Amagi Expands TV9 Partnership As First In India To Deploy AdFlow Orchestrator

Market snapshot: Amagi Media Labs has expanded its strategic partnership with TV9 Network to manage the broadcaster's entire Connected TV (CTV) and digital media workflow, covering live feeds, distribution, and monetization. Under this expanded agreement, TV9 has deployed Amagi's AdFlow Orchestrator, making it the first broadcaster in India to implement this solution. This deployment has reportedly improved viewer retention, time spent, and ad monetization across the network's channels.

Data Snapshot

• FY26 Revenue stood at ₹1,506 crore, reflecting a strong year-on-year growth of 30%.
• Adjusted EBITDA reached ₹156 crore, representing a substantial 563% increase year-on-year.
• Net Profit After Tax turned positive at ₹72 crore, marking the company's first profitable fiscal year.
• Net Revenue Retention remained high at 126%, indicating solid expansion from existing customers.
• High-value customer count contributing over $1 million in annual recurring revenue increased by 25% year-on-year to 35 customers.

What's Changed

• Turnaround to Profitability: Amagi achieved its first-ever profitable year in FY26 with a Net Profit of ₹72 crore, reversing a net loss of ₹69 crore in FY25.
• Operational Leverage: Adjusted EBITDA surged by 563% year-on-year to ₹156 crore, reflecting significant margin expansion as the SaaS platform scales.
• AdTech Solutions Delivery: By deploying AdFlow Orchestrator, Amagi has successfully commercialized its POIS-compliant solution in the Indian market, setting a key regional precedent.

Key Takeaways

• Strategic Consolidation: The expanded agreement moves TV9's digital live feeds, Connected TV distribution, and programmatic monetization under a single, unified operations framework.
• First-in-Market Milestone: TV9 is the first media network in India to deploy Amagi's AdFlow Orchestrator, establishing Amagi as a pioneer of POIS-compliant ad delivery in the country.
• Performance Gains: Early results indicate that resolving metadata and ad break structure discrepancies has enhanced viewer retention and ad-based revenues for the broadcaster.

SAHI Perspective

Amagi's expanded collaboration with TV9 Network demonstrates the company's ability to act as a mission-critical technology partner rather than just a software vendor. The deployment of the POIS-standard AdFlow Orchestrator directly addresses a complex operational challenge in the television industry—dynamically translating linear TV ad slots into programmatic digital streaming spaces. Establishing this successful reference deployment with one of India's leading news networks should serve as a powerful catalyst for Amagi to capture market share among other domestic broadcasters transitioning to cloud playout and Connected TV distribution.

Market Implications

The Indian media industry's rapid pivot towards Connected TV and Free Ad-supported Streaming TV (FAST) platforms creates an expansive addressable market for specialized SaaS integrators. Amagi's capability to deliver proven enhancements in viewer retention and monetization positions it strongly against traditional hardware-heavy media solution providers. This operational footprint should reinforce APAC region performance metrics and drive growth in high-value customer acquisitions.

Trading Signals

Market Bias: Bullish

Amagi's expanded commercial contract with TV9 Network showcases solid execution in its regional expansion strategy. Supported by a robust financial foundation—including turning profitable in FY26 with a Net Profit of ₹72 crore—and an upcoming Q1 FY27 financial results board meeting on August 13, 2026, the near-term outlook remains positive.

Overweight: Media Technology, Cloud Software-as-a-Service (SaaS), Connected TV (CTV)

Trigger Factors:

• Board approval of Q1 FY27 unaudited financial results on August 13, 2026.
• Announcement of additional media networks adopting the AdFlow Orchestrator or cloud playout platform.
• Continued sequential expansion of the high-value client base spending over $1 million annually.

Time Horizon: Near-term (0-3 months)

Industry Context

Global Free Ad-supported Streaming TV (FAST) trends remain robust, as shown in Amagi's June 2026 AIRTIME Report. The analysis highlighted a 55% year-on-year increase in global viewing hours alongside a 53% rise in ad impressions. This rapid digital expansion makes sophisticated cloud playout and automated metadata enrichment essential for broadcasters looking to control capital expenses and scale operations internationally.

Key Risks to Watch

• Operational Integration: The complexity of managing high-volume live feeds across diverse connected platforms with zero latency or commercial blanking issues.
• Client Concentration: Dependency on large anchor media clients in regional markets to scale programmatic ad monetization revenues.
• Technological Evolution: Rapid changes in streaming and ad-insertion standards requiring continuous research and development investments.

Recent Developments

On July 29, 2026, Amagi announced the appointment of industry veteran Martin Wacker as the Head of Sales for the DACH (Germany, Austria, Switzerland) and CEE (Central and Eastern Europe) regions, pointing to a structured expansion strategy across Europe's major television advertising markets. Additionally, the company's Board is scheduled to meet on August 13, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.

Closing Insight

Amagi's expanded partnership with TV9 Network underscores its AdTech execution capabilities and deepens its market leadership in India's digital transformation space. As broadcasters increasingly prioritize monetizable, cloud-native playout frameworks, Amagi's integrated distribution suite is highly optimized to deliver scalability and sustained operational leverage.

High Performance Trading with SAHI.