Amagi’s rising earnings are beginning to show up in its operating cash flow. The cloud-media technology company generated ₹68.8 crore from operations in the six months ended September 30, 2026, reversing a ₹200.6 crore outflow a year earlier, according to its unaudited consolidated results released on November 5.
That improvement remains visible before the adjustments used in the company’s presentation. Understanding those adjustments helps explain how much cash the business produced and how management assesses its progress.
The Breakdown
Amagi highlighted ₹94 crore of adjusted operating cash flow for H1 FY27. The difference from the roughly ₹69 crore reported figure is ₹25 crore of IPO-related vendor payments, which the company excludes from its adjusted measure.
The previous year also needs a consistent comparison. Reported operating cash outflow was about ₹201 crore. Excluding ₹103 crore of pre-IPO employee share-option and stock-appreciation-right buyback payments reduced the adjusted outflow to ₹98 crore. The shareholder letter reconciles both periods.
Removing unusual payments can help compare ongoing operations. Those payments still consumed cash, so the adjusted figure should sit alongside the reported one.
Why This Matters
The distinction produces two cash-conversion rates. Reported operating cash flow was 49% of Amagi’s adjusted EBITDA. Excluding the IPO payments raised that ratio to 67%.
Both use the same approximately ₹139 crore denominator: adjusted earnings before interest, tax, depreciation and amortisation, or EBITDA. Neither rate is a profit margin or the percentage of customer invoices paid. Amagi’s adjusted earnings measure also excludes share-based compensation.
The statutory statement gives another useful detail: trade receivables absorbed ₹27.3 crore of cash during the half-year, compared with ₹104 crore a year earlier. Customer balances still tied up money, but the drag was much smaller.
The Big Picture
Revenue needs its own comparison check. September-quarter sales rose 27% to about ₹476 crore. Growth was 15% at constant currency, which removes the effect of exchange-rate changes.
Amagi separately adjusts for revenue-recognition timing that lifted the previous year’s comparison base. On that basis, growth was 33%, or 21% at constant currency. These are distinct views of the same quarter, as shown in the investor presentation.
Currency conversion changes the rupee value of overseas revenue. The timing adjustment changes the earlier period used for comparison. Keeping them separate makes the growth claim easier to assess.
The Crunch
Management attributes the second quarter’s cash improvement to stronger collections and profitability, following a first quarter affected by annual incentive payments and major software renewals. That timing helps explain why one quarter should not become a full-year assumption.
Amagi’s recovery is visible in both reported and adjusted cash flow. The continuing test is whether higher earnings keep translating into operating cash as collections, supplier payments and taxes fall due.
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