Ibex Lifts Fiscal 2027 Outlook After Record Quarter

The Tip Desk · November 11, 2026 · 3 min read

First-quarter revenue reached a record $175.2 million, up 15.9%, as the company raised full-year revenue and adjusted EBITDA guidance.

IBEX Limited (IBEX), a global provider of outsourced business services and AI-powered customer experience solutions, reported first-quarter revenue of $175.2 million for the three months ended September 30, 2026, up 15.9% from $151.2 million a year earlier. The result marked a seventh consecutive quarter of double-digit organic growth, after 11.6% growth to $164.3 million in the June quarter. The company also raised full-year revenue and adjusted EBITDA guidance.

Net income increased 22.7% to $14.8 million, reversing an 8.8% year-over-year decline in the June quarter, when net income was $8.7 million. Net income margin expanded to 8.4% from 5.3% in the June quarter. Diluted earnings were $0.99 a share, up 19.6% from $0.82 a year earlier. Adjusted diluted earnings were $1.10 a share, up 21.2% from $0.90.

Adjusted EBITDA rose 29.4% to a record $25.2 million, with the margin expanding to 14.4% from 12.3% in the June quarter, after adjusted EBITDA had fallen 1.3% to $20.2 million in that period. Adjusted net income was $16.4 million, with a margin of 9.4%.

The company said net income was favorably impacted by revenue growth in higher-margin offshore regions, growth in higher-margin AI agent and digital acquisition businesses, and lower selling, general, and administrative expenses as a percentage of revenue. Chief Executive Bob Dechant said the quarter was a record start to fiscal 2027, with the highest adjusted EBITDA quarter in company history.

HealthTech revenue growth slowed to 39.9% from 42.3% in the June quarter and 53.7% in the March quarter. Technology growth slowed to 9.8% from 27.4% and 42.6%. Travel, Transportation and Logistics growth slowed to 16.4% from 17.8% in the June quarter and then accelerated from 15.1% in the March quarter. Retail & E-commerce growth accelerated to 8.7% from 7.0% and 8.3%. The company also cited additional growth in digital acquisition and accelerating growth in AI Agent solutions.

Ibex said it won four new logos in the quarter, including two in FinTech, and recorded four new AI agent wins since the quarter ended under its Sierra partnership. Dechant said the new-logo engine continued to win at an unprecedented rate and that the company was taking market share from competitors with existing clients, with the Sierra partnership as a new growth vector.

Operating cash flow reached a first-quarter record of $16.3 million. Free cash flow was $9.2 million. Capital expenditures were $7.2 million, which the company said were driven by capacity expansion in higher-margin offshore regions. Net cash increased to $35.0 million from $30.9 million as of June 30, 2026. The company repurchased 122,806 shares for $4.4 million at an average price of $35.92.

Fiscal 2027 revenue is now expected in the range of $720 million to $735 million, implying 12% to 14% growth, versus previous guidance of $700 million to $715 million for 9% to 11% growth. Adjusted EBITDA is now expected in the range of $96 million to $99 million, implying 17% to 20% growth, versus previous guidance of $90 million to $94 million for 9% to 14% growth. Capital expenditures for the year are expected at approximately $30 million, at the high end of the previous $25 million to $30 million range.

Chief Financial Officer Taylor Greenwald said first-quarter performance included records across nearly every key operating metric and that the company was raising both revenue and adjusted EBITDA guidance in response.