General Updates

amag1 November 05, 2026 BRSeE: A LMimAiGteI/dS E/2026-27/79 National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, SDcarlaipl SCtoredeet ,– F 5o4rt4, 679 SByamndbroal K –u ArlMa ACoGmI plex, Bandra (E), Mumbai – 400001, Maharashtra Mumbai – 400051, Maharashtra DSuebarje Scitr:/ SMhaadraemho, lder Letter dated November 05, 2026. We are pleased to enclose the Shareholder Letter for Q2 FY27 dated November 05, 2026. The Shareholder Letter is also being hosted on the Company’s website at https://www.amagi.com/investors/quarterly-financials. We request you to please take the same on record. Thanking you. Amagi Media Labs Limited For and on behalf of Sridhar Muthukrishnan Company Secretary and Compliance Officer Membership No.: F9606 Encl: As above 11Am agi Media Labs Limited (formerly known as “Amagi Media Labs Private Limited”) CIN: L73100KA2008PLC045144 Registered office: Raj Alkaa Park, Sy. No. 29/3 & 32/2, 4 Floor, Kalena Agrahara Village, Begur Hobli, Bengaluru – 560076, Karnataka P E W : +91 80 4663 4444 | : info@amagi.com | : www.amagi.com This Report Covers Amagi Vision Our long-term view on value creation CEO's Address Q2 FY27 performance highlights and Strategic Priorities Q2 FY27 at a Glance Key Financials, Business Metrics and Takeaways Investor FAQs Market, Financials, Growth Drivers and Outlook Annexures Definitions, KPls, Financials and Reconciliations Disclaimer and Forward-Looking Statements Disclaimers, disclosures and forward-looking statements The Media Industry Cloud 2. CEO’s Address Dear Shareholders, Two years ago, in this same quarter, Amagi nearly broke even at the Adjusted EBITDA level. Revenue this quarter was ₹476 Cr against ₹278 Cr then, 1.7 times in two years. Adjusted EBITDA margin moved from just below zero to 18.7%. We turned operating cash flow from an outflow into a meaningful inflow (₹134 Cr this quarter), and closed with ₹1,774 Cr of cash and no debt. Growth, profitability and cash have moved together. This is a deliberate choice, and one we intend to maintain. Streaming is now half of US television viewing. Viewers moved first. Advertising followed. Operations, where our solutions deliver, are moving now. The theme is unification. Customers who ran broadcast, FAST and VOD separately now want creation, distribution and monetization on one platform. We heard this at LA PLAY, our own conference in Los Angeles, previously LA FAST, from the 700-plus customers and partners who joined us. The platform they want to consolidate onto is what we announced at LA PLAY as the Amagi Media Industry Cloud. We are making three bets. a. Cost efficiencies: our customers spend more on people than on technology to keep channels on air. We launched agentic network operations. Agents run the workflow, people take the decisions. b. Audience expansion: our customers want to extend into social platforms. Mobile-first, vertical solutions matter. A leading US broadcast group went live with Amagi NEWSPULSE to summarize news for its national newsroom. Alongside NEWSPULSE, we introduced FANPULSE for live sport on social networks, STUDIO for live production, and integrated localization for local access and language. c. Revenue maximization: content owners, distributors and advertisers need to find each other and transact. Our ads and content marketplace connects them. We launched four products this quarter, across IBC in Amsterdam and LA PLAY, one under cost efficiencies and three under audience expansion. NEWSPULSE was recognized twice at IBC. IDC named us a Leader in its MarketScape for the AI-driven business cycle in media. These are early. We shall scale them, and show you where each one stands every quarter. Our north star does not change. Amagi is built to be an enduring engine of innovation for the media industry, bringing our customers technology that maximizes their revenues and improves their cost efficiency. The three bets above are this quarter’s expression of it. The opportunity ahead is larger than what we have taken so far. Executing through it in a disciplined way is where I spend most of my time, and the only thing I am paranoid of. Thank you, as always, for your trust and partnership. Baskar Subramanian Managing Director and Chief Executive Officer 3. Q2 FY27: At a Glance REVENUE ADJ.EBITDA PAT CASH Q2FY27 Q2FY27 Q2FY27 As of 30 Sep 2026 1476 Cr !89Cr !75Cr 11,774 Cr A +27% v /v • +33% ex-base• A +114%Y/Y "'+2,860% v/v A+161%Y/Y +15% CC• +21% CC ex-base• 18.7% margin• +7.6 ppts v/v 14.9% margin• +14.3 ppts v/v Q2 Adj. OCF !134 Cr REVENUE ADJ.EBITDA PAT OCF CONVERSION H1FY27 H1FY27 H1FY27 HI FY27 !913 Cr !139 Cr !109 Cr 67% A +30% v/v • +34% ex-base• A+139%Y/Y "'+1,581% v/v A !94 Cr Adj. OCF +18%CC 15.3% margin• +7.0 ppts v/v 11.4% margin• +10.5 ppts v/v on !139 Cr Adj. EBITDA 'Ex-base excludes the revenue-recognition timing benefit in Q2 FY26 (-600 bps) and, for HI, in QI and Q2 FY26, disclosed in our Q3 FY26 results and reiterated in QI FY27. Charts show rounded values. Please refer to Annexure B for precise values and the detailed metrics pack. Key Takeaways ● Revenue grew 27% Y/Y to ₹476 Cr (15% CC growth), led by Streaming Unification and Monetization & Marketplace. Growth was 33% Y/Y (21% CC growth), adjusting for the prior-year revenue recognition base effect in Cloud Modernization. ● Adjusted EBITDA grew 114% Y/Y to ₹89 Cr, with margin expanding 7.6 ppts Y/Y to 18.7%, reflecting continued operating leverage. PAT reached ₹75 Cr (+2,860% Y/Y), with margin expanding 14.3 ppts Y/Y to 14.9%. ● Our business flywheel continued to strengthen, with cumulative hours processed reaching 1 Mn (+43% Y/Y), channel deliveries growing 29% Y/Y to 10,787, distributors increasing 24% Y/Y to 477, and monetized impressions growing 65% Y/Y to 16 Bn. ● We launched four new AI products at IBC 2026 across live production, live sport, localization and agentic network operations. IDC named Amagi a Leader in its 2026 MarketScape, and NEWSPULSE won awards at IBC 2026 and the CSI Awards. ● Cash balance stood at ₹1,774 Cr (+161% Y/Y), including IPO proceeds, with no debt. 4. FAQs In this section, we address key questions about our Q2/H1 FY27 performance and business outlook, shaped by our assessment of what matters most this quarter and by the valuable feedback we continue to receive through ongoing investor and analyst dialogue. Quarter Overview Q1: How would you summarise this quarter's performance? Q2 FY27 was a strong quarter, with revenue reaching a record ₹475.8 Cr, up 27% Y/Y (15% CC growth). Growth was led by Streaming Unification (+35% Y/Y) and Monetization & Marketplace (+28% Y/Y). Cloud Modernization grew 9% Y/Y against a prior-year base that included revenue recognition from a large broadcaster migration, as disclosed in our previous earnings calls. Excluding this base effect, Cloud Modernization growth would have been 36% Y/Y, while overall revenue growth would have been 33% Y/Y (21% CC growth). For H1 FY27, revenue grew 30% Y/Y to ₹912.7 Cr (18% CC growth), supported by customers launching additional channels, expanding distribution across platforms, and deepening their engagement with Amagi. Adjusted EBITDA grew 114% Y/Y to ₹89.1 Cr, with margin expanding 7.6 ppts Y/Y to 18.7%, driven by continued operating leverage in R&D, S&M & CS, and G&A. Gross margin improved 0.8 ppts sequentially to 68.1%, while declining 1.6 ppts Y/Y on a reported basis. Excluding the previously discussed revenue-recognition effect from the large broadcaster migration, gross margin would have been broadly flat Y/Y. For H1 FY27, Adjusted EBITDA grew 139% Y/Y to ₹139.2 Cr, with margin expanding 7.0 ppts Y/Y to 15.3%. PAT reached ₹74.8 Cr, with margin expanding 14.3 ppts Y/Y to 14.9%, supported by higher Adjusted EBITDA, lower ESOP-related expenses, and a lower effective tax rate. Cash conversion improved, with H1 FY27 Adjusted OCF reaching ₹94 Cr, representing 67% of Adjusted EBITDA. Revenue(! Cr) Adj. EBITDA (! Cr) PAT (! [Showing first 8,000 characters — download PDF for full document]