Ladies and gentlemen, good day, and welcome to the Matrimony Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jayram Shetty from ICICI Securities. Thank you, and over to you, sir.
Good evening, everyone. On behalf of ICICI Securities, I would like to welcome you all to quarter four` and FY 2026 earnings call of Matrimony.com. From the company, we have Mr. Murugavel Janakiraman, MD and CEO, and Mr. Harigovind Krishnasamy, CFO. The call will begin with the brief management remarks followed by a Q&A session. I would like to hand over the call to Mr. Janakiraman for his opening remarks. Over to you, sir.
Thank you, Mr. Jayram Shetty. Good evening, everyone. We achieved double-digit billing growth of 10.5% in our matchmaking business. We completed a share buyback in Q4 of FY 2026 amounting to INR 58.5 crores to reward our shareholders. We'll continue to evaluate opportunity to reward our shareholders in the future as well, subject to necessary board and shareholders approval. Considering the immense potential to grow our personal service segment, we opened our first ever Elite Matrimony center in Hyderabad in Q4 of FY 2026. The store is first of its kind in India and poised strategically to strengthen our premier matrimony business going forward. AI is now embedded across many of our core products. Several new capabilities are going live in the current quarter and the foundation set to scale AI across every business and function. Coming to the results.
In quarter four, on a consolidated basis, we achieved a billing of INR 126.1 crore, a growth of 9.9% year-on-year and 7% over previous quarter. Revenue at INR 116.8 crore, a growth of 7.9% year-on-year and 3.2% quarter-over-quarter. For the full year, consolidated billing was INR 488.6 crore, a growth of 8% year-on-year. Revenue at INR 460 crore, a growth of 1% year-on-year. Key highlights for the matchmaking business in Q4 are as follows. Billing at INR 125.4 crore, a growth of 10.5% year-on-year and 7.2% quarter-over-quarter. Revenue at INR 116 crore, growth of 8.4% year-on-year and 3.5% quarter-over-quarter.
Paid profiles were 2.34 lakh at the end of quarter four, a decline of 4.3% year-on-year and growth of 3.3% over previous quarter. Average transaction for the matchmaking business increased by 15.3% year-on-year and 3.6% over previous quarter. We created 2,300 success stories for the quarter. Key highlight for the matchmaking business for the full year are as follows. Billing at INR 485.2 crore, growth of 8.3% year-on-year. Revenue at INR 455.7 crore, a growth of 1.3% year-on-year. Average transaction value for the matchmaking business increased by 11.9% year-on-year. We created more than 1 lakh success stories during the year.
Coming to the marriage service and other business. Q4 billing was INR 73 lakhs, a decline of 40.7% year-on-year and 19.4% over previous quarter. Revenue at INR 85 lakhs, a decline of 36% year-on-year and 24.7% over previous quarter. EBITDA loss for the quarter was INR 5.7 crore compared to INR 3.2 crore in quarter three and INR 4.9 crores in Q4 of last year. The losses also include new initiatives such as ManyJobs. For the full year, billing were INR 3.42 crore, a decline of 25.9% year-on-year. Revenue was INR 4.29 crore, a decline of 27% year-on-year. EBITDA loss for the year was INR 15 crore as compared to INR 14.5 crore in the last year.
Coming to quarter one. We are highly confident in delivering robust financial performance, anticipating either double-digit billing growth or high single-digit growth in billing and revenue growth of double-digit revenue growth and more than doubling of profit compared to Q1 of last year. Let me now pass on to our CFO. Are you going to comment on the key profitable drivers?
Thanks, Murugavel. Our EBITDA margin for the matchmaking business in Q4 is at 22% as compared to 19.2% in Q3 and 17.7% a year ago. Marketing expenses for matchmaking in Q4 are at INR 43.5 crores as compared to INR 43.9 crores in Q3 and INR 46.7 crores a year ago. Excluding marketing expenses, our margins in matchmaking are at 59% as compared to 58% in Q3. For full year, our EBITDA margin is at 19% as compared to 20.5% last year. Marketing expenses are at INR 180 crores as compared to INR 185 crores last year. Excluding marketing expenses, our margins in matchmaking are at 58% as compared to 62% last year.
On a consolidated basis, our EBITDA margins in Q4 are at 12.4% compared to 11.3% in Q3 and 10.8% a year ago. Tax rate for the quarter stood at 18.1%. PAT is at INR 9.7 crores and a growth of 18.9% year -on- year and 17.2% quarter on quarter. Share of Q4 loss from Astro-Vision, our associate company, is INR 4 lakhs. For full year on consolidated basis, our EBITDA margin are at 11.4% compared to 13.9% last year. Tax rate for the year stood at 21%. PAT is at INR 34.2 crores as compared to INR 45.3 crores last year.
Share of loss from Astro-Vision, our associate company, is INR 33 lakhs as compared to INR 11.6 lakhs last year. Cash and investments closing balance is at INR 308 crores. ROCE is at 11.2% for the year. Considering the positive developments as explained by Murugavel, we expect the PAT to more than double in Q1 compared to Q1 of previous year. I would like to end with the customary safe harbor statement. Certain statements during this call could be forward-looking statements on our business. These involve a number of risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. We do not undertake to update any such forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law. Thank you.
Yeah, we are open to take questions.
Thank you. We'll now begin the question and answer session. Anyone who wishes to ask question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Pri Malal, an individual investor. Please go ahead.
Good evening, Mr. Murugavel.
Yes.
Hello.
Please go ahead. Yeah, yeah.
Yeah.
Please go ahead.
Sir, when are you going to remove the pledge shares as well as promoter holding increase quarter- on- quarter, but there is no BSE announcements? That is the one thing. How much are you spending ads on this particular year? Because every year you are spending INR 180 crores. But when you see that the net profit, there is no growth. These are the two questions from my end.
Yeah, yeah. Let me answer that, the marketing expenses. Marketing expenses at this point of time is expected at a similar level until otherwise, if there is any strong need to increase or decrease. We intend to operate a similar level. In terms of PAT, we just told we expect Q1 PAT to more than double compared to the Q1 of last year because we've now started getting operating leverage because last year we introduced a one-year package. The benefits start going to happen. Plus also we've been growing at double-digit growth. Marketing remain at a similar level and revenue moving up, billing moving up. We just told that, we expect a sort of either double-digit billing growth or a single-digit billing growth or revenue double digits, PAT more than doubling compared to Q1.
PAT growth is going to be good this year. In terms of share price, a personal thing, probably, you know, at some point of that I remove the pledge. Yeah. It's nothing on the company side. It's on the personal side.
Yeah. There is no BSE announcements including the shareholder. There is no announcement or BSE announcements PAT.
Sorry, can you come back?
By the promoter, there is no announcements of PAT. When he bought and where he bought?
No, that is an automated intimation which happens.
No, quarter-on-quarter we'll be showing, but when the promoters are buying or selling, they have to announce.
Yeah.
Announcements, right? That is not showing.
That's an automated thing which has happened since last few years. We'll just check and come back.
Yeah, please. Thank you. Thank you. Thank you so much.
Yeah. Okay.
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Anuj from First Capital. Please go ahead. Mr. Anuj, sir, please go ahead. Mr. Anuj sir, could you please unmute yourself? Since there is no reply from the line of Mr. Anuj. I'll promote the next one, which is Srinivas from True Value. Please go ahead.
Yeah. Sir, my name is Srinivas from the True Value Advisors. I have three questions. I was going through your presentation, everything. You said the year-on-year income is around INR 483 crores. That is just a small 1% of increase. As well as the expenses is also around INR 440 crores, a small increase of 2%. Whereas your profit margin has come down by 25%. It is around INR 34 crores. Something is not adding up in your net profit. This is one thing. Second is, you have introduced that Bharat A Coach. What is the update on that one, sir? Just I would like to How much the income you are gaining on that one, which is adding to your total revenue? This is point number two.
Three is you said that, marriage service business segment. If I, as per yours and if I see there is a losses is mounting on this one quarter on quarter. What is the plan? This is bleeding our It also eats up the consolidated profit of your, our, overall the revenues and profits. What is your plan or any demerge are going to take place or any some other plan for this one, sir, to reduce the losses and also increase the profitability of the company? Hello?
Sir, yes. Yeah. Yeah, yeah. So on the-
Sir, mic test please. Yeah, yeah. On the PAT reduction, we've got a reduction of close to 24%, right? This is contributed by two things. One, of course, there is a marginal drop in total income. There is an increase in total expenses by 2.7%, right? That is contributing to almost INR 9 crore. There is one, finance income has reduced. The finance income has reduced on account of two factors. One, the investment balance has come down because we are also rewarding the shareholders by buying back, our funds are getting utilized. Second, also, in terms of the investment yield, which has come down due to the repo rate reduction. Because of which, close to INR 5 crore reduction has happened. That has contributed to a 24% drop in PAT. So on the Bharat A Coach-
No, Till You Marry one year pack.
Yeah.
Billing it.
On the Till You Marry pack, which is the one-year pack, we started way back in March 2025. If you look at the coming quarters and the last quarter, the billing has translated into revenue. It has started flowing to the P&L from Q4 onwards. You see that in the coming quarters, our billing growth will be in line with revenue growth.
Sir, actually I just want to add to what Harigovind said. Look at till the last year, the FY 2025, the billing with the GAAP revenue, more or less it'll be the same or very close. Last year, the billing was INR 480 crore, but the revenue was INR 406 crore. Almost INR 28 crore difference between billing and the GAAP revenue on account of the longer tenure package, the one-year package that you launched. The benefit is going to come from this quarter onwards. In terms of investment on Bharat A Coach, it's an investment into one of the AI-based astrology company. It's just a recent investment. It's one of the startup. We've seen opportunity, it's a startup and we'll continue to monitor.
Again, it's a very, very early stage startup, we invested and owning certain percentage of the company. In terms of the wedding services, we have moved the model from subscription service-based model. We believe the model now we are adopting, we believe there's opportunity. We continue to experiment, we expect this year can be some kind of better traction on wedding services because we see the new model can be the way forward.
Thank you.
Thank you. The next question is from the line of Tanya Arora, an individual investor. Please go ahead.
Hi, sir, and congratulations on good set of numbers. I just had couple of questions. First one is on the enterprise EBITDA margins. They have improved sequentially to almost 12.4% in quarter four. What is the margin trajectory that the investors should expect for FY 2027 budget?
As we told, we, you know, starting Q1, we see that net profit is more than doubling. We see that the margins, everything going up, very well.
Right. On the paid subscribers additions, they continue to remain soft despite the improving billings. Is the company prioritizing any premiumization over the volume growth?
No, it's a combination of both. We've seen the traction on both the things. Obviously, personal services are growing much better percentage compared to the online, but we see the traction online service as well. We see that starting this year that, you know, there'll be a momentum in the volume growth as well.
All right. Lastly, on the marriage services and other segment, that has continued to report losses. The EBITDA losses are also widening in Q4. By when can we expect the segment to break even?
In terms of Q4 last year, we've taken some impairment. That's one of the reason there's increase in losses. Second thing that as we see the wedding services, we're definitely moving to a new model. We believe, you know, that model can be a big opportunity. Again, it's still in the stage where we are experimenting certain thing. We see definitely traction in other services. In terms of when it will break even, definitely it's a long way to go. It's more of getting the product market fit right and getting the opportunity right, then it's more of scaling up.
We are not looking at break even in the near future, but more of getting that model right and where we want to create a very large opportunity for our organization. I believe the new model we believe possibly can be a right model. Anyway, give us a couple of quarters or maybe end of the year where we'll be in a better position to comment on that.
Right, sir. That's really helpful. Thank you.
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Dharmesh Patel, an individual investor. Please go ahead.
Hello. Good afternoon, sir. My first question was on the billing side. As we can see, matchmaking billings have grown 10.5% year-on-year in this fourth quarter, which is, you know, much more than the revenue growth of 8.4%. I wanted to ask, what is driving this acceleration in billings, and how sustainable is this trend going into FY 2027?
We believe it's sustainable, we expect a sort of double-digit billing growth also, possibly this year as well. Either high single digit growth or double-digit growth for the FY 2027 as well. What is driving? The combination of multiple factors, the growth in personalized services, growth in the online services. Now the profile growth also happening. That's sort of contributing to an increase in the first-time billing. We're also seeing the traction, the renewal also. I think we have taken a sort of couple of years to get things right. There's a momentum. We expect the momentum to continue.
Okay, sir. My second question is on your marketing expenses. We can see that they have also declined by about 6% in this quarter. Is this due to efficiency?
Yeah, go on, sir. Yeah, no, it's more of the marketing. It's about, you know, optimizing it and spending what is really required. We expect the marketing will be on the similar lines until otherwise, if we decide to step up on something or if there's a scope to reduce also, we'll do that. For the time being, we can assume the market will be on the similar lines.
Sure, sir. Sir, another question. Can you just give me some update on your astrology business side?
Astrology business side, yeah. We have a AI-based astrology, AstroFreeChat, and we have very good number of downloads and the usage. Again, we have to see whether what is the best way to monetize it. It's still in the experiment stage.
Yes, sir. Lastly, sir, on this newer segments, are you looking for some sort of an, you know, inorganic growth or some acquisition or partnerships to accelerate this front?
if there is opportunity, we'll definitely evaluate, yeah.
Okay, sir. That's it from my side. All the best for the future.
Thank you.
Thank you. The next question is from the line of Raj Shah, an individual investor. Please go ahead.
Hi, sir. Am I audible?
Yes. Yes. Please go ahead. Yeah.
Yeah. I had a few questions regarding the competitive landscape in the industry. Given the structural slowdown that we are seeing in subscriber growth, how large do you think the organized online matchmaking opportunity remains in India?
Okay. What is your question? Yeah, please go ahead. Yeah. Any other question?
Yeah. My other question was that, do you think that the competition is intensifying from dating apps and other digital matchmaking platforms that target younger demographics?
Okay. Yeah. Anything else or that's it?
Yeah. One question was that, do you think there are any changes in the consumer preferences among younger users, particularly in urban markets? How are you know, trying to adapt to that?
Okay. Thank you. In terms of the organized matrimony business, maybe it's over INR 1,000 crore or around INR 1,000 crore at this point of time. In terms of dating remain as a small segment, probably maybe under INR 100+ crore. We also gone into serious matchmaking. We launched Luv.com. Again, still in the early stages, but having a good traction. luv.com is a serious matchmaking service from matrimony.com group, sorry, luv.com. In terms of structure changing, no, I think the matrimony continue to be the go-to destination for anyone who want to get married. While dating is there, that's a small pie of the overall segment.
We don't see that, you know, in terms of that, dating or serious matchmaking services, kind of coming even close to matrimony. Matrimony continue going to be the large part of the category, and dating will be there. It's a small segment. Because India is a large country, there are people for various services. Luv.com are serious matchmaking largely in the metros, and that's some segment of population. We have also the product to cater to this segment.
Thank you, sir. Just had one more question. You had spoken regarding the ManyJobs monetization. From when can we expect that? Maybe some guidance on any numbers, if you can throw any light on that.
ManyJobs, we already started monetizing. I t's only in Tamil Nadu. We already got more than 1 million users recently ManyJobs platform and more than 10,000 companies are using it. We started monetizing. Again, still in the early stages. The end of the year, once we reach our revenue milestone, then we may expand to South or even Pan-India.
Okay, sir. That answers all of my questions. Thank you so much.
Thank you.
Thank you. The next question is from the line of Priyal Thakur, an individual investor. Please go ahead.
Hello, everyone. I wanted to ask, in the core Matrimony business, does the company continue to maintain leadership in the-
Sorry to interrupt, ma'am. Could you please come more closer to your handset? Priyal, ma'am, your voice is not audible.
Not audible, ma'am.
Hello.
No. It's continuing our challenge, hearing you.
The line has been disconnected. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Saurabh Shah, an individual investor. Please go ahead. Saurabh Shah, could you please unmute your line and go ahead?
Am I audible?
Yes, sir, you're audible.
Hello.
Yeah, please go ahead.
Hi, sir. I wanted to ask you two questions.
Yeah, please.
Saurabh Shah, could you please come more closer to your handset?
Hello. Am I audible?
Yes, sir, you're audible. Please come more closer to your handset.
Sir, the question is, does the company continue to maintain making market?
No, sorry. This question was not clear. The company, what is it?
Does the company continue to lead-
Yes, sir.
in the organized online package market?
Sorry. Sorry, I didn't get your question right. Can you come again, please?
sir, the line has been disconnected. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Dharmesh Patel, an individual investor. Please go ahead.
Hello.
Yeah, please go ahead, Dharmesh Patel. Yeah.
Hi, sir. Thank you for the follow-up. firstly, does the company continue to maintain leadership in the organized online matchmaking market?
Yes.
Sir, on the Elite Matrimony segment, how is that segment performing and how much revenue can we expect from that in FY 2027?
The segment is growing, but again, we don't give the breakup of individual businesses. Definitely that segment has been growing.
Can we still get some sort of a ballpark number, if not any accurate number?
Sir, as I said, Mr. Dharmesh Patel, we don't share the individual numbers. Definitely we see opportunity in each segment, and that's growing well.
Okay, sir. Thank you. No problem.
Yeah. Yeah.
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Anmol Agarwal, an individual investor. Please go ahead.
Hello, sir. Am I audible?
Yes, you are.
Yeah. Hi, good afternoon.
Good afternoon.
Sir my question is regarding the customer acquisition costs and what are the trends that you are seeing currently? Also I wanted to know about any kind of conversion rates and if there are any renewals that are happening, if you could help me.
There's nothing, any significant, changes in terms of customer acquisition costs. It's been fairly at a similar level. In terms of, any, in terms of renewal rate or conversion rate, definitely we continue to take steps to increase both, first-time conversion rate or renewal rate. Yeah, we could definitely see that, there's a marginal increase in this, both the first-time conversion and also renewal on account of the steps we continue to take.
Okay. Thank you, sir. I had one more question for you.
Yes.
Will you be continuing our investments in, say, newer segments? How will they impact, you know, our profitability? Would there be like a short-term pressure that we would face in this, due to this?
I think the losses will be on the similar level. In spite of that, you know, we expect, as I told you, the profit to more than double. We continue want to invest to begin the newer opportunities. It's a more of, you know, we are generating profit, we have cash. It's more that it's important that we identify the newer growth opportunity beyond the matchmaking, so that, you know, these things will add up in the future.
While definitely matchmaking has come to the double-digit growth, while we are taking two steps to further accelerate the growth, even the matchmaking. However, we definitely see the bigger opportunity in the wedding service or other initiatives. We need to invest and get the product right, then you can scale up. While though you lose some money, again, we believe it's all important to identify the next growth lever for the organization beyond the core matchmaking business.
Okay. Thank you. I also wanted to know a little bit about the astrology business. I understand it's a newer segment for us. I just wanted to know how much are we going to invest or how are we going to scale up this segment going forward?
We are just doing some experiment, we decide what to be done. Apart from that, we also invested in another AI-based astrology company. Once we experiment, we also, you know, we saw the opportunity in another AI-based astrology company. We also, you know, interest in this category. We'll see how it evolves.
Okay. Thank you. Thank you, sir.
Thank you. The next question is from the line of Rajiv Karra, an individual investor. Please go ahead.
Hi. Good evening, sir. Am I audible?
Yes, Rajiv. You are audible.
Yes. Hi, good evening. You mentioned that the organized matchmaking services market is approximately INR 1,000 crores, if I'm not mistaken.
Yeah.
What would be the size or percentage of the unorganized matchmaking services market? Also, have you been seeing any trends of, you know, the share moving from the unorganized to the organized market? That was one. Related to that, what part of this would be the online matchmaking services? If you have seen any trends, with related to that?
It's very difficult to predict what is the revenue of unorganized, because unorganized market, you know, we have probably thousands and thousands of mom and pop service provider, local marriage bureaus, individual matchmakers. It's very difficult. But I believe it is, it's understandable, it is natural that the more and more people go to organized because what organized sector can provide, it's very difficult for unorganized players because one of the core thing in the matchmaking is about that the profiles and the service. What unorganized player can provide will be a limited profiles or limited base. While they may offer some local connect and personal touch, probably we do also personal services. So what being provided by these people is a personal. There's a local connect, and that is that.
It's very difficult to estimate. I don't want to say some figure that I'm not sure of unorganized. Again, the second part, yeah, definitely it's natural or it's always the case that the more and more people move to the organized segment. Today, look at even Matrimony.com. We have a product for all segment of the population. We have a Jodii, even for the common people or non-degree holders. Again, they're non-degree holders, you know, not everyone would adopt online because sometime it takes people time to adopt these offline services. Online services, I'm sorry.
Fair enough. A related question, in terms of the total weddings happening, if you look at it from that standpoint, out of the total weddings happening, what percent would you say would be using online matchmaking services?
If you look at Matrimony.com alone, you may get to know sort of close to, you know, around 8 million-10 million people signing up. Out of 60 million people looking for life partner in India, that's almost like we're talking about 15% or more. There are other players as well. We don't know how much of the overlap. You may say that currently even put together even sort of 15 million, you are talking about out of 60 million, it's almost 25% of people are looking for life partner are using this platform. Only I'm talking about the marriage platform.
It's fair to assume that more than two-thirds of the market would still be, you know, offline or using unorganized services?
I would say that everyone say that kind of people can have a love marriage or they may have the maybe relatives. It's not that everybody need to use a platform online, offline to find a life partner. There are still friends and relatives or, you know, the people can fall in love during college or at workplace. While 60 million people look for life partner, but I don't know, and not everyone even come to online. Considering 60 million people looking for life partner, 15 million people using online. Having said, even the people using online, not everyone needs to find a life partner through online platform. Till they know they can find a life partner with other platform.
Because people are using online platform doesn't mean that they may, you know, ignore the reference or option coming from friends and relatives. You can exclude certain percent of people, very unlikely they're going to come online. You are assuming that out of 30 million, now the 15 million come to online. Still there is a kind of headroom. One is about getting the people to sign up on the platform. Other one is not everyone, even the 8 million-10 million what I told our paid subscription are close to million only or 1 million. Other thing is about it's not getting the people to sign up. The conversion strategy is also another lever for the company.
Understood, sir. Thank you so much.
Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Dharmesh Patel, an individual investor. Please go ahead.
Hello. Yeah. Yeah, sir. Just one question from my side now. I just wanted to get an idea on the demand trend across, you know, Tier 2 and Tier 3 markets, and how do you compare it to your sort of metro cities in India?
In fact, Tier 2, Tier 3 combining is bigger than, Tier 1 market, yeah.
Okay, sir. Obviously quarter three is the most valuable quarter for the company. Apart from that, do you see any other seasonality in terms of quarter four and quarter one impacting the company in the near term?
Normally, the Q4 and Q1 are the best quarter. The normally Q2, Q3 are the quarter where there are in mass pieces period, a lot of festivals. Q2, Q3, there'll be some impact normally.
Okay, sir. That's it from my side. All the best. Thank you.
Yeah. Thank you.
As there are no further question from the participants, I now hand the conference over to the management for closing comments.
Thank you very much for your interest, and thank you for all your patience. I know last year was a year, I would say, turnaround year. As we already communicated, Q1, we expect the turnaround to happen. The benefits start flowing in, plus we also continue with our double-digit growth or maybe high single-digit growth in building and the revenue to be double. This will help profit to move up well starting Q1 of this year onwards. Thank you, and see you next quarter, which I hope will be another best quarter. Thank you so much.
Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us. You may now disconnect your line.