Workmates Core2Cloud Solution Limited reported total revenue of ₹143 crore for FY26, reflecting an 83% compound annual growth rate over the preceding four years. The BSE SME-listed IT services firm participated in the Alpha Ideas SME Stars 2026 event on September 6, 2026, in Mumbai, outlining its strategic pivot toward AI and cloud infrastructure.

The company disclosed that its monthly recurring revenue (MRR) stood at ₹9.83 crore at the end of March 2026. Management projects entry MRR for FY27 to rise to ₹13.3 crore, implying a base revenue visibility of roughly ₹159 crore before accounting for new bookings or expansions.

Financial Performance and Projections

Workmates has demonstrated consistent top-line growth since FY22. The following table details the audited actuals and management's base-case projections through FY30.

Management forecasts a forward CAGR of approximately 40% from FY26 to FY30. The FY27 estimate carries a sensitivity band of ±5%, while later years reflect a ±10% variance due to full-year uncertainty.

What the Numbers Show

The revenue composition reveals a deliberate structural shift toward predictable income streams. While one-time transformation deals drive immediate cash flow, they constitute only 20% of the business model. The remaining 80% is derived from annuity-based contracts, supported by a client retention rate of 95%. This high retention allows recurring revenue to compound year-on-year rather than resetting, reducing dependency on constant new customer acquisition for baseline growth.

Strategic Positioning and Market Context

Workmates operates as an AWS Premier Partner, the highest tier of partnership status, with additional competencies in managed security services and generative AI. The company serves over 300 clients across nine offices, with a workforce exceeding 170 employees.

Sector-wise revenue concentration for FY26 was as follows:

• IT & ITES: 37.41%
• Financial Services: 30.40%
• Others (E-Commerce, Media, Public Sector): 23.19%
• Manufacturing & Logistics: 8.74%

The firm cites India's cloud market growth, projected to reach $180–270 billion by 2033–34 from $27–37 billion in 2026, as a primary tailwind. Additionally, the IndiaAI Mission’s target of deploying 100,000 GPUs by end-2026 is expected to drive demand for Workmates’ AI services framework.

Global Expansion Plans

Workmates has resumed expansion plans for the US and UK markets for FY26–27, previously paused due to geopolitical considerations. A US-based office is being established to streamline global billing operations. The go-to-market strategy for Singapore is currently under recalibration to align with evolving market conditions.

Workmates Core2cloud Solution Limited has scheduled its eighth Annual General Meeting for Friday, September 25, 2026. The company also fixed the record date for the meeting as September 18, 2026.

The Board of Directors approved these details during a meeting held on August 20, 2026, in Kolkata. The AGM will be conducted through Video Conferencing and Other Audio-Visual Means to ensure regulatory compliance. The meeting is scheduled to begin at 12:30 pm IST.

AGM Schedule and Book Closure

The register of members and share transfer books will remain closed from Friday, September 18, 2026, to Friday, September 25, 2026, both days inclusive. This period ensures that only shareholders registered as of the record date are eligible to vote or receive dividends declared during the meeting.

Executive Remuneration Revisions

In the same board meeting, the company approved revisions to the remuneration packages of its key executives. The changes apply to Mr. Debasish Sarkar, Whole Time Director & Chief Financial Officer, and Mr. Basanta Kumar Rana, Managing Director.

The explanatory statement reveals specific monetary values for the proposed hikes, effective April 1, 2026:

• Debasish Sarkar: Remuneration to increase from ₹42 lakh per annum to ₹54 lakh per annum.
• Basanta Kumar Rana: Remuneration to increase from ₹63.60 lakh per annum to ₹75.60 lakh per annum.

Both executives are eligible for annual increments not exceeding 20% of their last drawn remuneration. The resolutions require shareholder approval as Special Resolutions.

Regulatory Compliance and Shareholder Updates

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Prateek Kohli, a Practicing Company Secretary (Mem. No: F11511), has been appointed to scrutinize the e-Voting process for the upcoming AGM.

The company has also reminded shareholders who have not registered their email addresses with the company or depository participants to update their details. Shareholders holding physical securities are urged to update KYC details pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024. Payments for folios without updated PAN, nomination, or bank details will be made only through electronic mode effective April 1, 2024.