Data and analytics solutions company MathCo reported a 23.7% year-on-year increase in revenue from operations to Rs 621 crore in FY26, compared with Rs 502 crore in FY25. However, the company’s profit after tax declined sharply by 94% during the year as its expenses increased at a significantly faster pace than revenue. The figures are based on the company’s annual financial statements sourced from the Registrar of Companies (RoC).
MathCo, formerly known as TheMathCompany, provides artificial intelligence and machine learning solutions that help organisations use data and analytics to generate business insights and support data-driven decision-making. Revenue from these services remained the company’s only source of operating income during FY26.
The company had reported flat revenue growth in FY25. In FY26, however, its operating revenue increased by Rs 119 crore over the previous financial year, reaching Rs 621 crore.
In addition to its operating revenue, MathCo generated Rs 29 crore in other income during FY26, mainly through interest income. As a result, its total revenue increased to Rs 650 crore from Rs 523 crore in FY25.
Employee-related expenses remained the company’s largest cost during the year. MathCo spent Rs 497 crore on employee benefits in FY26, compared with Rs 374 crore in FY25. This represented an increase of 33%, with employee costs accounting for around 80% of the company’s total expenses.
The company also recorded higher spending across technology, travel, legal expenses, depreciation and other overheads during the year. Its total expenses increased 41.4% to Rs 628 crore in FY26, compared with Rs 444 crore in FY25.
The faster increase in expenses compared with revenue affected MathCo’s profitability. Its profit after tax fell to Rs 3.83 crore in FY26 from Rs 63.7 crore in FY25, representing a 94% decline.
MathCo’s return on capital employed (ROCE) stood at -2.78% during FY26, while its EBITDA margin was 1.81%.
The company’s unit economics also reflected the increase in its cost base. MathCo spent Rs 1.01 to generate every rupee of operating revenue during FY26.
At the end of FY26, MathCo’s total current assets stood at Rs 493 crore. This included around Rs 14.9 crore in cash and bank balances.
MathCo has raised around $53 million in funding to date. Brighton Park Capital and Patni Wealth Advisors are among its key investors, holding around 16% and 13% stakes, respectively, in the company.
The financial performance comes as MathCo continues to operate in the enterprise AI and analytics space. In September 2026, the company announced that it was moving towards an AI-native model as it marked 10 years of operations. It said it aims to build a workforce of more than 4,000 AI-native professionals and expand this model across its client base.
For FY26, MathCo’s financial results show growth in operating revenue alongside a sharp decline in profit. Revenue from operations increased from Rs 502 crore to Rs 621 crore, while total expenses rose from Rs 444 crore to Rs 628 crore. The company’s profit after tax consequently dropped from Rs 63.7 crore to Rs 3.83 crore during the year.
