Workmates Core2cloud Solution Ltd

BSE: 544610

₹ 399-4.86%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 515 crWebsite: www.cloudworkmates.com/Updated: 24 Oct 2026

About

Workmates Core2cloud Solution provides cloud managed services and project implementation, with about 80% of revenue from annuity contracts. FY26 revenue was ₹143 Cr, of which recurring revenue was ₹118 Cr (82.5% of the mix). It served 316 customers in FY26, including 38 enterprise customers, with 95% client retention.^[1][2]

Revenue mix

Recurring revenue was ₹118 Cr in FY26 (82.5% of the mix, +29.7% YoY). Project implementation billing was ₹25 Cr (17.5% of the mix, +56.3% YoY).^[2]
Management says about 80% of revenue is annuity and 20% is one-time deals, and targets customer churn of 10% or less.^[1][2]
Vertical mix as of the Q1 FY27 call: IT & ITES 37.41%, Financial Services 30.40%, Manufacturing 8.74%, Others (e-commerce, logistics, media, public sector) 23.19%.^[1]
Vertical mix in FY26: IT/ITES was 36.85% and BFSI was 34.21%.^[2]

Products and services

The company lists AI products in live production: SmartOps, AutoFinOps, ComplianceOps, VoxoRA, VerID and VoyaGE. It uses them to sell AI work into existing cloud accounts.^[1]
It plans to build out its Data & AI and Security practices and to scale managed services in FY27.^[2]

Key operating numbers

Monthly recurring revenue was ₹9.83 Cr at the March 2026 exit and ₹13.3 Cr entering FY27, per the Q1 FY27 call. The Q4 FY26 call gave ₹10 Cr exit and ₹13.5 Cr entry.^[1][2]
Billable utilisation rose to 84% in FY26 from 72%. Escalation MTTR fell from 4.5 hrs to 1.2 hrs.^[2]
Headcount rose to 168 in FY26 from 129. The Q1 FY27 call cites 170+ employees.^[2][1]
Debtor days fell to 62 in FY26 from 72.^[2]
H2 FY26 revenue was ₹68 Cr against ₹75 Cr in H1. Project revenue fell to ₹8 Cr from ₹17 Cr.^[2]

Customers

Total customers rose from 288 to 316 in FY26, and enterprise customers from 34 to 38. The company added 85 new logos.^[2]
The top 20 accounts contributed 73% of revenue in FY26.^[2]
Client retention across the enterprise base was 95% in FY26.^[1]

Growth plans and outlook

The FY27 revenue outlook is ₹190 - 210 Cr. Management's base case is ₹250 - 310 Cr for FY28E, ₹360 - 440 Cr for FY29E and ₹495 - 605 Cr for FY30E.^[1]
The H1 FY27 revenue outlook is ₹91.56 Cr, of which ₹79.59 Cr is contracted recurring revenue.^[2]
US and UK expansion, paused in FY26 over geopolitical and tariff concerns, was restarted for FY26-27. Work on a US billing office is underway, and the Singapore go-to-market plan is being re-evaluated.^[1][2]

Recent developments

In FY26 the company declined a ₹12 Cr ARR Dubai contract because of payment exposure, at a revenue impact of about ₹4 Cr.^[2]
A government circular forced gaming clients to exit in FY26, ending ₹73L of MRR at a revenue impact of about ₹3.5 Cr.^[2]
The FY26 annual report proposes FY27 remuneration of Rs 75.60 lakh for the MD and Rs 54 lakh for the WTD/CFO, with annual increments of up to 20%.^[3]

Market Cap

₹515 Cr

High / Low

₹514 / 264

Stock P/E

35.6

Price / Book

0.0

Book Value

₹68

EPS

₹12.3

No. of Shares

1.29 Cr

ROCE

24.9%

ROE

18.0%

OPM

15.2%

Debt / Equity

0.00

Sales

₹144 Cr

Net Profit

₹16 Cr

Promoter holding

72.0%

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