100% growth, but ZeroTouch delayed to FY29

Q1: 0% contribution. Pilot orders only. Timeline deferred to 'max 2 years' (FY2028/29).

150 developed. Only 1 deployed in Jaipur (May 16 pilot). Rest in 'deploying process'.

₹6.9 Cr Q1 FY27 vs ₹3.45 Cr Q1 FY26 implied = 100% confirmed.

Reaffirmed in Q&A as target. Not yet proven; only pilots, no revenue data.

Stated as of May 30, 2026, covering 2-year forward visibility.

Prior: 20-22% revenue in first full year (FY2027 implied). Now: 'maximum 2 years' = FY2028/29. Only pilot orders, no commercial wins.

Prior 60-70% FY2027 growth not reaffirmed this call. Q1 achieved 100% YoY; full-year target now unstated (cautious posture).

Expanded to 10+ states (Punjab, Haryana, Odisha, Bihar, Jaipur, Pune, Mumbai, Indore, Bhopal, Gujarat, Rajkot). Employee costs up; flagged as ongoing.

LLM AI launching Q3 FY27, plus two more products in development under undefined 'Vision 29' strategy.

Maximum in two years. This year will have good potential, next financial year greater. Planning timeline into next two years.

150 machines developed. No more under development currently. Improving per accuracy level, in deploying process.

Completely DaaS (Device-as-a-Service). Revenue based on number of question papers printed and delivered at classroom.

55% to 60% EBITDA margin compared to ERP. Unique, patented, needy product with major expectations.

Pilot orders from institutes only. In process of getting confirmed orders. Bidded tenders, in process of conversion.

Education ERP and Manufacturing ERP have major revenue share increasing. Online examination is part of education verticals.

₹10 Cr total including ZeroTouch hardware/software and AI engines. Expect 10-20% more as products develop.

Minimum ₹5-6 Cr order expected FY2027. Currently pilot orders only, tenders bid.

₹75 Cr as of May 30. Includes new orders and ARAM (long-term recurring contracts).

60% education ERP and verticals, 40% manufacturing. Online exam part of education.

Around 25% decline from Q4. Normal seasonal pattern; Q1 always lower across 3-year history.

Combination of AI and mechatronics. AI: question generation, comparison. Built proprietary algorithm on open-source lambda + LLM. No third-party APIs.

Ongoing. Expanded sales/marketing teams across major states. Will continue at same range, increase if more expansion needed.

Last 3 years: 40-48% range, between 42-46%. Adding only high-margin products. Focus always 42-46% range.

Q3 FY27 BETA launch to existing customers. By FY27 end (March 31), revenue generation starts.

Per-user basis and per-query. Initially freemium (free queries, paid tiers for more). Add-on value product. Later, separate packages based on query volume.

Major investment already done. 15-20% add-on to train and go live. Most AI model investment already capitalized.

Q1 achieved 100% YoY growth. Management focused on product launches and order book without quantifying full-year target.

Contingent on tender conversions. Currently pilot-only; no confirmed commercial orders yet.

Deferred from FY2027 (prior guidance). Assumes 150-machine deployment succeeds and 55-60% margins hold.

Last 3 years consistently in range; Q1 at 44.9% OPM. Adding only high-margin products supports discipline.

Reaffirmed in call. DaaS model supports high margins, but not yet proven at scale; volume/adoption risk.

Most LLM capex capitalized. Training and live launch by FY27 end. Ongoing R&D into two additional products.

Hardware + software combined, capitalized as intangible assets. ₹10 Cr on books, expect 10-20% growth.

20-22% revenue target pushed from FY2027 (prior guidance) to FY2028/29. Only 1 pilot deployed of 150 machines. Zero confirmed commercial orders despite 4-month launch window.

ZeroTouch 100% focused on government/competitive exams (high-volume, high-risk). Zero pivot to private sector or individual-layer colleges. Order book likely skewed to government contracts.

LLM AI product launching Q3 FY27 into crowded market (ChatGPT, Copilot, Claude). Freemium + per-query model untested. Ability to retain paying customers and justify premium vs. free tools unclear.

₹10 Cr intangible assets on books (ZeroTouch hardware/software, AI engines). Expect 10-20% increase. At risk if product adoption lags, margins compress, or competitive pressure erodes pricing power.

Employee costs 'substantially' increased Q1 due to sales/marketing team expansion across 10+ states. Management says 'same range' continuing, but magnitude and ROI unclear.