Kotak Inst Eqt on Amagi Media ; Upgrade to Buy, TP Rs 715

Amagi reported a robust quarter. Revenue grew at 21% adjusted for revenue accounting in the base quarter. Growth has sustained above 20% range for third consecutive quarter and is likely to remain comfortably in this range in 2HFY27. Adjusted EBITDA margin expanded 540 bps yoy to 16.5%, normalized for timing benefits of certain investments Expect operating leverage to drive 760 bps adjusted EBITDA margin expansion during FY2026-29E to 17.9% Eaise FY2028-29E EPS by ~3%

AMAGI MEDIA LABS LIMITED

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