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Anand Rathi Report
Anand Rathi has initiated coverage Amagi Media Labs Ltd. with a Buy rating and has set a target price of Rs 450, valuing it at 35x FY28e earnings per share.
Amagi’s revenue likely to grow ~20.6% CAGR over FY26-28e (vs ~30.7% over FY23-25), led by existing and new clients.
Opex (as % of revenue) stood at ~59% in 9M FY26 (vs ~67.3/85.5% in FY25/FY23.).
This is the signature inflection of scaling SaaS business crossing the leverage threshold every incremental rupee of revenue now flows disproportionately to the bottom-line, thus the brokerage expects adjusted margin to expand from ~8.9% in FY26 to ~19.2% by FY28e.
Key Risks:
- Geographic concentration (~73% comes from US);
- client concentration (~14.1% comes from 1 client);
- Negative impact from AI evolution;
- higher-than-expected revenue pressure in cable and broadcasting industry.
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