Okay. On behalf of Kirin Advisors, I would like to extend a warm welcome to everyone joining the Q3 FY2026 conference call of NPST Limited.

We are pleased to have with us today the esteemed management: Mr. Deepak Chand Thakur, Chairman and Managing Director; Mr.

Ashish Aggarwal, Joint Managing Director; and Ms. Savita Vashist, Executive Director.

The call is scheduled for 40 to 50 minutes. To ensure that everyone has the opportunity to participate, we kindly request that each participant limit their questions to two.

Hence, this will help the management address as many queries as possible within the time frame. If we are unable to address any questions during the call, please feel free to reach us out at [email protected].

We will be happy to coordinate with the management team and arrange further discussions. We appreciate your understanding and cooperation.

We look forward to an engaging and productive call. Now, I hand over the call to Mr.

Deepak Chand Thakur. Over to you, sir.

Hi. Thank you.

Good evening, everyone. Once again, thank you for joining.

You see, we are nearing the last quarter of the financial year, and to be honest, we are approaching with a very revived business growth and trajectory now compared to last year. All the efforts taken till date on business revamp is visible every quarter when we publish a result.

It was during this quarter last year, in Q3 FY25, that we faced an unexpected dip in our payment platform. This impacted not just the growth, but even the investor confidence.

For last one year, we have worked relentlessly to improve from the lowest where we were to the high where we can. I know that, although slightly short of the anticipated growth target, but we have done our best to bring consistency in growth earnings.

This will have far-reaching cumulative impact in the organization growth story. While we had a focused approach towards domestic market for the large accounts, we added a team and redesigned product for mid to small accounts as well.

On a parallel note, we introduced an independent team for international market. We have received really good response for the initial outreach, and we are confident that NPST will be able to scale high even in the global aspiration.

It will, in fact, happen as early as next two quarters. Although we had one deal from Nigeria last year, but there will be multiple.

We should start seeing in next two quarters. Our product fitment and market understanding is much clearer, and we believe it is in demand as per the early estimates.

To be honest, the payment platform opportunity has taken a hit in last couple of quarters, which is time-consuming to revive. This is majorly due to reduced paying capacity for a customer and a shift in merchant profile towards banks than the aggregator.

Good part is, we are present in both the target audience. We can capture this shift as early as possible.

It will start reflecting in next two quarters. At the same time, we are introducing new product and services lines in payment platform to ensure additional revenue source that can add to our P&L.

As committed to upgrade Evok 3.0 in my last call, we have added PPI through our partner bank and cracked our first use case with an ERP solution provider. We anticipate that this line will start adding revenue from the Q1 next year.

On the other hand, our offline payments have grown by 60% on a quarter, and we believe adding this line has given new revenue stream, which is much stronger with yearly upward cumulative impact. We talked about AI as early as Q1 this year that we intend to launch this.

This has taken a good shape. Our AI-based risk engine is also showing a good traction, and we believe that it will start contributing to revenue in the next two quarters for sure and from the multiple streams for sure.

All of these efforts will have tremendous cumulative impact in the revenue streams of organization for the coming financial year. We continue to strengthen our position as a leading digital banking and fintech infra company.

I am pleased to report that Q3 FY26, now, you see, last year there was a dip, you can see the impact that Q3 FY26, our total income reached ₹57.17 crore, which is 17.46% jump from ₹48.67 crore last quarter, but 145% increase year-on-year against the quarter 3 FY25, which is a huge jump. The trajectory was driven by strong execution across payment infra, risk management, and bank-led digital platform.

Our operational efficiency even remains higher, wherein EBITDA has increased to ₹18.74 crore, which is 20% jump over previous quarter, whereas it is 118% jump against year-on-year, which was about ₹8.59 crore last year. Our PAT also increased to about ₹11.5 crore, which is 17.28% increase as against 9.8 Q2 and 124% jump as against Q3 last year.

This profitability translates into significant shareholder value with our diluted EPS climbing to 5.92, marking 35% Q-o-Q growth and a 137% year-on-year growth. The results are here to discuss with you guys.

I'll hand over the call for the questions. However, there's one point I would like to address regarding the monitoring agency report on GPA, general corporate purpose.

The monitoring agency has flagged about ₹3.18 crore utilized under general corporate purpose as a technical classification observation. Here we want to clarify that these funds were used strictly for operational expenses, primarily office and employee salaries, in the ordinary course of business.

There has been no diversion or misutilization of fund. The observation relates only to disclosure granularity, not substance.

Importantly, the monitoring agency has confirmed that it does not observe any major deviation in overall utilization of proceeds. From a governance standpoint, we remain fully compliant with SEBI ICDR regulation and continue to uphold very high standard of transparency and capital discipline.

I think this update has already been, if I may not be wrong, I think it might have been updated on the NSE already by my CS. I'll leave it to you now for Q&A.

You can take it up.

Hello. Hi, sir.

Congratulations on the great set of recovery. Sir, my first question is about the revenue that this quarter we have achieved the revenue of ₹56 CR, but we have stated earlier that we are anticipating the best quarter, which was previously September 2024 ₹67 crore.

We fell short by ₹14 crore this quarter compared to our anticipation. What led to this?

Also, if you can put some light on EBITDA margin, because despite the higher growth in revenue, our EBITDA margin is less 300 to 400 basis points. Going ahead, what will be the trajectory of EBITDA margin and also the growth later?

Thanks, Akshay. Regret that that number hasn't come as it was expected.

To be honest, we have a very strong tail of funnel that we were working on, and during that time when we revived the entire payment platform, we knew that things will turn up and accordingly the numbers were calculated. There are certain spillover, which has gone to the next quarter.

That is one of the main reasons why this has happened, because, you see, right now almost 85%, 90% of our business comes from TSP wherein the sales cycle is longer, and due to which it happens that if you are not able to close in a certain quarter, it moves to the next. It's not that the business has been lost.

It is just that it has moved to next. That is one of the reason.

Second, like I said, when it comes to a business where 90% 85%, 90% is all TSP, then for sure the margins in such kind of business changes. What we are trying to do is, we are also trying to bring in SaaS and subscription model in this particular business.

There is all-round effort which is going on, wherein payment platform, we are launching new revenue stream, and in TSP, we are launching SaaS and subscription-based model, wherein the cost of delivery and the execution timeline is much, much shorter, and that is where the EBITDA margin and the overall profitability improves in the business. That is well in target.

That's why when I started the call, I gave you a clarity on the anticipated growth on the payment, which has taken time, and secondly, the overall revival of the business not just from the large account, even from the mid to small accounts, which is purely SaaS and subscription-based.

Fair enough. My second question is in the presentation you have stated that NPST wants to grow 2x the industry rate by 2030.

How should we see this statement? What type of growth and also the margins going forward beyond FY26 can we assume?

Also, there is one more thing that recently due to the AI news and all these things, all IT stocks are falling. What does it mean?

What does that news mean for our types of business? Whether it's an opportunity or threat for us?

I think very easy to understand. We are in the growth curves of the industry.

If the industry is growing at 100, then those who are in the maturity curve, they may be growing somewhere around that. Those who are in growth curve, who are still capturing market, creating new product line, adding new business streams, and then going global, for us, 2x is a conservative approach I would say if you are sitting at growth trajectory and inventing new and new products and solution.

For sure, by 2030, growing double than the industry trend is something which is not just what I am saying, but it is what the growth journey in the pattern says. We will definitely make that happen.

That's not a big deal. In fact, if you compare even today on the trend that we are achieving for last one year versus the overall industry standard, you'll always find us little ahead of the curve.

Secondly, we are not into services business where the revenue source is purely providing manpower and that is where the AI has an impact. In fact, we are designing the solutions and products.

What happens in this case is, our efficiency and our delivery capability improves due to AI. It is about adopting.

It is about changing the way we deliver, and it is about using AI for better customer satisfaction. All our product designs are now being considered around AI.

Our developers have started adopting AI policy. We have a very strong recommendation coming from board as in how AI policy, the security around a good use of the solution is taken care, and how, as an organization, we can improve efficiency and bring more profitability.

In fact, this is good for the product company. Obviously, when it comes to services, if it is 50 days' job and it is done in 10 days, then we have to ensure that we actually build a customer in the right areas.

It's only upward from here.

Okay. Understood, sir.

Sir, last one short question is, how much of our revenue is fixed fee or subscription-based, and how much of our revenue is transaction volume-based?

Transaction volume-based revenue, if I consider from TSP as well, I would say that almost 40% odd would be subscription and transaction volume-based.

Okay. Thank you, sir, and all the best for the future.

Thanks.

Sir, I have two queries. How would you like to comment about the Banking Connect, means how that business is growing, and in coming time period, say 15, 18 months, how much contribution it can make to the top line in percentage terms?

I just call Banking Connect as the UPI moment for internet banking. I'll give credit to my product organization, where they identify the opportunity first, and we are one of the first TSP to launch the Banking Connect, and we have already two clients executed and a lengthy list lined up.

The opportunity here is, all the banks who are on internet banking will be requiring a Banking Connect. The scale is 2,000-odd banks right now.

Even if 10-odd banks are in CUG, 10, 15-odd, we still see that this particular segment is open for next two years to capture. However, the revenue from Banking Connect cannot be equal to the revenue in UPI, because it is way too mature in terms of how UPI was brought in earlier and how Banking Connect as a refined product will be coming.

I would say that this will become a major contributor in revenue, and I cannot give a percentage number right now, but I can say that just at a very high level, it can be as much as 10% to 15% of my TSP business in over a year's time. It will be very strong subscription-based revenue that I see in Banking Connect.

Sir. Thank you.

The second query is regarding the receivables level, means have company seen any improvement in the receivables realization vis-a-vis last quarter?

That is in track. Whatever we have presented, that is already going on.

Yes, there is an improvement as and when it is going. Whenever there are timelines for it, these are realized.

Sir. Thank you.

Hello. Thanks for the opportunity.

I have a few questions. The first one, as you mentioned that our TSP business is approx 80% to 90% of our total revenue.

Hello?

Hello.

Yeah. The mix is in the license fee and the recurring nature of revenue?

I think license and SaaS both are recurring for us, because I just don't get license. Along with the license, it's a turnkey nature wherein manpower, change requests, everything is provided.

I can say contractually when I break it, I would say that at least seven out of 10 in this particular business comes through a license contract and the rest comes through subscription. Now, this will change in next year.

It will completely reverse, because contractually when it comes to SaaS-based revenue, the ticket size may be smaller, but the number of contract is higher.

Okay. I just want to know the revenue from the government incentive as a per-use we get.

I just want to know the mix of government incentive in our income in TSP or if

we have TSP is where we provide the digital payment software to banks and fintech.

Yeah.

There is no correlation with

There's

no correlation

with

MeitY incentives. MeitY incentive is part of the payment platform.

Which is a

I can continue this question. Please continue.

Yeah. Okay.

Which is only 10% of our mix.

Yeah.

Okay. Thank you.

Okay. All right.

Yeah. Hello.

I believe you had raised some money through the Tata Mutual Fund recently. What are your plans for utilization of that, number one?

Number two, I understand India is far ahead in these lines of operations. Are some other countries approaching you for starting this business in those countries?

Great set of questions, Suman. Very first, the funds from Tata will be purely used for the inorganic growth, where we see that in our segment, is there a consolidation possible?

If at all there is a consolidation possible, does it contribute for my quick scale? Does it contribute to my overall organization numbers?

What kind of accounts, what kind of areas it can contribute which is maybe out of my reach or something which I was missing completely? There are a lot of evaluations and thought process around the inorganic opportunity that is coming across to the organization.

That's the area where we'll be investing,

and

the investment will happen in multi round areas, not just one alone. It will be in payments.

We will definitely look at the opportunity around regtech. That's a very, very strong area.

Then further, how do we see the opportunity around payment platform. We are looking at all three verticals that we have: TSP, payment platform, and the regtech.

Apart from this, when it comes to global, until we did not create a dedicated international focused approach, we were not aware about the product fitment. We were not aware about the overall opportunity.

Now we are very sure that whatever we have built here has a very focused requirement in several regions. It is Middle East, it is Africa, it is Central Asia, and even Latin America, Central America.

There's a lot of opportunity there. We are seeing good traction and there are a lot of conversations going on.

I cannot tell you where it has reached and when it will get closed,

but

like I said earlier, in next six months, we should be able to see the light of the day.

Okay. The international engagement and also your acquisition, whatever, organic or inorganic, I hope should be over in 3 months, 6 months?

Sir, I'll need board approval to answer that number around inorganic. For sure, six months, I can definitely talk about the new opportunities in international market.

That will happen.

Okay. Are you generally thinking of giving some guidance for the next maybe quarter, year, or something?

No, sir. I would not take a step right now.

We'll definitely work out, and then we can give the number later.

Okay. Thank you.

That's all.

All right. Thanks.

Hi, Deepak. This is Sunil.

I have couple of questions. If I see that your nine-month margins for FY26 have gone down to 29% from 35%.

Do you see that the margins going back to same level or closer to that? Or it'll be around this current margin?

We have already identified this, okay? Either the margin remains as is or to improve it, you have to add SaaS, subscription, and TPaaS.

That is what we have been doing. Plus, the global market also comes with a higher margin.

All these layers when added, it will only improve margin from there, and it will be even higher than the benchmark that you mentioned.

Deepak, but if you see your operation costs have gone up to 40% from 32%, right? There have been cost pressures,

so

that's why these margin pressures are there. How do you want to address that?

Majorly because we are delivering the TSP projects now, and when you do a global project or when you do a project in the subscription model, you do not continue to invest the same cost, and that is the reason why your non-linear growth will start coming into picture. The same set of products when goes to multiple markets or multiple customers, then you don't incur the same cost.

That is the reason why I believe that whatever I have mentioned now as and when I was saying that regtech will hit the revenue in Q1, your global will hit the revenue in next six months. All of these will have a cumulative impact, and there the anticipated cost versus the revenue, that ratio will change completely.

It will be non-linear in that case.

Okay. Any thoughts on what is the kind of growth you're expecting for the next year?

Let's hold this for Q4. I think that will be better.

A bit early.

Okay. Maybe next year is early, but Q4, I think almost half of the time is over for Q4.

What kind of growth you're expecting for Q4?

We're maintaining the same consistency. We're maintaining what we maintained the entire financial year.

It will be upward. Should be upward, maybe.

We are yet to factor the spillover, and then we are yet to see anything that does not get closed by 31st March. These are a few factors that we have to build in, but yes, you can say that there is definitely an upward growth that you'll find.

Okay. How is regtech panning for you?

Basically, is it being offered as a package, or it is being offered as a separate revenue stream for you?

Separate revenue stream now, because there are some good demand coming in from banks, and it will be an enterprise solution creating a subscription revenue and pay-per-use platforms.

Hello. Am I audible?

Ashish.

Yeah. Only thing is why you're not giving guidance.

The overall conversation on soft main looks little less confident on delivery from a Q4 perspective, given that what we see currently, it's 40 53 versus 47 what we have delivered in Q2. Therefore, when we see that there are ₹13 crore, ₹14 crore which got spilled over, Q4 at least we should be able to give firm guidance, right?

Because otherwise there is a lot of ambiguity from a near-term growth perspective.

No, Ashish, there were two questions. He asked me about next year's guidance, to which I said you can hold it for Q4.

For Q4, I said, we'll continue to have the similar growth trajectory, whatever we have given for this year.

I

already cleared that.

What is that?

The the year you take the entire year's growth trend, that is what you can expect in Q4 minimum. We are yet to close 31st March.

It can be upward also. I just told him that you can take it as upward.

Okay. Just saying for the sake of March 2025, we did ₹173 crore on top line, right?

What will be the trajectory for FY26? Which is only Q4 I'm asking.

Probably FY26, what should be the top-line number that we should target?

I have given you a revenue growth quarter-on-quarter between 15% to 20% if you can see that this financial year. That is what we discuss.

That is not showing a growth versus FY25 in FY26. If we factor that 20% growth on December numbers, So, probably just ₹10 crore you are saying over and above 53 that we have delivered?

There are, like I said, there is spillover and there are additional businesses this quarter as well. All that taken together, the growth will be only upward.

If you ask me to give you the exact number for Q4 right now, that will be difficult for me. I can definitely say that it will be only higher than whatever we have given so far.

No, last concall, we only gave guidance that this should be the best quarter. Therefore, I was seeking more guidance here, given that we could not meet those numbers.

Second question is the deviation part. Is it a clerical error at our part, given that this is a amount of ₹3-odd crore and should not happen in a company like ours when we are talking about so many things in corporate governance?

While we say that it is not substance, but such issues just raises a lot of flags.

Honestly, we were completely surprised when it came yesterday. Ashish, you want to take this up?

Actually, hi. This is Ashish.

This is regarding the general corporate purpose, and as per the SEBI ICDR, we have given the guidance also on the exchange before this call. This is as per the SEBI ICDR, general corporate purpose is any expenses that is related to the business, and they have not specified any particular heads on that part.

As per CARE Ratings, they were supposed to get the heads from our side, but as per the SEBI guidelines, they have not mentioned. Any expenses related to the business is covered under the general corporate purpose.

That we have clarified to them also.

Got it. Okay.

Thank you.

Hello, sir. Congratulations on the set of numbers.

A little disappointed where we couldn't meet our target which we mentioned. Overall, keeping the past aside, let's talk about the future, right?

From the terms of deployment of the new capital, you mentioned there's an inorganic growth which you're targeting or planning in the next two quarters. Other than that, what are the immediate steps which we are seeing from a company point that we can see to achieve in at least the Q4, Q1, Q2?

It can be new customer addition, it can be monetization of our regtech products or anything. Just to help us understand where the growth will come from, how much it will contribute, just to answer on those lines.

That would be

Great. I'll take a focused time here.

We're very positive and very confident in how this is turning out. Basically, it has a tremendous cumulative impact on the overall business, whatever we are doing right now.

I'll break it in multiple areas. One, when it comes to TSP, we are expecting multiple accounts in next six months, multiple new accounts.

The funnel is very, very strong. Why this is, because six months back we took the decision about breaking the entire TSP into small, mid, large-sized businesses, or else we couldn't have achieved multiple numbers with the same lens, and that has helped.

We have two focused team: one is purely on large accounts, second one is purely on mid to small accounts. You will start seeing the announcements very soon, and you'll see multiple announcements in Q4.

Before we end the financial year, there will be multiple news coming up. You should look up to that.

Secondly, the business model which was majorly license-based, there are few organizations which purely focuses on license approach, the second one is where they focus on the subscription approach. It is very difficult to marry both.

We took almost a year after whatever happened last Q3. We took a year, but we were able to break it into two.

Today, we have a light-cost weight hosted solution on which all of our products are live, and we have started adding new customers to it. We will start getting subscription-based revenue coming through the hosted model as well.

Now this will start coming in Q4 itself. We don't have to wait for next six months.

The execution is already aligned, and we see these getting declared very soon. As and when the news will come in, you can start counting the accounts as well.

In fact, I think last I don't know if it was submitted in NSE, we added three to four accounts already.

I think there was a mention in the achievements.

Yeah. Second is our payment platform business.

While we see that whatever we launched for payment aggregators, we are now moving beyond payment aggregators as well. We are going to the merchant segment.

We have redesigned the product there. Very soon, we'll announce a big deal there.

Secondly, PPI, which is again on the issuing side, there's a 10x growth in per-transaction revenue when we do that. There also we not only launched the solution, we also got the first account.

That also will happen in Q4, Q1 itself. Then when it comes to lending platform-as-a-service, we are in a very early stage discussion with some of the banks to launch this particular platform over the QR-based solution which we have built for last two years.

That is another upward journey that we see coming in next six months. That's on the payment platform, tremendous line of revenue coming here.

Third, when it comes to regtech, initially regtech was core to payment platform only. Then when we started presenting this solution as part of payment platform to multiple banks and multiple partners, there was a demand specifically for the regtech solution only.

Then there were certain RFPs which has recently come, which calls out the exact requirement of what we have built. Now, that brought a lot of confidence in us to pull this out, create an enterprise version, and launch a separate revenue stream altogether.

Regtech for sure will contribute a good amount of revenue in coming six months. Whatever I have mentioned in last three, four three, four minutes, these are all new streams of revenue adding to the organization.

Now, I have not taken global, where we are currently engaged with discussions almost around 10 to 11 countries. Now, these are all additional upward trends which we see for the organization.

That's from overall business understanding though where we are right now.

Right. Just to follow up on this, just on the international business where see, the last we spoke, we discussed about grabbing all the low-hanging fruits and getting as much as from the international standpoints, because this is already established in India, and this just needs to be replicated abroad, right?

From that perspective, I'm pretty sure there must be other players as well. I'm just thinking of what could go wrong, because right now we are seeing a lot of green shoots, right?

The last year something came out of nowhere and just ruined the whole game for us, right? Just thinking on the similar lines that what could go wrong in terms of competition, in terms of regulatory approvals, or I don't know from your perspective.

See,

last year last year, we were just growing in a single thread, and that is the reason why everything that I've discussed are four to five different threads, okay? In fact, the the regtech solution was created based on our experience, and today entire industry wants it.

What I would say is that, whatever we have built in a funnel, when we go test in the market, wherever there is a demand, we see people taking it up. That we continue to invest.

Wherever we see there is a challenge or it's way too early, I don't want to name couple of them because it's an industry product, but if with two of them, which did not have much demand, we invested, but then we kept it on hold now. Although we have invested there, but now that is on hold and we are we are we are not investing further.

Such kind of maturity we can see right now in the organization. While we just moved from SME board to main board, the kind of guidance, the kind of people who are now, who are now taking decisions or get getting added in the in the profiles in the organization, that is really helpful.

I believe Sorry

Sure. I'll just rejoin.

Thanks.

Hi, Deepak. I just had two queries.

One was, could you please describe the HSM contract that you have won? Who is the contract for, and what kind of revenues are you expecting from it?

Is it a subscription? Is it a license?

It is license-based revenue with support per annum, annual maintenance contract. This is, I think the PO is already there, this is for NPCI basically.

What will happen is, whenever there is an incremental orders, it will only add to us. It will only add to the revenue.

Secondly, why this was significant is the requirement of HSM across BFSI and our experience in going to the central body, doing this, getting it executed. It gives us strength to get this into multiple banks and multiple regulated entities wherever the requirement is.

That's the significance. One-time license and the annual maintenance contract.

This is the first kind of contract that you have won, right? This is the first time that you That we won.

Okay. We initially did it with someone, but that never worked almost three years back.

This is much stronger and larger.

Okay. Our second thing was, you said that the current split between license and SaaS is like 7 to 3, 70/30, and you said that it would reverse for the next year from from the next year.

How will that happen?

Like I said, there was a contradiction in the question. Whoever asked that question, they thought that license is one time and subscription is recurring.

License also has recurring, because it's not just license. Along with that comes maintenance, manpower, change requests, all of that.

We are into end-to-end solution provisioning. I gave the split contractually how it exists right now.

Because we now have an entry into mid to small-sized banks as well, when you see contractually, the number of banks in those areas are much larger in count versus the banks in large to mid-size category. The demand for subscription-based will be much higher compared to the license-based.

If these are four, five deals a year, the other is 50, 60 deals a year. That's why I said by the time we finish a year, it will be completely the other side.

We'll have more contracts in subscription versus the license.

Okay. One last thing on the prepaid instruments side, are you also going to acquire customers for this, or are you only the technology platform provider?

No, we have no intention to be on the B2C side. We are empowering our system, the issuance system, which is, again, powered by a bank to the ecosystem, which is fintech, ERPs, aggregators, all of them.

What we did in UPI, we want to do the same in PPI, but on the issuing side, right from card issuance to transaction processing capability, that will happen through us. This will not be on This is Sorry to interrupt, Mr.

Sandhwani. This will not be on license model.

This will be purely on transaction model.

Okay. All right.

Thank you, Deepak.

Sure.

Sir, actually all my questions has been answered. Thank you so much.

Thank you.

Hello, sir. Congratulation on a good set of a

number. Thanks, Shriram.

Despite improvement in revenue and business fundamental, the market valuation has not reflected the same yet. What key factor should long-term investor track to gain confidence in future value creation?

I think it's just about bringing back the confidence. What has happened is, I may have a different set of analysis versus the others.

The comparison between H1 to H1 was not something which was comfortable at all from last year to this year. Now that you will see the numbers in Q3, and then the next quarter, and then the next quarter, you'll see a complete upward trend, and that is where all the statistics, all the numbers will fall in place.

I believe that will bring a very, very strong confidence about the consistency. Our focus is how do we bring consistency and how do we bring more and more non-linear opportunity in the organization.

That is the reason why we have spread into global market as well, and multiple products in the same line of business. I believe these are very strong fundamentals for any investor to bring back their confidence in picking up whatever we have built so far.

Sir. Second question is, from management perspective, what are the key business metrics or milestone that the market may be waiting for before fully reflecting the company performance in its valuation?

You keep tracking the kind of orders and the kind of new launches that we are bringing in, because everything will depend on the answer which I gave earlier was whether the organization is launching the product lines, whether the organization is picking up new orders, whether the organization is able to go global. These are all set of questions.

If you are able to see that regularly, I think you will get your trend defense.

Sir. Thank you.

Thanks.

only one query. How do you see Evok for business evolving over next few quarters, and what type of partnership do we have with this Infinity Infoway Limited?

I just want to know how it can contribute in our top line over the coming quarters.

One of the ERP partner is Infinity Infoway. Just to give you an idea, all the education institutes wherever they have the presence, we will be able to provide them a very strong prepaid story, wherein all the expenses around the prepaid for these cash spend in these institutes will happen through our system.

That's the overall collaboration. With this, we see a lot of growth around this segment plus the new verticals which they will launch.

As this multiplies, then with the growth of the ERP, we also see our growth. Then multiplying this in the other areas, multiplying this with other partners as well.

That is the overall growth strategy here. I think when it comes to revenue, because this is issuance, I don't think this will be anything less than 8x to 9x versus what we have been generating in UPI.

That's a very big revenue jump per ticket.

I just want to know the timeline in which we foresee that it turns out to be

giving

good numbers. Q1.

Q1. We'll target Q4, but we see that in Q1.

Okay. Thank you.

Yes, sir. Good evening, Deepak, and good set of numbers.

I just got logged out, I don't know whether that question has been asked or not. As I see now, the company is diversifying and entering into new areas like global is, I think, going to be a big sector for you going forward.

Plus, your regtech and the number of banks which we have added now in the current year from what it was last year. The revenue stream seems to be on a upward trajectory definitely.

As you said, I think I just got logged out at some gentleman asking you on the revenue guidance, which you said should be the same trajectory as it was for my last year. If I go on the last year numbers from 128 to 173, I think it was your top line, which was 35% odd revenue jump.

Is the same revenue jump which we see in the current year from the existing numbers, that is my question to you right now. Can we expect a 35% revenue jump from the last year numbers?

See, when he was actually calculating, he was calculating at the quarter-on-quarter number. The revenue jump will be year-on-year in a similar trend what we have done so far.

It will not be lesser than that. That is what I can say.

Okay. Basically, what we have seen in March '24 to March '25, the same trajectory should follow for the current year also.

If

we are following the same pattern.

Yes. Okay.

Absolutely.

How many banks have we added in this year as compared to what we were last year?

To be honest, we might have added nothing less than 10 banks maybe so far. We are in a very last stage of several deals right now.

By this year-end, we will definitely have much larger numbers.

In this growth factor, which will be your biggest growth contributor to the company now? Which section of your product line will contribute maximum to the company?

I believe in terms of revenue, TSP will continue to add larger revenue share, because that's way too mature, and that's where multiple funnels have been created. When it comes to TPaaS, it will start contributing in a quarter or two.

That will also bring a lot of revenue there. Pay-per-use model around regtech also will start contributing number.

I believe all of these will equally flow in three quarters. Right now, TSP sees lot of business growth, because it not only has license, but also has subscription-based model.

Then, at the same time, TPaaS has multiple revenue sources. That will also add a good revenue growth.

When we compare the number, TSP will be number one, then TPaaS, and then regtech. That's how it will happen.

Hi. Thank you for the opportunity.

Am I audible?

Tell me.

Yeah. Sir, I am a little new to the company, kindly bear with me.

Firstly, I wanted to know if you could provide an update on the UPI volume trends and any comments on the direction there. Second part, you mentioned that we have added around 10 banks in this year.

How they're expected to contribute to the incremental volumes going forward?

See, you already know that we crossed 20 billion transaction barrier per month, and it is only upward, 21 billion and so on. It's not stopping anywhere.

What's important is to see what are the other channels where the interchange is higher and that is getting added in UPI. The number of mandates getting created in UPI, that's a meaty revenue source.

Your credit card get issued and getting added in UPI, that's a meaty source. That's really strong, and recently when the budget came around the '26-'27 budget, and Indian government allocated ₹2,000 crore to incentivize low-value BHIM UPI and RuPay card P2M transactions, that is also, I would say, a revenue source which actually takes away certain load on the cost.

These are areas that gets attached to the overall revenue generation stream in UPI. That's one.

Secondly, when I say 10 banks, I count these across my all products and solutions. There will be a bank which will add revenue in offline, wherein every single offline solution will give me a monthly recurring income.

Then there is a bank which is giving me monthly recurring revenue. Then there is a bank which gives me per-transaction revenue.

All of that taken together ultimately adds to the overall P&L in either of the vertical. We have TSP.

Within TSP, we have license and SaaS. We added account in both of these.

We have regtech deal going on right now. When it comes to soundboxes, that is also where we have got a good deal that we cracked this year.

It will have a recurring as well as license impact.

Understood. My final question is, you mentioned that we have a few products leveraging the AI and that is expected to contribute to the revenue.

Could you please provide some more details on what are we looking to build exactly in that space?

It's a risk intelligence decision platform, which is AI-based. Basis the basis two years of effort in building this particular solution, we have been able to arrive at a predictive fraud analytics.

This particular system will will become a watchlist for any fraud which may happen in future. The accuracy for this particular system is way above 90%.

Tremendous potential, wherein every single institute, every single regulated entity, wherever there is a fraud possibility, they need AI-based monitoring. They need AI-based fraud prediction, basis which they can control the losses.

They can control the overall damage to the reputation. That's why this becomes a very, very critical, application in in banks, aggregators, and and wherever there is financial transaction flow.

That's the use case we're trying to solve.

Thank you.

Thanks. I've come again.

You see, you have mentioned you have a very strong funnel in the next six months, one year. Can I assume you will keep on growing quarter-on-quarter for the next three years, as you are growing the initial years?

Yes. Our aspiration is to grow even more than that.

Like I said, there is all a cumulative impact. Someday, all of these verticals when it gives a very very strong cumulative impact, for sure the trajectory will be much higher than what we were doing last one year or even more than that.

Initial years, correct.

Right. Thanks.

That's all.

Thanks.

Hi, Deepak. Congratulations on the great set of numbers.

I just have one question. Have we added any cooperative banks via Cosmos, like we had added Cosmos some time back.

Is there something happening there?

I have already shared that we added two private sector bank and one small and one cooperative bank.

Okay. Thank you.

I must have joined late, Deepak

Chand Thakur (Chairman & Managing Director): We've shared the presentation, and it is available in public forum.

Okay. Thanks a lot.

Okay.

Thanks.

Yeah. Thank you for the opportunity.

Am I audible?

Yeah.

Yeah. Deepak, how much was the spillover, if you can quantify that?

It was in the range of almost about 10-plus.

Okay. I think are we confident enough for hitting our all-time high quarter or even crossing it in the Q4 itself of this year?

The trend for sure shows the same. We definitely do that, yeah.

Okay. Thanks for the confirmation.

Rest of the questions have already been answered, thank you.

Yeah.

Yes. Thank you, everyone, for joining the conference call of NPST Limited.

If you have any queries, you can write us at [email protected]. Once again, thank you, everyone, for joining the conference call.