Capillary Technologies India Ltd. · NSE:CAPILLARY

Capillary Technologies India — Investor Day (May 2026)

65 slides from Capillary Technologies India's investor day presentation, May 14, 2026

Slide 1: Regulation 30 cover letter to stock exchanges
www.capillarytech.com May 14, 2026 To To, BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze JeeJeebhoy Towers, Dalal Exchange Plaza , Bandra Kurla Complex Street Fort, Mumbai -400001 Bandra (East), Mumbai -4000051 Scrip Code: 544614 Symbol: CAPILLARY
Slide 3: Today's Presenters
Today’s Presenters Aneesh Reddy Anant Siddhant Rohan Piyush Boddu Choubey Jain Mahadar Kumar Founder, Managing Director Whole-time Director, Chief Customer Officer Chief Product Officer Chief Technology Officer and CEO CFO and COO
Slide 4: Agenda
Agenda ● Capillary At a Glance ● Transitioning to AI Native Company ○ AI-Native Product ○ Adoption and AI-Native Pricing ○ AI-Native Org structure ● Q&A and Break ● Growth: Revenue and Profits ○ Organic Growth Playbook ○ Inorganic Growth Playbook ● Business & Financial Performance ● Long-term Value
Slide 6: Global Market Leader in Loyalty and Engagement Management
Global Market Leader in Loyalty and Engagement Management Global reach tapping into the unique needs and preferences across regions Offering AI-powered Cloud-native Products and Solutions to Large Enterprise Customers Globally monetized through long term UK Canada subscription contracts Germany Minn
Slide 7: Client & Industries We Work Across The World
Client & Industries We Work Across The World
Slide 8: Independent Recognition – Forrester Wave
Independent Recognition – Forrester Wave™ The Forrester wave (™): Loyalty Platforms, Q4 2025 Capillary Technologies named a Leader in Loyalty Platforms. — The Forrester Wave(™): Loyalty Platforms, Q4 2025 * Highest among all vendors in both Current Offering and Strategy * 5/5 Score in 22 out of 27 C
Slide 9: Target Addressable Market - Loyalty Management
Target Addressable Market - Loyalty Management 1. As CACs are steadily increasing, businesses are shifting focus from pure acquisition strategies to customer-centric metrics like NPS 1, Retention, LTV 2 5x Higher3 15%-40% Higher Global Loyalty Management Target Cost of acquiring a new customer Custo
Slide 10: Deep Dive on Regional Markets
Deep Dive on Regional Markets North America APAC EMEA Loyalty Management TAM (US$bn) Loyalty Management TAM (US$bn) Loyalty Management TAM (US$bn) Market Share - 44% Market Share - 29% Market Share - 27% Mature Market, largely agency- driven with limited greenfield Fastest Growing Market with Market
Slide 11: Our Product Suite that helps Brands Stay Consumer Ready
Our Product Suite that helps Brands Stay Consumer Ready! 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 experience
Slide 13: AI-Native Capillary: Three Pillars
AI-Native Capillary Three pillars of Capillary’s AI evolution 1 2 3 AI-Native AI-Native AI-Native Org Products Pricing Design Strate Strate Strate ● Outcome delivering ● Loyalty pricing will ● Re-organizing key products and services continue to be System of processes in the company ● aiRA suite Reco
Slide 15: The Opportunities Ahead
The Opportunities Ahead OPPORTUNITY 1 OPPORTUNITY 2 AI-Led Analytics True 1:1 personalisation is finally possible ● aiRA analytics agent: No hallucination, brand and vertical context-rich ● Gen AI + predictive analytics collapse the cost of per-individual audience, platform purpose-built for markete
Slide 16: Three Layers, One Platform — SOR → SOI → SOA
Three Layers, One Platform — SOR → SOI → SOA 01 02 03 The Foundation The Intelligence The Action System of Record · Loyalty platform System of Intelligence · aiRA Analytics Agent System of Actions · aiRA Action Agents ● Leading loyalty program → ● The flip from data-first (hunting → ● Insights becom
Slide 17: SOR - The Deepest First-Party Customer Graph In The Industry
SOR - The Deepest First-Party Customer Graph In The Industry 01 02 Breadth & Depth Data Across Verticals and Geographies Spans every major retail-adjacent vertical — fashion, F&B, fuel, Multi-domain coverage means the model is not learning one beauty, electronics, grocery. Decade-long longitudinal t
Slide 18: System of Intelligence
System of Intelligence From data-first to intent-first — what changes when intelligence sits on top of the record BEFORE · WITHOUT AIRA AFTER · WITH The marketer searches the data aiRA searches for the answer Opens the dashboard. Marketer states the objective: Picks a metric that looks off. "Why did
Slide 19: Analytics Agent
System of Intelligence -> Analytics Agent Analytics Agent The marketer states an objective. aiRA decomposes it, queries the data, and returns a hierarchical insight with ranked next actions. Natural-language analytics — ask a business question; get an answer with the work shown Proactive anomaly det
Slide 20: Customer Introduction - Polycab
Customer Introduction - Polycab Ritesh Arora Chief Digital Officer He is the Chief Digital Officer at Polycab India, one of India's largest electrical companies. He leads Polycab's digital transformation agenda, driving Al, data, and connected customer experiences. Capillary Technologies · FY 2026–2
Slide 21: aiRA in Action: Polycab India
System of Action -> Execution Case Study aiRA in Action Polycab India - Marketing Campaign Automation THE CHALLENGE THE APPROACH THE IMPACT Polycab's influencer management programme ● Generating campaign 2-3 Days covers a large, 100% KYC- strategy for the month traditional execution validated base o
Slide 22: The Harness Architecture
The Harness Architecture How aiRA decomposes one marketer prompt into a verifiable sequence of agent decisions, tool calls and deterministic code The harness & orchestration Orchestration Context Memory Guardrails Marketer prompt 01 · Agent 02 · Tools 03 · Code Returned "Why did Tier 2 churn → Plans
Slide 23: What Is Shipped, and Where Are We Going?
What Is Shipped, and Where Are We Going? aiRA: from an analytics assistant to the marketer's action engine 01 02 03 04 LAUNCHED LAUNCHED IN PROGRESS UPCOMING Live today Live today FY26–27 FY26-27 Analytics & Insights Marketer's Decision Autonomous Action Vertical Agentic Solutions Agent Engine Engin
Slide 25: AI-Native Pricing
AI-Native Pricing System of Record System of Intelligence System of Action Loyalty platform aiRA Analytics Agent aiRA Config Agents ● Leading loyalty program ● The flip from data-first ● Insights become management platform to intent-first approach campaigns on the same ● The current running → ● Whit
Slide 26: aiRA Adoption — One Brand, and the Market
aiRA Adoption aiRA Adoption — One Brand, and the Market A flagship brand example alongside the broader market signal — Adoption inside one customer, and total brand-user activity across the platform. aiRA USAGE in 1 early adopter brand ACTUAL BRAND-USER USAGE 3,836 11,089 CUMULATIVE ACTIVITIES · NOV
Slide 28: The Paradigm Shift
The Paradigm Shift Economics of Expertise Just as Cloud Native changed the economics of Compute, AI Native is fundamentally changing the economics of Expertise. Beyond the Chatbot Just as Cloud Native was not about moving servers to cloud, AI Native is not about deploying interfaces Deterministic vs
Slide 29: Pillars Of AI-Native Design
7 Pillars Of AI-Native Design Flatter Organizations: AI reduces coordination Small High-Leverage Teams: Moving from bulky overhead, enabling a significantly broader span of ships to nimble "speedboats" with expertise made effective leadership. available via API. Outcome-Based Pods: Reorganizing func
Slide 30: AI-Native Engineering Organization
AI-Native Engineering Organization
Slide 31: Engineering Structure: The Shift
Engineering Structure: The Shift LEGACY LARGE-TEAM AI-NATIVE OUTCOME PODS 80% Shift Of Organization MODEL 30-35 Teams 15 Teams Small, high-leverage units enabled by AI to focus purely on rapid outcome delivery. Standardized functional squads with AI LAYER high coordination overhead. EXECUTION POD AR
Slide 32: Legacy M&A Integration Challenges
Legacy M&A Integration Challenges The "Previous World" Friction → Manual Discovery ("What"): Human-led efforts to uncover tech stacks, workloads, and environment metrics. → Knowledge Silos: Information remains trapped in historical documents and inconsistent human memory. → Configuration Blindness:
Slide 33: AI-Native M&A: The Capillary Way
AI-Native M&A: The Capillary Way Shared Knowledge AI Organizational Humans Move Up- Outcome-Based Base Layer the-Stack Pods AI automatically ingests AI acts as a continuous Humans shift from data Small, agile speedboats historical docs, layer identifying patterns extraction to high-level focused ent
Slide 34: AI-Led Transformation in Professional Services
AI-Led Transformation in Professional Services How team, process, and delivery are changing — at a glance BEFORE 5+ hand-offs, sequential NOW Speed-boat pod • AI-augmented › › › › › TEAM PM SA Dev QA Config Support → Multi-Agent Efficiency Gain EVOLUTION Skills AI core End-to-end Smaller speed boats
Slide 36: Growth & Profitability Levers: Organic and Inorganic View
Growth & Profitability Levers: Organic and Inorganic View Organic Growth and Profitability Levers Organic Growth Organic Profitability NRR Expansion NRR linked margin expansion Growth from expansion of existing customers Expansion of margins from existing customer growth New Customer Wins Leverage o
Slide 38: Organic Growth: Revenue Trend
Organic Growth: Revenue Trend Organic Revenue growth ₹ in Mn. Through our NRR expansion % R 42 and new customer G acquisition strategies, CA organic revenue has nearly tripled from ₹1,907 Mn in FY23 to ₹5,479 Mn in FY26, delivering a robust 42% CAGR. The subsequent slides highlight each of the organ
Slide 39: Organic NRR: Enterprise 'Land and Expand' Approach
Organic NRR: Enterprise Customers Focused ‘Land and Expand’ Approach Improving NRR from existing customers Focus on landing Enterprise Customer Accounts and expanding further through providing upgrades to existing solutions, immersive loyalty experience, cross-selling and upselling opportunities – F
Slide 40: NRR for FY26: Composition of Overall NRR
NRR for FY26: Composition of Overall NRR NRR Breakdown: FY 26 Actuals Trailing 12 Months Ending Mar 31, 2026 Business Composition 75% of our business is from organic revenue. Performance Divergence Organic NRR (114%) remains strong, confirming healthy core platform expansion and deep adoption of cor
Slide 41: Organic Growth: New ACV, CAC % and deal dynamics
Organic Growth: New ACV, CAC % and deal dynamics New Customer Acquisition Maintain focus on acquiring new Enterprise Customers particularly in North America and Europe About 40% of new customers (FY26) were referred to us by large System Integrators / Consulting Partners – reflecting structural stre
Slide 42: Profitability: NRR linked margin expansion
Profitability: NRR linked margin expansion As NRR expands, incremental revenue from existing customers come at higher gross margins and help in consistently improving subscription GMs over the years As M&A customers migrate to our platform, the organic growth levers come into play and the organic bu
Slide 43: Profitability: Leverage on non-Cost of sales costs
Profitability: Leverage on non-Cost of sales costs More than 60% of our expenses are linked to technology, sales and marketing and corporate functions which do not grow linearly with revenues In FY26, this non-COS bucket increased YoY by only 14% compared to the 23% increase in revenue from operatio
Slide 44: Organic Profitability: Margin generation from NRR, new ACV
Organic Profitability: Margin generation from NRR, new ACV 100% 35%-40% generated from new ACV 65–70% − = − Below CM = CAC 30–35% 10–15% 35–40% 20% New ACV Cost of service Gross margin Sales + below Adjusted CM EBITDA Below CM = R&D and Corporate/Admin 15% 3-year CAGR Incremental Organic FY27 Organi
Slide 46: Inorganic Growth Strategy: Disciplined Acquisitions in a Fragmented Market
Inorganic Growth Strategy: Disciplined Acquisitions of Loyalty companies in a Fragmented Market Fragmented North America Loyalty Market Disciplined Approach To Acquisitions Targeting Small-Mid Sized Businesses Target companies with enterprise customers and significant presence in US Limited Numerous
Slide 47: M&A - Focus Segment and Opportunity
M&A - Focus Segment and Opportunity Out of overall Global Loyalty Management TAM of $18.2B, ~30% is estimated to be purely Agency-led (Services-heavy model), which translates to ~$5.6B. Out of $5.6B, $2.4B is a mid-market segment where Capillary is actively exploring M&A opportunities Tier Revenue E
Slide 48: Past M&As: Revenue retention
Past M&As: Revenue retention Persuade, Brierley and Rewards customer will have fully upgraded to Capillary platform in FY27 Revenue retention: 68% post upgrades (average 3 - 4 years post M&A) Revenue in first year of acquisition 68% revenue Revenue from retained ₹ 265 Cr retention customers in FY27
Slide 49: Proven M&A Playbook: Disciplined execution of strategy
Proven M&A Playbook: Disciplined execution of strategy Turnaround of Acquired Businesses Persuade Contribution Margin (INR Mn) B+P Contribution Margin (INR Mn) Rewards+ Contribution Margin (INR Mn) All three businesses acquired prior to FY25,, Persuade, B+P, and Rewards+, have successfully turned ar
Slide 50: Past M&As: Payback
Past M&As: Payback Achieved Achieved Estimated Estimated Persuade Rewards+ Brierley Kognitiv September 2021 June 2023 April 2023 May 2025 Investment of ~₹ 107 cr. Investment of ~₹ 39 cr. Investment of ~₹ 111 cr. Investment of ~₹ 122 cr. At revenue multiple of ~ 3x At revenue multiple of ~ 0.4x At re
Slide 51: Inorganic Profitability: Margin turnaround from SessionM, Kognitiv
Inorganic Profitability: Margin turnaround from SessionM, Kognitiv Steady state Inorganic FY27 Inorganic Revenue Revenue visibility post platform upgrades 75% Revenue Retention ₹ 391 Cr ₹ 290-310 Cr 100-120 cr. Adj. Steady state Inorganic Adj. FY27 Inorganic Adj. EBITDA EBITDA from inorganic EBITDA
Slide 53: Headline Results
Headline Results Profit After Tax (PAT) ₹ 433.6* Mn Revenue from Operations Adjusted EBITDA Q4 FY 26 ₹ 1,913.5 Mn ₹ 357.2 Mn 23% margin Normalised PAT 26% YoY 28% YoY ₹ 196.6 Mn 10% margin ₹ 523.9** Mn FY 26 ₹ 7,346.0 Mn ₹ 1,069.2 Mn 7% margin Normalised PAT 23% YoY 43% YoY ₹ 322.8 Mn 4% margin * In
Slide 54: Revenue and Profitability Growth
Revenue and Profitability Growth Revenue growth ₹ in Mn. Adjusted EBITDA growth ₹ in Mn. % 53 R C AG ● Delivered strong top-line growth with revenue scaling from ₹2,071 Mn. in FY23 to ₹7,346 Mn. in FY26, representing a 53% CAGR. This reflects consistent performance of our organic and inorganic growt
Slide 55: Sequential growth - Revenue
Sequential growth - Revenue Delivered 15 consecutive quarters of growth, reaching ₹1,913 Mn. in Q4'26 — a 4.2x increase since Q1'23. ₹ Mn.
Slide 56: Sequential Growth - Adj. EBITDA
Sequential Growth - Adj. EBITDA Adj. EBITDA scaled from a ₹(-) 45 Mn. loss in Q1 FY23 to ₹357 Mn. in Q4 FY26, with margins expanding to an all-time high of 19%. ₹ Mn.
Slide 57: Profitability Metrics
Profitability Metrics Q4 FY 26 Performance ₹ in Mn. Normalised Adj EBITDA / PAT PAT PAT Q4 FY 26 FY 26 PAT (% margins) 433.6 (23%) 523.9 (7%) One-time gratuity expenses impact due to - 16.1 Direct Labour Code ('DLC') FY26 Performance IPO expenses 12.6 32.4 Exceptional income (249.6) (249.6) Normalis
Slide 58: Cash conversion: Our structural advantage
Cash conversion: Our structural advantage Every ₹100 of Adjusted EBITDA converts to ₹103 of free cash. Every ₹100 of PAT to ₹211 of free cash. FCF / Adj. EBITDA FCF / PAT 103% FY 26 | FCF ₹1,106 Mn vs EBITDA ₹1,069 211% FY 26 | Free Cash Flow > 2× Net Profit Mn For every ₹100 of reported EBITDA, Rep
Slide 59: ₹5,069 Mn — Two Sources of Strength, One Balance Sheet
₹5,069 Mn — Two Sources of Strength, One Balance Sheet IPO primary proceeds provide strategic capital for M&A. Operations independently generate ₹1,499 Mn cash annually. Both are visible in the bridge below. Total cash & bank IPO primary proceeds less IPO expenses FY26 Operating Cash Flow IPO Primar
Slide 60: 22% CROIC Today — and Structurally Expanding
22% CROIC Today — and Structurally Expanding Cash return on invested capital is the right lens for a subscription business in an active M&A phase. CROIC — Cash Return on Invested Capital ROCE — Return on Capital Employed CROIC trend — FY23 to FY26 22% 3% 22% 17% Why low? Capital employed includes ₹5
Slide 62: Capillary's Long-term Outlook
Capillary’s Long-term Outlook ORGANIC BUSINESS - Customers on Capillary platform INORGANIC GROWTH - Kognitiv, Session M, future M&A 20%+ ~75% Free CashFlow 2x+ Organic 45%+ Operating Revenue Retention Annual leverage on non- through integration post Growth Rate COGS cost Integration Levers of NRR ex
Slide 63: Capital Allocation Priorities
Capital Allocation Priorities Deploying ₹5,069.9 Mn. closing cash and future internal accruals GUIDING PRINCIPLES Maintaining 6-month liquidity 20% organic growth M&A platform integrations 20%+ ROIC on new acquisitions buffer Organic Growth Kognitiv and SessionM Integrations Future M&A Research and
Slide 64: Long term outlook: Adjusted EBITDA in steady-state
Long term outlook: Adjusted EBITDA in steady-state ₹ 172 Cr Revenue estimate FY27 100-120 cr. Adj. FY27 Adj. EBITDA EBITDA from inorganic ₹ 1,065 Cr ● ₹ 300 cr. (75%) inorganic retained in ₹ 100-120 Cr long-term Inorganic margin turnaround ● ~45% margins generated - ₹ 135 cr. Organic - ₹ 673 cr. ste

Capillary Technologies India — Investor Day (May 2026) on 6ix

Capillary Technologies India — Investor Day (May 2026)

Slide 1: Regulation 30 cover letter to stock exchanges

Slide 2: Analyst & Investor Day Presentation

Slide 3: Today's Presenters

Slide 4: Agenda

Slide 5: Capillary At A Glance

Slide 6: Global Market Leader in Loyalty and Engagement Management

Slide 7: Client & Industries We Work Across The World

Slide 8: Independent Recognition – Forrester Wave

Slide 9: Target Addressable Market - Loyalty Management

Slide 10: Deep Dive on Regional Markets

Slide 11: Our Product Suite that helps Brands Stay Consumer Ready

Slide 12: Transitioning to AI-Native Company

Slide 13: AI-Native Capillary: Three Pillars

Slide 14: AI-Native Products

Slide 15: The Opportunities Ahead

Slide 16: Three Layers, One Platform — SOR → SOI → SOA

Slide 17: SOR - The Deepest First-Party Customer Graph In The Industry

Slide 18: System of Intelligence

Slide 19: Analytics Agent

Slide 20: Customer Introduction - Polycab

Slide 21: aiRA in Action: Polycab India

Slide 22: The Harness Architecture

Slide 23: What Is Shipped, and Where Are We Going?

Slide 24: Adoption & AI-Native Pricing

Slide 25: AI-Native Pricing

Slide 26: aiRA Adoption — One Brand, and the Market

Slide 27: AI-Native Org design

Slide 28: The Paradigm Shift

Slide 29: Pillars Of AI-Native Design

Slide 30: AI-Native Engineering Organization

Slide 31: Engineering Structure: The Shift

Slide 32: Legacy M&A Integration Challenges

Slide 33: AI-Native M&A: The Capillary Way

Slide 34: AI-Led Transformation in Professional Services

Slide 35: Growth: Revenue & Profits

Slide 36: Growth & Profitability Levers: Organic and Inorganic View

Slide 37: Organic Growth Playbook

Slide 38: Organic Growth: Revenue Trend

Slide 39: Organic NRR: Enterprise 'Land and Expand' Approach

Slide 40: NRR for FY26: Composition of Overall NRR

Slide 41: Organic Growth: New ACV, CAC % and deal dynamics

Slide 42: Profitability: NRR linked margin expansion

Slide 43: Profitability: Leverage on non-Cost of sales costs

Slide 44: Organic Profitability: Margin generation from NRR, new ACV

Slide 45: Inorganic Growth Playbook

Slide 46: Inorganic Growth Strategy: Disciplined Acquisitions in a Fragmented Market

Slide 47: M&A - Focus Segment and Opportunity

Slide 48: Past M&As: Revenue retention

Slide 49: Proven M&A Playbook: Disciplined execution of strategy

Slide 50: Past M&As: Payback

Slide 51: Inorganic Profitability: Margin turnaround from SessionM, Kognitiv

Slide 52: Business & Financial Performance

Slide 53: Headline Results

Slide 54: Revenue and Profitability Growth

Slide 55: Sequential growth - Revenue

Slide 56: Sequential Growth - Adj. EBITDA

Slide 57: Profitability Metrics

Slide 58: Cash conversion: Our structural advantage

Slide 59: ₹5,069 Mn — Two Sources of Strength, One Balance Sheet

Slide 60: 22% CROIC Today — and Structurally Expanding

Slide 61: Long-Term Value Creation | FY30 Outlook

Slide 62: Capillary's Long-term Outlook

Slide 63: Capital Allocation Priorities

Slide 64: Long term outlook: Adjusted EBITDA in steady-state

Slide 65: Thank You