Summary
Enser Communications Ltd. - Q3 FY2026 Earnings Call Summary Friday, January 23, 2026 10:00 AM
Event Participants
Executives 2 Harihara Subramanian Iyer (Whole-time Director), Rajnish Omprakash Sarna (Chairman and Managing Director)
Analysts 2 Bhumika Pathak, Mutuza
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue (FY25) | ₹85.00 crores | Full year FY25 performance; serves as the baseline for current growth initiatives. |
| H1FY26 Sub. Revenue | ~₹8.00 - 9.00 crores | Combined contribution from recent acquisitions Growintelli and Teckinfo. |
| EBITDA Margin | 17% - 24% | Historical range over last 2-3 years; management aims to benchmark against top IT peers. |
| PAT Margin | 10% - 12% | Ranging from 10.2% to 11.5% historically; focused on improvement via high-margin services. |
| Client Concentration | 25% - 30% | Revenue from largest client (Acko) reduced from 60% to ~25-30% to hedge dependency risk. |
| Employee Capacity | 600+ units | Operational capacity in Bangalore alone can extend to 500-600 professionals. |
| Tech Team Size | 60 - 70 count | Combined development team across group companies focused on software and AI tools. |
Geographic & Segment Commentary
- Domestic Operations: Operates 8 centers across 5 cities including Mumbai, Jaipur, Gurgaon, Bangalore, and recently added Chennai. Gurgaon remains one of the largest locations, while Bangalore offers significant scalability for IT professionals.
- International Expansion (Dubai): Strategic focus on the real estate sector in the UAE, leveraging software solutions to target Indian investors. Management is currently in talks with real estate firms for exclusive deals expected to materialize in the coming quarter.
- International Expansion (Philippines): Targeting the financial services sector to capitalize on the high consumer borrowing rates in the region. Plans involve starting with a small test center to prove the model before scaling up.
Company-Specific & Strategic Commentary
- AI & Digital Transformation: Shifting from manpower-heavy BPM to tech-enabled services including voice bots, email bots, and AI agents. Management targets moving 30% of the business to new-age digital offerings to prevent obsolescence.
- Cybersecurity Integration: Acquisition of Growintelli addresses the Digital Personal Data Protection (DPDP) Act requirements. This vertical acts as both a risk mitigation tool for existing data and a high-margin cross-selling opportunity.
- Subsidiary Integration: Recent acquisitions include Teckinfo (software/IVR) and Farmkeen (Agri-tech). The strategy is to integrate these into a single organization over time to reduce compliance overhead and maximize synergies.
- Farmkeen Platform: A new ecosystem connecting farmers, agri-tech companies, and the government. While not currently generating revenue, it aims to break even in FY26 and scale to 2-3 million farmers by FY27.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Revenue Growth | Positive Outlook FY26 | Management stated they are “well-placed” on numbers compared to the ₹85cr FY25 base. |
| PAT Margins | Expansion in FY27 | Drastic improvement expected over the next half-cycle by exiting low-margin contracts. |
| Farmkeen Revenue | FY 2026-27 | Meaningful revenue contribution expected to start from the next financial year. |
| International Revenue | FY 2026-27 | Significant “headway” and focus expected in international markets starting next fiscal year. |
Risks & Constraints
| Risk | Context |
|---|---|
| Regulatory Risk (DPDP Act) | The Data Protection Act imposes high fines for data breaches; Enser is mitigating this by building a dedicated internal cybersecurity team. |
| Technology Disruption | AI is rapidly replacing human-led interactions in customer service; Enser must successfully transition 30% of its business to AI tools to maintain relevance. |
| Integration Risk | Merging multiple new subsidiaries (Teckinfo, Growintelli) requires “blending teams” and cultural alignment which takes time. |
| Sector Downturn | The Ed-Tech segment, once a major driver, has seen a sharp decline, forcing the company to pivot to BFSI and Healthcare. |
Q&A Highlights
Business Mix & AI Transition
- Question: What is the current revenue split between traditional BPM and new offerings like AI/Cybersecurity? (Mutuza)
- Answer: Currently approximately 80% traditional BPM and 20% newer services. This is expected to shift drastically toward tech-led services over the next 3 years (Rajnish Sarna).
Client Stickiness
- Question: How high is the switching cost for clients once Enser is embedded? (Mutuza)
- Answer: It is difficult for clients to move because of custom CRM developments and specific software tools built by Enser’s tech team. However, management remains cautious as some clients may eventually move in-house (Rajnish Sarna).
Acquisition Strategy
- Question: Should we expect more acquisitions in cybersecurity or CX tech? (Bhumika Pathak)
- Answer: Hands are currently full with recent acquisitions; the focus is on organic growth and integration. No new acquisitions are planned unless a “uniquely different” opportunity arises (Rajnish Sarna).
Operational Margins
- Question: What are the revenue and EBITDA contributions from the new subsidiaries in H1FY26? (Finportal/Bhumika Pathak)
- Answer: Growintelli and Teckinfo contributed approximately ₹8.00-9.00 crores in revenue with margins around 8-9% currently. Margins are expected to improve as integration matures (Harihara Iyer/Rajnish Sarna).
Key Takeaway
Enser Communications is undergoing a structural pivot from a traditional manpower-heavy BPM provider to a tech-enabled digital solutions firm. While FY25 revenue stood at ₹85.00 crores, the company is aggressively integrating recent acquisitions in cybersecurity (Growintelli) and software (Teckinfo) to target higher PAT margins, historically sitting between 10-12%. Management has successfully diversified its client base, reducing dependency on its largest client from 60% to 30%, while expanding into BFSI and Healthcare. The forward strategy rests on the adoption of AI agents/voice bots and international expansion into Dubai and the Philippines. Although the Agri-tech platform (Farmkeen) remains in a pre-revenue stage for FY26, management anticipates a significant margin expansion in FY27 as they exit low-yield contracts and scale high-value tech services. Management remains cautious regarding DPDP Act compliance but views their new cybersecurity vertical as a primary defense and growth driver.
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