MathCo Revenue Rises 23.7% to Rs 621 Crore in FY26, Profit Falls 94%

Khushi Jain
September 23, 2026

Data and analytics solutions firm MathCo reported a 23.7% year-on-year growth in revenue in FY26, while its profit declined sharply by 94% during the year as expenses grew at a much faster pace.

MathCo’s revenue from operations increased to Rs 621 crore in FY26 from Rs 502 crore in FY25, according to its annual financial statements sourced from the Registrar of Companies (RoC). The company had reported flat revenue growth in FY25.

MathCo, formerly known as TheMathCompany, is an artificial intelligence and machine learning solutions provider that helps organisations use data and analytics to generate business insights and make data-driven decisions. Revenue from these services remained the company’s sole source of operating income during FY26.

Apart from its operating revenue, the company earned Rs 29 crore from other income in FY26, primarily through interest income. This took MathCo’s total revenue to Rs 650 crore, compared with Rs 523 crore in FY25.

For the AI and analytics company, employee benefit expenses continued to be the largest cost head during FY26. MathCo spent Rs 497 crore on employee-related expenses, up 33% from Rs 374 crore in FY25. Employee costs accounted for around 80% of the company’s total expenses during the year.

Meanwhile, spending on technology, travel, legal expenses, depreciation and other overheads also increased during the year. As a result, MathCo’s total expenses rose 41.4% to Rs 628 crore in FY26 from Rs 444 crore in FY25.

The increase in expenses significantly outpaced the growth in revenue, putting pressure on the company’s profitability.

MathCo’s profit after tax plunged 94% to Rs 3.83 crore in FY26 from Rs 63.7 crore in FY25. Its return on capital employed (ROCE) stood at -2.78%, while its EBITDA margin was 1.81% during the year.

On a unit economics basis, MathCo spent Rs 1.01 to generate every rupee of operating revenue in FY26, indicating the pressure created by the higher cost base.

At the end of FY26, MathCo’s total current assets stood at Rs 493 crore. This included cash and bank balances of around Rs 14.9 crore.

The company 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.

FAQs

1. What was MathCo’s revenue in FY26?
MathCo’s revenue from operations increased to Rs 621 crore in FY26 from Rs 502 crore in FY25.

2. How much did MathCo’s profit decline in FY26?
MathCo’s profit after tax declined 94% to Rs 3.83 crore in FY26 from Rs 63.7 crore in FY25.

3. What were MathCo’s total expenses in FY26?
MathCo’s total expenses rose 41.4% to Rs 628 crore in FY26 from Rs 444 crore in FY25.

4. What was MathCo’s largest expense in FY26?
Employee benefit expenses were the largest cost head at Rs 497 crore, accounting for around 80% of total expenses.

5. How much funding has MathCo raised?
MathCo has raised around $53 million in funding to date.