HRH Next Services Ltd(HRHNEXT)

NSE: HRHNEXT

₹ 24+0.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 32 crUpdated: 24 Oct 2026

About

HRH Next Services Ltd is an Indian BPO/KPO company providing customer experience, contact centre, and AI-augmented business process services primarily to domestic clients across food-tech, e-commerce, telecom, and fintech verticals. In FY26 the company reported revenue of ₹68.16 crore, up ~18% year-on-year, operating from 8 delivery centres with 2,500+ employees. The company's proprietary AI platform, AINA, contributed ~₹7 crore (~10%) of FY26 revenue and is being positioned as a multilingual conversational AI layer across voice, chat, and video channels.^[1][2][3]

Business segments

The company operates as a single segment: BPO Services. Revenue is billed on a per-FTE deployed basis, providing fixed, predictable income regardless of volume seasonality.^[4][5]
AINA, the proprietary AI division, contributed ~₹7 crore (~10% of total revenue) in FY26, billed on a per-minute-consumed model rather than the FTE model used for traditional BPO work.^[2][3]

Services and AI platform

Core BPO services cover order management, customer escalation, delivery-partner onboarding, email, chat, and voice CX across food delivery, e-commerce, telecom, and fintech clients.^[3]
AINA is a proprietary multilingual AI platform supporting all 11 Indian languages including Tamil, Malayalam, Kannada, Telugu, Marathi, Gujarati, and Bengali, covering voice bots, chat bots, video bots, and automated call audit tools.^[2][3]
As of FY26, AINA had 2 - 3 full productions live across voice bots, call audit, and related use cases, with 8 - 10 distinct products under development including legal video communication tools.^[2]
Automated call auditing via AINA covers 100% of ~1.5 lakh daily transactions in H1 FY26, versus the 2 - 5% manual sampling rate used previously.^[6]

Operations

Company operates from 8 delivery centres as of FY26; the most recently opened centre is in Palakkad. Prior centres include locations in Coimbatore (expanded to 650 seats in FY25 from 400) and Tumkur.^[2][5]
Total headcount was 2,500+ as of FY26; permanent-roll employees numbered 1,092 as at FY25. The company also deploys gig workers - 300 deployed in H1 FY26 for festive-season surge, with a historical peak of 2,000.^[2][4][6]
Capacity utilisation was ~100% as of H1 FY26.^[6]
Balance sheet carried ₹16.36 crore of intangibles under development and ₹14.13 crore of intangible assets as of FY26, entirely attributable to AI development spend.^[2]

Key operating numbers

Daily transaction volume: ~1.5 lakh as of H1 FY26 and FY25.^[6][5]
FY26 revenue grew ~18% YoY (from ~₹58 crore to ~₹68 crore); EBITDA grew ~38% over the same period, driven by 'Operation Green Cover' cost consolidation.^[2]
H1 FY26 EBITDA margin compressed to 18.10% from 20.26% in H1 FY25 ( - 216 bps), as depreciation surged ~40% YoY on server and software purchases for AINA.^[6]
Debtor days improved from 158 days in FY24 to 76 days in FY25; standard billing cycle is ~60 days.^[5][3]
Debt-to-equity ratio was 0.26x as of FY25, against a stated peer range of 0.40x - 1.6x.^[5]

Customers and distribution

Top 5 clients contributed ~87% of revenue as of Q3 FY26: Swiggy (~40%), Meesho/FastNear Technologies (~17 - 18%), Mpocket (~17 - 18%), Cars24, and Vodafone/Vi.^[3]
Top 6 - 7 clients accounted for ~90% of revenue in H1 FY26; total active client count was 21 as of FY25.^[6][5]
Average client tenure is 5 - 6 years as of H1 FY26; Swiggy has been a client since 2016 (~10 years) and Vodafone for 15 years as of FY26.^[6][2]
For Swiggy alone, the company manages 17 - 18 distinct processes including order management, multi-language CX, email, chat, escalation, and delivery-executive onboarding.^[3]
New mandates signed in FY26 include Heritage and Chai Shorts, contributing an estimated combined ₹50 lakh; IRCTC reached 100% operational status by February - March 2025.^[2][6]

Expansion and capex

FY27 capex plan: two new delivery centres (Mysore confirmed; Indore under evaluation) at ~₹3 - 3.5 crore each, plus ₹5 - 6 crore for AI development - approximately ₹12 - 13 crore in total.^[2][3]
AINA international deployment targeted for the Middle East in FY27; AINA tools are stated to be deployable in any language including Spanish and French.^[6][3]
Authorised share capital was increased in H1 FY26 in preparation for NSE main board migration (eligibility date: January 3, 2027) and potential equity raise for acquisitions.^[6]

Recent developments

FY26 'Operation Green Cover' programme consolidated manpower and infrastructure costs; combined with AINA revenue, EBITDA grew ~38% in FY26 versus ~18% topline growth.^[2]
A proof-of-concept was under way as of Q4 FY26 with an undisclosed large client to audit 2 - 3 crore calls per month; management stated successful monetisation could add ~50% of current revenue from a single mandate.^[2]
The company's 20th AGM was scheduled for September 23, 2026 via video conferencing.^[7]
Management declared 2026 the 'AINA year' and targeted at least 50% of total revenue from the AINA AI division within approximately three years (by FY29).^[2]

Market Cap

₹32 Cr

High / Low

₹38 / 21

Stock P/E

6.5

Price / Book

0.8

Book Value

₹31

EPS

₹3.7

No. of Shares

1.32 Cr

ROCE

15.8%

ROE

12.5%

OPM

12.2%

Debt / Equity

0.43

Sales

₹68 Cr

Net Profit

₹5 Cr

Promoter holding

56.6%

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