Summary
Mobavenue AI Tech Limited - Q3 FY 2026 Earnings Call Summary Friday, February 13, 2026, 2:30 PM IST
Event Participants
Executives 2 Ishank Joshi (MD & CEO), Tejas Rathod (CFO)
Analysts 5 Abhishek (Individual Investor), Atul Dagga (Dagga Securities), Juzair Haveliwalla (Individual Investor), Nitesh Agrawal (Star Agriwarehousing), Parth Patel (Patel Investment)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue from Operations | ₹55.12 crores | +67.2% YoY; Driven by direct advertiser demand in Quick Commerce, BFSI, and Fintech. |
| EBITDA | ₹12.25 crores | +113% YoY; Growth fueled by improved unit economics and operating leverage. |
| EBITDA Margin | 22.2% | +480 bps YoY; Expansion due to higher-yield video formats and disciplined cost management. |
| Profit After Tax (PAT) | ₹7.61 crores | +107% YoY; Reflects stronger monetization efficiency and scaling of AI-powered platforms. |
| PAT Margin | 13.8% | +270 bps YoY; Improving alongside scale as tech R&D costs are absorbed. |
| Revenue per Outcome | ₹47.45 | +3.4% QoQ (from ₹45.89); Driven by AI-powered yield optimization and premium video mix. |
| Outcome-Linked Rev % | 92% | Increased from 90% in Q2; Reflects steady migration toward a platform-driven business model. |
Geographic & Segment Commentary
- Domestic (India): Contributed approximately 90% of 9M FY26 revenue. While Real Money Gaming (RMG) saw a sector-specific pause (now only 6.2% of 9M revenue), growth was sustained by 100%+ quarterly expansion in Quick Commerce, BFSI, Travel, and Retail segments.
- International: Contributed 10.5% of 9M FY26 revenue. The company is using an asset-light, capability-led model to expand into LatAm (Argentina, Chile, Brazil, Mexico), Russia, and the UK, focusing on direct enterprise expansion and agency partnerships.
Company-Specific & Strategic Commentary
- AI Center of Excellence: Transitioning from “AI-powered” to “AI-driven” agentic journeys; systems now process 100 crore signals daily with sub-15ms response times.
- PrsmX Video DSP: Strategic expansion into high-value Connected TV (CTV) and OTT formats, capitalizing on the structural shift from linear TV to measurable digital video.
- “Strategy 2030”: Long-term roadmap focusing on compounding multi-technology platforms across advertising, marketing, and monetization with a focus on autonomous growth.
- Data Infrastructure: Models are now trained on 50TB+ data sets in 1 hour (down from 10-12 hours), enabling faster optimization cycles.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Revenue Growth | 30%+ Annual Growth | Part of the “50-Plus Compounding Strategy” (30% Growth + 20% EBITDA). |
| EBITDA Margin | 20% and above | Management expects margins to remain stable with potential for modest expansion via global mix. |
| Global Expansion | 1 new market per quarter | Aiming for aggressive but asset-light ramp-up over the next 12-18 months in ASEAN and LatAm. |
Risks & Constraints
| Risk | Context |
|---|---|
| Sector Concentration | The recent RMG ban in India impacted revenue (-1.4% contribution in Q3); mitigated by diversification into FMCG and Healthcare. |
| Global Execution | International expansion requires navigating different regulatory and agency landscapes; management is using resellers to mitigate initial costs. |
| Technology Cycles | Rapid evolution toward “Agentic AI” requires continuous R&D spend to maintain sub-15ms response time advantages. |
Q&A Highlights
Growth Drivers & RMG Impact
- Question: What drove the 67% YoY growth and how resilient is the model to RMG sector risks? (Nitesh Agrawal)
- Answer: Growth was broad-based across BFSI, Travel, and Quick Commerce. RMG contribution fell to negligible levels in Q3, but the rest of the business grew 100%+, proving the engine is no longer dependent on a single sector (Ishank Joshi).
Capital Allocation
- Question: How will the ₹100 crore capital raise be deployed? (Parth Patel)
- Answer: The Board approved up to ₹100 crores but proceeded with an initial ₹50 crores at ₹1,088/share. Funds will be used for AI stack enhancement, global expansion over 12-18 months, and potential selective M&A (Ishank Joshi).
Connected TV (CTV) Strategy
- Question: What strategic advantage does the shift from linear TV to CTV provide? (Abhishek)
- Answer: Unlike linear TV’s broad reach, CTV allows for precise audience targeting and outcome-based measurement. Mobavenue’s platform is digital-first, allowing it to capture budgets migrating to data-rich streaming environments (Ishank Joshi).
International Margins
- Question: Is there a margin difference between domestic and international markets? (Juzair Haveliwalla)
- Answer: India is a volume-driven market, while global markets offer higher yield and better margin capabilities. The company targets a blended sustainable EBITDA margin of 20% (Ishank Joshi).
Key Takeaway
Mobavenue AI Tech Limited delivered a robust Q3 FY26, with revenue growing 67.2% YoY to ₹55.12 crores and EBITDA more than doubling to ₹12.25 crores. The performance was characterized by a successful transition away from the Real Money Gaming sector toward a diversified mix of digital-native brands and premium video formats like Connected TV. Strategically, the company is doubling down on its “AI-driven” autonomous optimization systems, which have improved revenue per outcome to ₹47.45. With a fresh ₹50 crore capital infusion, Mobavenue is accelerating its asset-light global expansion into LatAm and the UK to shift its revenue mix toward higher-margin international streams. Management maintains a “50-Plus Compounding Strategy,” targeting 30% annual revenue growth and 20%+ EBITDA margins through FY27, while closely monitoring sector-specific regulatory shifts.
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