HRH Next Services Limited (HRHNEXT)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, HRH Next's revenue was ₹35.9 Cr (+24.7% year on year, +11.4% on the previous half-year), and net profit ₹2.8 Cr (+152.7% year on year); the operating margin was 18.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹35.9 | +24.7% | +11.4% |
| Operating profit | ₹6.7 | +157.5% | +15.7% |
| Net profit | ₹2.8 | +152.7% | +33.7% |
| EPS (₹) | 2.11 | +154.2% | +33.5% |
| Operating margin | 18.7% | — | — |
📢 Recent Corporate Announcements
HRH Next Services announced its H1 FY27 business update, highlighting the addition of 5 new client agreements spanning BFSI, consumer services, and legal-tech. The company operates across 8 delivery centres with a team strength exceeding 2,600 employees supporting over 11 regional languages. Geographically, entry is underway into Indore, Pune, Kolkata, and Mysore to expand its footprint beyond traditional hubs. Specific contract values for the five agreements were not disclosed in the update.
- Signed 5 new client agreements in H1 FY27 including Heritage Finlease, Chai Shots, and mPokket
- Expansion underway into 4 new cities: Indore, Pune, Kolkata, and Mysore
- Current operational base consists of 8 delivery centres and 2,600+ personnel across 11+ languages
- Agreements carry tenures between 1 to 2 years for inbound, outbound, and digital delivery services
HRH Next Services Limited submitted its voting results and Scrutinizer's Report for its 20th Annual General Meeting held on September 23, 2026. Shareholders approved all ordinary resolutions, including the adoption of FY26 financial statements with 100% votes in favor (7,622,652 votes). The re-appointment of Whole-time Director Mrs. Trishla Shah was also approved with 99.94% votes in favor (7,618,152 votes). Total voter turnout represented 57.73% of outstanding shares (13,204,438 total shares).
- Adoption of FY26 financial statements passed with 100.00% votes in favor (7,622,652 votes)
- Re-appointment of Whole-time Director Mrs. Trishla Shah approved with 99.94% votes in favor
- Total voter participation stood at 57.73% across 7,622,652 total votes polled
- Promoter and Promoter Group accounted for 7,458,323 votes, reflecting 98.59% turnout within their category
HRH Next Services Limited has informed exchanges about its scheduled participation in the Arihant Capital Bharat Connect Virtual Conference Rising Star 2026. The virtual interaction is set for Friday, September 25, 2026, from 1:00 PM to 2:00 PM IST. Management noted that discussions will involve group/one-to-one meetings based strictly on publicly available information without disclosing any unpublished price sensitive information (UPSI). With a small market capitalization of Rs 31 Cr and TTM revenue of Rs 126 Cr, institutional visibility remains a routine operational update.
- Conference scheduled for September 25, 2026, from 1:00 P.M. to 2:00 P.M.
- Participation in Arihant Capital Bharat Connect Virtual Conference Rising Star 2026
- Format includes virtual group and one-to-one investor/analyst meetings
- No Unpublished Price Sensitive Information (UPSI) will be shared
HRH Next Services Limited has scheduled its 20th Annual General Meeting (AGM) for Wednesday, September 23, 2026. The company has fixed Wednesday, September 16, 2026, as the record date (cut-off date) for determining shareholder eligibility for e-voting. Additionally, the register of members and share transfer books will remain closed from September 17, 2026, to September 23, 2026.
- Record date for e-voting fixed as September 16, 2026
- 20th Annual General Meeting to take place on September 23, 2026
- Book closure period scheduled from September 17, 2026, to September 23, 2026
- Paid-up value per equity share is Rs. 10/-
HRH Next Services Limited has announced the closure of its Register of Members and Share Transfer Books from Thursday, September 17, 2026, to Wednesday, September 23, 2026 (both days inclusive). The book closure is scheduled for conducting the company's 20th Annual General Meeting (AGM). This is a standard statutory compliance filing under Regulation 42 of SEBI LODR Regulations, 2015, and Section 91 of the Companies Act, 2013.
- Book closure period set from Thursday, September 17, 2026, to Wednesday, September 23, 2026 (both days inclusive)
- Purpose of book closure is to conduct the 20th Annual General Meeting
- Filing made pursuant to Regulation 42 of SEBI LODR Regulations and Section 91 of Companies Act, 2013
- Paid-up face value of equity shares confirmed at Rs. 10/- per share
HRH Next Services Limited has notified the exchanges that its 20th Annual General Meeting (AGM) for FY 2025-26 will be held on Wednesday, September 23, 2026, at 2:00 PM IST via Video Conferencing. This is a routine statutory intimation pursuant to SEBI LODR Regulation 30. The company reported TTM revenue of ₹126 Cr and TTM PAT of ₹8 Cr with a market cap of ₹34 Cr. No operational or financial performance updates were included in this specific notice.
- 20th Annual General Meeting scheduled for September 23, 2026
- Meeting to be conducted at 2:00 P.M. (IST) via Video Conferencing / Other Audio-Visual Means
- Filing made in compliance with Regulation 30 of SEBI LODR Regulations, 2015
HRH Next Services Limited announced the outcome of its Board meeting held on August 28, 2026. The Board approved the convening of the company's 20th Annual General Meeting (AGM) on Wednesday, September 23, 2026. It also approved the Notice of the AGM and the Directors' Report for FY 2025-26, along with appointing Mrs. Rashida Adenwala as the scrutinizer for the e-voting process. No operational or financial decisions were disclosed in the filing.
- 20th Annual General Meeting scheduled for Wednesday, September 23, 2026
- Board approved the Directors' Report and related documents for FY 2025-26
- Mrs. Rashida Adenwala appointed as Scrutinizer for the AGM e-voting process
- Board meeting concluded in 1 hour and 20 minutes (commenced at 4:00 PM, concluded at 5:20 PM)
HRH Next Services Limited has entered into a Call Center Services Agreement with Win the Buy Box Private Limited. Under the 1-year agreement, the company will provide inbound and outbound contact centre operations and end-to-end customer support for a pilot scope. The contract can be terminated by either party with a 1-month written notice, and commercial value was not disclosed. Against HRH Next's TTM revenue of ₹126 crore, the immediate financial impact will depend on the scale of execution post-pilot.
- 1-year tenure for inbound and outbound contact centre operations, renewable upon mutual agreement
- Contract includes end-to-end customer support services for a pilot scope
- Termination for convenience permitted by either party with 1-month prior written notice
- Contract value was not disclosed in the regulatory filing
HRH Next Services Limited has signed a Call Centre Services Agreement with Traumbuild AndesInfra Solutions Private Limited. Under the contract, HRH Next will manage outbound contact centre operations, including handling customer inquiries and product information based on client leads. The agreement is valid for a tenure of 1 year, renewable by mutual consent, with a standard 1-month termination for convenience clause. Financial terms and contract value were not disclosed in the filing.
- Agreement tenure is 1 year, with provision for mutual renewal
- Scope includes outbound calling on client leads and customer query handling
- Termination allowed by either party with a 1-month written notice
- Total contract value is not disclosed
HRH Next Services Limited has executed a service agreement with mPokket Financial Services Private Limited to provide digital delivery of legally compliant demand and recovery notices. The company will manage the compression, hosting, and delivery of these documents via secure short links and SMS. The agreement is valid for one year and includes a 90-day termination clause. While the contract value is not disclosed, this move aligns with the company's strategy to provide tech-enabled services to the fintech sector, potentially diversifying its revenue base which currently relies on Swiggy for 40% of its income.
- Agreement tenure is fixed for 1 year with a mutual renewal option.
- Termination for convenience is permitted by either party with a 90-day written notice.
- Services include hosting secure short links and delivering statutory communications via digital channels.
- The company reported a TTM revenue of Rs 126 Cr and a market cap of Rs 36 Cr as of August 2026.
HRH Next Services Limited (Market Cap: ₹36 Cr) conducted a one-on-one meeting with Arjav Partners on July 31, 2026, in Mumbai. The interaction lasted one hour and focused exclusively on information already in the public domain, with no unpublished price-sensitive information (UPSI) shared. This meeting is part of the company's broader effort to engage with institutional investors as it targets a 25-30% growth rate and a migration to the Main Board by 2027. Despite the small market cap, the company maintains a TTM revenue of ₹126 Cr and an OPM of 16.6%.
- One-on-one meeting held with Arjav Partners on July 31, 2026, in Mumbai
- Interaction duration was 60 minutes, from 12:30 P.M. to 1:30 P.M.
- Management confirmed that no unpublished price sensitive information (UPSI) was discussed
- Company currently maintains a TTM revenue of ₹126 Cr against a market cap of ₹36 Cr
HRH Next Services Limited (Market Cap: ‹36 Cr) held three separate one-on-one meetings with Mavira AMC, Finavenue Growth Fund, and Mission Holdings on July 30, 2026. The meetings took place in Mumbai and focused on information already in the public domain. While routine, these interactions highlight institutional interest in a micro-cap company currently trading at a P/E of 4.5 with TTM revenues of ‹126 Cr.
- 3 institutional investors met with management on July 30, 2026
- Participating entities were Mavira AMC, Finavenue Growth Fund, and Mission Holdings
- Company reported TTM revenue of ‹126 Cr against a small market cap of ‹36 Cr
- Management confirmed no unpublished price sensitive information (UPSI) was shared during the sessions
HRH Next Services Limited has announced a two-day schedule for one-on-one meetings with analysts and institutional investors in Mumbai on July 30 and July 31, 2026. These meetings are scheduled from 10:00 AM to 6:00 PM IST. The company, currently valued at a market cap of ₹36 Cr, is trading at a P/E of 4.5 despite a TTM revenue of ₹126 Cr. This engagement follows the company's stated strategy to migrate to the Main Board by 2027 and monetize its AINA AI tool.
- Two days of one-on-one investor meetings scheduled for July 30 and July 31, 2026
- Meetings will be held in Mumbai, Maharashtra, between 10:00 AM and 6:00 PM IST
- Company TTM revenue stands at ₹126 Cr against a small market capitalization of ₹36 Cr
- Promoter holding has remained relatively stable, recently reported at 56.57% in March 2026
- High client concentration risk remains with Swiggy accounting for 40% of total revenue
HRH Next Services Limited, a micro-cap company with a market capitalization of ₹36 Cr, has scheduled one-on-one investor meetings in Mumbai for July 30 and 31, 2026. The company currently trades at a P/E of 4.5, significantly lower than many software peers, despite a TTM revenue of ₹126 Cr. These meetings are part of management's outreach as they target a 25-30% growth rate and a migration to the Main Board by 2027. Investors should note the high client concentration risk, with Swiggy accounting for 40% of total revenue.
- Two-day investor engagement scheduled for July 30 and July 31, 2026, in Mumbai.
- Meetings are scheduled as one-on-one sessions between 10:00 A.M. and 6:00 P.M. IST.
- Company reports TTM revenue of ₹126 Cr, which is 3.5x its current market capitalization of ₹36 Cr.
- Promoter holding is stable at 56.57% as of the March 2026 filing.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Contact Center Services). Revenue from operations grew 11% YoY, reaching INR 32.24 Cr in H1 FY26 compared to INR 29.04 Cr in H1 FY25. This growth was driven by increased throughput per agent and the stabilization of the IRCTC contract.
Geographic Revenue Split
Not explicitly disclosed in percentage terms, but the company focuses on the Indian market with a strategic emphasis on capturing growth in Tier-2 and Tier-3 cities to leverage cost efficiencies.
Profitability Margins
PAT margin stood at 6.46% in H1 FY26, a decline from 7.09% in H1 FY25. Profit After Tax (PAT) was INR 2.08 Cr, up 1% YoY from INR 2.06 Cr. The margin compression is attributed to high depreciation from tech investments and increased operational expenses for AI development.
EBITDA Margin
EBITDA margin was 18.10% in H1 FY26, down 11% from 20.26% in H1 FY25. Absolute EBITDA decreased by 1% to INR 5.84 Cr. The decline is due to front-loaded expenses for the 'AINA' AI wing, which the company views as a necessary investment for future margin expansion.
Capital Expenditure
The company made significant investments in servers and software for the development of its AI tool, AINA. This resulted in a 40% YoY increase in depreciation costs, which rose to INR 2.03 Cr in H1 FY26 from INR 1.45 Cr in H1 FY25.
Credit Rating & Borrowing
Total borrowings were reduced to INR 9.79 Cr in H1 FY26 from INR 15.99 Cr in H1 FY25, a decrease of 38.7%. Interest costs for H1 FY26 were INR 0.93 Cr, representing a 5% YoY increase.
Operational Drivers
Raw Materials
As a service-based BPO, the primary 'raw materials' are Human Capital (talent) and Technology Infrastructure (Servers and Software). Technology costs are currently elevated due to the development of the AINA platform.
Import Sources
Not disclosed; however, technology infrastructure (servers/software) is sourced to support the Hyderabad-based operations.
Key Suppliers
Not specifically named, but the company procures servers and software for its AINA development wing.
Capacity Expansion
The company is focusing on improving 'throughput per agent,' which saw a 25-30% improvement recently. Physical expansion is targeted at Tier-2 and Tier-3 cities to manage costs.
Raw Material Costs
Total expenses for H1 FY26 were INR 26.42 Cr, up 14% YoY from INR 23.22 Cr. This increase was driven by investments in AI talent and infrastructure.
Manufacturing Efficiency
Operational efficiency is measured by agent throughput, which improved by 25-30%. The company aims to leverage AINA to further automate processes and improve margins by 2-3% conservatively.
Logistics & Distribution
Not applicable as services are delivered digitally/telephonically.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be achieved through the monetization of the AINA AI tool starting in H2 FY26, expansion into Tier-2/3 cities, and migration to the Main Board by 2027. The company is also increasing authorized share capital to prepare for potential acquisitions in the AI space.
Products & Services
Contact center services (Inbound/Outbound), vernacular language support, and the AINA AI automation suite for industries like Telecom, Food Tech, Fintech, and Edutech.
Brand Portfolio
HRH Next, AINA (AI tool).
New Products/Services
AINA (AI automation tool) is the primary new product, with revenue generation expected to begin in H2 FY26 and scale significantly by 2027.
Market Expansion
Targeting Tier-2 and Tier-3 cities in India to capture growth while maintaining a lower cost base compared to Tier-1 hubs.
Market Share & Ranking
Self-identified as a leader in the vernacular contact center market in India.
Strategic Alliances
The company maintains a significant association with IRCTC (operational since Feb/March 2025) and Swiggy.
External Factors
Industry Trends
The global BPO market is shifting toward AI and automation. HRH Next is positioning itself by moving away from traditional labor-intensive models toward AI-integrated services to maintain competitiveness.
Competitive Landscape
Faces competition from both small local players and large multinational BPOs, leading to pricing pressures and potential margin erosion.
Competitive Moat
The moat is built on vernacular language leadership and 24/7 service capability. The sustainability of this moat depends on the successful adoption and proprietary nature of the AINA AI tool.
Macro Economic Sensitivity
Sensitive to the growth of the Indian digital economy (Food Tech, Fintech), as these sectors drive the demand for contact center services.
Consumer Behavior
Increasing demand for 24/7 support and localized (vernacular) communication is driving the need for HRH Next's specialized services.
Geopolitical Risks
General economic and geopolitical uncertainty is noted as a threat to the broader BPO market stability.
Regulatory & Governance
Industry Regulations
Compliant with the Companies Act, 2013 and Accounting Standards prescribed under Section 133. Subject to data privacy and telecom regulations relevant to contact centers.
Environmental Compliance
Not disclosed as a significant cost factor for this service-oriented business.
Taxation Policy Impact
The effective tax expense for H1 FY26 was INR 0.79 Cr, a 48% decrease from INR 1.50 Cr in H1 FY25, due to a reduction in inadmissible expenses.
Legal Contingencies
The auditors' report for FY25 provided a true and fair view with no specific mention of material pending litigation values in the provided excerpts.
Risk Analysis
Key Uncertainties
The 40% revenue dependency on Swiggy is the primary uncertainty. Any shift in Swiggy's vendor strategy could impact revenue by up to 40%.
Geographic Concentration Risk
Highly concentrated in India, specifically operating out of Hyderabad with a focus on domestic Tier-2/3 expansion.
Third Party Dependencies
High dependency on key clients like Swiggy (40%) and IRCTC for revenue stability.
Technology Obsolescence Risk
Risk that clients develop their own AI tools, rendering third-party BPO services obsolete; HRH is mitigating this by developing its own AINA AI suite.
Credit & Counterparty Risk
Trade payables stood at INR 7.41 Cr in H1 FY26, up from INR 4.73 Cr in H2 FY25, indicating a shift in working capital management.
