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Copyright © 2026 Capillary Technologies India Limited Investor PresentationQ1 FY 27August 4, 2026
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Today’s Presenters Aneesh Reddy BodduFounder, Managing Director and CEO Anant ChoubeyWhole-time Director, CFO and COO
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Safe Harbour & DisclaimerSpecific forward-looking topics covered in this document include, but are not limited to: revenue projections, EBITDA forecasts, Net Revenue Retention (NRR) trends, gross margin trajectories, migration timelines for acquired entities, acquisition integration milestones, market growth assumptions, product roadmaps (including AI/AIRA platform developments), competitive positioning, customer retention rates, regulatory compliance status, cash flow expectations, working capital dynamics, and capital allocation plans.These statements are based on current beliefs, plans, and expectations and are subject to inherent risks and uncertainties. Actual results may differ materially from those expressed or implied due to factors including changes in client demand, competitive landscape, technology shifts, and regulatory environments. The Company assumes no obligation to update these statements to reflect subsequent events or circumstances. Forward-Looking StatementsThis presentation contains forward-looking statements relating to the business, financial performance, strategy, and results of Capillary Technologies India Limited ("the Company"). These statements are identified by words such as "aim," "anticipate," "believe," "expect," "estimate," "intend," "will," "project," "plan," "seek," and similar expressions. Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures, but are not limited to Adjusted EBITDA, Annual Recurring Revenue (ARR), and Net Revenue Retention (NRR). These measures are supplemental and not defined under Ind AS, IFRS, or U.S. GAAP. They should not be considered in isolation or as alternatives to financial measures prepared in accordance with applicable accounting standards. The Company believes these non-GAAP measures provide useful information to investors regarding operating performance and liquidity, aligned with how management evaluates the business. Data Accuracy & RoundingCertain data contained in this presentation, including market size and competitive position, has been obtained from third-party sources and reports (e.g., Zinnov, Forrester). While the Company believes these sources to be reliable, it has not independently verified such data. Financial figures have been rounded to the nearest decimal or integer for presentation purposes; consequently, sums of figures may not exactly match the totals presented. Presentation & Offering InformationThis presentation is for information purposes only and does not constitute an offer, solicitation, or invitation to sell or issue any securities. No part of this presentation shall form the basis of, or be relied upon in connection with, any contract or investment decision. Recipients should conduct their own independent investigation and analysis of the Company. This document does not constitute a prospectus or offer document under the Companies Act, 2013, or SEBI ICDR Regulations.
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Global Market Leader in Loyalty and Engagement Management 1. Capillary was named a leader in the Forrester Wave ( ):Loyalty Platforms, Q4 2025 DallasUKSaudi ArabiaUnited Arab EmiratesBengaluru (HQ)MalaysiaSingaporeIndonesiaThailandPhilippinesGermanyMinneapolis Vietnam Hong Kong Canada Mumbai 465+Brands Global reach tapping into the unique needs and preferences across regions Awards & Recognitions ~750Employees Worldwide2.7 Billion+Consumerson the Platform 19Global Offices 53Countries25Fortune 500 Customers Select Countries and Cities with Offices or Customer Presence 99.997%Product Uptime Australia New Zealand Offering AI-powered Cloud-native Products and Solutions to Large Enterprise Customers Globally monetized through long term subscription contracts. * As of June 30, 2026 Czechia
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Independent Recognition – Forrester WaveTM Capillary has extensive genAI capabilities, including its aiRA (AI assistant) and Nudge Framework, to help marketers build and optimize promotions conversationally Capillary Technologies named a Leader in Loyalty Platforms.— The Forrester Wave(TM): Loyalty Platforms, Q4 2025* Highest among all vendors in both Current Offering and Strategy* 5/5 Score in 22 out of 27 Criteria AI-First Platform Approach Supports Complex Program Customer Feedback The Forrester wave ( ): Loyalty Platforms, Q4 2025 Capillary excels across most capabilities including program flexibility, UX, and AI-driven insights. Its platform supports complex programs, including coalition, subscription, and gamified formats.Customers praise Capillary’s usability, AI enablement, and promotion flexibility. While some customers aren’t ready to take on full genAI features today, they appreciate Capillary’s forward-leaning approach to innovation.Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity hereࣟ What We Think Got Us Here:
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Our Product Suite that helps brands stay consumer ready! Rewards+Extensive Global Rewards Network Engage+Personalized Customer CommunicationInsights+In-depth Analysis With Automated ReportsLoyalty+Increase Customer Retention Efficiently Capillary Platform with aiRA[AI-powered Research Assistant]Capillary’s AI/ML-powered platform captures data and creates a customer single view — from loyal & other customers — for information, insights, engagement and personalised experiencesData Sources- POS/Kiosks- eCommerce-Mobile App- Social Media- Third-party data- Search & click data- Wearable devices Simplified Bulk & API Integration using Connect+Platform feature extensibility using NeoCustom UIs using VulcanCapillary Web SDK & Mobile SDKCampaign integrationwith paid media Build a RelationshipKeep Them EngagedUnderstand ThemReward & Incentivise
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Our Growth Levers1. NRR ExpansionFY27 Q1 Organic NRR at 111%from our three levers of expanding existing customer revenue, viz.,: ●platform usage overages and inflationary increases,●product upgrades and service upsells, and●new brands, geographies and business units2. New Customer winsAccelerating momentum with targeted Fortune 500 enterprise wins and larger deal sizes across global marketsFY 27 Q1 TTM New ACV grew by 75% YoY(excl. 1 large healthcare customer*)3. M&AWe closed the SessionM acquisition successfully on May 1st.This acquisition strengthens our footprint in North America, LATAM, adds to our APAC portfolio and unlocks multi-industry growth by leveraging Session M’s enterprise relationships and global talent.We are also fast-tracking upgrade of Kognitiv customers (acquired in May, 2025) to our platform to expand growth.* TTM Q1 FY26 excludes exceptional new ACV from our first entry into the healthcare vertical.
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Our Profitability Levers1. NRR-linked margin expansionIncremental revenue from existing customers comes at higher gross margin, improving profitability. Subscription GM% is at a stable 66% in FY27 Q1 led by NRR-linked expansion at higher margins.2. Leverage on non-COGS~60% of our costs are linked to non COGS - technology, S&M, Corporate functions, which do not grow linearly with revenues.YoY Non-COGS costs increased in FY27 Q1 by only 32% compared to the 43% increase in revenue from operations.3. Upgrade of Customers from M&APost upgrade to our platform customers move from a ~30% gross margin to a ~65% margin, leading to better profitability and cash flow generation, making our M&A a 4-5 year cash pay back engine.Through our AI-led technology, rapid platform upgrade of Kognitiv and SessionM customers will help us achieve organic-level efficiencies at faster rates.
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AI: Three Layers, One Platform — SOR → SOI → SOA 01The Foundation System of Record · Loyalty platform-Leading loyalty program management platform-A trusted SOR with reporting and deep configuration and setup capabilities-Per transaction or per member based pricing 02The Intelligence System of Intelligence · aiRA Analytics Agent-The flip from data-first (hunting for trends in dashboards) to intent-first (state a goal, get a hierarchical, action-ready answer)-White space in loyalty marketing-Priced on outcome- actions and usage 03The Action System of Actions · aiRA Action Agents-Insights become campaigns on the same Capillary platform-Deliver personalised digital experiences- games, content, notifications, offers at scale without app releases or coding-These newer personalised digital experiences are also priced on usage/outcome AI does not replace the platform. It multiplies what the platform can do. The customer never leaves Capillary — and the unit of marketing shifts from the segment to the person.
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Meet aiRA Intelligence Across the Marketer Lifecycle UnderstandAnalyze data, surface insights,know your customerDecideTarget audiences, choose channelsActConfigure, create, launch campaigns LearnMeasure outcomes,optimize, compound Brand Context ✓Campaign Execution✓Decision Intelligence✓Analytics & Insights✓Creative Studio✓Brand Context & Memory✓Multi-Agent Orchestration✓Guardrails & Governance✓Speed-to-MarketNot just agents — a complete intelligence system that understands your brand, decides with you, acts for you, and learns from every outcome.
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With Experience+, Capillary addresses a core challenge of IT dependencies that hinder marketing agility. With Experience+, Capillary enables teams to launch and optimize digital experiences in real-time, reinforcing our marketer-first commitment and giving brands the speed to deliver interactive engagement at scale. CustomerGlu Acqui-hireThe Transaction▪CustomerGlu software platform and associated IP transferred from Marax AI, Inc.▪Founded by Prateek Gupta, Raman Shrivastava and Sumant Subrahmanya▪Rebranded as Experience+ by Capillary as an extension of Loyalty+Why It Matters✓Combines aiRA & Engage+ with in-app gamified actioning — challenges, streaks — to drive retention at scale✓Removes heavy IT dependency: marketers launch and optimize interactive experiences in near real-time✓Reinforces our AI-led, marketer-first strategy across our clients and prospects A talent and technology acquisition
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Headline Results Revenue from Operations₹ 2,566.4Mn43% YoY Adjusted EBITDA₹ 440.2Mn132% YoY Profit After Tax (PAT)₹ (95.5)*Mn-4% marginQ1 FY 27 * Includes ₹ 333.9 Mn. of exceptional loss on cyber fraud incident (provided for by the Company pending potential insurance settlement) and ₹ 16.1 Mn. of one-time deferred tax liability. Normalised PAT₹ 254.4Mn10% margin
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Acquisition completed on 1st May, 2026: Session M In the two months since acquisition, SessionM has shown healthy early indicators:●Acquired customer contracts are tracking to the planned$32M ARR.●Platform upgrade plans are on schedule to help drivebreak-even profitabilityinthe first year post-acquisition.Net of debt-like adjustments, thepurchase considerationsettled in cash for the dealwas₹ 169.1 Mn.,making it an efficient acquisition with a strong likelihood of deliveringpayback in the near term.
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Revenue and profitability growth Revenue growth₹ in Mn.Adjusted EBITDA growth₹ in Mn. ●Consolidated revenue grew 43% YoYto ₹2,566 Mn.in Q1 FY27, with Organic revenue up 17% YoYto ₹1,551 Mn.This reflects consistent performance of our organic and inorganic growth engines.●●Adjusted EBITDA more than doubled, growing 132% YoYto ₹440 Mnin Q1 FY27 at a 17% margin(Q1 FY26: 11%), signalling improving unit economics and operating leverage at scale. This results from our improved margins through NRR expansion, operating leverages on non-COGS costs and from M&A synergies.
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Revenue and profitability growthAnnual Recurring Revenue (ARR)₹ in Mn. New ACV ●TTM New ACV (excl. 1 large healthcare customer) grew 75% YoY to ₹926 Mn. further supplementing our growth and efficiencies.The TTM Q1 FY26 base included an exceptional new contract value from our first entry into the healthcare vertical.●Q1 FY27 ends with an ARRof₹10,266 Mn.at a YoY growth of 43% with strong contribution from the SessionM acquisition, NRR and New ACV. ₹ in Mn.
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Profitability Metrics ●Our Q1 FY27 Adj. EBITDA grew YoY at 132% to ₹440 Mn.at 17% margins.●At normalised levels, our Q1 FY27 PAT increased to ₹254 Mn. at 10% margins. Q1FY 27 YoY Performance PATQ4 FY 26PATQ1 FY 27Normalised PAT433.6 (23%)(95.5) (-4%)PAT (% margins)12.6-IPO expenses-16.1One-time deferred tax liability(249.6)333.9Exceptional loss / (income)196.6 (10%)254.4 (10%)Normalised PAT (% margins)51%3320%Year on year growth % Q1 FY27 QoQ Performance ₹ in Mn. 0.4%9.9%
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●High amortisation reflects recent acquisitions (Rewards, Brierley, Kognitiv, SessionM).●Exceptional loss in Q1 FY27 reflects a loss on cyber fraud incident provided for by the Company pending potential insurance settlement.●Exceptional income in Q4 FY26 reflects a churn indemnity compensation towards acquisition of Kognitiv. PAT to Adj. EBITDA Reconciliation₹ Mn. FY 25FY 26Q1 FY 26Q4 FY 26Q1 FY 27Particulars141.5523.97.5433.6(95.5)Profit/(loss) after tax2%7%0.4%23%-4%PAT margin-(249.6)-(249.6)333.9Exceptional loss / (income)(34.7)(12.8)(1.9)(8.9)9.6Total tax expense/(credit)601.0749.7172.7195.2200.4Depreciation and amortisation expenses77.954.611.710.711.7Finance costs785.71,065.9189.9381.1460.1EBITDA 13%15%11%20%18%EBITDA margin77.7107.311.436.636.9ESOP expenses(118.3)(103.9)(11.6)(60.5)(56.8)Finance income, asset disposal profits, fair valuation and foreign exchange gains745.11,069.2189.7357.2440.2Adjusted EBITDA12%15%11%19%17%Adjusted EBITDA margin
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Copyright © 2026 Capillary Technologies India Limited Frequently Asked Questions Management answers to investor questions on performance, growth drivers, margin trajectory, M&A integration, and corporate governance. Growth & Performance Margins & Profitability M&A & Integration Governance & ESG Geo & Vertical Mix
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How has overall business growth and profitability performance been? ●Business growth momentum remains robust with 43% YoY revenue growthin Q1 FY27.●This is driven by a combination of NRR (111% organic, 113% overall)and strategic acquisitions:○The organic growth is a result of our:■NRR growth through three levers of expansion - (i) platform usage overages and cost of living adjustments, (ii) product and service upsells and cross-sells, and (iii) expansion through new geographies, brands or business units of customers;■this is supplemented by revenue contribution from new logo acquisitions in travel, automobile & hospitality and food & beverages verticals.○The inorganic growth comes from the Kognitiv & SessionM acquisitions. ●This dual engine of growth has expanded our Annual Recurring Revenue (ARR) to ₹10,266 Mn, up from ₹7,196 Mn in Q1 FY 26. Our customer base now includes 25 Fortune 500 companies. ●Adjusted EBITDAhas expanded significantly, growing 132% YOY to ₹440 Mn. in Q1 FY27. The company has achieved substantial improvement driven by scale and integration synergies across inorganically acquired businesses led by early optimisation in functions below gross margin. This is resulting in revenue growth outpacing operating expenses with the latter growing YoY at32% in FY26 against the 43% revenue growth.The business is on track to deliver our earlier FY27 guidance: ₹10,650 Mn. revenue and ₹1,720 Mn. Adjusted EBITDA FY 26 Revenue Growth43%YoY vs Q1 FY26 ARR Expansion₹10,266 MnFrom ₹7,196 Mn Organic NRR111%Best-in-class Retention Q1
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What constituted the exceptional expense incurred this quarter?Background:Between June 24 and July 2, 2026,the Czechia subsidiary was subjected to a sophisticated social engineering fraud where perpetrators impersonated the Group CEO and a purported M&A counsel of a global law firm, inducing a senior executive of the subsidiary to effect unauthorised remittances.₹333.9 Mn.(EUR 3.05 Mn) of remittances were made between the aforementioned dates to third-party bank accounts in Hong Kong and Singapore. An exceptional expense of this amount has been provided for by the Company pending potential insurance settlement.In relation to the remittances made to the accounts in Singapore, beneficiary accounts containing approximately ₹47.0 Mn.(EUR 428K) have been frozen by banking authorities as part of ongoing recovery efforts. Q2Cyber fraud incident in SessionM Czech Republic s.r.o., a step-down subsidiaryStatus: Fund Recovery & Legal ProceedingsCriminal complaints were filed in Czechia on July 3, 2026 and in Singapore and Hong Kong on July 4, 2026, with requisite filings also made in India; beneficiary accounts were frozen and fund recall requests initiated through respective banks.Hong Kong (EUR 2.07 Mn):We have engaged a leading Hong Kong law firm with an established fraud litigation practice, to lead recovery proceedings. Counsel estimates that recovery through the Hong Kong courts may take approximately 6–8 months for the frozen stolen monies in the third party bank account(s).Singapore (EUR 975K):The beneficiary account was frozen on July 4, 2026 pursuant to a Singapore Police order. Singapore Police have traced onward movement of funds to Hong Kong bank accounts; the Hong Kong court proceedings will be extended to cover these amounts as wellStatus: Forensic Audit & Insurance ClaimForensic Audit:KPMG (Forensic Services), Prague team, conducting independent investigation; laptop imaging & IT-artefact collection in progress; no evidence of malware or device compromise so far; final report expected later in August.Insurance Claim:Notified under Crime Insurance Policy; coverage indicated under Social Engineering (CEO Fraud) provisions; surveyor appointed, process to conclude in approximately 5–6 months.
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NRR Breakdown: Q1 FY27 ActualsTrailing 12 Months Ending June 30, 2026The majority of our business is from organic revenue. Performance Divergence Organic NRR (111%)remains strong, reflecting healthy expansion within our existing customer base and deepening adoption of the core Capillary product suite. Customer cohorts from our most recent acquisitions (Kognitiv, SessionM) can be expected to deliver retention metrics comparable to the organic business only once their respective platform upgrades conclude.This makes Organic NRR, which measures revenue retention of customers already on the Capillary platform, the clearest retention metric for how our NRR expansion levers are performing. Inorganic NRR (120%)usually reflects expected migration dynamics from inorganically acquired customers which result in NRR below 100%. In the trailing twelve months ended June 30, 2025 however, the Kognitiv acquisition was only two months old and hence has a significantly reduced base resulting in a higher inorganic NRR in TTM June 30, 2026Total NRR (Blended)113% Organic111% Inorganic120% *Definitions: Organic = All revenue from customers on Capillary platform; Inorganic = Acquired assets not yet migrated or in the process of migration; TTM = Trailing Twelve Months. What is the NRR for Q1 FY27 and what does the Organic vs Inorganic breakdown show? Q3
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Q1 Performance (3 Months) QoQ TREND% OF TOTALQ1 FY27 REVENUEREVENUE STREAMIncreased mix94.5%₹2,424.9 MnSubscription RevenueSeasonal fluctuation4.8%₹122.4 MnOther Services (Installation)Stable0.7%₹19.2 MnCampaign ServicesSubscription revenue grew 50% YoYto ₹2,425 Mnin Q1 FY27. The 94.5%share of total revenue also increases from 89.4% in Q4 FY26 primarily led by higher subscription revenue mix in the acquired SessionM business.Key Drivers of Change Organic Expansion:Core platform adoption driving recurring revenue.Migration Success:Converting legacy service contracts to subscription models.Mix Improvement:Deliberate shift away from one-time service revenue. ₹1,616 MnQ1 FY26 Subscription Revenue₹2,425 MnQ1 FY27 Subscription Revenue+₹809 MnAbsolute Growth+50.0%YoY Growth % What is the subscription revenue performance inQ1 FY27 vs Q1 FY26? Q4 Performance
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Trend Data The percentage decline occurred alongside absolute growth in Top 5 revenue from ₹727 Mn in Q1 FY26 to ₹867 Mn in Q1 FY27. This reflects reduced concentration driven by faster growth in the broader portfolio. Risk Mitigation:We will continue reducing concentration risk by widening our logo base and expanding into new verticals while deepening relationships with key accounts. What is Top-10 client concentration and how do you mitigate risk?Q5
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Total Headcount (Jun 30, 2026)761+11% QoQ Composition Functional Breakdown Strategic Hiring Focus AI & R&D Expansion:Scaling engineering teams for AIRA platform development and GenAI capabilities.Sales Scaling:Adding enterprise sales leaders in US/EU to drive Fortune 500 penetration.Operational Strategy Delivery Strengthening:Ramping up implementation teams to accelerate migration of acquired customers. What is our employee strength and functional mix? Q611% QoQ headcount growth is primarily led by the SessionM acquisition.
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What are the Basic & Diluted EPS, RONW, and Net Worth for Q1 FY27?Q7 Performance FY25FY26Q1 TTM FY27FINANCIAL METRIC3.0%7.4%5.9%RONW(Return on Net Worth)₹6,683.4 Mn₹10,682.2 Mn₹10,676.2 MnCapital Employed2.8%3.0%5.2%ROCE (Return on Capital Employed)₹4,318.5 Mn₹5,494.0 Mn₹5,986.2 MnInvested Capital3.2%4.8%7.3%ROIC (Return on average Invested Capital)17.4%21.8%23.2%CROIC (Cash Return on average Invested Capital) Q1 FY26Q1 FY27FINANCIAL METRIC₹0.10-₹1.20Basic EPS(₹ per share)₹0.10-₹1.20Diluted EPS(₹ per share) Basic EPS, Diluted EPS, and RONW all declined in Q1 FY27 on account of a one-time exceptional expense during the quarter, with Basic and DilutedEPS turning negative at -₹1.20 each (versus ₹0.10 in Q1 FY26) and RONW easing to 5.9% in Q1 TTM FY27 from 7.4% in FY26. Capital Employed remainedbroadly stable at ₹10,676.2 Mn versus ₹10,682.2 Mn in FY26. Excluding the exceptional item, underlying profitability trends remain healthy — ROCEimproved to 5.2% from 3.0%, and ROIC advanced to 7.3% from 4.8%. CROIC strengthened further to 23.2% from 21.8%, reflecting healthier cashconversion relative to invested capital .
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Almost all customers from previous acquisitions (Persuade, Brierley, Rewards+) have successfully migrated to the Capillary stack, only two customers remain. Our AI-powered migration capabilities,designed to significantly reduce the time and effort required for Kognitiv and SessionM acquired customers, have started showing positive results. We have also made significant progress developing our new automated AI migration technologyand have begun integrating customers, with a substantial pipeline scheduled for the coming quarters. What is the status on migrations of acquisition accounts?Q8
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Summary Financials: YoY and SequentialYoYFY 25FY 26QoQQ4 FY 26YoYQ1 FY 26Q1 FY 27Consolidated Summary Statement ofProfit and Loss23%5,982.67,346.034%1,913.543%1,798.92,566.4Revenue from operations20%5,255.36,310.236%1,562.832%1,609.22,126.5Total expenses88%17.833.4-95%6.6-0.3Other operating income20%5,237.56,276.837%1,556.232%1,609.22,126.3Total operating expense43%745.11,069.223%357.2132%189.7440.2Adj. EBITDA12%15%19%11%17%Adj. EBITDA %38%77.7107.30%36.6224%11.436.9ESOP expenses-12%118.3103.9-6%60.5390%11.656.8Finance income, asset disposal profits, fair valuation and foreign exchange gains36%785.71,065.921%381.1142%189.9460.1EBITDA13%15%20%11%18%EBITDA %25%601.0749.73%195.216%172.7200.4Depreciation and amortisation expenses-30%77.954.69%10.70%11.711.7Finance costs106.8261.542%175.14,409%5.5248.0Profit/(loss) before tax and exceptional items-63%(34.7)(12.8)(8.9)(1.9)9.6Tax expenses (net)-(249.6)(249.6)-333.9Exceptional loss / (income)270%141.5523.9-97%433.654%7.5(95.5)Profit/(loss) after tax from continuing operations
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GlossaryDefinitionNon GAAP MetricsRevenue from retainership and other servicesSubscription RevenueRevenue generated by our company which is recurring in nature from sources such as subscriptions, including committed revenue from signed contracts and directly reflects the health of the core businessAnnual Recurring RevenueRevenue from Operations for the trailing twelve month period from all customers existing at the start of the trailing twelve month period divided by Revenue from Operations generated from the same customers in the previous trailing twelve month period multiplied by 100Net Retention RateBusiness from all customers on the Capillary platformOrganic BusinessBusiness from all customers who have not yet migrated to Capillary platformInorganic BusinessSubscription Revenue minus server hosting costs, software subscription costs and customer support costs divided by Subscription RevenueSubscription Gross MarginProfit after tax from continuing operations plustotal tax Expense / (credit) plusdepreciation and amortisation expenses plusfinance costs minus exceptional gains / (losses)EBITDAEBITDA plusESOP expenses minusfinance income, asset disposal profits / (losses) and fair valuation gains / (losses)Adjusted EBITDAProfessional and consultancy expenses plussoftware and server charges plusemployee benefit expense (ex. ESOP expenses) plusother operating expensesOperating ExpenseOther income minusfinance income, asset disposal profits / (losses) and fair valuation gains / (losses)Other Operating IncomeTotal Equity plusNon-current and Current BorrowingsCapital EmployedEBIT divided by Capital Employed as of the end of the respective fiscal, where EBIT equals Profit before Exceptional Items and Tax plus Finance CostsReturn on Capital EmployedCapital Employed minus Cash and Cash Equivalents, Bank and Demand Deposits and Short Term InvestmentsInvested CapitalNet Operating Profit after Tax divided by average Invested Capital, where Net Operating Profit after Tax equals EBIT multiplied by (1 - effective tax rate), and where average Invested Capital equals the average of Invested Capital as of the beginning and as of the end of the respective fiscalReturn on Invested CapitalAdjusted EBITDA divided by average Invested CapitalCash Return on Invested Capital
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Copyright © 2026 Capillary Technologies India Limited Thank YouFor any queries, please reach out to investorrelations@capillarytech.com
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Copyright © 2026 Capillary Technologies India Limited Investor PresentationQ1 FY 27August 4, 2026
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Today’s Presenters Aneesh Reddy BodduFounder, Managing Director and CEO Anant ChoubeyWhole-time Director, CFO and COO
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Safe Harbour & DisclaimerSpecific forward-looking topics covered in this document include, but are not limited to: revenue projections, EBITDA forecasts, Net Revenue Retention (NRR) trends, gross margin trajectories, migration timelines for acquired entities, acquisition integration milestones, market growth assumptions, product roadmaps (including AI/AIRA platform developments), competitive positioning, customer retention rates, regulatory compliance status, cash flow expectations, working capital dynamics, and capital allocation plans.These statements are based on current beliefs, plans, and expectations and are subject to inherent risks and uncertainties. Actual results may differ materially from those expressed or implied due to factors including changes in client demand, competitive landscape, technology shifts, and regulatory environments. The Company assumes no obligation to update these statements to reflect subsequent events or circumstances. Forward-Looking StatementsThis presentation contains forward-looking statements relating to the business, financial performance, strategy, and results of Capillary Technologies India Limited ("the Company"). These statements are identified by words such as "aim," "anticipate," "believe," "expect," "estimate," "intend," "will," "project," "plan," "seek," and similar expressions. Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures, but are not limited to Adjusted EBITDA, Annual Recurring Revenue (ARR), and Net Revenue Retention (NRR). These measures are supplemental and not defined under Ind AS, IFRS, or U.S. GAAP. They should not be considered in isolation or as alternatives to financial measures prepared in accordance with applicable accounting standards. The Company believes these non-GAAP measures provide useful information to investors regarding operating performance and liquidity, aligned with how management evaluates the business. Data Accuracy & RoundingCertain data contained in this presentation, including market size and competitive position, has been obtained from third-party sources and reports (e.g., Zinnov, Forrester). While the Company believes these sources to be reliable, it has not independently verified such data. Financial figures have been rounded to the nearest decimal or integer for presentation purposes; consequently, sums of figures may not exactly match the totals presented. Presentation & Offering InformationThis presentation is for information purposes only and does not constitute an offer, solicitation, or invitation to sell or issue any securities. No part of this presentation shall form the basis of, or be relied upon in connection with, any contract or investment decision. Recipients should conduct their own independent investigation and analysis of the Company. This document does not constitute a prospectus or offer document under the Companies Act, 2013, or SEBI ICDR Regulations.
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Global Market Leader in Loyalty and Engagement Management 1. Capillary was named a leader in the Forrester Wave ( ):Loyalty Platforms, Q4 2025 DallasUKSaudi ArabiaUnited Arab EmiratesBengaluru (HQ)MalaysiaSingaporeIndonesiaThailandPhilippinesGermanyMinneapolis Vietnam Hong Kong Canada Mumbai 465+Brands Global reach tapping into the unique needs and preferences across regions Awards & Recognitions ~750Employees Worldwide2.7 Billion+Consumerson the Platform 19Global Offices 53Countries25Fortune 500 Customers Select Countries and Cities with Offices or Customer Presence 99.997%Product Uptime Australia New Zealand Offering AI-powered Cloud-native Products and Solutions to Large Enterprise Customers Globally monetized through long term subscription contracts. * As of June 30, 2026 Czechia
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Independent Recognition – Forrester WaveTM Capillary has extensive genAI capabilities, including its aiRA (AI assistant) and Nudge Framework, to help marketers build and optimize promotions conversationally Capillary Technologies named a Leader in Loyalty Platforms.— The Forrester Wave(TM): Loyalty Platforms, Q4 2025* Highest among all vendors in both Current Offering and Strategy* 5/5 Score in 22 out of 27 Criteria AI-First Platform Approach Supports Complex Program Customer Feedback The Forrester wave ( ): Loyalty Platforms, Q4 2025 Capillary excels across most capabilities including program flexibility, UX, and AI-driven insights. Its platform supports complex programs, including coalition, subscription, and gamified formats.Customers praise Capillary’s usability, AI enablement, and promotion flexibility. While some customers aren’t ready to take on full genAI features today, they appreciate Capillary’s forward-leaning approach to innovation.Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity hereࣟ What We Think Got Us Here:
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Our Product Suite that helps brands stay consumer ready! Rewards+Extensive Global Rewards Network Engage+Personalized Customer CommunicationInsights+In-depth Analysis With Automated ReportsLoyalty+Increase Customer Retention Efficiently Capillary Platform with aiRA[AI-powered Research Assistant]Capillary’s AI/ML-powered platform captures data and creates a customer single view — from loyal & other customers — for information, insights, engagement and personalised experiencesData Sources- POS/Kiosks- eCommerce-Mobile App- Social Media- Third-party data- Search & click data- Wearable devices Simplified Bulk & API Integration using Connect+Platform feature extensibility using NeoCustom UIs using VulcanCapillary Web SDK & Mobile SDKCampaign integrationwith paid media Build a RelationshipKeep Them EngagedUnderstand ThemReward & Incentivise
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Our Growth Levers1. NRR ExpansionFY27 Q1 Organic NRR at 111%from our three levers of expanding existing customer revenue, viz.,: ●platform usage overages and inflationary increases,●product upgrades and service upsells, and●new brands, geographies and business units2. New Customer winsAccelerating momentum with targeted Fortune 500 enterprise wins and larger deal sizes across global marketsFY 27 Q1 TTM New ACV grew by 75% YoY(excl. 1 large healthcare customer*)3. M&AWe closed the SessionM acquisition successfully on May 1st.This acquisition strengthens our footprint in North America, LATAM, adds to our APAC portfolio and unlocks multi-industry growth by leveraging Session M’s enterprise relationships and global talent.We are also fast-tracking upgrade of Kognitiv customers (acquired in May, 2025) to our platform to expand growth.* TTM Q1 FY26 excludes exceptional new ACV from our first entry into the healthcare vertical.
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Our Profitability Levers1. NRR-linked margin expansionIncremental revenue from existing customers comes at higher gross margin, improving profitability. Subscription GM% is at a stable 66% in FY27 Q1 led by NRR-linked expansion at higher margins.2. Leverage on non-COGS~60% of our costs are linked to non COGS - technology, S&M, Corporate functions, which do not grow linearly with revenues.YoY Non-COGS costs increased in FY27 Q1 by only 32% compared to the 43% increase in revenue from operations.3. Upgrade of Customers from M&APost upgrade to our platform customers move from a ~30% gross margin to a ~65% margin, leading to better profitability and cash flow generation, making our M&A a 4-5 year cash pay back engine.Through our AI-led technology, rapid platform upgrade of Kognitiv and SessionM customers will help us achieve organic-level efficiencies at faster rates.
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AI: Three Layers, One Platform — SOR → SOI → SOA 01The Foundation System of Record · Loyalty platform-Leading loyalty program management platform-A trusted SOR with reporting and deep configuration and setup capabilities-Per transaction or per member based pricing 02The Intelligence System of Intelligence · aiRA Analytics Agent-The flip from data-first (hunting for trends in dashboards) to intent-first (state a goal, get a hierarchical, action-ready answer)-White space in loyalty marketing-Priced on outcome- actions and usage 03The Action System of Actions · aiRA Action Agents-Insights become campaigns on the same Capillary platform-Deliver personalised digital experiences- games, content, notifications, offers at scale without app releases or coding-These newer personalised digital experiences are also priced on usage/outcome AI does not replace the platform. It multiplies what the platform can do. The customer never leaves Capillary — and the unit of marketing shifts from the segment to the person.
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Meet aiRA Intelligence Across the Marketer Lifecycle UnderstandAnalyze data, surface insights,know your customerDecideTarget audiences, choose channelsActConfigure, create, launch campaigns LearnMeasure outcomes,optimize, compound Brand Context ✓Campaign Execution✓Decision Intelligence✓Analytics & Insights✓Creative Studio✓Brand Context & Memory✓Multi-Agent Orchestration✓Guardrails & Governance✓Speed-to-MarketNot just agents — a complete intelligence system that understands your brand, decides with you, acts for you, and learns from every outcome.
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With Experience+, Capillary addresses a core challenge of IT dependencies that hinder marketing agility. With Experience+, Capillary enables teams to launch and optimize digital experiences in real-time, reinforcing our marketer-first commitment and giving brands the speed to deliver interactive engagement at scale. CustomerGlu Acqui-hireThe Transaction▪CustomerGlu software platform and associated IP transferred from Marax AI, Inc.▪Founded by Prateek Gupta, Raman Shrivastava and Sumant Subrahmanya▪Rebranded as Experience+ by Capillary as an extension of Loyalty+Why It Matters✓Combines aiRA & Engage+ with in-app gamified actioning — challenges, streaks — to drive retention at scale✓Removes heavy IT dependency: marketers launch and optimize interactive experiences in near real-time✓Reinforces our AI-led, marketer-first strategy across our clients and prospects A talent and technology acquisition
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Headline Results Revenue from Operations₹ 2,566.4Mn43% YoY Adjusted EBITDA₹ 440.2Mn132% YoY Profit After Tax (PAT)₹ (95.5)*Mn-4% marginQ1 FY 27 * Includes ₹ 333.9 Mn. of exceptional loss on cyber fraud incident (provided for by the Company pending potential insurance settlement) and ₹ 16.1 Mn. of one-time deferred tax liability. Normalised PAT₹ 254.4Mn10% margin
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Acquisition completed on 1st May, 2026: Session M In the two months since acquisition, SessionM has shown healthy early indicators:●Acquired customer contracts are tracking to the planned$32M ARR.●Platform upgrade plans are on schedule to help drivebreak-even profitabilityinthe first year post-acquisition.Net of debt-like adjustments, thepurchase considerationsettled in cash for the dealwas₹ 169.1 Mn.,making it an efficient acquisition with a strong likelihood of deliveringpayback in the near term.
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Revenue and profitability growth Revenue growth₹ in Mn.Adjusted EBITDA growth₹ in Mn. ●Consolidated revenue grew 43% YoYto ₹2,566 Mn.in Q1 FY27, with Organic revenue up 17% YoYto ₹1,551 Mn.This reflects consistent performance of our organic and inorganic growth engines.●●Adjusted EBITDA more than doubled, growing 132% YoYto ₹440 Mnin Q1 FY27 at a 17% margin(Q1 FY26: 11%), signalling improving unit economics and operating leverage at scale. This results from our improved margins through NRR expansion, operating leverages on non-COGS costs and from M&A synergies.
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Revenue and profitability growthAnnual Recurring Revenue (ARR)₹ in Mn. New ACV ●TTM New ACV (excl. 1 large healthcare customer) grew 75% YoY to ₹926 Mn. further supplementing our growth and efficiencies.The TTM Q1 FY26 base included an exceptional new contract value from our first entry into the healthcare vertical.●Q1 FY27 ends with an ARRof₹10,266 Mn.at a YoY growth of 43% with strong contribution from the SessionM acquisition, NRR and New ACV. ₹ in Mn.
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Profitability Metrics ●Our Q1 FY27 Adj. EBITDA grew YoY at 132% to ₹440 Mn.at 17% margins.●At normalised levels, our Q1 FY27 PAT increased to ₹254 Mn. at 10% margins. Q1FY 27 YoY Performance PATQ4 FY 26PATQ1 FY 27Normalised PAT433.6 (23%)(95.5) (-4%)PAT (% margins)12.6-IPO expenses-16.1One-time deferred tax liability(249.6)333.9Exceptional loss / (income)196.6 (10%)254.4 (10%)Normalised PAT (% margins)51%3320%Year on year growth % Q1 FY27 QoQ Performance ₹ in Mn. 0.4%9.9%
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●High amortisation reflects recent acquisitions (Rewards, Brierley, Kognitiv, SessionM).●Exceptional loss in Q1 FY27 reflects a loss on cyber fraud incident provided for by the Company pending potential insurance settlement.●Exceptional income in Q4 FY26 reflects a churn indemnity compensation towards acquisition of Kognitiv. PAT to Adj. EBITDA Reconciliation₹ Mn. FY 25FY 26Q1 FY 26Q4 FY 26Q1 FY 27Particulars141.5523.97.5433.6(95.5)Profit/(loss) after tax2%7%0.4%23%-4%PAT margin-(249.6)-(249.6)333.9Exceptional loss / (income)(34.7)(12.8)(1.9)(8.9)9.6Total tax expense/(credit)601.0749.7172.7195.2200.4Depreciation and amortisation expenses77.954.611.710.711.7Finance costs785.71,065.9189.9381.1460.1EBITDA 13%15%11%20%18%EBITDA margin77.7107.311.436.636.9ESOP expenses(118.3)(103.9)(11.6)(60.5)(56.8)Finance income, asset disposal profits, fair valuation and foreign exchange gains745.11,069.2189.7357.2440.2Adjusted EBITDA12%15%11%19%17%Adjusted EBITDA margin
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Copyright © 2026 Capillary Technologies India Limited Frequently Asked Questions Management answers to investor questions on performance, growth drivers, margin trajectory, M&A integration, and corporate governance. Growth & Performance Margins & Profitability M&A & Integration Governance & ESG Geo & Vertical Mix
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How has overall business growth and profitability performance been? ●Business growth momentum remains robust with 43% YoY revenue growthin Q1 FY27.●This is driven by a combination of NRR (111% organic, 113% overall)and strategic acquisitions:○The organic growth is a result of our:■NRR growth through three levers of expansion - (i) platform usage overages and cost of living adjustments, (ii) product and service upsells and cross-sells, and (iii) expansion through new geographies, brands or business units of customers;■this is supplemented by revenue contribution from new logo acquisitions in travel, automobile & hospitality and food & beverages verticals.○The inorganic growth comes from the Kognitiv & SessionM acquisitions. ●This dual engine of growth has expanded our Annual Recurring Revenue (ARR) to ₹10,266 Mn, up from ₹7,196 Mn in Q1 FY 26. Our customer base now includes 25 Fortune 500 companies. ●Adjusted EBITDAhas expanded significantly, growing 132% YOY to ₹440 Mn. in Q1 FY27. The company has achieved substantial improvement driven by scale and integration synergies across inorganically acquired businesses led by early optimisation in functions below gross margin. This is resulting in revenue growth outpacing operating expenses with the latter growing YoY at32% in FY26 against the 43% revenue growth.The business is on track to deliver our earlier FY27 guidance: ₹10,650 Mn. revenue and ₹1,720 Mn. Adjusted EBITDA FY 26 Revenue Growth43%YoY vs Q1 FY26 ARR Expansion₹10,266 MnFrom ₹7,196 Mn Organic NRR111%Best-in-class Retention Q1
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What constituted the exceptional expense incurred this quarter?Background:Between June 24 and July 2, 2026,the Czechia subsidiary was subjected to a sophisticated social engineering fraud where perpetrators impersonated the Group CEO and a purported M&A counsel of a global law firm, inducing a senior executive of the subsidiary to effect unauthorised remittances.₹333.9 Mn.(EUR 3.05 Mn) of remittances were made between the aforementioned dates to third-party bank accounts in Hong Kong and Singapore. An exceptional expense of this amount has been provided for by the Company pending potential insurance settlement.In relation to the remittances made to the accounts in Singapore, beneficiary accounts containing approximately ₹47.0 Mn.(EUR 428K) have been frozen by banking authorities as part of ongoing recovery efforts. Q2Cyber fraud incident in SessionM Czech Republic s.r.o., a step-down subsidiaryStatus: Fund Recovery & Legal ProceedingsCriminal complaints were filed in Czechia on July 3, 2026 and in Singapore and Hong Kong on July 4, 2026, with requisite filings also made in India; beneficiary accounts were frozen and fund recall requests initiated through respective banks.Hong Kong (EUR 2.07 Mn):We have engaged a leading Hong Kong law firm with an established fraud litigation practice, to lead recovery proceedings. Counsel estimates that recovery through the Hong Kong courts may take approximately 6–8 months for the frozen stolen monies in the third party bank account(s).Singapore (EUR 975K):The beneficiary account was frozen on July 4, 2026 pursuant to a Singapore Police order. Singapore Police have traced onward movement of funds to Hong Kong bank accounts; the Hong Kong court proceedings will be extended to cover these amounts as wellStatus: Forensic Audit & Insurance ClaimForensic Audit:KPMG (Forensic Services), Prague team, conducting independent investigation; laptop imaging & IT-artefact collection in progress; no evidence of malware or device compromise so far; final report expected later in August.Insurance Claim:Notified under Crime Insurance Policy; coverage indicated under Social Engineering (CEO Fraud) provisions; surveyor appointed, process to conclude in approximately 5–6 months.
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NRR Breakdown: Q1 FY27 ActualsTrailing 12 Months Ending June 30, 2026The majority of our business is from organic revenue. Performance Divergence Organic NRR (111%)remains strong, reflecting healthy expansion within our existing customer base and deepening adoption of the core Capillary product suite. Customer cohorts from our most recent acquisitions (Kognitiv, SessionM) can be expected to deliver retention metrics comparable to the organic business only once their respective platform upgrades conclude.This makes Organic NRR, which measures revenue retention of customers already on the Capillary platform, the clearest retention metric for how our NRR expansion levers are performing. Inorganic NRR (120%)usually reflects expected migration dynamics from inorganically acquired customers which result in NRR below 100%. In the trailing twelve months ended June 30, 2025 however, the Kognitiv acquisition was only two months old and hence has a significantly reduced base resulting in a higher inorganic NRR in TTM June 30, 2026Total NRR (Blended)113% Organic111% Inorganic120% *Definitions: Organic = All revenue from customers on Capillary platform; Inorganic = Acquired assets not yet migrated or in the process of migration; TTM = Trailing Twelve Months. What is the NRR for Q1 FY27 and what does the Organic vs Inorganic breakdown show? Q3
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Q1 Performance (3 Months) QoQ TREND% OF TOTALQ1 FY27 REVENUEREVENUE STREAMIncreased mix94.5%₹2,424.9 MnSubscription RevenueSeasonal fluctuation4.8%₹122.4 MnOther Services (Installation)Stable0.7%₹19.2 MnCampaign ServicesSubscription revenue grew 50% YoYto ₹2,425 Mnin Q1 FY27. The 94.5%share of total revenue also increases from 89.4% in Q4 FY26 primarily led by higher subscription revenue mix in the acquired SessionM business.Key Drivers of Change Organic Expansion:Core platform adoption driving recurring revenue.Migration Success:Converting legacy service contracts to subscription models.Mix Improvement:Deliberate shift away from one-time service revenue. ₹1,616 MnQ1 FY26 Subscription Revenue₹2,425 MnQ1 FY27 Subscription Revenue+₹809 MnAbsolute Growth+50.0%YoY Growth % What is the subscription revenue performance inQ1 FY27 vs Q1 FY26? Q4 Performance
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Trend Data The percentage decline occurred alongside absolute growth in Top 5 revenue from ₹727 Mn in Q1 FY26 to ₹867 Mn in Q1 FY27. This reflects reduced concentration driven by faster growth in the broader portfolio. Risk Mitigation:We will continue reducing concentration risk by widening our logo base and expanding into new verticals while deepening relationships with key accounts. What is Top-10 client concentration and how do you mitigate risk?Q5
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Total Headcount (Jun 30, 2026)761+11% QoQ Composition Functional Breakdown Strategic Hiring Focus AI & R&D Expansion:Scaling engineering teams for AIRA platform development and GenAI capabilities.Sales Scaling:Adding enterprise sales leaders in US/EU to drive Fortune 500 penetration.Operational Strategy Delivery Strengthening:Ramping up implementation teams to accelerate migration of acquired customers. What is our employee strength and functional mix? Q611% QoQ headcount growth is primarily led by the SessionM acquisition.
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What are the Basic & Diluted EPS, RONW, and Net Worth for Q1 FY27?Q7 Performance FY25FY26Q1 TTM FY27FINANCIAL METRIC3.0%7.4%5.9%RONW(Return on Net Worth)₹6,683.4 Mn₹10,682.2 Mn₹10,676.2 MnCapital Employed2.8%3.0%5.2%ROCE (Return on Capital Employed)₹4,318.5 Mn₹5,494.0 Mn₹5,986.2 MnInvested Capital3.2%4.8%7.3%ROIC (Return on average Invested Capital)17.4%21.8%23.2%CROIC (Cash Return on average Invested Capital) Q1 FY26Q1 FY27FINANCIAL METRIC₹0.10-₹1.20Basic EPS(₹ per share)₹0.10-₹1.20Diluted EPS(₹ per share) Basic EPS, Diluted EPS, and RONW all declined in Q1 FY27 on account of a one-time exceptional expense during the quarter, with Basic and DilutedEPS turning negative at -₹1.20 each (versus ₹0.10 in Q1 FY26) and RONW easing to 5.9% in Q1 TTM FY27 from 7.4% in FY26. Capital Employed remainedbroadly stable at ₹10,676.2 Mn versus ₹10,682.2 Mn in FY26. Excluding the exceptional item, underlying profitability trends remain healthy — ROCEimproved to 5.2% from 3.0%, and ROIC advanced to 7.3% from 4.8%. CROIC strengthened further to 23.2% from 21.8%, reflecting healthier cashconversion relative to invested capital .
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Almost all customers from previous acquisitions (Persuade, Brierley, Rewards+) have successfully migrated to the Capillary stack, only two customers remain. Our AI-powered migration capabilities,designed to significantly reduce the time and effort required for Kognitiv and SessionM acquired customers, have started showing positive results. We have also made significant progress developing our new automated AI migration technologyand have begun integrating customers, with a substantial pipeline scheduled for the coming quarters. What is the status on migrations of acquisition accounts?Q8
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Summary Financials: YoY and SequentialYoYFY 25FY 26QoQQ4 FY 26YoYQ1 FY 26Q1 FY 27Consolidated Summary Statement ofProfit and Loss23%5,982.67,346.034%1,913.543%1,798.92,566.4Revenue from operations20%5,255.36,310.236%1,562.832%1,609.22,126.5Total expenses88%17.833.4-95%6.6-0.3Other operating income20%5,237.56,276.837%1,556.232%1,609.22,126.3Total operating expense43%745.11,069.223%357.2132%189.7440.2Adj. EBITDA12%15%19%11%17%Adj. EBITDA %38%77.7107.30%36.6224%11.436.9ESOP expenses-12%118.3103.9-6%60.5390%11.656.8Finance income, asset disposal profits, fair valuation and foreign exchange gains36%785.71,065.921%381.1142%189.9460.1EBITDA13%15%20%11%18%EBITDA %25%601.0749.73%195.216%172.7200.4Depreciation and amortisation expenses-30%77.954.69%10.70%11.711.7Finance costs106.8261.542%175.14,409%5.5248.0Profit/(loss) before tax and exceptional items-63%(34.7)(12.8)(8.9)(1.9)9.6Tax expenses (net)-(249.6)(249.6)-333.9Exceptional loss / (income)270%141.5523.9-97%433.654%7.5(95.5)Profit/(loss) after tax from continuing operations
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GlossaryDefinitionNon GAAP MetricsRevenue from retainership and other servicesSubscription RevenueRevenue generated by our company which is recurring in nature from sources such as subscriptions, including committed revenue from signed contracts and directly reflects the health of the core businessAnnual Recurring RevenueRevenue from Operations for the trailing twelve month period from all customers existing at the start of the trailing twelve month period divided by Revenue from Operations generated from the same customers in the previous trailing twelve month period multiplied by 100Net Retention RateBusiness from all customers on the Capillary platformOrganic BusinessBusiness from all customers who have not yet migrated to Capillary platformInorganic BusinessSubscription Revenue minus server hosting costs, software subscription costs and customer support costs divided by Subscription RevenueSubscription Gross MarginProfit after tax from continuing operations plustotal tax Expense / (credit) plusdepreciation and amortisation expenses plusfinance costs minus exceptional gains / (losses)EBITDAEBITDA plusESOP expenses minusfinance income, asset disposal profits / (losses) and fair valuation gains / (losses)Adjusted EBITDAProfessional and consultancy expenses plussoftware and server charges plusemployee benefit expense (ex. ESOP expenses) plusother operating expensesOperating ExpenseOther income minusfinance income, asset disposal profits / (losses) and fair valuation gains / (losses)Other Operating IncomeTotal Equity plusNon-current and Current BorrowingsCapital EmployedEBIT divided by Capital Employed as of the end of the respective fiscal, where EBIT equals Profit before Exceptional Items and Tax plus Finance CostsReturn on Capital EmployedCapital Employed minus Cash and Cash Equivalents, Bank and Demand Deposits and Short Term InvestmentsInvested CapitalNet Operating Profit after Tax divided by average Invested Capital, where Net Operating Profit after Tax equals EBIT multiplied by (1 - effective tax rate), and where average Invested Capital equals the average of Invested Capital as of the beginning and as of the end of the respective fiscalReturn on Invested CapitalAdjusted EBITDA divided by average Invested CapitalCash Return on Invested Capital
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Copyright © 2026 Capillary Technologies India Limited Thank YouFor any queries, please reach out to investorrelations@capillarytech.com