Revenue Growth Stalled; Q1 Guidance Miss Masks Margin Pressure
Reported PAT grew 21.7% YoY, but revenue growth halved to 4.4% YoY — missing the mid-teen FY27 guidance. A 37.3% sequential PAT collapse and stock fade by day 5 suggest the market sees through management's 'quality cash generation' framing and into the operational headwinds beneath.
Allsec's Q1 FY-2027 result sits at an uncomfortable tension. Reported PAT of ₹18.1 Cr grew a respectable 21.7% YoY, and the company maintained its full-year guidance for mid-teen revenue growth. On the surface, that reads as 'execution on track.' But dig one layer deeper and the picture inverts. Revenue growth dropped to 4.4% YoY from FY26's 9.6%, a 57% deceleration that runs directly counter to the mid-teen (12–15%) growth target for the full year. Worse, PAT collapsed 37.3% sequentially — a quarter-to-quarter drop that contradicts any 'quality cash generation' narrative. The market noticed: after a day-1 pop of +5.63% and day-3 high of +6.1%, the stock had faded to −0.55% by day 5, signalling that initial enthusiasm died once investors parsed the numbers deeper.
4.4%
vs FY26: 9.6% | vs FY27 mid-teen: 12–15%
₹18.1 Cr, +21.7%
but QoQ −37.3% masks underlying stress
27.5%
stable vs FY26 but pressured by mix shift
Gap widens
No guidance cut, but trajectory contradicts target
Where the squeeze comes from
Revenue deceleration disguises two distinct headwinds. First, organic business deceleration: Tech & Digital (payroll, HRMS, Aeonox) faces saturation and AI commoditization at customer sites — customers have flat or declining headcount despite all the AI adoption. Management acknowledges this ('hiring especially in the IT sector hasn't been that healthy'), but frames it as temporary. Second, BPM rationalization: Allsec is deliberately retiring low-margin domestic accounts to improve international mix and shift toward higher-margin verticals (Collections, Insurance, Healthcare RCM). Strategically sound, but creates a near-term revenue headwind. The company's headcount dropped to 4,980 end-Q1 (down from prior quarter), attributed to both moves. That combination is why revenue growth halved.
The QoQ PAT collapse is the bigger concern. Management frames it as deliberate — low-margin account exits plus AI capex absorption — but offers no quantified bridge. Revenue fell 2.8% QoQ, PAT fell 37.3% QoQ. At face value, that's operating leverage in reverse. Management's answer on the call: headcount reductions are happening 'because of their AI intervention,' and low-margin accounts are being 'retired.' But the magnitude of sequential pain wasn't foreshadowed, raising the question of whether operational challenges (customer concentration, pricing pressure, AI adoption by peers) are masquerading as strategic choice. The interim dividend of ₹30 per share was justified as backed by 'quality cash generation,' but operating cash flow was not disclosed on the call, leaving the claim unverified.
Management's claims vs. what holds up
Mid-teen revenue growth trajectory for FY27
Quality cash generation justifies ₹30 interim dividend
AI interventions driving productivity and margin expansion
International Collections, Insurance, Healthcare RCM as 3-year growth verticals
Buzzily 2.0 and Aeonox platforms unlock SMB market opportunity
Mid-teen revenue growth trajectory for FY27 (12–15%)
ContradictedQ1 shows 4.4% YoY; full-year requires H2 at 8–10%+ to average mid-teens, implausible given Q1 headwinds
Quality cash generation justifies ₹30 interim dividend
OverstatedPAT crashed 37.3% QoQ despite YoY +21.7%; OCF not disclosed in result; dividend coverage unclear
AI interventions driving productivity and margin expansion
PartialOPM 27.5% is solid but QoQ revenue −2.8% + PAT −37.3% shows execution headwinds outpacing AI gains
International Collections, Insurance, Healthcare RCM 3-year growth verticals
SupportedOrder pipeline ₹75 Cr with ~₹50 Cr international booked; pace consistent with guidance but unproven at scale
Buzzily 2.0 and Aeonox platforms unlock SMB market opportunity
PartialBuzzily ~100 clients, Smart HR ~300 clients; early-stage; launches Sep–Oct 2026 but no go-live wins disclosed
What changed on this call
Three material shifts emerged:
1. Revenue growth trajectory reset lower. FY26 delivered 9.6% YoY growth. Q1 FY27 shows 4.4% YoY. At this pace, full-year FY27 will come in at 5–7% growth — a miss on the 12–15% mid-teen target by 5–10 ppts — unless H2 miraculously accelerates. No explicit guidance cut was issued, but the trajectory contradiction is unmissable.
2. PAT crater QoQ despite YoY gains. The YoY comparison of +21.7% masked a −37.3% sequential decline. This was not foreshadowed in prior guidance. Management's attribution (deliberate low-margin exits + AI capex) is plausible but lacks transparency on the quantum and expected recovery timeline. If H2 repeats this sequential pain, dividend sustainability becomes a real question.
3. Product strategy accelerating into the market. Meridian (analytics), Aeonox (8-module SaaS, AI-driven), and Buzzily 2.0 (unified HRMS + Payroll) all launching in Sep–Oct 2026. These represent a shift from 100/300-client early stages to commercial scaling. Partnerships with Workday and TaxSpanner add ecosystem legitimacy. But commercial traction (customer wins, ARR, churn) remains unproven.
How the street is positioned
The stock's post-result price action tells a clear story: initial enthusiasm gave way to skepticism. The result announcement (Fri Jul 24 2026, pre-close ₹819.90) triggered a day-1 pop of +5.63%, which extended to a day-3 high of +6.1%. But by day 5, the stock had faded to −0.55%, erasing the bulk of the pop. This pattern — buy the headline, sell the detail — is the market's own verdict that the earnings quality didn't hold up to scrutiny.
Current valuation and technicals offer no cushion. At ₹813, the stock sits below all key moving averages (SMA20 ₹829.04, SMA50 ₹820.17, SMA200 ₹818.17), signalling negative momentum. It is 15.47% below its all-time high of ₹961.8 and only 19.56% above its 52-week low of ₹680. RSI at 47.8 is neutral, neither oversold nor overbought. Broadly, technicals offer no upside conviction.
Institutional ownership is retreating. FII holdings declined from 1.35% in Q4 FY26 to 1.04% in Q1 FY27 (−31 bps); over the same period, DII crept up from 1.44% to 1.57% (+13 bps). This suggests foreign institutions are trimming exposure, while domestic players are buying dips. Promoter ownership remains locked at 73.39% — no insider buying or selling signal from the top. The FII outflow, paired with weak technicals and the street's day-5 reversal, paints a picture of institutional skepticism that the valuation gap (mid-teen guidance vs 4.4% Q1 growth) will close in H2.
The bull-bear ledger
Long-term strategy (AI, platform pivot, international mix) is structurally sound
International order pipeline (₹50 Cr booked of ₹75 Cr pipe) shows margin-accretive shift underway
Product launches (Aeonox, Meridian, Buzzily 2.0) mark transition from services to platform revenue
Revenue growth halved; mid-teen FY27 guidance now at risk of major miss
QoQ PAT collapse (−37.3%) unexplained; dividend sustainability unproven
Payroll market facing AI commoditization; customer headcount at accounts flat/down
Product-stage platforms (Buzzily 100 clients, Aeonox unproven) early-stage; SMB TAM unquantified
Demerger / strategic capital partner question deflected; no timeline
FII outflow (−31 bps Q4 to Q1); stock below all SMAs; technical setup offers no conviction
Ranked risks for a holder
Full-year FY27 revenue miss (5–7% vs 12–15% guidance)
HighMid-teen guidance is now at material risk. Q1 at 4.4% YoY requires H2 at 8–10%+ to hit the target — implausible given payroll market headwinds and BPM rationalization. A miss of 5–10 ppts erodes credibility and likely triggers re-rating down.
Dividend sustainability if H2 repeats QoQ PAT weakness
HighQ1 interim ₹30/share + FY26 ₹60 = ₹90 potential annualized payout at ~100% of current earnings. If sequential PAT weakness persists and full-year earnings miss, dividend coverage breaks. Promoters have not signalled appetite for share buybacks as alternative.
Product platform traction remains unproven at commercial scale
HighAeonox, Meridian, Buzzily 2.0 all launch Sep–Oct, but no customer wins, go-lives, ARR milestones, or churn data disclosed. Betting on three simultaneous platform launches to drive 3–5x acceleration in H2 is execution-heavy. Failure to scale early extends growth miss into FY28.
Payroll market saturation and AI commoditization
HighPayroll customers have flat/declining organic headcount. All peers (Workday, ADP, Guidepoint, internal HR tech at large corporates) deploying AI copilots. Buzzily 2.0 differentiator vs pure-plays unproven. SMB market opportunity size unknown.
Demerger or strategic capital partner decision delayed
MediumHigh-growth Tech & Digital (13% CAGR) trapped in conglomerate discount. Aeonox and Buzzily 2.0 deserve SaaS multiples (15–20x revenue) but valued as part of mid-market BPO services business. 100% dividend payout blocks internal capex for platform scaling.
International Collections customer concentration unquantified
Medium₹50 Cr of ₹75 Cr order pipe is international Collections. Strong vertical focus, but no customer names, contract terms, or churn history disclosed. Concentration in 3–5 large customers would amplify downside if a customer reduces scope.
FII outflow and negative technicals signal institutional skepticism
MediumFII −31 bps QoQ; stock below all SMAs; 15.47% drawdown from ATH. No institutional conviction on mid-teen guidance recovery. Supply-demand imbalance could extend pressure if guidance is cut or Q2 disappoints.
The debate
What to watch next
1 · Q2 revenue growth (Sep 2026 result)
The most immediate test. YoY and QoQ trends will signal whether Q1's 4.4% is an outlier or the new run-rate. If Q2 comes in above 6% YoY and sequential is positive (recovery from Q1's −2.8%), that's a green light for mid-teen FY27 recovery. Below 5% YoY or negative QoQ would confirm structural growth deceleration.
2 · Product launch go-lives and early customer wins (Oct–Nov 2026)
Aeonox, Meridian, Buzzily 2.0 all live by Oct 2026. Within 4–6 weeks, management should disclose pilot customer wins, early ARR, or new-logo growth. Silence on traction would be a red flag; early 10–20 customer wins and >₹1 Cr ARR would validate the platform thesis.
3 · International Collections and Insurance client ramp (Nov 2026–Feb 2027)
Management claims ₹50 Cr international Collections / Insurance pipeline; 3-year vertical focus. H2 results should show sequential bookings from this pipeline and early revenue contribution. If >₹10 Cr of new international revenue books in H2 FY27, margin bridge becomes credible. If order intake slows or customer concentration tightens, the growth play unravels.
Allsec is at a crossroads. The long-term strategy — pivot to products, AI-driven automation, international mix shift — is sound and addresses real secular trends in BPO and payroll. But Q1 FY-2027 reveals the transition costs are real and near-term growth is stalled. A 4.4% YoY result, paired with a 37.3% sequential PAT collapse and no guidance cut, leaves the market skeptical of management's ability to hit the mid-teen target without stumbling further. The stock's fade from +6.1% to −0.55% by day 5, combined with FII outflow and negative technicals, suggests institutional investors are already repricing the guidance gap.
The honest read: this is not execution on track, but execution under pressure. For holders, the near-term risk is asymmetric to the downside — a guidance cut or weak Q2 triggers re-rating; a strong H2 offsets the miss and validates the long-term thesis. For new entrants, the risk-reward argues for waiting for Q2 data or product traction before committing. The number to track from here is Q2 revenue growth — it will tell you whether Allsec is in a structural slowdown or a cyclical dip. Until then, cautious hold; don't add.
Mid-teen guidance stalled at 4.4% growth; platform bets ahead of results
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade C
Prior mid-teen FY27 revenue guidance now at risk: Q1 at 4.4% YoY is sharp shortfall. No explicit guidance cut, but trajectory contradicts stated target.
Cautiously Optimistic
next 1–2 quarters
Optimistic
multi-year
Q1 revenue growth of 4.4% YoY contradicts management's mid-teen FY27 guidance and undercuts confidence in near-term execution. PAT collapsed 37.3% QoQ despite +21.7% YoY, signalling operational stress; management frames this as deliberate (retiring low-margin BPM accounts, AI capex) but the quarter missed guidance. Long-term strategy (AI platforms, international Collections, Aeonox/Buzzily 2.0 launches) has merit but is unproven at scale.
₹150.3 Cr
Revenue · +4.4% YoY₹18.1 Cr
Reported PAT · +21.7% YoYCompressing
Margins · vs guidance: OverstatedDid the claims hold up?
Mid-teen revenue growth trajectory for FY27
MISSQ1 shows 4.4% YoY; pace misses mid-teen target, reversing FY26's 9.6%
Quality cash generation justifies ₹30 interim dividend
OVERSTATEDPAT crashed 37.3% QoQ despite YoY +21.7%; cash generation claim not corroborated
AI interventions driving productivity and margin expansion
PartialOPM 27.5% is solid but QoQ revenue -2.8% + PAT -37.3% shows execution headwinds
International Collections, Insurance, Healthcare RCM 3-year growth verticals
METOrder pipeline ₹70–75 Cr with ~₹50 Cr international booked; pace consistent but unproven at scale
Buzzily 2.0 and Aeonox platforms unlock SMB market opportunity
PartialBuzzily ~100 clients, Smart HR ~300 clients; early stage; scaling timeline uncertain
Earnings quality
What changed since the last call
Revenue growth trajectory reset lower
DowngradeFY26 at 9.6% YoY; Q1 FY27 at 4.4% YoY. Guidance 'mid-teen' now at risk of miss unless H2 accelerates to 8–10%+ (implausible given BPM headwinds)
PAT crater QoQ despite YoY gains
DowngradeQ1 PAT ₹18.1 Cr down 37.3% QoQ; management attributed to deliberate low-margin exits + AI, but no prior guidance for this magnitude of sequential pain
Product strategy accelerating (Buzzily 2.0, Aeonox, Meridian live)
UpgradeThree major platform launches (Sep–Oct 2026) mark shift from 100/300-client stages to commercial scale; Workday/TaxSpanner partnerships add ecosystem heft
International revenue mix targeting >50% of order pipeline
Neutral₹50 Cr of ₹75 Cr order pipe now international; represents progress toward guidance of margin expansion via higher-mix international services, but still below ≥60% threshold for 1–2% margin lift
Dividend maintained at aggressive levels (₹90/share FY26 + ₹30 interim Q1)
NeutralNo change in policy; full payout continues. Management says 'sufficient resources' but QoQ PAT drop raises questions on sustainability if H2 slows
The Q&A
Analysts pressed hard on (1) BPM growth deceleration and large-deal pipeline (answered: 15% CAGR payroll, 3-industry focus, mid-market sweet spot); (2) Tech & Digital SMB viability (answered: product roadmap + Aeonox positioning); (3) potential Digitide demerger (dodged: 'take under advisement'); (4) strategic capital for HR-tech (dodged: 'explore opportunities'). Management held firm on mid-teen guidance and dividend but offered no explanation for Q1 miss. Tone: confident but evasive on structural challenges.
BPM organic growth miss — Raghuram Sampath
Answered15% CAGR over 4 years. Focus: International Collections, Insurance, Healthcare RCM. Mid-market customers as sweet spot. AI adoption mitigating tech impact; new customer wins from existing clients. Near-shore: organic or M&A, case-by-case.
Tech & Digital acceleration — Dhiraj Sachdev
PartialBuzzily ~100 clients, Smart HR ~300 clients. Strategy: product play (Buzzily 2.0, Aeonox, Meridian), market segmentation, geography. SMB + rest-of-world focus. Aeonox Oct launch.
Digitide demerger evaluation — Dhiraj Sachdev
DodgedNo specific plans. 'Take under advisement.' Strategic partner option: 'explore opportunities if it affects strategy perspective.'
Tech & Digital growth valuation — Rahil Merchant
Partial15% is typical for payroll market; 13% reasonable. Hiring slowdown real; AI factor. But not drastic headcount reduction. New customer acquisition: ₹27 Cr orders booked, long pipeline.
BPO business trajectory — Rahil Merchant
AnsweredThree verticals (International Collections, Insurance, Healthcare) 3–5 year focus. Will add wrapper services / product layer. AI: internal operations + external client facing.
Margin bridge & international mix — Dhiraj Sachdev
PartialPipe ₹70–75 Cr; ₹27 Cr EXM (rest-of-world), ₹50 Cr international already booked. Larger international mix tracking; margin pressure remains but mitigated by AI and new business.
Dividend sustainability — Raghuram Sampath
AnsweredPolicy: optimize shareholder returns via distribution, buyback, or appreciation. 'Sufficient resources' for BAU + growth. Will reassess as initiatives evolve.
Vision FY27 and margin strategy — Gagan Kumar
PartialAI platform key 3–5 year driver. T&D: US entry, India SMB, rest-of-world growth, product play. BPM: 3 verticals + product wrapper. Productivity, AI, international mix.
FY27 guidance sufficiency — Himanshu Trivedi
PartialT&D India market share ~2–2.5%; expect growth via products and SMB focus. (No explicit profit guidance beyond interim dividend ₹30/share and prior FY27 mid-teen guidance.)
Guidance
FY27 mid-teen revenue growth (vs 9.6% FY26)
LowQ1 at 4.4% YoY; full-year mid-teen requires H2 at 8–10%+ to average 12–15%. Current trajectory suggests full-year 5–7%, missing guidance by 5–10 ppts
EBITDA margin +1–2% improvement FY27 via international mix + AI
MediumFY26 EBITDA margin 27.1%. Target: 28–29.1%. Depends on international mix ≥50% of revenue; ₹50 Cr of ₹75 Cr pipe international (67% already booked). Achievable if order flow sustains
Ongoing investment in AI platforms, product capex (Aeonox, Buzzily, Meridian)
MediumNo capex number disclosed. Aeonox + Meridian launches (Sep–Oct) mark acceleration; product roadmap funded from operations. Scale-up of these platforms likely to drive Q2–Q4 capex
Risks the call surfaced
Revenue deceleration miss
HighQ1 FY27 revenue growth 4.4% YoY vs FY26's 9.6% and mid-teen FY27 guidance. Momentum stalled in both BPM (large-deal pipeline softer) and Tech & Digital (payroll hiring slowdown). At current trajectory, full-year misses guidance by 5–10 ppts
QoQ PAT collapse
HighQ1 PAT ₹18.1 Cr down 37.3% QoQ despite +21.7% YoY. Management frames as deliberate (low-margin exits + AI capex) but magnitude suggests operational headwind or one-time charge not fully disclosed. Dividend sustainability at risk if H2 repeats sequential weakness
Payroll market saturation & AI commoditization
HighPayroll business growing 15% CAGR but organic headcount at customers flat/declining due to AI adoption by all peers. Differentiation via Buzzily 2.0 unproven; 100 clients early-stage. Pure-play SAAS competitors (Workday, ADP, Guidepoint) have scale + brand; Alldigi's Buzzily + Aeonox positioning SMB but market receptivity unknown
BPM margin pressure & consolidation risk
MediumBPM (CXM) intentionally retiring low-margin domestic accounts to improve mix; headcount declining (Q1: 4,980). While strategic, near-term revenue deceleration (4.4% YoY) suggests large-deal pipeline softer than prior years. International Collections / Insurance / Healthcare RCM 3-pillar strategy unproven at scale
Product platform execution risk (Aeonox, Buzzily 2.0, Meridian)
MediumThree major product launches (Sep–Oct 2026) positioned as growth accelerators, but Buzzily 1.0 still ~100 clients after years. Aeonox 8-module platform, Meridian analytics unproven commercially. SaaS TAM/TAU estimates not disclosed. SMB market positioning confident but without proof of demand
Dividend sustainability under revenue miss
MediumFY26 dividend ₹60/share + Q1 interim ₹30/share = ₹90 annualized payout (100% of earnings). If full-year FY27 revenue/PAT miss (currently tracking to miss mid-teen, QoQ PAT down 37.3%), dividend sustainability questioned. Policy permits 'reassessment' based on 'business circumstances' but commitment to maintain is implicit
Demerger/strategic capital partner evaluation stalled
MediumShareholders pressed on formal demerger evaluation or strategic partner induction for Tech & Digital / Aeonox platform (which requires significant capex). Management response: 'no specific plans' and 'take under advisement.' Delayed decision locks valuation discount for high-growth EXM platform (payroll SAAS multiples vs FTE-driven parent BPM multiples). Capital constraint from 100% dividend payout reinforces this
Management
Score 6/10. Chairman & CEO articulate strategy and acknowledge margin pressure, but evasive on structural challenges. Buzzily 2.0, Aeonox, Meridian launches announced with confidence; Q1 revenue miss and PAT QoQ collapse not addressed in opening remarks. Q&A answers detailed on product roadmap but thin on customer wins, order intake, or commercial milestones FY26 delivered 9.6% revenue growth, EBITDA up 25%, but PAT flat YoY (after exceptional gain). Q1 FY27: revenue growth halved to 4.4% YoY, PAT down 37.3% QoQ. Track record mixed; strategic initiatives (AI, platforms) launched but early-stage commercialization unproven. Dividend maintained despite weak Q1—signals confidence or opacity
1 · Sep 2026
Meridian analytics platform launch; Aeonox mid-Oct
2 · Oct 2026
Aeonox 8-module SaaS platform live; full product suite available
3 · FY27 H2
International Collections, Insurance new client ramp; Healthcare RCM scaling
Long-term strategy (AI platforms, international Collections, Aeonox/Buzzily 2.0 launches) has merit but is unproven at scale.
Alldigi Tech Q1: margins expand on soft 4% YoY revenue; consol PAT ₹18.1 Cr
PAT +21.7% YoY · revenue +4.4% · margins expanding
₹150.28 Cr
+4.4% YoY
₹18.12 Cr
+21.7% YoY
11.82%
+1.7pp YoY
₹11.89
Consolidated revenue rose 4.4% YoY to ₹150.28 Cr, a soft start against management's mid-teen FY27 revenue-growth guidance and down 2.8% sequentially from Q4's ₹154.67 Cr. Reported consolidated PAT jumped 21.7% YoY to ₹18.12 Cr, but roughly ₹2.64 Cr of that came from a one-off reversal of foreign-tax-credit provisions; stripping it out, underlying PAT grew only ~4% YoY — essentially matching revenue. The genuine positive is operating leverage: operating (EBITDA) margin expanded ~210 bps YoY to ~27.5%, keeping the company on track for its guided 1-2% annual margin improvement even as employee costs stayed roughly flat.
Q1 FY-2027 vs prior quarters
The margin mix reflects the stated strategy — higher-margin Technology & Digital revenue grew 12% YoY to ₹40.6 Cr while the low-margin BPM book was near-flat at ₹109.7 Cr (+1.9%), though BPM's own segment margin slipped to 11.9% from 13.8%. No brokerage consensus is on record for this smallcap and no management press release was extracted, so there is no street bar to measure against; versus management's own guidance the quarter reads as on-track on margins but behind on topline. Alongside results the board declared a ₹30/share interim dividend for FY27 (~₹45.7 Cr, record date July 31). Note the standalone PAT of ₹29.56 Cr (+36% YoY) is not comparable — it carries ₹18.47 Cr of dividend income from the wholly-owned Manila subsidiary that washes out on consolidation, so the consolidated line is the real read.
The stock went into the print at ₹819.9, up 1% over the past month of trading.
What the summary numbers don't show
No exceptional item this quarter vs a ₹3.79 Cr Labour-Codes charge in Q4 FY26
Management guides for an acceleration to mid-teen revenue growth in FY27, an increase from the 9.6% reported in FY26. They project an annual EBITDA margin improvement of 1-2%, driven by a strategic shift towards higher-margin international business and operational efficiencies from new AI-based platforms. The company w
— This quarter: missed
W1
Revenue acceleration: Q1 at +4.4% YoY needs a meaningful H2 pickup from the ~₹150 Cr/quarter run-rate to hit the mid-teen FY27 guide
W2
Margin durability: holding the ~27.5% Q1 operating margin to deliver the guided 1-2% annual improvement / ~25% EBITDA growth
W3
BPM recovery: BPM segment result fell to ₹13.1 Cr (11.9% margin) from ₹14.9 Cr (13.8%) YoY — watch domestic-portfolio rationalization
Clean digital filing, INR Lakhs → ₹Cr (÷100). No exceptional item this quarter (vs ₹3.79 Cr Labour-Codes charge in Q4FY26). Consol tax includes a ~₹2.64 Cr one-off reversal of foreign-tax-credit provisions (AY25-26), flattering reported PAT — adjusted PAT YoY ~+4%. Standalone other income of ₹21.18 Cr includes ₹18.47 Cr dividend from Manila subsidiary (eliminated on consolidation), inflating standalone PAT. All arithmetic ties.