Good evening, everyone. On behalf of ICICI Securities, I would like to welcome you all to quarter four and FY26 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 remark.

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 FY26 amounting to ₹58.5 crore to reward our shareholders. We 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 personalized service segment, we opened our first-ever Elite Matrimony Center in Hyderabad in Q4 of FY26. 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 is set to scale AI across every business and function.

Now coming to the results. In quarter four, on a consolidated basis, we achieved a billing of ₹126.1 crore, a growth of 9.9% year on year and 7% over previous quarter.

Revenue at ₹116.8 crore, a growth of 7.9% year on year and 3.2% quarter over quarter. For the full year, consolidated billing was ₹488.6 crore, a growth of 8% year on year.

Revenue at ₹460 crore, a growth of 1% year on year. Key highlights for the matchmaking business in Q4 are as follows.

Billing at ₹125.4 crore, a growth of 10.5% year on year and 7.2% quarter over quarter. Revenue at ₹116 crores, growth of 8.4% year on year and 3.5% quarter over quarter.

Paid profiles were 2.34 lakhs 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 2300 success stories for the quarter. Key highlights for the matchmaking business for the full year are as follows.

Billing at ₹485.2 crore, growth of 8.3% year on year. Revenue at ₹455.7 crore, 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.

Now coming to the marriage services and other business, Q4 billing was ₹73 lakhs, a decline of 40.7% year on year and 19.4% over previous quarter. Revenue at ₹85 lakhs, a decline of 36% year on year and 24.7% over previous quarter.

EBITDA loss for the quarter was 5.7 crore compared to ₹3.2 crore in quarter three and ₹4.9 crores in Q4 of last year. The losses also include new initiatives such as ManyJobs.

For the full year, billing were ₹3.42 crore, a decline of 25.9% year on year. Revenue was ₹4.29 crore, a decline of 27% year on year.

EBITDA loss for the year was ₹15 crore as compared to ₹14.5 crore in the last year. Now 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 Harigovind to comment on the key profitability.

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 43.5 crores as compared to 43.9 crores in Q3 and 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 180 crores as compared to 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 9.7 crores and a growth of 18.9% year on year and 17.2% quarter on quarter.

Share of Q4 loss from AstroVision, our associate company, is 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 34.2 crores as compared to 45.3 crores last year.

Share of loss from AstroVision, our associate company, is 33 lakhs as compared to 11.6 lakhs last year. Cash and investment closing balance is at 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.

We are open to take questions.

Good evening, Mr. Murugavel.

Yes, please go ahead. Please go ahead.

Sir, when are we going to remove the pledge shares as well as promoter holding increased 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 180 crores.

When we see that the net profit there is no growth and all. These are the two questions from mine.

Yeah. Let me answer that the marketing expenses.

Marketing expenses at this point of time, it's expected to be the similar level until otherwise if there is any strong need to increase or decrease, we tend to operate at similar level. In terms of PAT, we just told we expect quarter one PAT to more than double compared to the Q1 of last year because so we now started getting operating leverage because last year we introduced the one-year package.

The benefits start going to happen. Plus also we've been growing the double-digit growth.

Marketing remained 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, high single-digit billing growth, or revenue double-digit, PAT more than doubling compared to Q1.

PAT growth is going to be good this year. In terms of share pledge, it's a personal thing.

Probably at some point I remove the pledge soon. Yeah.

It's nothing on the company side, it's on the personal side,

yeah. BSE announcements increasing the shareholder, there is no announcements on BSE announcement, sir.

Sorry, can you come back? That when the

by the promoter, right, there is no announcements of SAST announcements. When he bought and where he bought and all.

No, that is an automated intimation which happens.

No, quarter on quarter we're showing, but when the promoters are buying or selling, they have to announce

the

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.

Please. Thank you, Mr.

Janakiraman.

Okay.

Yeah. Sir, my name is Srinivas from the True Value Advisors.

I have three questions. I was going through your presentation, everything.

You say the year-on-year income is around 483 crores, that is just a small 1% of increase, as well as the expenses is also around 440 crores, a small increase of 2%. Whereas your profit margin has come down by 25%, it is around 34 crores.

Something is not adding up in your net profit. This is one thing.

Second is so you have introduced that Bharat [Ek Khoj?] .

What is the update on that one, sir? Just how much the income you are gaining on that one which is adding to our total revenue?

This is point number two. Three is you say that marriage service business segment, if I see there is a losses is mounting on this one quarter on quarter.

It also eats up the consolidate profit of 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?

Yes. Yeah.

On the 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, but there is an increase in total expenses by 2.7%, right?

That is contributing to almost 9 crores. 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 5 crore reduction has happened.

That has contributed to a 24% drop in PAT. On the Bharat [Ek Khoj?]

On Till U Marry, one-year one-year package.

Yeah. On the Till U Marry pack, which is the one-year pack, we started way back in March '25.

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.

Srinivas, just want to add what Harigovind has said. Look at till the last year, the FY25, the billing versus GAAP revenue, it's more or less will be the same or are very close.

Last year, the billing was 488 crore, but revenue was 460 crore. Almost 28 crore difference between billing and the GAAP revenue on account of the longer tenure package, the one-year package that we launched.

The benefits going to come from this quarter onwards. In terms of investment on the Bharat [Ek Khoj?]

, it's an investment into one of the AI-based astrology company. It is just recent investment, it's one of the startup.

We see an opportunity and so it's a startup and we'll continue to monitor. Again, it's a very, very early stage startup, but we invested and owning certain percentage in the company.

In terms of the wedding services, we have moved the model from subscription to service-based model. We believe the model now we are adopting, we believe there's opportunity.

We continue to experiment and we expect this year can be have some kind of a better traction on wedding services because we see the new model can be the way forward.

Thank you.

Hi, sir, and congratulations on good set of numbers. I just had a 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 FY27? No,

as we told, starting Q1, we see that profit it's more than doubling. We see that margins, everything going up very well.

So.

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 personalized service are growing much better percentage compared to the online, but we see the traction in online service as well. We see starting this year that there'll be a momentum in the volume growth as well, yeah.

All right. Lastly, on the marriage services and other segment, so that has continued to report losses and the EBITDA losses are also widening in Q4.

By when can we expect the segment to break even?

In terms of Q4 loss, we've taken some impairment. That's one of the reason there's increase in losses.

Second thing that we see the wedding services, we definitely move into a new model and we believe that model can be a big opportunity. Again, it's still in the stage where we are experimenting certain things.

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 a 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, but anyway so 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.

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 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 FY27?

We believe it's sustainable. We expect a sort of double-digit billing growth also possibly this year as well, the high single-digit growth or double-digit growth for the FY27 as well.

What is driving, the combination of multiple factors, the growth in personalized services, growth in the online services because so now the profile growth also happening and that's sort of contributing to our increase in the first-time billing. Now we are also seeing the traction in the renewal also.

I think we're taking a sort of couple of years to get thing right. Now there is a momentum.

We expect the momentum to continue.

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

Go on. or is it coming No, it's more of the marketing, it's about 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. Time being, we can assume the marketing 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, there we have a AI-based astrology, AstroFree chat, and we are getting good number of downloads and usage. Again, we have to see 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 inorganic growth or some acquisition or partnerships to accelerate this front?

If there is an opportunity, we'll definitely evaluate, yeah.

Sir. That's it from my side, and all the best for the future.

Thank you.

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 slowdown that we are seeing in subscriber growth, how large do you think the organized online matchmaking opportunity remains in India?

Okay. What else is your question?

Please go ahead. 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 more question was that, do you think there are any changes in the consumer preferences among younger users, particularly in urban markets, and how are you trying to adapt to that?

Okay. Thank you.

In terms of the organized matrimony business, it's over 1,000 crore or around 1,000 crore at this point of time. In terms of dating, dating remain as a small segment, probably maybe 100-plus crore.

We also gone into serious matchmaking. We launch luv.com.

Again, still in the early stages, but having a good traction. Luv.com is a serious matchmaking service from Matrimony.com Group, that L-U-V dot 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, 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.

Dating will be there. It's a small segment.

There has to be because India's a large country, there are people for various services. Luv.com, our 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. Currently, it's only in Tamil Nadu.

We already got more than 1 million users registered to ManyJobs platform and more than 10,000 companies are using it. We started monetizing.

Again, still in the early stages. End of the year, once we reach our revenue milestone, then we may expand to South or even pan-India.

Sir. That answers all of my questions.

Thank you so much.

Thank you.

Hello, everyone. I wanted to ask in the core matrimony business, does the company continue to maintain leadership in this

Not audible, ma'am.

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No, it's continue our challenge hearing you.

Am I audible?

Yes, sir, you're audible.

Hello.

Please go ahead.

Hi, sir. I wanted to ask you two questions.

Please. [unclear]

Hello. No, we can't.

Am I audible?

Sir, the question is, does the company continue to [unclear] matchmaking market?

No, sorry. Question was not clear.

The company, what is that?

Does the company continue to leadership in the organized online matchmaking market?

Sorry, I didn't get your question right. Can you come again, please?

Hello.

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 FY27?

The segment is growing, but again, we don't give the breakup of individual businesses, but definitely that segment has been growing.

Can we still get some sort of a ballpark number if not any accurate number?

No, but sort of as I said, Mr. Dharmesh Patel, we don't share the individual numbers, but definitely we see opportunity in that segment and that's growing well.

Sir. Thank you.

No problem.

Yeah. Yeah.

Hello, sir. Am I audible?

Yes, you are.

Yeah. Hi, good afternoon.

My question is regarding the customer acquisition cost 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 acquisitions cost. It's been fairly at a similar level.

In terms of renewal rate or conversion rate, definitely we continue to take steps to increase both first-time conversion rate or renewal rate. We could definitely see that there's a marginal increase in these both first-time conversion and also renewal on account of the steps we continue to take, yeah.

Okay. Thank you, sir.

I had one more question for you. Will we be continuing our investments in same newer segments, and also how will they impact our profitability?

Would there be 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, we expect, as I told you, the profit to more than double.

We continue to want to invest because the newer opportunities. It's more of, we are generating profit, we have cash.

It's more that it's important that we identify the newer growth opportunity beyond matchmaking so that these things will add up in the future. While definitely matchmaking has come to the double-digit growth, while we are taking to steps to further accelerate the growth even the matchmaking, but however we definitely see the bigger opportunity in the wedding service or other initiatives.

We need to invest and get the product right, then we can scale up. While though you lose some money, but again, we believe it's very 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, and I just wanted to know how much are we going to invest or how are we going to scale up this segment going forward?

No,

we are just doing some experiment. Then we decide what to be done.

Apart from that, we also invested in another AI-based astrology company. One thing, we experiment.

We also saw the opportunity in another AI-based astrology company. We are interested in this category.

We'll see how it evolves.

Okay. Thank you, sir.

Yeah.

Hi, good evening, sir. Am I audible?

Yes, Rajiv, you're audible, yeah.

Yes. Hi, good evening.

You mentioned that the organized matchmaking services market is approximately 1,000 crores, if I'm not mistaken. What would be the size of or percentage of the unorganized matchmaking services market?

Also, have you been seeing any trends of 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 related to that?

It's very difficult to predict what is the revenue of unorganized, because unorganized market, we have probably thousands and thousands of mom-and-pop service provider, local marriage bureaus, individuals matchmakers. It's very difficult.

I believe it's understandable, it is natural that the more and more people go to organize, because what the organized sector can provide, it's very difficult for unorganized players. Because one of the core thing in matchmaking, it's about 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 personalized services.

What being provided by these people is apart from there's a local connect and that is that. It's very difficult to estimate, I don't want to say some figure where I'm not sure of unorganized.

Again, the second part, definitely it's natural or it's always the case that the more and more people move to the organized segment. Today, we look at even Matrimony, we have a product for all segment of the population.

We have Jodi even for the common people or non-degree holders. Again, the non-degree holders, not everyone will adopt online, but sometimes it takes people time to adopt online service.

So.

Fair enough. Related question: in terms of the total weddings happening, if we took at it from that standpoint, out of the total weddings happening, what percent would you say would be using online matchmaking services?

See, look at Matrimony.com alone, you may get sort of close to around 8 to 10 million people signing up. Out of 60 million people looking for life partner in India, that's almost like we are talking about 15% or more.

There are other players as well, we don't know how much are the overlap. You may say that currently even put together sort of 15 million, you're talking about out of 60 million, which is almost 25% of people looking for life partner using this platform, when you are talking about marriage platform.

Okay.

It's fair to assume that more than two-thirds of the market would still be offline or using unorganized services?

I would not say that can be people who can have a love marriage or they may have 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 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.

Still they know they can find a life partner through other platform, because people are using online platform doesn't mean that they may ignore the reference or option coming from friends and relatives. You can exclude certain percentage of people, very unlikely they're going to come online.

Even assuming that out of 30 million now with the 15 million come to online, still there is enough headroom. One is about getting the people to sign up on the platform, other one is not everyone even in the 10 million 8 to 10 million what I told, our paid subscription are close to million only, a million.

Other things about it's not getting the people to sign up, again the conversion strategies is also another levers for the company.

Understood, sir. Thank you so much.

Hello. Sir, just one question from my side now.

I just wanted to get a idea on the demand trend across tier 2 and tier 3 markets and how do you compare it to your sort of metro cities in India?

Tier 2, tier 3 combining is bigger than tier 1 market, yeah.

Sir. Obviously, quarter three is the most valuable quarter for the company, but 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. Then normally Q2, Q3 are the quarter where there are inauspicious period, a lot of festivals.

Q2, Q3, yeah, there'll be some impact normally.

Sir. That's it from my side.

All the best. Thank you.

Thank you.

Thank you very much for your interest and thank you for all your patience. I know last year was year was I would say turnaround year.

As we come as you 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 billing and the revenue to be double.

This will help profit to move up well starting Q1 of this year onwards. Thank you and and see you next quarter, which we hope will be another best quarter.

Thank you so much.