Revenue growth masks PAT decline; AI strategy validated but conversion uncertain
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 B
Met EBITDA baseline (20.1%), slightly beat ACV guide ($82.9M vs $82.5M). Organic growth lagged implicit expectations; no numeric revenue or growth guidance to formally miss.
Cautiously Optimistic
next 1–2 quarters
Optimistic
multi-year
Strong revenue growth (+30% YoY) and maintained 20.1% EBITDA margins validate AI strategy and deal-quality improvements. However, reported PAT fell 26.7% YoY (₹55.6 Cr), driven by FX timing rather than operations. Constant-currency growth remains sluggish (~2% vs 3-4% target), and ACV bookings flat QoQ at $82.9M signal near-term conversion risk despite improved pipeline quality.
₹601.7 Cr
Revenue · +30.2% YoY₹55.6 Cr
Reported PAT · −26.7% YoYFlat
Margins · vs guidance: CorroboratedDid the claims hold up?
Record revenue crossing Rs 600 crores with strong EBITDA margins
OVERSTATEDRevenue ₹601.7 Cr (30.2% YoY), EBITDA 20.1% (at prior guidance baseline). Reported PAT ₹55.6 Cr down 26.7% YoY.
Adjusted net profit up 35.4% YoY
METAdjusted net profit ₹62.9 Cr up 35.4%; reported net profit ₹55.6 Cr down 26.7%. Gap due to ₹18 Cr one-time FX hedging gain in Q1.
18% quarter-on-quarter revenue growth without headcount increase
METQ2 revenue ₹601.7 Cr vs Q1 ₹574.8 Cr = 4.7% QoQ in INR, 1.2% in USD. YoY basis shows 18% (vs ₹462 Cr in Q2 FY26).
TTM ACV bookings at $82.9M, continuing strong deal momentum
OVERSTATEDTTM ACV ₹82.9M (vs ₹82.3M in Q1). Bookings essentially flat QoQ, not growing.
Consistent organic growth quarter-over-quarter
MISSQoQ revenue growth 4.7% in INR; constant-currency growth remains in 2-3% range. Management acknowledged target is 3-4%.
Earnings quality
What changed since the last call
Deal quality / pipeline positioning
UpgradeAI-accelerated wins now larger share of bookings; 5 named large deals closed (telecom, fintech, insurance, ad-tech). Average deal size and duration increasing YoY.
Organic growth execution
DowngradeConstant-currency growth remains ~2%, vs prior stated confidence in 3-4% range. Management attributed to macro uncertainty and deal-decision delays but offered no new catalyst timeline.
ACV bookings momentum
NeutralTTM ACV $82.9M vs $82.3M in Q1 (up $0.6M); vs prior call's $82.5M guide (beat by $0.4M). QoQ virtually flat; not the 'handsome increase' seen in Q1.
SG&A investment
UpgradeDeliberate spend increase: SG&A ₹115.3 Cr (Q2) vs ₹91.4 Cr (Q1). Chief Revenue Officer hired, AI/domain experts added to sales. New EXIQO brand and GCC Accelerator recognition (HFS report).
Margin sustainability
Downgrade20.1% adjusted EBITDA dependent on favorable FX. Management guided 18-19% sustainable range, explicitly acknowledging rupee depreciation tailwind. Normalized margin likely 100-200 bps lower.
The Q&A
Analysts pressed hard on organic growth ('muted'), ACV flatness ('almost flattish Q2'), and the real ROI of organizational changes. Management held firm on pipeline quality and AI differentiation but offered no specific conversion timeline or constant-currency growth bridge. Tone was confident but non-committal; no guidance dodged, but every forward-looking claim punted to execution.
SG&A and sales investment — Anmol Garg, DAM Capital Advisors
AnsweredDeliberate increase: CRO hire, more sales bandwidth, AI and domain expert engagement in sales process, new brand identity launch, EXIQO AI studio marketing, conference participation. Will continue investing to reach market with differentiation.
Full-year organic growth outlook — Anmol Garg, DAM Capital Advisors
PartialNo guidance provided. Trailing 12-month bookings are indication of confidence. Lag effect: bookings from last half become revenue this half. Current investments will drive future wins. Market uncertainty present but confidence in momentum.
GCC business revenue and margins — Anmol Garg, DAM Capital Advisors
DodgedNo explicit percentage disclosed. GCC continues as growth vector with wins showing AI impact and innovation. Provides engagement with large clients and establishes AI differentiation.
Deal durations and annuity revenue — Anmol Garg, DAM Capital Advisors
AnsweredRevenue mix shifted positively: more data, AI, cloud work in strategic spend areas, not legacy fills. Increased channel play (PE, hyperscalers). More revenue per employee and margin per employee. Annuity still low (project-based business); agentic business ops emerging as sustainable offering path.
Organic growth vs. organizational changes — Ashis Das, Systematic Group
PartialOrganic growth is consistent QoQ; wins exceed closures. Deal sizes and durations increased. 18% YoY revenue growth without headcount shows quality improvement. AI adoption wave will enable wallet share gains. No concern on acceleration.
Novigo acquisition performance — Ashis Das, Systematic Group
AnsweredACV/growth not influenced by acquisition vs organic split; both play in tandem. Novigo facing geopolitical challenges in Middle East but showing strong deal wins across markets. Continuing to increase traction.
Margin outlook and wage hikes — Ashis Das, Systematic Group
AnsweredWage hike implemented in Q2 (biannual cycle). Margin improvement from: (1) revenue mix (18% YoY growth, no headcount increase = revenue per employee up); (2) forex (cannot be taken for granted). Guided to stay at 18-19% adjusted EBITDA sustainable, reinvesting above that in AI and marketing.
ACV and macro decision-making delays — Sandeep Shah, Equirus Securities
PartialNeither decisively; standard factor is delay in decision cycles. TTM wins show continued strength. Q2 last year had large deals; this year also had large deals filling that gap. Deal sizes promising; optimistic on deal-win and growth scenario.
ACV outlook for H2 — Sandeep Shah, Equirus Securities
DodgedMillion-dollar question. Quality of pipeline better, average deal sizes better, customer work better. Focused on turning pipeline into revenue. Positioning and market recognition improving; conversion pending.
Data, AI, Cloud as % of revenue — Sandeep Shah, Equirus Securities
AnsweredDon't share explicit percentage but significant and growing. As an organization, revenue numbers have crossed 50% and continues to go up. Happy and focused on it.
Lumpiness and seasonality in Data/AI/Cloud — Sandeep Shah, Equirus Securities
AnsweredWon't say seasonality; still project-based, discretionary spend. Not maintain/sustain, but transformation/innovation-led. Project life cycles present but driven by transformation waves, not seasonal effects.
Productivity gains and velocity — Sonal Minas, Prescient Capital
AnsweredNo significant headcount increase YoY. Revenue increase without cost increase shows productivity gains from AI/AI-led delivery. EXIQO AI Studio delivers 2x productivity and 55% turnaround time gains. Optima AI platform reflects these gains.
Full-year productivity velocity translation — Sonal Minas, Prescient Capital
PartialSeeing accelerating revenue velocity and margin velocity. Will it reflect this year is difficult; must become significant % of revenue. Near term likely based on market adoption of AI-first delivery and compounding effect on revenue/margin per employee.
Constant-currency growth target — Manish Jain, MNCL
PartialBiggest factor is decision cycles and deal delays. With pipeline buildup, reusable assets, and repeat AI transformation stories, only matter of time. Focus on converting pipeline to revenue.
Wallet share growth in top 50 clients — Manish Jain, MNCL
AnsweredIncreased via dedicated mining efforts by go-to-market leaders. Main themes: AI-led modernization (legacy migration), AI business ops in BFSI (banking/insurance), process understanding in regulated environments. Growing wallet share significantly in BFSI.
Novigo contribution and agentic business ops — Deepak Malhotra, CapGrow Capital Advisors
AnsweredNovigo gave boost post-integration. Organic growth engine continued; both entities growing in tandem. Novigo accelerated agentic business ops (enterprise RPA, low-code, no-code → agentic AI operations) in insurance, banking, travel. Inorganic +organic growth thesis; opportunistically looking for accretive acquisitions with differentiated capability, margin accretion.
End-to-end solutions and sales team capacity — Deepak Malhotra, CapGrow Capital Advisors
AnsweredDomain-intensive and tech-intensive. Deepening domain capabilities on solutioning/delivery side; increasing domain and technical expertise in go-to-market teams. No longer enough for pure sales; need technical/domain-led discussions from first contact. Leveraging ecosystem partners for innovation and differentiation.
AI deflation on contract values — Ayush Shah, AlfAccurate Advisors
AnsweredTalk of AI deflation; we talk of AI monetization. Difference: we don't have multi-year renewals where customers expect AI productivity gains (would cause deflation). AI productivity is inbuilt in AI-first delivery; already bid into wins. Project revenue won doesn't have deflationary pressure. Average productivity/revenue productivity up; margins improving due to AI premium pricing.
Guidance
Implied 3-4% constant-currency growth; current run-rate ~2%
MediumManagement stated target but no quantified FY27 revenue guide. Lag effect: H1 wins→H2 revenue. Pipeline quality improving; conversion remains key.
18-19% adjusted EBITDA sustainable; maintain above not reinvest
HighExplicitly guided. Current 20.1% includes FX tailwind (rupee depreciation). Wage hikes, AI/sales investment will pressure margins.
Risks the call surfaced
Constant-currency growth gap
HighCC growth at ~2% vs 3-4% target. Management attributes to deal-decision delays, macro uncertainty. Pipeline quality improving but conversion timing uncertain. Miss on this would signal strategy execution gap.
Margin sustainability and FX dependency
High20.1% adjusted EBITDA includes material rupee depreciation tailwind. Management explicitly guided sustainable margin to 18-19%, implying 100-200 bps of benefit from FX. Normalized operating performance weaker than reported.
Adjusted vs reported profit divergence
MediumAdjusted net profit ₹62.9 Cr vs reported ₹55.6 Cr (-11.6% gap). Management highlighting adjusted figures; analysts may view this as selective communication. RSU and FX hedging reserve impacts material.
Organic growth trajectory uncertain
MediumWhile management claims consistent organic QoQ growth, constant-currency growth is muted at ~2%. Analyst Ashis Das flagged this as 'very muted' despite organizational changes. Bridging to 3-4% target unclear.
Booking conversion risk (pipeline to revenue lag)
MediumLarge deal wins announced but bookings (ACV) flat QoQ at $82.9M. Management relies on 'lag effect' (H1 wins → H2 revenue) but this hasn't materialized in Q2 bookings. Conversion timing uncertain.
Management
Score 7/10. Transparent on challenges (CC growth gap, margin FX-dependency, decision-cycle delays). Did not dodge Q&A. Selective on highlighting adjusted metrics over reported profits; somewhat promotional on AI strategy but grounded with specific deal names. Mixed. Met ACV guide ($82.9M vs $82.5M). Maintained EBITDA margins (20.1%). But revenue per employee claims need scrutiny (18% growth with no headcount is partially timing/FX-driven). Organic growth remains stuck at ~2%.
1 · Q3 FY27 (Jul-Sep 2026)
Pipeline conversion: H1 bookings ($82.9M TTM) should drive H2 revenue growth
2 · H2 FY27 (Oct-Mar 2027)
Large deal wins announced this quarter (telecom, fintech, insurance) revenue ramp; agentic business ops traction
3 · FY27 full year
Proof point: does constant-currency growth achieve 3-4% target, or remain stuck at ~2%?
Constant-currency growth remains sluggish (~2% vs 3-4% target), and ACV bookings flat QoQ at $82.9M signal near-term conversion risk despite improved pipeline quality.
Revenue +30%, profit −27%: the FX one-time that explains the gap
Reported profit fell 26.7% YoY despite revenue surging 30.2%. An ₹18 crore FX hedging gain boosts the headline, but adjusted profit (+35.4%) and the underlying margin picture tell a different story—one of slowing organic growth and FX-dependent margins.
₹601.7 Cr
+30.2% YoY
₹55.6 Cr
−26.7% YoY
₹62.9 Cr
+35.4% YoY
20.1%
FX-dependent; guided 18–19% sustainable
The quarter opens with a paradox: revenue rocketed 30.2% to ₹601.7 crore, yet reported net profit fell 26.7% to ₹55.6 crore. But adjust for one-time items—an ₹18 crore FX hedging gain and ₹6.2 crore in RSU expenses—and adjusted PAT emerges at ₹62.9 crore, up 35.4% YoY. The real question: which number matters for a holder?
Where profit and revenue diverged
Revenue benefited from three tailwinds: organic volume growth, the Novigo acquisition, and rupee depreciation (a material currency boost that management explicitly acknowledged). On the profit side, reported PAT lagged because of the ₹18 crore FX hedging reclassification—a one-time item excluded from adjusted profit. Strip the one-time noise, and adjusted profit is +35.4% YoY, a respectable organic performance. But the adjusted figure comes with an asterisk: it excludes RSU expenses and non-recurring items, so its sustainability depends on whether those items recur.
Record revenue crossing Rs 600 crores with strong EBITDA margins
OverstatedRevenue ₹601.7 Cr (+30.2% YoY), EBITDA 20.1%. Reported PAT fell 26.7% YoY; margins are FX-dependent and management guided 18–19% sustainable.
Adjusted net profit up 35.4% YoY
SupportedAdjusted PAT ₹62.9 Cr (+35.4% YoY), excluding RSU ₹6.2 Cr and FX hedging one-time items. Organic profit solid on this basis.
18% quarter-on-quarter revenue growth without headcount increase
SupportedRevenue ₹601.7 Cr vs. ₹574.8 Cr in prior quarter = 4.7% QoQ in INR, 1.2% in USD. 18% is YoY, not QoQ.
TTM ACV bookings at $82.9M, continuing strong deal momentum
OverstatedTTM ACV $82.9M, essentially flat QoQ (up $0.6M). Bookings not accelerating despite 5 named large deal wins.
Consistent organic growth quarter-over-quarter
ContradictedQoQ revenue growth 4.7% in INR; constant-currency growth ~2%, half the 3–4% target. Analyst Ashis Das flagged as 'very muted.'
What changed on this call
Deal quality upgraded. Management named 5 large wins (telecom, fintech, insurance, financial services, ad-tech) and highlighted improving average deal size and contract duration. The AI-first narrative is gaining traction, and the HFS Horizon 2 GCC Accelerator recognition validates the differentiation strategy.
Organic growth execution downgraded. Despite optimistic messaging, constant-currency growth remains stuck at ~2%, less than half the 3–4% target. Management attributed delays to macro uncertainty and client decision-cycle lengthening but offered no catalyst timeline to bridge the gap.
ACV momentum flat. TTM bookings at $82.9M vs. $82.3M in Q1 FY-2027 (up $0.6M, essentially flat QoQ). Management relies on a 'lag effect'—H1 wins converting to H2 revenue—but the Q2 bookings don't yet show acceleration. Conversion timing and rate uncertain.
SG&A investment sharply increased. Deliberate spend-up: CRO hired, AI and domain experts added to sales, EXIQO AI studio brand launch. Management is betting on organizational muscle to drive pipeline conversion, but the ROI is execution-dependent.
Margin sustainability framed as FX-dependent. Management explicitly guided 18–19% adjusted EBITDA as the sustainable range, acknowledging that rupee depreciation is 'beyond our control' and a material contributor to the 20.1% reported margin. When FX winds reverse, margins will face 100–200 bps of headwind.
Earnings quality: three red flags
Revenue +30.2% YoY; strong volume growth and deal wins
Adjusted PAT +35.4% YoY; organic profit growing
Deal quality improving; 5 named large wins; average deal size and duration up
EBITDA margins stable at 20.1%; EXIQO AI studio delivering 2x productivity gains
Reported PAT fell 26.7% YoY; heavily dependent on ₹18 Cr one-time FX gain
Constant-currency organic growth stuck at ~2%, half the 3–4% target
ACV bookings flat QoQ at $82.9M; no acceleration despite large deal wins
Margins are FX-dependent; normalized margin likely 100–200 bps lower
Adjusted profit narrative relies on RSU exclusion and FX reclassification; earnings quality concerns
Risks, ranked by what should concern a holder
Constant-currency organic growth gap (2% vs. 3–4% target)
HighThis is the core of the investment thesis. If CC growth stays at ~2% despite improved deal quality and organizational changes, the strategy execution is at risk. Management offered no catalyst timeline. Bridging this gap is non-negotiable.
Margin sustainability and FX dependency
High20.1% EBITDA includes material rupee depreciation tailwind. Management explicitly guided 18–19% sustainable, implying 100–200 bps of FX benefit. When rupee stabilizes or appreciates, margins will compress. Wage hikes and SG&A investment will add pressure.
Adjusted vs. reported profit divergence
MediumAdjusted PAT is the headline (+35.4%), but reported PAT fell 26.7%. The gap comes from FX hedging and RSU adjustments. Street may penalize selective metric highlighting or view adjusted figures as non-sustainable.
Organic growth acceleration unproven
MediumDespite organizational changes (CRO hire, AI experts, EXIQO launch), CC growth remains stuck at ~2%. No proof point that the investments will translate to revenue acceleration.
Booking-to-revenue conversion lag
Medium5 named large deal wins announced, but ACV bookings flat QoQ at $82.9M. Management relies on 'lag effect' (H1 wins → H2 revenue), but this hasn't shown in the booking numbers yet. Conversion timing uncertain.
How the street is positioned
Post-result price action speaks skepticism. The stock fell 4.6% on day 1 (delivery 48.9%), faded to −7.96% by day 3, and widened to −9.44% by day 5. The initial pop didn't hold, suggesting the market found the adjusted-profit narrative and organic-growth weakness unconvincing. This is a contrarian signal: the market is repricing on execution risk, not valuation.
Deep drawdown from ATH; below all key averages. At ₹241.8, the stock is 44.5% below its all-time high of ₹435.9 and trading below its 20-day (₹252.41), 50-day (₹248.63), and 200-day (₹316.38) moving averages. The RSI of 41.2 is neutral, neither oversold nor overbought. The positioning suggests the market has already repriced for execution risk, and further downside may be limited if the company can prove CC growth acceleration in H2.
Institutional flows turning cautious. FII holdings are stable but near multi-quarter lows at 3.82% (up just 6 bps QoQ). DII holdings fell 207 bps QoQ to 6.53%, indicating domestic institutional trimming. This is not a vote of confidence; it suggests institutions are waiting for proof of execution before re-engaging.
Bulk/block trading quiet. No insider-linked selling near the highs, but volume trend is decreasing overall. The lack of significant bulk activity suggests limited conviction on either side of the trade—holders are neutral, and new buyers are cautious.
What to watch next
1 · Constant-currency growth acceleration
Can management bridge from ~2% to the 3–4% target in H2? This is the linchpin. If CC growth stays at 2%, the AI narrative and deal-quality improvements don't offset the execution miss. Watch for Q3 constant-currency revenue growth rate and management commentary on decision-cycle timing.
2 · ACV bookings and large-deal conversion
Five named deals (telecom, fintech, insurance, financial services, ad-tech) should materialize as bookings and revenue. If ACV bookings stay flat or decline in Q3 despite these wins, conversion risk escalates. Watch TTM ACV trend and management's confidence in deal-win velocity.
3 · Margin normalization and cost pressure
When FX winds reverse (rupee appreciates), will EBITDA margins hold above the guided 18–19%? Wage hikes and SG&A investment (CRO, AI experts, EXIQO marketing) will add cost pressure. Watch quarterly adjusted EBITDA % trend and management's confidence in the sustainable 18–19% range as a floor.
R Systems is executing a sound strategy on AI-first transformation and legacy modernization. Revenue growth is real, deal quality is improving, and market recognition (HFS award) is validating the differentiation. But this quarter shows a company where strategy and positioning are intact while execution on near-term organic growth falls short. Adjusted profit is a useful lens for understanding operational performance, but reported profit weakness and FX-dependent margins raise earnings-quality concerns that the market is rightly penalizing.
The stock's 44.5% drawdown from ATH and down 9.4% post-result suggest institutional skepticism on execution. The day-5 decline, rather than a sustained pop, is the market's own verdict: revenue growth doesn't substitute for constant-currency growth acceleration and earnings durability.
For a holder, this quarter is a test of patience: steady strategy execution, mixed near-term results. The number to track from here is constant-currency organic growth. If R Systems bridges from ~2% to 3–4% in H2, the bull case gains traction and re-rating is likely. If it doesn't, the AI pivot remains a quality long-term thesis on weaker near-term execution, and the stock faces further pressure until organic growth inflects. The verdict: Hold, pending proof of acceleration.
R Systems Q1 FY27: revenue +30% YoY, consolidated PAT -27% on high base, +31% adjusted
PAT -26.74% YoY · revenue +30.23% · margins flat
₹601.7 Cr
+30.23% YoY
₹55.57 Cr
-26.74% YoY
9.21%
-5.7pp YoY
₹4.69
R Systems International's consolidated (primary) results for the quarter ended June 30, 2026 show revenue of ₹601.7 Cr, up 30.2% YoY and 4.7% QoQ, while reported PAT of ₹55.6 Cr fell 26.7% YoY. The YoY profit decline is a comparison-base effect, not a genuine deterioration: the year-ago quarter booked a ₹43.6 Cr one-off gain on the sale of the company's Noida land and building, recorded in other income, with no equivalent item this quarter. Adjusted for that one-off, PAT grew approximately 30.7% YoY — closely tracking revenue growth. H1 CY2026 consolidated revenue of ₹1,176.5 Cr (+30.1% YoY) confirms management's own headline of "30% revenue growth in H1 2026"; H1 PAT of ₹121.0 Cr (+5.7% YoY reported) is similarly held down by the same year-ago one-off.
Q1 FY-2027 vs prior quarters
The margin picture is mixed depending on which line is read. Operating margin, per the company's own Regulation 52 disclosure (PBT + finance costs − other income, over revenue), expanded to 14.73% from 11.77% a year ago and 14.29% last quarter — a genuine improvement at the core-business level. Net profit margin, however, fell to 9.24% from 16.42% YoY and 11.38% QoQ, because the year-ago and prior-quarter periods carried elevated other income (₹47.0 Cr and ₹17.1 Cr respectively, versus just ₹1.4 Cr this quarter) and the effective tax rate rose to 31.0% this quarter from 23.5% a year ago and 27.0% last quarter. Segment-wise, IT services pre-tax segment profit was ₹68.8 Cr (up from ₹44.3 Cr YoY) on segment revenue of ₹543.7 Cr; Knowledge Services contributed ₹25.7 Cr on ₹59.7 Cr revenue.
The stock went into the print at ₹270, up 19.8% over the past month of trading.
For context: revenue is at a 6-quarter high.
What the summary numbers don't show
Consolidated basic EPS ₹4.69 (vs ₹6.41 YoY, ₹5.52 QoQ) — standalone basic EPS ₹3.02.
While no specific quantitative guidance was provided, management expressed high confidence in returning to organic growth from Q2, driven by strong deal momentum with TTM ACV wins of $82.5 million. The company expects to maintain robust EBITDA margins, with the Q1 result of 20.1% setting a strong baseline even after ac
— This quarter: met
No consensus estimate specific to this print could be confirmed via public sources at the time of writing (results were announced late on August 4, with the analyst call scheduled for August 5), so the actual-versus-street read is unknown. Against management's prior guidance — a return to organic growth from Q2 on strong deal momentum (TTM ACV of $82.5 million) and EBITDA margins holding near the Q1 CY2026 baseline of 20.1% — the growth call was clearly met, though the specific EBITDA-margin baseline cannot be independently verified from the disclosed line items alone. Management's press release frames the quarter around its "AI-native strategy" and the EXIQO AI Studio/OptimaAI platform, citing 17.7% YoY US$ revenue growth for the quarter and 20.3% for H1 — both well below the 30%-plus INR-reported growth, a gap that reflects currency translation and the consolidation of Novigo Solutions (added to the group from November 13, 2025) on top of organic gains. Standalone (secondary) results lag the consolidated pace: revenue grew 17.2% YoY to ₹342.5 Cr and PAT fell 47.6% YoY to ₹35.8 Cr, restated for the Velotio/Scaleworx amalgamation; the sharper standalone PAT decline also reflects the absence of a ₹14.1 Cr intercompany dividend that had lifted the prior quarter. Alongside the results, the board cleared a postal ballot to appoint three new independent directors and a non-executive director, and the company was separately recognized as a Horizon 2 GCC Accelerator by HFS Research during the quarter.
W1
Effective tax rate — 31.0% this quarter vs 23.5%/27.0% in the year-ago/prior quarters; a reversion would lift reported PAT growth toward the ~31% adjusted underlying pace.
W2
Deal-momentum conversion — last quarter's $82.5M TTM ACV and AI-led deal wins (EXIQO, OptimaAI) should show up as organic revenue in coming prints.
W3
Organic vs inorganic revenue split as Novigo (consolidated since Nov 2025) and the Velotio/Scaleworx amalgamation anniversary into the comparative base.