Thank you. Hello, and good evening to everyone.

On behalf of Arihant Capital, I thank you all for joining in to the Q3 and 9-month FY '26 earnings conference call of eMudhra Limited. Today from the management side, we have Mr.

Venkatraman Srinivasan, he is the Executive Chairman; Mr. Ritesh Pariyani, he is the Chief Financial Officer.

Without any further delay, I will hand over the call for opening remarks to Mr. Venkatraman Srinivasan.

Sir, please go ahead. Over to you, sir.

Thank you. Good afternoon, everyone, and thank you for joining us today.

It's a pleasure to address you and share eMudhra's performance for the third quarter and 9 months ended FY 2026, along with the key business developments across our global digital trust and cyber security portfolio. During the quarter, our performance reflected steady execution across products and geographies, supported by a more balanced revenue mix.

Total income for Q3 FY '26 was INR 1,911 million, representing a year-on-year growth of 35.6%. EBITDA for the quarter was INR 441 million, with a margin of 23.1%, while net profit was 290 million, translating into a net margin of 15.2%.

Growth during the quarter was driven by increased product-led revenues across markets, which helped offset softer growth and margin pressure in the US services business. Europe contributed more meaningfully following the Iguana [Cryptas?]

acquisition, improving overall margin quality. From a regulatory and demand perspective, global cyber security and compliance mandates continue to support adoption across our platforms.

Frameworks such as NIS2 and DORA are reinforcing demand for certificate lifecycle management and identity and access management solutions, particularly among regulated enterprises in Europe. These regulations are accelerating investments in compliant trust and security infrastructure, creating sustained opportunities for our offerings.

In e-signature and paperless workflows, our focused positioning in the banking and financial services segment is delivering consistent results across India, Middle East, and Asia Pacific. Transaction volumes in India have increased across retail banking and capital market use cases, supported by wider digital onboarding and documentation programs.

We are also seeing increased traction through partner-led distribution of these solutions. On the infrastructure front, our US data centers are now live and are enabling local TLS certificate issuance and lifecycle management for North American customers.

This improves turnaround time, supports local compliance requirements, and strengthens enterprise adoption in that region. In the Middle East, recent changes in UAE trust service provider guidelines are increasing the need for in-country trust infrastructure, and we are progressing on setting up a local data center to support government and BFSI opportunities.

Integration efforts related to our recent acquisitions are also moving ahead. The Cryptas product portfolio is being aligned with our broader eIDAS-focused trust stack, and we are working on cross-sell opportunities across European and non-European markets.

Aujas Cybersecurity [AI Cyberforce?] secret management engine has been integrated into our platform, strengthening our capabilities across certificate lifecycle and identity environments, and the entity has been amalgamated with our US subsidiary, eMudhra Inc.

Now let me share some of the key project wins and customer engagement during the quarter: certificate lifecycle management win across IoT and enterprise authentication use cases in the US; renewal and upsell of certificate lifecycle management with strong authentication across large energy, CPG, and financial services customers in DACH region in Europe; first e-signature workflow roll-out for a large bank in Oman; and large-scale CLM and identity and access management deployment across defense agencies in India; CLM implementations across central banks and leading banks in the Philippines and Indonesia; continued increase in eSign and e-stamping adoption in India across banking and financial services-driven digitization programs. Overall, the quarter reflects continued progress across execution, product development, and geographical expansion.

With improving contribution from Europe, growing product-led revenues, and sustained investments in identity, security, and compliance platforms, we remain focused on building scale in a disciplined manner while strengthening our global positioning. Looking ahead, our product development roadmap continues to focus on converged identity, advanced certificate lifecycle management, privacy-led data discovery, and post-quantum cryptography.

Early deployment of post-quantum and privacy discovery capabilities are underway with regulated enterprises, where these solutions are being tested in live environments for compliance and risk management use cases. With that, I would now like to invite Mr.

Ritesh Pariyani, our CFO, to take you through the financial performance in greater detail. Thank you.

Thank you, Chairman. Good afternoon, everyone.

I'm pleased to share the highlights of our Q3 and 9 months financial year 2026 financial performance. Our total income for quarter 3 financial year 2026 was INR 1,911 million, making a 35.6% year-over-year growth.

Gross profit for the quarter grew 42.6% year-over-year to INR 1,019 million, with a margin of 53.4%. EBITDA for the quarter was INR 441 million, registering a 38.2% year-over-year growth, with a margin of 23.1%.

Profit after tax for the quarter was INR 290 million, reflecting a 29.5% year-over-year growth, with a margin of 15.2%. Now turning to the 9-month financial year 2026 performance, total income reached INR 5,166 million, representing a 36.5% year-over-year growth.

The Enterprise Solutions segment generated a revenue of INR 4,079 million, while the Trust Services revenue is 1,003 million [1,087 million?] .

EBITDA was INR 1,255 million, registering a 31.8% year-over-year growth, with a margin of 24.3%, while PAT was INR 805 million, growing 28% year-over-year, with a margin of 15.6%. That concludes my remarks.

Thank you, and we may now open the floor for the question and answer session.

Hi. Congratulations to the management.

Good set of numbers. I had two questions.

Firstly, to understand that US has, in your prepared remarks you mentioned reduced growth and margins from the US. Now, well in the last quarter call, you had indicated that you were chasing seven big customers and signed 5-6 major customers, two, three of them would have come in the in this quarter itself.

What had changed during the quarter, along with if if you can also highlight the quarterly numbers that you have aggregated from Cryptas as well as AI Cyberforce?

Yeah. US has not declined.

US almost remained the same compared to last quarter, it is not declined. That is one thing.

Then the customers what we have signed, they continue, but over a period they will earn the revenue. Revenue will not come immediately because lot of use cases are, some are on-premise use cases, some are usage-based use cases.

That way there is no reduction, and we are still working with a number of large customers. Two, three customers came.

One of the customer we expected this quarter, Q3 quarter, might shift to Q4 quarter. That is where it is.

There is no loss in the US business, it continues the same. The services, US services business, there is no growth.

It almost remains stagnant because of the AI and because of the H-1 visa problem, as I indicated in the last quarter. Then coming to the Cryptas revenue, the last quarter Cryptas revenue in Q2, that is ending September, Cryptas revenue was around 24 crore or something like that.

Now it has become 34 crore in the Q3 revenue. That is the revenue contribution from Cryptas.

We had also indicated there was a loss of 1.6 crore in Cryptas in Q2. Instead of it, it is now positive at 1 crore or 1.25 crore Cryptas PAT, which is included in the overall consolidated accounts.

AI Cyberforce

we are not selling separately. That is integrated.

Even earlier the turnover was very less. Because of the product, we acquired the company.

The company has been integrated and amalgamated with eMudhra Inc. That secret engine is also combined with our MCA solution and the CertiXnx solution.

There is no separate tracking of the revenue of the AI Cyberforce.

Okay. Sir, if I have to remove Cryptas' revenue from this quarter's total revenue, which is about 139 crores, I would see that organic revenue posted in this quarter would be about 105 crores.

Which is not a substantial growth over last year Q3 FY '20, sorry, oh, I'm so sorry, I'm reading the wrong numbers. About 188 crores you've posted in this if we have to remove 34

crore... 9 months to 9 months, we will compare both.

We'll do 9 months to 9 months comparison. With Cryptas, it is almost 36% growth.

Without Cryptas, it is a 21% growth. Even if you compare 3 months to 3 months, with Cryptas it is around 35% growth.

Without Cryptas itself, it is 11% to 12% growth.

I see, sir. Sir, given this scenario, it seems like you should be able to comfortably beat your initial organic guidance or initial guidance of about 700 crores.

Would you like to revise that number?

No. We will not revise.

We will achieve that 700 crore.

It seems 700 is already in the bag, given that you've already done about 550, 560 crores of revenue within the 9 months.

560, not 550. Now we are in 516.

516, 516. Still 190 if we do, then we will reach, yeah.

Still 180, 190 is required. That way if you see, Q3, Q3 there were two things.

One is it was a year-end for Cryptas, there's a little more revenue in Cryptas in that region. It is a year-end.

Then in the digital signature business in Q3 again, generally Q2 is higher, but this time little Q3 is higher because the filing season shifted to October end and all those things. That's where it is better to be taking 700 instead of revising the guidance.

Sure. Margins hovering around 23%, 24%, sir?

Yeah. EBITDA margin, and PAT margin around 15.5%, 16% kind of.

In this, another thing we have to observe is a lot of other non-repetitive item of expenditure also we have to absorb because of this Ind AS. One is Cryptas acquisition legal expenses, that bill came in this quarter.

Almost 1 crore 1 1 crore. Earlier days, those used to be capitalized along with the acquisition, but nowadays it has to be written off in the P&L.

The other thing is the labor law changed, for that gratuity, extra provision had to be made. Because of all that, the EBITDA margin came to 23.1%.

If you take out all this, the adjusted EBITDA margin is 25.8%.

Sorry, sir. Can you repeat that?

25.8%, did you say?

No, yeah, adjusted EBITDA. Adjusted 25.8%.

It is there in the presentation also.

Sure. Thank you so much, sir.

I'll come back in the queue.

Yeah.

Yeah. Thank you for the opportunity.

Sir, I just wanted to understand if you can quantify overseas investment cost embedded in Q3 EBITDA, and when do you expect breakeven at an EBITDA level?

Come on, it is not very clear. Can you repeat the question?

Hello?

Sir.

Can you repeat the question? It was not very clear here.

Yeah. Sir, can you quantify overseas investment cost embedded in Q3 EBITDA, and when do you expect breakeven at an EBITDA level?

Another, what was the average deal size in Q3 against Q2, and how has it trended over the last 12 months?

When you say overseas investment in EBITDA, I don't understand the question because the investments are all gone already in the capital acquisition, goodwill, and all those, no? In the EBITDA, the investment in overseas acquisition is not coming in the EBITDA.

Only thing is from Cryptas, that revenue of around, like what I said, 34 crore is coming, and the profit of about 1.4 or 1.5 crore is coming. This is what is coming in the EBITDA in the profit and loss account.

Investment has already gone in the last quarter.

Great, sir. Sir, any material forex impact on revenue or margin during the quarter?

No, forex impact not much. Because we maintain the foreign currency in the respective countries, and only in the translation it will come.

In the last quarter, maybe from 90 to 91 or 92 it has gone, 89 to something, it may not be very material. Yeah.

Okay. Sir, what was the average deal size in Q3 against Q2, and how has been the trend over the past few months?

No, it depends on different product. One is the trust services, it is a retail kind of business where every DSC you are selling for ₹1,500, then eSign, every eSign ₹5.

Then if you take the emSigner deals, generally in India it is around 50 lakhs, then in foreign country it will be $250,000 to $500,000. MCA, CertiXnx kind of thing will be $600,000, $700,000.

Each one. The deal sizes remain the same.

It's not reducing or increasing much, average deal size.

Thank you so much, sir. I will come in the queue.

Yeah.

Hello, sir. Am I audible?

My first question was, sir, in this quarter, sir, we've seen some impact on margins because of slowdown or flat growth in US market. When can we kind of see this numbers go back to something like a 25% to 26% margin, right?

This impact, when can we see this finish in?

No, already the EBITDA margin is 23.1% and adjusted EBITDA is 25.8%. That way good margin is there.

In the US market, if you see the product business continues the same like last quarter and gives a very good margin. The service business where it is stagnant, it's also last time I explained that it is due to the H-1 visa and various other AI-related issues and all this, the number of people growth in services is not as expected.

Otherwise, the overall margin is already good, and we expect to continue with this level of margin.

Sir, just on follow-up on that, sir, when do we see in the next 1 year that product-led revenues would see outperform your services revenue in the US market in the next 12 months or so?

Next 12 months, services revenue may marginally grow, but product revenue can considerably grow, which may give a better margin.

Okay. Earlier sir, your mix was 40 crores of services, 20 crores of product revenues from US, right?

Can it become the reverse in the next 1 year or so?

Next 1 year may not be reverse, but at least product revenue from 20 can go to 35. It is not that reverse means service will not reduce.

We feel service will continue, product will increase.

Understood. Any positive or negative impact from the two trade deals that are happening recently happened with Europe and US?

What is that? Can you repeat the question?

Do we have any impacts from the two trade deals that are happened recently with Europe and US?

No. Because ours is not a kind of a commodity kind of import, export, which is regulated at customs.

That's a different matter. Ours is all product kind of thing, which is not regulated as of now like that.

Another thing is we sell everything from our subsidiaries, which are in the respective countries. When it is going to customer, it will not be treated as a import or export.

Okay. Thank you, sir.

Yeah.

Hi. Good evening.

I have three questions. One is that your revenue basically grew 35.6% year-on-year in this quarter, with international contributing around 37%.

Okay. How much of this growth is driven by recurring contracts versus one-time implementation?

How much is driven by

recurring contracts?

Our revenue 65% is recurring revenue, and the others are one-time revenue of license delivery. For example, services are predominantly recurring, then the trust services are predominantly recurring, even out of Enterprise, then the emSigner, eSign, and all these are recurring.

Wherever we supply to the government and all that, it is predominantly license-based.

Around 65% is recurring?

65% recurring, 35% non-recurring.

Okay. We've announced a data center in US and UAE.

What is expected capex for it?

What is the expected capex for?

For the data centers in US and UAE?

US already we have installed. It was around 15 crore, but actually we didn't spend so much.

Earlier, if you remember, we had put a data center in Europe. Then we acquired Cryptas.

Then Cryptas had a data center because they are having a company called PrimeSign issuing the signature. It is in Austria.

We closed the Netherlands data center and moved all the equipment to US, and with that only predominantly put up the data center in US. Marginally some spending was there.

Then in the Middle East, what happened, because earlier Middle East we are operating from the India data center. Now the UAE has passed a law that you have to operate trust service only from a local data center.

That's why we had put up a data center in UAE, data center and disaster recovery, which is about 15 crore.

Almost

it is spent, but again it has to be audited by the auditor approved by the UAE government, which is some French audit companies. Now those audits has started, it may take some 2 months, 3 months for their audit to complete.

Then we can commission it. Until commissioning, the UAE people have allowed us to operate out of the India data center, because we are the only certifying authority there.

Right. Okay.

My last one is in India, DPDP compliance and property digitization is expected to boost the eSign adoption. Can you quantify the potential uplift in

the trust services revenue from these initiatives? No, your voice is not audible clearly.

Can you repeat the question?

Now it's good?

You repeat.

Yeah. I was saying that in India, the DPDP compliance and property digitization is expected to boost the eSign adoption basically.

Can you quantify the potential uplift in the trust services revenue from these initiatives?

Yeah. The eSign, this year if you see, almost the trust service revenue, even in 9 last year I think whole year was 100 crore, this year 9 months itself we have come to 100 crore.

Yearly revenue could be 120 or 122 like that, at least 25%, 22% increase can be there. Another thing is the eSign because it is going along with the emSigner and all that, we are classifying except the retail eSign, all the banking eSign and fintech eSign we are classifying under the

Enterprise

revenue. That also number-wise from almost some if you see 1 year back, it was 50,000 to 1 lakh per day, now it is almost more than 4 lakhs per day.

That way it is increasing. There the only thing is the per eSign is only ₹5.

Again on that, after paying Aadhaar charges, the margin is only 25%. That's why though the number of eSign increased considerably, it may not very considerably affect the increase the revenue or the profit.

Okay. Thank you, and best of luck for the next quarter.

Yeah. Thank you.

Hi, sir. This is a follow-up for understanding the growth that you have generated from the Europe.

Also trying to correlate this with the thought of regulatory push that you may have received from the couple of enforcements, which is Enora [NIS2?] and DIAS [eIDAS?]

, DORA. Sir, these compliances have already been enforced before 2025.

Whichever companies would have to enforce this and comply with would have already adopted and implemented it. Henceforth, going forward, how do you expect the growth coming from regulation?

You've mentioned that in a prepared remarks that regulations have escalated the adoption.

No, whenever regulation come, everybody are not able to comply with immediately. A lot of people take some time, some postponement.

Then newer and newer application are there, it is not a static application. In that newer application, they would like to comply and all that.

This is where the more and more inquiries are coming. The other thing is now we have integrated.

Otherwise, the Cryptas was selling the third-party product. Instead of third-party product, we have integrated our MCA product and CertiXnx product into their portfolio so that they can sell.

Also, we are trying to sell their some of the product in the other market. All this put together will drive the growth, not only one factor.

Another thing, any regulation, the adoption takes over a period of time, and whenever newer and newer customer come, they have to also adopt. This is where we feel it will adopt.

It is not a one-time matter actually.

Right, sir. How is the environment looking to you, sir, in form of growth for FY '27?

FY '27, still we feel very optimistic, particularly in the Middle East market and Africa market, we are very optimistic. European market also optimistic.

American market, other than service segment, in product segment we are optimistic. Still we have not formulated the overall strategy and what will be the growth number for the next year and all that.

Again, predominantly we are looking at more of a product-led growth than the service-led growth, so that way that could also give better margin and all that. This is where we are, but we are very optimistic about many countries.

Sure, sir. Any changes with respect to the recent budget, timelines of filing returns?

Does that make any difference to the trust services revenue seasonality that we usually see?

No, they have not changed much about the corporate people requiring the tax audit. Today, where digital signature is required is only for corporates, which require the tax audit cases.

Those kind of cases, I don't think they have changed any date. Yeah.

Tax audit cases, some date changes happened, which will not anyway require digital signature.

Got it. We can expect the run rate on the trust services at about 34, 35 crores continuing to go ahead also?

This is more or less in terms of the cash flow that we also receive of similar nature of the EBITDA that we

require. Yeah.

At current run rate is.

Right. Sir, any other white spaces that you identified as a result of which, post these two acquisitions, you need to go and further undergo any more acquisitions in the near future?

No, currently we are not evaluating any acquisition. Maybe we feel another 6 months to 9 months it may not be required.

After that, if necessary, we will see.

Got it. What would be the capex for this year that you have planned?

This year 25 26, we planned about 60 crore, 50 or 62 crore something. On that almost 75% 72% incurred.

Balance will be incurred. This is excluding the data center, because the data center has come arising out of the Middle East UAE data center, sudden compulsion of change in regulation regime.

This 60 crore is only by way of all the software and other things.

That seems to be a little higher given the past. What would this be incurred on account of, 60, 65 crores?

That is two, three areas. One is this PQC area, another is this discovery, classification, consent management, data privacy, and then remote signing.

All these five, six areas. Generally, even US product companies and all, they are incurring 20%.

For us, it may be 10% only, 10%, 12%. That way even last year it was 45 crore or something.

Right. What could be the additional expense in case of data center for Middle East, sir?

That is around 15 crore.

A possibility of about 75 to 80 crores of capex that we may foresee in this year?

This year, '25-'26.

Right. '25-'26 or I'm so sorry, sir.

You mean to say FY '26 is what you're indicating of about

80? '25-'26 only.

FY '27, we have not yet budgeted.

Okay. All right.

Fair enough, sir. Thank you very much.

Yeah.

Thank you, sir.

All the best. Thank you.

Hi, sir. Just one question following up on the previous participant's question.

Obviously, the budgeting is not yet done, but any color in terms of the order book, pipeline, geography-wise, how's it looking? I know y'all have mentioned Cryptas cross-sell deals, one or two are going to close over the next couple of quarters.

Seems like US has slowed down, or was it just that it was a seasonally weak period, that's why?

Yeah. Slowdown, as I said, only on the services side.

Product side, still a lot of conversation going on. That's why I feel it will improve, yeah.

Yeah. Any other color, sir, for yeah?

Order book, pipeline is also really good. Almost more than 400 crore order book is there as of now, a pipeline is there.

Order book is also good, yeah.

Understood, sir. Any timeline or anything with regards to the stock issue that we had, the partners and distributors that used to work with us?

That may go another one or two quarters. Yeah.

Understood. Post that, there should be some normalization in those line items, these purchase of stock-in-trade and...

Got it. That would be a margin lever, right?

Yeah.

Because every quarter 3 crore is going on that. That will improve.

Okay. Got it, sir.

Just last thing on the timeline for FY '27, what are we waiting for? Is it just a timing thing, or we are waiting for closure of some deals, or just trying to understand where we are in the budgeting process?

Budgeting generally we do in March only because already now in February, we do in March middle.

Generally,

we have the general strategy board meeting around March end. After that only we, yeah.

Understood.

Perfect, sir. Thank you so much.

Thanks for answering. Yeah.

Hello, sir. Thank you for taking my question.

Sir, just on the order book number, you mentioned it's more than 200 crore. I'm assuming this is for product segment only?

No. I was mentioning about the pipeline of more than 400 crore.

By mistake, this 200 was

Understood. The pipeline is more than 400 crore.

Any update on the product order book, maybe just indicative growth number if you can highlight?

No, that's why for the year, as I said, we will do the 700 crore, no? For the next year, we are not yet estimated.

Based on the gut feel, we feel every geography it is quite good improvement is there. Next year if you see, this year organic if you see total 35%, 36% growth, 18%, 19% organic growth, and balance is accretive growth.

Even if we do not do any acquisition next year, the organic growth itself could be 18%, 19%. We feel entire organic growth could be only out of the product.

That can lead to a better margin growth.

Got it, sir. This is very helpful.

I was actually just checking on the order book data that we disclose at year end. For last year, it was 1,907 million, 191 crore.

Any indication on how is that growing as of 9 months, if you can just highlight, even a rough number is fine, just a range, if you can provide?

It's growing in proportion to our growth numbers.

Got it. Understood, sir.

That's helpful. Pipeline is more than 400 crore.

Then second question, sir, on trust services, just on the environment, DSC volume, pricing, and competitive intensity, how has that progressed in this quarter particularly, and what is your expectation going forward?

No, from pricing, now we are priced at the highest price, so that way the price realization is higher. Volume, as I said, even 1 year, 1.5 year back, because of the changes in some taxation thing, 30%, 40% volume came down.

Instead of the volume coming down, and the price we are able to, though other people are selling at ₹700 to ₹800, we are selling at ₹1,500. Still we are able to sell and achieve these numbers.

Digital signature volume may not grow much, it may grow marginally, but because of the price we are able to achieve the numbers.

A 5% to 10% volume is a likely outcome there, DSC volume, or even lower?

No, 5%, 10% is possible, because we did new partners and all, yeah.

Got it. Okay.

Then just last one, sir, on the cash number at 3Q end. I understand we don't report it in the third quarter, but is it possible for us to disclose that number?

More than 100 crore, little over 100 crore.

Understood, sir. Earlier our expectation was, just last one, on the cash at year end, even after paying for Cryptas and AI Cyberforce, it will be 140, 150?

No, 120 to 1 125 to 140 something. I feel still it will be possible.

It may be possible, but we have to wait and see. Because again, the data center, 15 crore we have to spend.

Understood. Got it.

That's it from me. Thank you.

Hello. Hi, team, and thanks for the opportunity.

I'm new to this company and I'm trying to understand the business. Sir, when I look at this certificate authority, right, we have DigiCert and Entrust in this space.

How does our product is different compared to this? Why would a customer choose us over them?

Any light on that, sir?

There are two aspects. One is the India certifying authority and foreign places.

We are leader in the Indian certifying authority space. In India, DigiCert, Entrust, and all those people are not there because they are not licensed here.

Number one. Here other people like Capricorn, Vsign, Pantasign, these kind of people, some 15 people are there.

Foreign certifying authority, DigiCert is the major. In foreign, two things are there.

DigiCert issues the certificate, SSL certificate and various certificate, and also they are doing number of products, particularly CA solution and the certificate lifecycle management solution and all that. We are trying to compete not in this certificate so much, but in the CA solution, certificate lifecycle management solution, and all that.

Our product also, all the features we have studied and we have built up a product which is equally capable, in some aspect better capable also. With that and then with our little cheaper positioning and various things, we are able to win.

More than America, if you see various other countries like Middle East, Africa, Far East, and all that, there we are extremely flexible and competitive, that's why we are able to win the deals.

Okay. Sir, is it a commoditized product, or is there any significant differentiator between you and your competitors, or is there a scope for differentiation?

DSC issuance and eSign is more commoditized product. If you see this CertiXnx, MCA, and all that, it is not commoditized because globally only three, four providers, and also even our identity authentication management, it is not a commoditized product because globally only three, four providers, and then quite a lot goes to the government and banking by way of on-premise sale also.

In that our, for example signature solution is extremely specialized on the banking vertical, which is not there with the other product. Similarly, our CA solution, because we also operate the certifying authority, all the nuances of certifying authority are built into that solution.

That way there is not too many competition. In our solution space, two, two competitor, three, three competitors are there, predominantly US competitors.

That way because of the flexibility and also because we are able to offer it in a cheaper rate compared to the US solution, we are able to penetrate.

Sir. What percentage of revenue comes from this non-commoditized part of the work that you do?

Commoditized product out of this year if you take 700 crore, maybe 130, 140 crore may be commoditized product, balance will be non-commoditized product.

Sir. Thanks for that.

One last question. Does enterprise moving more towards cloud and cloud modernization benefit you guys in any ways, or how does it work out for you guys?

Yes, our solution, identity authentication management, CA solution, and all, cloud is there, but predominantly in the Asian region, the large customers want either private cloud or on-premise, not in the SaaS model. As well

as

multiple hybrid cloud and all these are possible.

If an organization chooses to move their data center to cloud, does that mean they cannot use your product, or how does it work?

No. We sell in on-premise, cloud, and as well as private cloud, any model.

Because if Azure has their own CA, and somebody is moving to Azure cloud, will there be incentive to use only Azure CA, or how does it work, sir?

No, in Microsoft CA, Azure CA, and all that, it will have only certain functionality. As per that, you have to work.

In our CA, if they want customization, we will do a lot of customization, and then specialization for certain type of certificate like IoT device certificate or some other certificate and all that. That kind of flexibility we will offer, which they may not offer in the Microsoft CA, Azure CA, and all that.

That's why we have built

our CA. Sir.

Got it.

Otherwise, the easiest to implement is the Microsoft CA.

That is the easiest way for them to do if they don't want any customization.

Yeah.

Okay. Thank you.

Thank you.

Thank you. I would like to thank everyone for joining the call today.

We remain focused on delivering consistent performance and innovative solutions that enable secure digital transformation for our clients across the globe. For any additional information or queries, kindly get in touch with our investment relation advisors, Churchgate Partners.

Thank you once again. Thank you.