Thank you very much, Neeraj. Thank you for introducing us.

On behalf of the management team, I would like to welcome all our shareholders, investors, and analysts on this call for RNFI Q1 FY27. I would wish to begin by reiterating the key message, which is on the next slide.

Yeah. I would wish to begin by reiterating the key message shared by our directors and CFO.

The message clearly reflects our endeavor to build a diversified, scalable, and sustainable revenue stream that can drive both growth and profitability in the organization. As we all know, ours is a P&L-driven business, and there are certain growth investments which we have started doing from the first quarter onwards.

All these growth investments, expenses sit across various line items. A part of this is sitting in the direct cost, which is impacting our true gross profit, and remaining part of it is sitting in the indirect cost.

With this, I would like to bring in attention, adjusted for these growth and investment, we would have grown our PBT and gross profit differentially, which is pretty a healthy growth. As said, investments made today for future growth naturally take time to translate into revenue and profitability.

We therefore remain confident that the investment we've made in distribution, insurance, and scaling up delinquent loan collection will begin to yield very meaningful results and drive strong growth in the coming quarters. At the same time, our strategic investment in Payworld and our focus in PaySprint is strengthening the broader ecosystem.

PaySprint is really enabling us to build a very strong B2B API and SaaS-led connected banking business, further diversifying our revenue streams. Our overall focus remains on building multiple growth engines, investing ahead of the opportunity, and converting these investments into sustainable and profitable growth over a medium to long term.

This slide really talks about our vision to build a scalable, trusted, and resilient BFSI technology ecosystem that really acts as a force multiplier for partners and enables a digitally enabled ecosystem. By combining technology, distribution, and strategic partnership, we are very confident to make financial services more accessible, secure, and innovative, while delivering sustainable, profitable growth and a long-term value for all our shareholders and stakeholders.

This slide takes us through our performance for Q1 FY27. Wish to reiterate, this slide links with our vision to build a scalable business model aimed at future growth and sustenance.

There's been a strong growth in gross profit of 15% Q1 '27 over Q1 '26. However, the investment made around manpower and technology has impacted PAT and EBITDA margin in the immediate term.

As a group, we are very confident that these investments will start to yield output and growth from the second half of this financial year. I would wish to mention that the Q2 will be a much better quarter than Q1, and the complete management team is very confident of that.

As indicated earlier, all these growth expenses are sitting across multiple line items. A part of this sits in our direct cost, which is impacting our true gross profit, and the remaining part of it is sitting in the indirect cost.

Would like to bring in attention, adjusted for these growth and investment, we would have grown our PBT by almost 4 crores and our gross profit by almost 2.5 crore, which is a pretty healthy growth. I would also wish to mention that both these engines, delinquent and insurance services, are generally slow in the first quarter as per the industry trend.

Despite the slowness, we are able to grow the business. The investments are really focused on building new growth engine, expanding distribution, strengthening technology capabilities, and creating a scalable platform.

This is consistent with our broader vision of investing ahead of the time to build scale rather than optimizing only for near-term profitability. In short, Q1 reflects a business that is scaling its foundation today, investing ahead of the growth, and building capabilities required to deliver sustainable and profitable growth over the long term.

This slide really talks about our business model, where we really work on a model of having a close interplay between the sahayaks we have on ground, our own tech platform, the enterprise, and the product manufacturer who we closely work with on a day-to-day basis. As an organization, our endeavor has always been to ensure a great product and platform experience, which really enables us to sell more products per sahayak and enterprise.

This slide, if you look at, is actually a flywheel which builds a strong engagement ring between us, the sahayak, the customer, and the enterprise, which helps us deliver higher throughput, LTV, and exponential growth. Interesting slide.

We really wish to talk about how the group has started to use AI in every intervention that we think of today and that we want to really do tomorrow. This slide talks about great interplay between AI, data, and tech to drive cost optimization.

We wish to use AI to the fullest: sales automation for better productivity and efficiency, and data for really smart execution on the ground. In our endeavor to build a scalable and resilient business model, we will ensure that there is an intelligent interplay between AI, tech, and data.

One of the larger objectives of this year is to build learning and capability, and the organization is really investing behind it. We're thinking of having a regional set up wherein vernacularly we will be able to train our sahayaks to be able to sell multiple products both on the banking and financial service side in the near future.

As we move ahead, we're really poised to see reduction in operation cost owing to tech automation largely enabled through AI. This slide is an interesting slide, which really talks about product in the red ocean today.

While we may see that there are products on the transactional BC side in the red ocean, and there could be regulatory changes which really bring headwind and immediate turbulence to products in the red ocean, but we are very confident that while this may pose some kind of a threat or some kind of a challenge today, but tomorrow we also see an opportunity of consolidation in the red ocean products. We really wish to invest and be focused around products in the blue ocean, which is, as we said, delinquent loan collection and insurance services.

Futurishe products, the organization wants to stay invested and focused in building capability and getting scale around products like UPI cash withdrawal, prepaid instrument, and foreign remittances. This slide really talks about our diverse product portfolio.

As an organization, we've always been focused ahead of time investing in building a very diverse product portfolio. The endeavor has been such that our dependence on one product should not be in a way that tomorrow if there are any headwinds, we really get constrained in terms of the growth coming quarter-on-quarter.

The product portfolio really talks about high-margin engines, which is insurance and delinquent loan collection, which offer strong margin portfolio, and we've been investing in terms of bringing scale to it. Then there are products which are maybe low margin but high value.

As a bouquet, as a basket, we've been focused across the length and breadth of the spectrum to be able to build resilience around each of these products. One important update on this slide is that we will be very soon getting into mutual fund distribution.

We will largely focus on sahayaks in the first go, and hopefully that product should go live in the fag end of Q2 or early Q1. Product partnership and getting empaneled with enterprises has been a core focus for RNFI services.

We would wish to state that we've recently got into a tie-up with a very large private sector bank for the CRA arrangement. As I said, we will be starting asset distribution by the fag end of Q2 or early Q1.

Maybe in the next investor call, we will get an opportunity to talk more about it. We've recently got an opportunity to get into a strategic partnership with Yatra.com.

Plus, as I said, we're really focusing around building capabilities with our sahayak, our own sales teams on ground, and distributors to be able to sell multiple products across the spectrum of banking and financial services. With this, I would want to hand over to our Executive Director, Deepankar Aggarwal, to take the slides ahead.

Good afternoon, everyone. As mentioned by my colleague Mr.

Sameer Nagpal, that we have made a strategic investment in Q1 for the next year forward coming quarter growth. Here is the major investment we have done in hiring very rich and experienced people in the industry who will take us forward in the next leap what RNFI is planning in terms of distribution growth, product growth, and all diversification growth.

This is the management team we have here, the board. We have an independent board.

We continue to stay guided by our respected independent directors and mentors. We're very sure that under their able guidance, we should be able to build and execute as planned for this financial year.

This slide shows about the sahayak granularity, the presence of sahayaks across pan-India we have. We'd like to inform you here is that The conference is now being recorded.

there's a higher granular revenue base with no sahayak contributing to more than 0.1% of our revenue. The strong network depth provides a platform for cross-sell, deeper engagement, and future products extension.

These are our growth lever for this year. In the phase one, you're going to see a good growth in insurance broking, delinquent loan collections.

UPI cash withdrawal product has recently been added, is now becoming mature why PhonePe coming into the picture. Also our payment orchestration platform, which is highly AI trained and AI driven.

Other than that, the CRA business will also grow by having more clients and enterprises added towards them. In the phase two, we are investing right now to launch mutual fund distribution, foreign exchange following the AD II license.

The remittance business will come into the picture. There are a few guidelines which are there which will help us increase our remittance business, also the SFBC lending.

Now this is about our active sahayak compared to Q1 FY26 to Q1 FY27. You will notice here that the multi-product adoption in our sahayak network is increased over the year, but single product has gone down due to consolidation of network by part-time sahayaks who have either by the regulatory change actually, where L0 has been wiped out and face authentication also has been wiped out.

Here I would like to add that despite the industry being slow during the first quarter by 8%, it did not matter. We were down by only 10% on the basic network acquisition.

The overall growth remains very confident that in the coming quarters we'll be able to scale up because of the consolidation of products happening on the sahayak as well. Hence the first product and the two product concentration has reduced, but in the coming future we will definitely scale these products as well.

The brighter part is that there are three products and the four products has increased over our network, which shows that the sahayaks are very showing the stickiness and working with us in a long-term basis. The slide talk about over the years how we've expanded our enterprises, where we have associated with lots of enterprises.

On the right-hand side, the bar graph shows the product partnership with the enterprises. On the lowest bar we are working.

As you can see, the more the products we want to drive with the enterprises, as per our mantra in the previous calls we have said that more the enterprise, and more the products, and more the sahayak, and more the products. We continue to work towards increasing the number of products with the single enterprise.

Here the ARPU has increased drastically, but this is again because of the count of sahayaks going down. This will regularize or maybe evenize in the coming quarters, and the growth would be again on the upward trend only.

These are the financials. Hope everybody has been able to see our numbers.

The revenue growth has been modest, around 8%, but on the PAT margin and EBITDA we have a slowdown, as explained by my colleague Sameer, that because of the direct cost and indirect cost investments done in manpower has been sitting across all the line items. Hence there has been a dip.

We are very confident that we'll be able to achieve our numbers as we have guided the investors. We'll be able to achieve in the coming future.

Thank you all. We are happy to take the questions now from the investors.

Hello. Good afternoon, sir.

Hopefully I'm audible.

If you can speak a little louder, your voice is Yeah.

Hi. Hopefully this is better, sir?

Yeah. Yeah.

Hi, sir.

Just wanted to know, I think we have guided for around 40%, 50% growth in PAT for the full year. Are we on line for that?

Because I think Q1 was a bit lower, so that would create a higher growth in profits in the coming quarters. From Q2, when you say Q2 will be better, so that growth will start getting reflected in Q2, or how will it go, sir?

Yes, we have already factored the Q1 investments while giving our guidance in the last quarter. We were very much focused that these investments have to come so that we can scale up for the next level.

Hence this Q1 and Q2 also would be having a not that great growth, but definitely the Q1 investment will start dipping from Q2, and from Q3, Q4, you will be seeing a very big leap so that we are able to achieve our numbers. We are fully committed to achieve our guidance numbers, and we are focused on achieving those numbers.

If you see in the opening remarks given by my colleague Sameer, he has already mentioned that the PBT growth, if we had not done this investment, would have been up by 4 crores. More or less we would have achieved our growth of quarter-on-quarter.

Since these investments have been sitting in across the line items, this was the reason we were not able to get this EBITDA and PAT numbers growing. Now we are confident in the coming quarters we'll be able to achieve those numbers.

That's really great to know, sir. Sir, this means that Q3, Q4 will be a substantially higher run rate.

How do we look at FY28 then? Because that level will continue, it will be even significantly pushing our PATs there, right?

So Yes. That

the foundation which we are laying this this year, this financial year, will help us to scale the business in FY28 as well. The the high growth levers already explained by my colleagues are, the insurance and delinquent.

Despite the first quarter being slow in the industry overall industry-wise, we were able to achieve a substantial growth. Just to tell you, insurance last quarter was 24 in terms of revenue, which we have done clocked a revenue of 15 crores in this this quarter itself.

You can see that, the quarter the revenue of quarter-on-quarter has increased drastically for us. Likewise goes for our delinquency as well.

That also has grown substantially for us. In the slow quarters, they are we are able to clock these revenues.

In the peak period like in a Q3, Q4, we'll definitely looking at a higher numbers from these particular variants. As well our orchestration platform PaySprint is performing good.

These three quarters, we expect PaySprint also to perform very fantastic for us.

That's really great to hear, sir. Sir, just wanted to know, I don't know if this relates to your company, but if there is MDR on UPI, does that help us or is that a positive development or negative development for us, sir?

I couldn't get you.

MDR proposed on UPI?

No, no, that doesn't impact us because we are not the direct providers for those services, it doesn't impact. Yes, once our PA/PG license comes in, we might get an leverage over it because this will add as a bouquet of service to us.

The leverage would be there with us.

Okay. That's really great to know, sir.

Thank you. That's it from my side.

Thank you.

Yeah.

Hello, sir. I have few questions.

I'm referring to the consolidated segment report. Okay.

In the forex, if we compare the forex revenue is up around 5%, but our segment-wise profit before tax is down from 27.14 to -17.57. What is the reason for that?

As explained, there was a slowdown and in the industry on the BC segment, which are the high-volume business for us and a low-margin business. That has impacted, and as Sameer has already said that in the near future, we see an opportunity of consolidation happening in the BC segment and in the products.

This will help us to grow these volumes as well as the margin.

Sir, I'm referring to the forex part. Is it linked with

That's what I'm saying. The forex, because of the global economic conditions, the volume was there because of the prices of dollars and everything going high.

That's why the revenue jump is been able to see. In the margin-wise, the margins were not there.

Due to competition. Okay.

Please. My, sir, second question is the direct broking, life and general insurance, the revenue is up by three times, but the profit is up from 113.20 to 163.17, that is 50%.

Are we feeling any pressure in broking side? Because the revenue is up three times, but the profit is up only 50%, if we consider the segment-wise reporting.

Yes, again, as I explained that we are increasing the manpower there because our business is linked there and again on acquiring on the POS side, on the ground insurance POS. We are hired few people on the ground to create the insurance POS segment as well with the agent.

All this expenditure is going there. That's the reason this investments are going to come up fruitful in the coming quarters.

Margin will get higher on the coming quarters.

Are we continuing the current investment in the next quarter also, or it will taper down in Q2?

No, we are investing on the distribution so that we can product these kind of high-margin products and on the ground as well. We are investing in the second quarter as well.

What

we have made the investment in the Q1 will help us to make it up for the margins in the Q2. Again, the fresh investment in Q2 will help us in the Q3 and Q4, and the Q1 will again fall off.

What are the updates on the remittance business of forex?

The platform and integration has been almost on the verge of completion with the bank. We are just waiting not to scale right now because of the economic conditions, not very stable.

Once we see that there is a stability there, we'll start again acquiring the freelancers and other sahayaks who are directly linked to those business, like education consultants or those kind of people who help us to grow that particular business. Our journey towards the digital remittances start increasing there.

As we explained that we have kept in phase two so that we put more manpower on the street to help us to get those sahayaks, and then the business will grow.

Sir. That's it from my side.

Thank you.

Yeah. Thank you.

Thank you, Harshad.

Thank you so much. My first question is: revenue has grown barely in this.

We are seeing from last couple of quarters now, and growth in net profit and margins are also quite volatile. Can you please help with understanding on how to read the numbers and trend?

Thanks, Dhiraj. Answer to your question is that if you have following us from the few quarters, you must be knowing that we've explained how DMT business is gone down, and revenue from other business has made it up.

Similarly, what has happened in this quarter as well that Sprint Open and PPI assisted DMT has gone down, but delinquency and insurance business and made it up in the revenue side. This is the beauty of the diversification we have.

As we already said that no product or segment contributes more than 9% into the bottom line or PBT levels. Whatever investment we have made in the past in insurance, delinquency, forex, CRA and CMS businesses, they are now maturing and replacing the revenue or adding to the top line.

Any product which goes away, in numbers really doesn't reflect, but other products fill in there. I hope that answers your question.

Just to add, Dhiraj, here, the revenue is impacted because of the products like DMT, PPI assisted DMT, and the Sprint Open product of PaySprint. On the profit margin-wise, when you say that we can see a good growth in the PAT margins, it's just purely because of my high-margin businesses, which is delinquency, insurance, now few products which as we showed in the blue oceans, which are going to contribute there.

I see in the coming quarters this will normalize, and since the vertical itself is growing so fast that you'll be able to track on the vertical-by-vertical each product. Like insurance is going very fast for us, delinquency is going very fast for us, PaySprint, all the products are doing very good for us.

All these businesses will be individually able to give you a good insights how the company is shaping on a overall consolidated basis. Hope we have able to answer your query.

Also, if cross-sell is the strategy, why there is a slow growth in ARPU, and what is the sustainable expected growth we should consider for ARPU going forward?

The ARPU is slowed down as because there was headwinds because of the BC business regulatory changes. With the regulatory changes, for one sahayak the product might not be making sense.

The person who is using L1 device, if he has to invest again in L1 device and start working, it doesn't make a very beneficial call at his level. Hence, there is a churn of agents happening.

As we said, this all will be streamlined because the regulator has also given a clearance on all the ambiguities. He has bringing the directions very clear.

Now it would be on the consolidation side, and there would be no much changes expected from the regulator now. We see that this will come up again, and the average which we see is now it should go from 1,200 to 1,500 ARPU.

The ARPU should be increasing. Also,

can you give highlights on deliverables from Payworld acquisition?

Yeah. On the smart payment license, which was on the change of control, we are in the last phase of the queries from the RBI.

We might see the outcome very soon. Once it is there, we will be able to make our products live, which is money product, PPI product.

Those are going to go very very rapidly for us. Right now also we're doing it, but not in large scale.

Hence, the impact is not being seen very visible. On the Payworld side also, the travel network what Payworld has been there for us has been doing very fantastic for us, and we are scaling on the travel network there, which will help us to scale our forex and remittance business as well, which goes hand-in-hand along with the travel network there.

Payworld again is break-even for us right now. Also,

what were the major costs in Q1 which we should consider one-off?

The on-ground employees which we have hired for various services, delinquency or maybe distribution business for adding more sahayaks, or on the insurance side we have added telemarketing setups, those, or insurance POS also, manpower for insurance POS. These are the major expenses which we are invested in Q1, and we continue to invest in Q2 as well.

Apart from that, we are investing in more leadership people in Q2, like Sameer has joined us in July first week, so that is the big change which we are brought here. Under his leadership, we expect that the distribution team would do better cross-selling products, and more revenues would come in along the journey.

Also

the set up, just to add in, building a L&D team structure at a regional level. We understand the core products will continue to face regulatory headwinds, and to really insulate ourselves from these headwinds, we want to be better prepared for future.

We want to really up the ante in terms of training our sahayaks, our teams on ground, our distributors, to be able to upsell and cross-sell multiple products in financial services. The work has started.

As I said earlier, any investment takes time to reap products, but for sure Q2 and Q3 and Q4 would be much, much better than what we see today. Also,

how are we seeing AI in our business in terms of cost, time, lead, and reach?

We are investing a lot in AI, and being a tech company, the product's outcome has become very fast these days using the AI. This is on the development side, and on the operation side also we are using AI to basically scale up the business.

Addition to that, we have mentioned about our payment orchestration platform, which is fully AI developed and also there is absolutely negligible cost in operating for SMEs as well as this is based on total AI input. It's basically a platform wherein it's a kind of wrapper, and whatever needs to be changed is given on the front end to the SME only.

Whatever changes they want to add in request of the service can be done using just a single command or a write-up, you can say, what you do to ChatGPTs and Geminis.

As Deepankar said, we are using AI to the fullest to turn around products in the shortest span of time. In-house, we're building a sales automation tool.

The dream is to make sales organization a paperless organization. The product should be out in a few weeks from now, and maybe in one of the investor calls, we'll talk about it.

That is one place where we are using AI to the fullest. The second place where we want to really use AI to the fullest is around fraud prevention, be able to build FRM tools which really help us predict better.

Third is we wish to use AI in terms of building training modules, different dialects, vernacular, for our sahayaks sitting across the length and breadth of the country.

How are we seeing growth in numbers of sahayaks, because again it has not shown a lucrative growth, and what is the retention or stickiness from them?

It's been a tough quarter for the industry on a whole. Just to let the investors know, face auth got enabled in Q4 of FY26, which was a big respite for sahayaks who never wanted to invest in a biometric device.

Post-introduction, in 45 days there were certain observations from NPCI, and all of a sudden the product went off the shelf, and it was on a standstill. These are actually the challenges that regulated products like AePS continues to face as we move on a day-on-day basis or on a quarter-on-quarter basis.

To be true, the number of sahayaks has not seen a jump, but what has been really heartening for us is the consolidation we've seen in terms of higher number of our sahayaks selling third and fourth product, which really gives us the confidence that while the industry may be facing some regulatory headwinds and turbulence in the immediate term, but in the future the industry is up for consolidation. For players who have invested ahead of time in terms of building capabilities, getting closer to sahayaks, will definitely see a lot of results coming out when this consolidation starts to happen.

Thank you so much. Thank you.

Thank you.

Hello. Am I audible?

Hi. Hi, Harsh.

Yes,

yes. Hi, team.

I just have a couple of questions. One is, like you mentioned, good to see the traction on the insurance bit and the loan recovery.

I just want to understand other profit pools for us which are not growing as fast, like you mentioned, the BC segment and any other division for us not moving fast. Is there anything structurally which has changed over there in the last couple of months, or it is something seasonal?

If you can just help us understand that whatever is moving slowly in terms of business.

In terms of business, it is only the BC business, the payment business, which has gone slowdown, and that the change is apparent because of the certain products which have been discontinued. Earlier till last year, that the direct domestic transfer business, which you were doing, had a headwind, and now the PPI-assisted DMT model was also running for us, which has also slowed down.

This was the major change. Apart from DMT, overall sahayaks, as explained by my colleague, on the AePS front, there was a change which was also impacted due to which the entire industry was down.

We don't see that coming in near future is going to impact us. Apart from that, everything was on track.

The numbers were coming in that way only which we had anticipated, and it might grow.

Just one more point to add, I would wish to know all the investors of the call is that this AePS product has reached a certain level of maturity. The product is mature, and therefore we will continue to see regulatory changes hitting this product every now and then.

A recent change which just happened a couple of weeks ago, a week ago, is that earlier up to 10,000, there wasn't any hurdle point for the customer. Today, if the customer wants to withdraw more than ₹5,000 in one go, there is a OTP which goes on the registered mobile number of the customer linked with Aadhaar.

Which is again created some kind of ripple in this product, and since on the payment side it's a very significant contributing product for us, we really get into these trouble zones every now and then. As I said, over a period of time, all of this will really stabilize and really put a lot of opportunity of consolidation in the market.

We have a product called UPI cash withdrawal, which is a complementary product to AePS withdrawal, which help us to scale the business in a different manner. We will see the headwinds on the AePS, but we'll still see a growth because of the new products coming in.

That is our strategy to keep diversifying on the products so that we don't get hit by any changes brought by the regulators or by the economic conditions of the industry.

Got it. With respect to insurance and loan delinquency, like you mentioned, insurance, we've done 15 crores in this quarter.

Can we expect 100 crore revenue possibility from insurance vertical this year seeing the run-up which you are experiencing currently? That could probably make up for whatever losses happening, and additional growth can also come in from these two segments which are doing well.

Harsh, we are trying our best to achieve this ambitious numbers, but we'll refrain to give guidance on those things. Yes, we are committed to grow this business.

As I said, despite being the slow quarter across the industry in delinquency and insurance, we were able to do good numbers. It's just because we had a good reach in our network as well as in our team.

That all leverages are coming up now. We want to scale these businesses because we are getting those extra push because of the cost efficiency, our network.

We will definitely leverage on these things and scale these businesses.

Got it. Just one last question on insurance.

The business is predominantly life or general? It's mixed.

Right now it's mixed, and gradually we are going to start health as well.

Okay. Thank you so much.

Best of luck. Thank you.

I would like to thank you all and showing all our shareholders for showing the faith in us, and I'll request to keep the same faith with us for the going period. We remain committed towards our goal and vision of what we have mentioned again and again about creating a category and being PAT concentrated.

We ensure that whatever investment we have made in Q1 will definitely going to give results in the coming quarters and the years. Hence, one thing at last, we'd like to add that whoever is associated with us will definitely try to make wealth for them before creating wealth for us.

Thank you all for your time.

Thank you, everyone.

Thank you very much.

Thank you.