Ksolves India Limitedrevenue -4.7%, margin 25.7%, agentic AI and banking wins

Ksolves India's Q2 FY27 call, held on 23 October 2026, described a mixed quarter.

Revenue fell to ₹37.8 crore, down 4.7% year on year and 8.8% on the previous quarter, after ramp-downs at a couple of large enterprise clients amid cautious spending. EBITDA was ₹9.7 crore at a 25.7% margin, against 30.3% in Q1, and profit after tax was ₹7.25 crore. For the half, revenue rose 2.5% to ₹79.2 crore, EBITDA was ₹22.3 crore at 28.1% and profit after tax rose 10.9% to ₹16.5 crore. Management expects FY27 revenue to stay soft and trail last year, with EBITDA margin inside a 25% to 30% band, tilted to the upper end, and a return to growth in FY28.

Ksolves became a Select Partner of both Anthropic and OpenAI, all engineers are Claude certified, and three of the quarter's wins were in banking. Headcount fell from about 550 to about 495 as AI lifted output per person. The company is debt-free with ₹17.6 crore of cash and declared a second interim dividend of ₹1 a share, taking H1 dividends to ₹5. Analysts asked about margins, banking and lost revenue.