indian and overseas subsidiaries. The resolution was approved with an 86.48% majority of the total 56.27 million votes polled. Notably, there was significant resistance from institutional investors, with 55.9% of their votes (7.61 million shares) cast against the proposal. The promoter group and non-institutional public investors voted almost entirely in favor of the extension.
Key Highlights
Special resolution passed with 86.48% total votes in favor and 13.52% against.
Institutional investors showed significant dissent, with 55.9% of their polled votes against the resolution.
Promoter group cast 41.19 million votes, representing 100% support from their side.
The extension covers employees of all subsidiary companies, both in India and overseas.
Total voting participation stood at 70.95% of the total outstanding shares.
👀 What to Watch
Investors should monitor the potential equity dilution resulting from the expanded ESOP pool and note the institutional resistance as a signal to review corporate governance and compensation policies.
