Synopsis: In its Q4 FY26 earnings conference call, Exato Technologies detailed a Rs.600 crore active order book with over Rs.330 crore yet to be executed, a Rs.172 crore managed services deal signed on March 31, a leadership team rebuilt with veterans from TCS, Mphasis, and the NICE platform, and a sixth consecutive NICE APAC Partner of the Year award though its FY25 revenue of Rs. 123 crore against a backlog that is five times that figure makes delivery bandwidth and working capital management the central variables for investors to track.
A BSE SME-listed customer experience and AI services company drew investor attention on its Q4 FY26 earnings call, detailing a Rs.600 crore active order book anchored by two large healthcare contracts, a Rs.172 crore managed services deal closed on the last day of FY26, and a C-suite rebuilt with executives carrying tenures at TCS, Aditya Birla Minacs, and the NICE product ecosystem. The company also disclosed a three-year target to migrate to the mainboard and a longer-horizon ambition for a NASDAQ listing.
With a market capitalization of Rs. 384.50 crore, the shares of Exato Technologies Ltd were trading at Rs. 382 per share, up 2.03 percent from its previous closing price of Rs. 374.40 apiece.
Order Book and the Execution Scale-Up
The active order book stands at Rs. 600 crore, of which approximately Rs. 230–235 crore has been executed to date, leaving Rs. 330–380 crore yet to be billed. Management guided that 30 to 35 percent of the remaining backlog roughly Rs. 100–130 crore will be billed in the current financial year, with the balance distributed across the following two to three years. Two healthcare contracts anchor the pipeline: a Rs. 130 crore deal with Inventurus Healthcare (promoted by the Jhunjhunwala family) and a Rs. 95 crore agreement with Big Language Solutions.
The Rs. 172 crore managed services deal, secured March 31, 2026, places forward-deployed Exato engineers inside client environments under a total technology ownership structure, a model that generates recurring revenue but requires proportionally more headcount to sustain than project-based delivery. At FY25 standalone revenue of Rs. 123 crore, the Rs. 600 crore order book represents roughly five times the current annual run-rate. The company’s ability to deliver against that backlog without a working capital blowout and risk management itself flagged on the call is the financial variable that will determine whether the order book converts into earnings.
NICE Partnership and Platform Credentials
Exato has held Platinum Partner status with NICE Systems for six consecutive years, a threshold that requires sustained deployment volumes, certified headcount, and customer satisfaction metrics above NICE’s independently set bar. At the NICE APAC Business Partner Summit in Busan in March 2026, the company won five awards including APAC Partner of the Year. NICE is actively supporting Exato’s US market expansion.
The Mitel relationship was upgraded from Gold to Platinum during the year. The proprietary Exato IQ platform is deployed with HDFC Bank, Axis Bank, and TaskUs; management is investing to move its addressable market from mid-sized SMEs to global enterprise. Two Acumatica cloud ERP deals were signed by March 2026, adding an adjacent ERP revenue line through a partnership channel with a global ERP vendor.
Financials and Working Capital
FY26 standalone revenue was Rs. 167 crore, up from Rs. 123 crore in FY25, with net profit rising to Rs. 16 crore from Rs. 9 crore. OPM expanded from 8 percent to 15 percent in FY26, and recent quarters show a drop Q4 FY26 (March 2026) printed OPM of 10.63 percent on revenue of Rs. 60.8 crore, a quarter-on-quarter decline from 19.23 percent in Q3 FY26. The five-year revenue CAGR is 37 percent and three-year profit CAGR is 24 percent, both computed from a small base. Operating cash flow turned positive at Rs. 14 crore in FY25 after two years of negative CFO directionally positive, but the Rs. 19 crore financing inflow in the same year means the business still required external capital to net a positive cash position.
Borrowings declined to Rs. 21 crore from Rs. 32 crore in FY25, and capital work in progress went to nil, reflecting ongoing platform and infrastructure investment. Debtor days stand at 94, elevated for an IT services company and likely to pressure working capital further as billing scales. Management has cited financial backing from institutional lenders based on the long-term order book, but that assurance is qualitative rather than a disclosed credit facility.
Business Overview
Exato Technologies Ltd was incorporated in 2016 and listed on the BSE SME platform in December 2025. The company provides CX-as-a-Service, AI-as-a-Service, automation, unified communications, and analytics solutions to over 150 clients across more than 10 countries, with deployments serving 150,000-plus agents. It operates through four subsidiaries the US entity Exato.ai Inc, an Australia subsidiary, a Singapore subsidiary, and domestic telecom arm Exato Infotech.
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