CIEL HR Services, one of India’s leading integrated HR and workforce solutions companies, reported a 27% year-on-year increase in revenue to ₹1,178 crore in the first half of FY27.
The Chennai-based company expects to achieve ₹2,600 crore in revenue during the current financial year and aims to become a ₹6,000 crore enterprise under its Vision 2030 roadmap. Meanwhile, the company may pursue its initial public offering (IPO) in the financial year ending March 2028.
K Pandiarajan, executive chairperson of CIEL HR Group, said, “H1 has been a standout half for CIEL. We grew profits faster than revenue and turned our cash flows positive, which tells us the business is scaling with discipline. Bringing People Metrics and Courseplay together gives our clients one connected path from understanding their people’s capabilities to building them. We expect this, along with our continued focus on productivity, to strengthen our bottom line further in the second half.”
CIEL HR Services recorded EBITDA of ₹32 crore in H1 FY27, marking a 31% year-on-year increase. Additionally, its EBITDA margin expanded by 8 basis points to 2.74%. Profit after tax (PAT) rose 19.3% year-on-year to ₹13.7 crore, reflecting continued momentum across its integrated HR solutions portfolio.
The company also improved its cash generation during the first half. Operating cash flow turned positive at ₹12.7 crore in H1 FY27, compared with an outflow of ₹0.7 crore in H1 FY26. Similarly, free cash flow reached ₹2.3 crore, against an outflow of ₹12.6 crore in the corresponding period last year. These improvements reflect stronger cash conversion and disciplined capital deployment.
With EBITDA growing faster than revenue, CIEL continued to build operating leverage across its PeopleOS ecosystem. The platform combines technology, artificial intelligence (AI), and specialised HR expertise to deliver integrated workforce solutions. Furthermore, rising enterprise investments in workforce transformation, digital HR, and AI adoption supported demand across the company’s solutions portfolio.
“As we shared with you last time, our revenue target for FY27 is ₹2,600 crore. Our gross profit target is ₹260 crore, representing a gross margin of 10 per cent. Our EBITDA target is ₹62 crore, which is our operating profit target. Our PBT target is around ₹28 crore, compared to approximately ₹17 crore last year,” Pandiarajan said.
Beyond these financial targets, Pandiarajan highlighted the company’s organisational restructuring and operational integration plans. “First, we are consolidating our 12 discrete businesses into three business clusters. This is a key structural objective. Second, within these clusters, we aim to integrate functions wherever possible and proportionately reduce the support functions across the 12 businesses, including finance, HR, and administration, relative to the core business operations,” he added.
Another key priority involves integrating AI wherever possible, both into the company’s products and across its internal functions. Through these initiatives, CIEL aims to improve productivity, streamline operations, and strengthen profitability.
“Since we have deferred our IPO by one year, this financial year needs to be a strong one, enabling us to establish a solid valuation as we move towards the IPO. We hope to return to the market for a listing in FY28,” he added.
