Key Financial Performance - Q2FY27

Revenue and Profitability

  • Revenue from Operations: ₹4,053.1 million, representing 15.0% YoY growth (from ₹3,523.4 million in Q2FY26) and 7.7% QoQ growth (from ₹3,764.7 million in Q1FY27)
  • EBITDA: ₹1,065.6 million with margin of 26.3%, showing 12.0% YoY growth (from ₹951.1 million) and 12.9% QoQ growth (from ₹944.1 million)
  • Operating EBITDA: ₹1,006.2 million with margin of 24.8%, showing 7.0% YoY growth (from ₹940.4 million) and 15.2% QoQ growth (from ₹873.1 million)
  • PAT: ₹697.3 million with margin of 17.2%, showing 21.0% YoY growth (from ₹576.4 million) and 15.6% QoQ growth (from ₹603.4 million)
  • PBT: ₹940.0 million, showing 23.7% YoY growth (from ₹760.0 million) and 14.9% QoQ growth (from ₹817.9 million)

Margin Analysis

| Margin Type | Q2FY27 | Q2FY26 | Q1FY27 | YoY Change | QoQ Change |

| Gross Margin | 42.5% | 45.9% | 41.7% | −331 bps | +89 bps |

| EBITDA Margin | 26.3% | 27.0% | 25.1% | −70 bps | +121 bps |

| Operating EBITDA Margin | 24.8% | 26.7% | 23.2% | −187 bps | +163 bps |

| PAT Margin | 17.2% | 16.4% | 16.0% | +85 bps | +118 bps |

Operating EBITDA represents EBITDA less other income. Amounts are in ₹ million. Differences may arise from rounding.

Segment Performance

Payment Solutions

  • Revenue: ₹2,182.6 million, up 21.7% YoY and 38.0% QoQ
  • Growth drivers: Higher volumes of domestic payment cards, growth in metal cards, mass-transit programs, and card exports
  • Won 1 multi-year tender from a PSU Bank in Q2FY27
  • Maintains 31.9% market share for credit and debit cards issuance in India in FY25

Communication & Fulfilment Solutions (CFS)

  • Retained wallet share with top 10 customers
  • Added 1 new enterprise account in Q2FY27
  • Renewed three-year contract with leading PSU life insurer
  • Secured three-year contract with leading public sector bank for fulfilment solution

IoT Solutions

  • Added 6 new enterprise/system integrator customers in Q2FY27
  • Strengthened RFID innovation and expanded capacities
  • SIM card volumes continue building contribution to overall revenue

Cost Structure Analysis

  • Cost of Materials Consumed: ₹2,328.7 million, up 22.1% YoY and 6.0% QoQ
  • Employee Cost: ₹174.1 million, up 5.0% YoY and down 0.7% QoQ
  • Other Expenses: ₹544.2 million, up 6.9% YoY and 4.7% QoQ
  • Depreciation: ₹106.7 million, down 8.2% YoY and 1.0% QoQ
  • Finance Cost: ₹18.8 million, down 74.9% YoY and up 2.2% QoQ
  • Tax: ₹242.4 million, up 31.3% YoY and 12.7% QoQ

Remarks on Financial Performance

  • Material-cost pressure persisted YoY due to elevated USD/INR environment and supply-chain disruptions from West Asia conflict
  • COMC grew slower than revenue sequentially, while higher-margin product mix supported gross-margin recovery
  • Operating expenses remained well controlled, with employee and other expenses growing below revenue
  • Employee cost stability QoQ; YoY increase largely reflected salary revisions implemented from Q3FY26
  • Sharp reduction in finance cost reflects structural benefit of debt repayment and stronger liquidity

Customer Base

  • Total customers: 1,042 (including 144 new) as of September 30, 2026
  • Average customer relationship with 8 of top 10 customers: Over 10 years

Manufacturing Capabilities

  • 25 self-sustaining manufacturing units
  • Pan-India advanced manufacturing capabilities

IPO Funds Utilization Update

(Figures in ₹ million)

| # | Objects | Amount as per offer document | As at beginning of quarter | During quarter | As at end of quarter | Unutilized amount |

| 1 | Capex | 1,979.1 | 618.2 | 231.0 | 849.2 | 1,130.0 |

| 2 | Repayment of Borrowings | 3,000.0 | 3,000.0 | - | 3,000.0 | - |

| 3 | Issue Expenses | 350.6 | 332.1 | 11.6 | 343.7 | 6.9 |

| 4 | General corporate purposes | 670.3 | 348.7 | 262.1 | 611.0 | 59.3 |

| Total | 6,000.0 | 4,299.2 | 504.7 | 4,803.9 | 1,196.1 |

Liquidity Position

  • As of September 30, 2026: Cash and cash equivalents of approximately ₹3,144 million
  • Includes unutilized IPO funds of approximately ₹1,196 million
  • Company remains well capitalized on balance sheet and cash flow front

Management Team

  • Chairman & Managing Director: Pragnyat Pravin Lalwani (33+ years experience)
  • Whole-time Director: Gautam Sampatraj Jain (33+ years experience)
  • Company Secretary and Compliance Officer: Manali Siddharth Shah
  • Senior management team includes experienced professionals across finance, business development, IT, operations, and regional management

Proprietary Technology Platforms

  • izeIoT: Proprietary IoT platform for device connectivity and data analytics
  • RUBIC: Data processing engine for personalized outputs across industries
  • eTaTrak: AI-powered logistics and deliverables management platform
  • IOMS: Integrated Output Management System for high-volume communications