Growth beats guidance; sequential decline muted, platforms pending

Delivered ₹94.2 Cr, 21.7% YoY growth, ₹89.49 Cr e-commerce

EBITDA 69.05% of total income; implies FY26 Q1 was ~66%

Consolidated PAT includes ₹0.1 Cr from JV; confirmed profitable

No contradicting data; scrap cited as major revenue driver

Delivered: QoQ revenue -20.7%, PAT -24.6% (material omission)

Closed 110% BG marketing model in Q1; revenue now 100% e-commerce. Cleaner, higher-margin business model. No longer dual-track.

JV showed positive PAT for first time in many quarters. Government EPR norms driving auto scrapping, feedstock inflows rising. Consolidated PAT includes ~₹0.1 Cr share.

Q1 at ₹89.5 Cr e-commerce (highest) but QoQ -20.7% suggests seasonal/mineral-block timing. Scrap 50-55% stable but lumpy on plant closures.

TReDS, EPR, travel portal all mentioned in prior call. No new verticals added; timelines reiterated but still awaiting approvals (RBI on TReDS, govt on EPR).

Bifurcation in EOI is clear; I don't recall exact figures offhand. Refer to EOI for numbers.

Mineral sales sustainable; scrap cyclical. 50-55% from scrap over many years. Combination is sustainable but not necessarily 20-25% every quarter. Average is double-digit, which we target.

Primarily transaction fees. Scaling depends on ecosystem. Government MSME push is positive. First couple years focused on stabilization; traction expected once platform stabilizes.

Very contingent on RBI clearance. Once approved, operationalization starts. Internal target is FY27 within FY27.

Were finishing integrations and security testing; now done and ready to roll. Awaiting govt notification for operationalization. Anytime expected; policy decision, can't predict.

Govt intent is to regulate and market-drive. Once exchange operational, all transactions must route through it. No minimum guarantee but govt will ensure transactions happen through exchange.

Volumes picking up. Realization per vehicle is more important than volume. More traction expected as EPR norms, state govt incentives kick in. Profitable in this quarter.

Trying to keep overheads in control. If volume scales beyond threshold, margins will increase initially, then pressure as new capex/people added. Average margin will stay in range but some variability with scale.

Coal is huge, govt wants multiple platforms. Liquor/property are new verticals just starting. Stickiness based on our process transparency, integrity, robustness. Govt cares more about credibility than L1 competition.

50-55% scrap doesn't mean one seller; 3000+ sellers. Expanding private sector now—Tata, Reliance, Vedanta, ArcelorMittal already using platform for scrap/iron ore. No specific x% cap but focus on broadening.

B2B ready for govt travel; can't speculate on B2B revenue yet. B2C will focus on flights initially then expand to hotels, packages. Balmer Lawrie is benchmark. Charges not finalized; depends on volumes and clientele.

Premature. These are 5-year projections. How many transactions actually come through platform? What will govt enforce? Unknowns. Wait and see.

As far as APR concerned, this going to be only exchange at this point. Yes.

Minerals, coal blocks—substantial. Other platform services, software development, customized solutions. Multiple sectors aggregated.

No segmental breakdown; coal changes per govt policy and Coal India's multiple auctioneers. Varies continuously but always in focus. Credibility to ecosystem more important than revenue to govt.

B2B ready. Partnered with EaseMyTrip as aggregator initially; will build own capability over time. Infrastructure, software, skills in-house already. Not partnering with many going forward.

Once exchanges live, auctions stop. We exploring our own exchange. Multiple platforms expected per govt notification. Experience in sector is advantage. Can't tell market share now; companies not incorporated yet.

Outlook is very positive. Government policies, EPR norms, state incentives all supporting. Can't speculate exactly but trend is positive.

No specific FY27 revenue target quantified. CMD said aiming for double-digit average, acknowledging some quarters will be higher (delivered 21.7% Q1), some lower.

Delivered 69.05% in Q1. Director Finance cautioned that at higher scale, margins may compress due to incremental costs, but 'endeavor' is to keep in range.

Management stated 'decided to remain an asset-light company.' New platforms (TReDS, EPR, travel) developed in-house with existing infra. Incremental capex focused on software/systems, not infrastructure.

TReDS awaiting RBI clearance (no ETA); EPR awaiting govt notification (CMD said 'anytime' but policy-driven); travel portal needs IATA empanelment. Any slip into FY28 defers revenue ramp.

50-55% of e-commerce from scrap (3000 sellers, low concentration helps, but segment cyclical). Mineral blocks allocation varies per govt calendar. Q1 showed -20.7% QoQ revenue despite +21.7% YoY; lumpiness risk.

IEX announced coal exchange; multiple platforms expected per govt notification. Travel portal competes with Balmer Lawrie (incumbent, ~90% govt volume), OTAs. Management acknowledged multiple competitors but cited 'credibility' edge.

All three platforms in development/operationalization. TReDS targeting 'couple of years' stabilization; EPR volume unquantified and government-enforced (not market-organic); travel competing on incumbency. No pilot revenues to validate unit economics.

Delivered result shows ₹94.2 Cr revenue vs Q4 FY26 ~₹118.5 Cr (implied from -20.7% QoQ). PAT fell 24.6% to ₹58.2 Cr. Not mentioned on call; suggests either expected cyclicality or potential seasonal dip. Risk of lower H2 FY27 guidance if trend persists.