Strong 24% growth, margin pressure from sales ramp

₹806.2 Cr vs ₹649 Cr YoY = 24.2% growth

OPM 15.6% this Q; no prior-year EBITDA cited but growth rate plausible given revenue growth

Management stated this explicitly on call as cumulative deployment

Management stated these numbers; volume growth faster than revenue suggests pricing/mix change

NPM 4.6% this Q; management acknowledges margin pressure but sees temporary cost nature

Q2 outpaced Q1's 20% by 400bps; management now confident on 'at least 21%' FY27 vs opening 21-23.5% band.

Added 675-680 in Q2 (total ~5200); management flagged 9-month productivity period. Prior call assumed more measured hiring.

Gift-card distribution in Singapore reduced in Q2 due to retailer exit; offset by new wins in UAE (1L transactions/day), Philippines, Malaysia.

Reiterated 52-56% range (prior 73-74% H2 target for overall mix was aspirational; now being realistic on DITP vs issuance mix).

Sameer/Amrish: Core use cases driving growth; new players (refund wallets, gaming) added. Cyclical base but core steady. Navratri/Dussehra strong; Diwali uncertain.

Amrish: Market moving to device UPI (automatic reconciliation). We're not separate device/sticker; we deploy soundboxes where lost transactions. Will add 1M+ soundboxes capturing lost UPI revenue.

Amrish: Soundboxes are small (₹500-600 each); mostly flow from employee hiring. 10L soundboxes deployment is sales/people investment, not capex.

Sameer: GFF sponsorship, marketing, sales hiring. Cloud/data costs 8-9% trending stable. Will remain variable but revenue-accretive.

Amrish: Cyclical use cases; brands adjust promotional budgets. Non-CDIT segments also growing. Overall contribution 52-56% range.

Sameer: Needs scale to reach optimum size. Tax rate dropped; effective tax guidance medium to long-term.

Amrish: Payments business is EBITDA-expanding; sales ramp is temporary 'pill'. EBITDA will expand in H2. Not revising; expecting 21%+ FY27 growth.

Amrish: AgenticOrg open-source framework; Grantex guardrails published. Demonstrated agent-to-agent transaction at GFF. Consumer privacy solution in dev; deploying Q4.

Amrish: Not charging both Rs.125/130 and 40bps simultaneously (price-prohibitive). Will choose transaction-based. Will capture volume, not rent revenue.

Amrish: Already in Q2; low contribution margin business. Revenue down but EBITDA immaterial impact.

Q2 delivered 24%; CEO reaffirmed 'at least 21%' vs opening 21-23.5% range. Cautious wording but upper end not negated.

Mix-driven; DITP strong, issuance expanding. Indirect costs acknowledged but described as temporary.

Flow-based revenue (no incremental cost) should expand EBITDA despite employee ramp.

Chip supply resolved; advance payments 80% secured procurement. Soundboxes are P&L, not balance sheet.

Employee hiring (675-680 in Q2, ~5200 total) requires 9-month ramp; sales people only productive after 9 months. Near-term margins pressured even if H2 flow-based revenue grows.

Chip shortage caused Rs.35-40 Cr capex slippage from Q4 to Q1; advance payments rose to 80% (vs 20% prior), locking in higher costs. Soundbox deployment delayed.

NPCI controls UPI MDR and device standardization (soundbox vs sticker). If MDR cut materially or standardization forces low-cost devices, flow-based revenue upside at risk.

Management named specific customers (Tanishq, top 4 Q-commerce, largest biller) but did not disclose concentration %. Singapore retailer exit shows customer loss risk.

22-country footprint growing but profitability delayed; tax rate benefit acknowledged but clarity on per-region ROI missing.