Financial Performance Summary

Revenue: Revenue from operations stood at ₹357 crores, representing 11% year-on-year growth.

Annuity Revenue: Total annuity revenue reached approximately ₹254 crores, growing 14% YoY. SaaS and license subscription revenue grew strongly to approximately ₹60 crores, representing 40% YoY growth.

Profitability: EBITDA adjusted for other income stood at ₹56 crores (15.7% margin). Profit after tax was ₹63 crores (26% YoY growth, 17.6% net margin).

Expenses: Invested 9% of revenues on R&D initiatives and 26% of revenues on sales and marketing activities.

Geographic Performance

EMEA: Largest contributor at approximately ₹114 crores (10% YoY growth)

India: Approximately ₹96 crores

USA: Approximately ₹92 crores (27% YoY growth)

APAC: Approximately ₹56 crores (12% YoY growth)

Key Business Updates

Leadership Changes: Virender Jeet stepping down as CEO, Tarun Nandwani appointed as new CEO effective August 1, 2026. Pramod appointed as Chief Growth Officer to lead growth strategy, product alignment, AI enablement, and global market expansion.

New Customer Wins: Added 10 new logos during the quarter. Key wins include:

  • Core insurance platform transformation in Kuwait: ₹26.7 crores
  • Retail loan origination solution in Philippines: ₹16.2 crores
  • AI-enabled loan origination system for Annapurna Finance (India): ₹15.6 crores
  • Enterprise content management platform for UK enterprise: ₹14.5 crores

Vertical Performance: Banking and financial services contributed approximately ₹225 crores (5% growth). Insurance and healthcare contributed approximately ₹79 crores (58% growth).

Operational Highlights

Headcount: Approximately 4,200 employees, similar to FY26 ending headcount.

AI Product Development: Expanded enterprise agent orchestration capabilities and strengthened AI governance framework. Launched AI products in vertical streams including trade, insurance, healthcare, and government.

Implementation Revenue: Declined due to delayed project starts across markets, particularly in EMEA.

Management Commentary & Outlook

Management emphasized continued resilience in business model, sustained customer engagement, and healthy momentum in annuity-led revenue streams. The company is focused on disciplined execution, stronger customer engagement, annuity-led growth, product innovation, and operational efficiency.

Margin expansion attributed to optimization of AI practices in engineering, with efficiency gains being passed to customers for faster implementations. Management expects to maintain 20%+ EBITDA margin for the full year.

Pipeline described as healthy across all geographies with strong demand for AI-led product offerings. Expecting improved performance in India and EMEA in coming quarters.

Q&A Session Highlights

Margin Sustainability: Management indicated Q1 is typically the lowest margin quarter, expecting 23-25% EBITDA margin for full year.

AI Monetization: AI capabilities baked into platform and vertical products, sold as part of vertical product offerings with established pricing models.

DSO Improvement: Days Sales Outstanding declined from Q4 to Q1 through improved collections and contract terms.

Growth Strategy: Focus remains on customer success and innovation investment in both horizontal and vertical product lines.