IBEX Ltd (IBEX) · Nov 5, 2026 · Earnings
Beat — Adjusted EPS $1.10 vs ~$0.90 consensus; revenue $175.2M vs ~$169.3M
IBEX earnings beat Q1 expectations on 16% revenue growth and 21% adjusted EPS growth, while management raised fiscal 2027 guidance.
IBEX is entering fiscal 2027 as a growing outsourced customer-experience provider trying to turn AI-agent adoption into a second growth engine. It had already guided to fiscal 2027 revenue of $700–715 million and adjusted EBITDA of $90–94 million, so the broad growth story was known; the question was whether execution could sustain it.
The quarter cleared both the company’s own starting bar and published expectations. Revenue reached $175.2 million, above the initial $168–170 million quarterly guidance and roughly $169.3 million consensus, while adjusted EPS of $1.10 exceeded the approximately $0.90 consensus. The result is more than a clean earnings beat: revenue growth accelerated to 15.9% year over year, versus the 11–12% growth embedded in the original outlook.
| Metric | Q1 FY2027 | Q1 FY2026 | Consensus |
|---|---|---|---|
| Revenue (Financial Highlights) | $175.2M (+15.9%) | $151.2M | ~$169.3M |
| Adjusted EBITDA (Financial Highlights) | $25.2M (+29.4%) | $19.5M | |
| Adjusted EBITDA margin (Financial Highlights) | 14.4% (+150 bps) | 12.9% | |
| Adjusted diluted EPS (Financial Highlights) | $1.10 (+21.2%) | $0.90 | ~$0.90 |
| Net income (Income Statement) | $14.8M (+22.7%) | $12.0M | |
| Free cash flow (Cash Flow statement) | $9.2M (+14.1%) | $8.0M |
The quality of growth improved, not just the quantity. Adjusted EBITDA grew 29.4%, nearly twice the revenue growth rate, and margin expanded 150 basis points to 14.4%. IBEX attributed that mix improvement to higher-margin offshore regions, AI-agent activity and digital acquisition; the more important takeaway is that the company is scaling without the margin pressure seen in the prior fiscal year’s final quarter. 〔0〕
Demand appears broad enough to support the AI narrative. HealthTech grew 39.9%, while Travel, Transportation and Logistics grew 16.4%; Technology and Retail & E-commerce also expanded. That reduces the risk that the quarter was carried by one customer or one vertical, although the filing does not quantify the revenue contribution from AI-agent solutions.
Management raised the fiscal-year revenue and adjusted EBITDA outlook, but withheld the revised ranges in this release. That is directionally positive and strengthens the execution story, yet the absence of new numeric targets leaves the size of the upgrade unresolved. The company also spent $7.2 million on capacity expansion in its highest-margin offshore regions, suggesting investment is being made against actual demand rather than speculative AI positioning. 〔1〕 〔2〕
Bottom line: This was a genuine operating beat, not merely a favorable presentation: IBEX exceeded its starting targets, expanded margins and raised the year’s outlook. The story advances materially, though the missing revised guidance ranges keep the magnitude of the upgrade partly unknown.
Fiscal 2027 Q2 earnings report
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