Record growth, margin compression from Digital acquisition

Delivered ₹972.7 Cr, 32.0% YoY growth

Confirmed; compression from Digital acquisition (Atyati at 7.4% margin)

Actual 41.9%; per-app revenue up 10% YoY

Q2 margin 7.4%, deteriorated from prior level

₹403 Cr vs ₹367 Cr = 9.8% ≈ 10%

Atyati diluted consolidated EBITDA margin 28.9% → 25.5%. Digital now 48% of revenue but only 14% of EBITDA at 7.4% margin vs Visa at 42%.

Visa grew 11% YoY (₹510 Cr) vs 32% overall, dragged by 3% YoY volume decline from Middle East geopolitical tensions and seasonality.

₹2,500 Cr deal announced; full ramp Q4 onwards. Structural catalyst but not yet impacting P&L.

ICRA upgraded to AA- long-term, A1+ short-term, reflecting stronger financial position.

We expect 5-6% annual growth from better pricing on new contracts and value-added services.

Visa 60-65% of business, Digital balance. Visa stabilized 38-40% margin. Digital will improve through consolidation.

Geopolitical situation in Middle East. Seasonal pattern: Q1 high, Q2-Q3 moderate, then recover. Happens every year.

Countries we operate with don't offer e-visa model currently. We'll continue to grow with business model flexibility.

Won contracts with Slovakia, Italy, Portugal, Poland, Germany governments. More conversions expected as results announced.

Market valuations influenced by multiple factors. Our focus is company performance.

Matter will be discussed with Board. Board will take decision. This financial year.

Exploring synergies with travel agents. Will assess over 1-2 years whether to expand further.

Multi-year target. Requires sustained growth from new contracts, Aadhaar ramp, Digital expansion.

Tracking ahead at 32% YoY revenue growth through Q2.

Requires Digital margin improvement from 7.4% to 20-30%. Path via consolidation stated; execution risk.

Q2 actual 41.9%; stable and maintained.

Focus on IT, AI, automation to support growth and operational efficiency.

Visa & Consular growth slowed to 11% YoY vs 32% overall. Application volumes down 3% YoY from Middle East geopolitical tensions and seasonal moderation.

Digital EBITDA margin 7.4% in Q2, below prior 8.2%. Path to 20-30% target by FY30 uncertain. Atyati acquisition drove consolidated margin compression from 28.9% to 25.5%.

₹2,500 Cr UIDAI Aadhaar contract announced but full ramp delayed to Q4 FY27 onwards. Large government contract carries execution risk and timing uncertainty.

PAT growth 8.6% YoY lags revenue growth 32% YoY by 2,340 bps. QoQ PAT growth minimal (0.1%), suggesting margin erosion consuming profit growth.

Operations exposed to geopolitical tensions (Middle East, Spain, Slovakia, Vietnam mentioned). Visa policy shifts or e-visa adoption could impact volumes and margins.