Network People Services Technologies Limited (NPST) Q4 2026 Earnings Call Transcript

Good day, and welcome to the Network People Services Technologies Q4FY26 Earnings Conference Call, hosted by Valorium Advisors. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Purwangi Jain from Valoram Advisors. Thank you, and over to you, ma'am.

Thank you. Good morning, everyone. My name is Purwangi Jain from Valoram Advisors. We represent the investor relations for NPSC Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the fourth quarter and full year ended of the financial year 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decision. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now, let me introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Deepak Chant Thakur, Chairman and Managing Director, Mr. Ashish Agarwal, Joint Managing Director, and Ms. Savita Vashish, Executive Director. Without any delay, I request Mr. Deepak Thakur to start with his opening remarks. Thank you and over to you, sir.

Hi, thanks. Thank you so much. Good morning, everyone. Thank you for joining the result call today. It is indeed my pleasure to connect with you guys, share our progress, take your opinion, and better the future prospect that we can take it from here. We have worked tirelessly last year to rebound and rebuild the business model needed for growth in general. And I thank every NPSTN for these efforts. I would call FY26 a year of transformation, de-risking, and rebuilding NPST for a sustainable, scalable, and diversified growth. Like I always tell my people, we have to build one of the finest pay-tech companies coming out of India. And we should take India's digital payment story globally. I must say that we are now moving in that direction. This time, we have clearly outlined our organization charter in our investor presentation. This is to bring in much-needed clarity on the business and how we have built the future roadmap for the next three years. A clear guidance with strategic roadmap would help you understand the fundamental values we are chasing and build an organization for decades to come from now. Now, strategically, we have focused on a few core areas that will reap better future prospects and growth margins. Our first focus was about regulatory de-risking. This is an effort to lower down on our exposure to reduce any business prospect that can get impacted due to regulatory guidance in future. The second focus being revenue model evolution. While UTI has grown tremendously in volume, its revenue model and potential in payments has remained more or less stagnant for the past 5-6 years. This brings down the prospect of incremental opportunity in the same segment, and that's why it was critical to re-look at the segment and build verticals and focus on the international market, where fee-based economics are structurally embedded. Third one was to focus on improvisation of business matrix. Consisting the nature of TSP business and the pace of acquiring business every quarter, we had created a longer credit period in our business. Our target is to improve this business mix that will have major impact on improvisation of payment terms from FI27 onwards. The company is now consciously reducing volumes from concentrated dependencies and low monetization payment flow towards high-margin, SaaS-based, rec-tech, and international opportunity. And the fourth one is about AI being our, you know, central strategy. We have set target for integrated AI across product development and operations. We have targeted to improve efficiency by 30% in support functions, accelerated development by 50%, and enhanced capacity by 1.5x, more from the existing business. Additionally, AI-led products in RecTech will begin contributing revenue from FY27. We already bagged one large order. This will help improve revenue per employee matrix by 300% in the next three years. If we map the organization with industry, we can notice that structurally, digital payments remain extremely strong. And if we add innovation and future-ready products, this will definitely reap better results. Our opportunity is driven from open banking, expansion of UPI globally, and EBDC evolution.

The person you are speaking with has put your call on hold. Please stay on the line.

Hello. Sir, please go ahead.

So, again, while we operate in large and fast-growing market, we see that payment processing market will grow with a 22% CAGR, with about 32% and emerging segments like digital lending and orchestration will grow upwards of 40%. We also want you to be aware and track the growth opportunity we are targeting. You can refer second section from slide 9 to 16, where we We have shared insights into three of our verticals and international growth strategy. Investment into SaaS-based hosted engine will trigger at least 200 plus tenants by FI29 in TSP verticals. We have pivoted into newer opportunities in international market for PPaaS, launched AI-based risk engine, and backed one of the large public sector order. And internationally, we believe we can build an export opportunity from India around the digital payment stack we have built here. If we see FI26, Q4, we have bagged a large rec-tech order, including central payment body internationally. We have added about nine accounts in bank-in-a-box and payment devices. We have got about, you know, two of the PSE orders recently. And we have entered IoT-based payment solution, where we are extending our technology to one of the newest fintech in the market. If you look at the quarterly performance, our revenue has grown by about 2.4x year-on-year to about 68.46 crore. Our EBITDA has increased to 19.26 crore, and net profit has doubled compared to last year to about 12.24 crore. Our FY26 performance, like, you know, we said it's about 209 crore now. I mean, it's over 200 crore, which we were targeting. EBITDA about 65 and net profit about 41 crore. Over the past year, you know, last four years, if we see consolidated, our revenue has grown with about 81% CAGR, EBITDA with about 103%, and profit about 128% in four years' operations. In future, we see about 70% CAGR growth for the next three years, which shifts from low margin to high margin metrics, and increasing contributions from international market, SaaS and subscription model, and AI-driven products. FY26 was a year of transformation and de-risking. We have built a stronger, more resilient business model. Our strategy is clearly focused on international expansion, AI, and high margin growth. We are confident that the steps we have taken will position NPST to deliver sustainable growth and long-term stakeholder value. I thank you so much for your continued support and, you know, the trust on the organization. We really look forward to engaging with you here onwards. Thank you, and I open the forum for the questions.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question comes from the line of Akshay Sanna from AK Investment. Please go ahead.

Hi, sir. Am I audible?

Yeah, Akshay, you are audible.

Okay, so thank you so much. And first of all, congratulations on the great set of numbers, sir. And my first question is, on the case flow side, we have generated the negative case flow from operations in FY26. So what was the reason for that? And how much EBITDA to operating case flow conversion do we expect in FY27 and going forward?

Well, Ashish, would you like to take that up?

Ashish, sir, please go ahead.

Please repeat the question. I think there is some problem.

Akshay, please repeat your question.

Yes, yes, yes. Sir, sir, we have generated the negative cash flow, operating cash flow in the F526. So how much EBITDA to operating cash flow do we expect to generate in F527 and going forward? So what is our credit period and all these things?

Actually, because we have already told this year, performance, we have this year, we have shifted from P1 to TSE.

The second question is on the guidance. Given the guidance of growing 70% CAGR in the next three years, So, how confident are we to achieve these numbers, and also if you can put some light on the EBITDA margins going forward, because we have the lowest EBITDA margin in the quarter four. So, going ahead, what is your take on that?

So, we have, you know, there has been, I mean, that's why it was very critical to share the overall insight of the organization growth. Last year, if we see the overall vertical contributing to the business has been TSP, where the contribution coming from TSP was Nothing less than, you know, almost about 90-odd percent. And this has majorly, you know, impacted the overall journey of the EBITDA that we were earlier giving. However, this year we have focused completely, in fact, last year we have focused completely on building this particular piece, right, from investing into SaaS, going international, reinvesting into the product that can have a market fit for the international market. So, all of that has been taken care of, and that is the reason why you will see impact in Q4. Yeah, coming this year, I think that mix will be much higher. The confidence on 70% CAJ for three years is high because we have a very, very strong funnel. In fact, if you see slide 9 to 16, we have not only given the projected numbers, we have also given our funnel understanding as well. Wherein the SaaS can add almost about 200 plus tenants on our platform. Our international forays, 10 plus countries that we are looking at. And at the same time, in the P-PAS, we are seeing nothing less than, you know, 40 plus accounts adding. So all of that is part of the funnel, which we see is there. And that is the reason why we are extremely confident in giving this number.

Okay. So, sir, on the EBITDA front, when do we expect to achieve 33% to 35% EBITDA by which quarter?

I would suggest that you see this year because there is a tremendous trigger from the SaaS and the international revenue coming in. And if you balance out the entire year, you will see the EBITDA at the same level what you have seen last year, last to last year.

Okay, sir. Okay, fair enough, and all the best. Thank you so much.

The next question comes from the line of Rajkumar Vaidyanathan from RK Investment. Please go ahead.

Yes. Good morning. Can you hear me?

Yeah, yeah, Vishenathan. Tell me.

Yeah, thank you so much for the opportunity. So, the first question is...

I'm sorry to tell you, Rajkumar. Your voice is a little muffled. I would request you to use your phone on the handset mode, in case if you're on hands-free mode.

Yeah, is it better now? Okay, the first question is from your slide 18, where you're giving this revenue, expected revenue, 70% CAGR. Okay, slide 18, yeah. So, can you tell me what is the number, because there's no scale given for FI 27, 28, 29. What are the absolute numbers that we are looking at?

We are in the range of 850 to 900 by the end of FY29. So if you can take a scale from FY26, the number that we have closed right now, 209 crores, and approximately that's where the baseline can be driven for the next three years.

And does CEG have a 70s uniform across three years, is it?

No, no, no. So the thing is, see, last year we have invested fundamentally heavy in realizing where exactly we can have higher margin coming in, how we can add more of a recurring prospect to the organization. And at the same time, how do we de-risk completely from the current domestic non-MDR and non-interchange landscape? So these were the few factors that we have focused completely. Last year, the major impact has been building all of these engines. And this year, when we leverage that, as and when our funnels start clicking, because we already have some of the executions going on, large-scale executions, as and when these start coming in, it will have all the cumulative impact. And that is why we believe that three years, you know, journey will be much better to visualize.

And what is the number you're looking at for FY27?

Around that, 70% should look good. That's what we are targeting.

And, you know, you're going zero from, you know, all these international business that you have given the outlook for 25 to 29. They are moving from zero to whatever, 10 to 15 for TSP and payment platform is 5 to 8. And RegTech also, similar number. So, I just want to know, because if I see your employee cost line item, you know, in your Q4, The employee cost has come down, so where are these investments sitting, you know, is it sitting on some other expense line, or these platforms have been built over a period of time, I should not be looking at this employee cost as a driver.

You should be, because, yeah, we are, I would say, a product company, so there are multiple products that we have developed in last year, so that's about you can see on our chat side also.

Okay, and for this year, 2017, how much of this international business are you giving? Is all sold business or anything unsold is included? We are given a range.

Yeah, so beginning of the year, we already have some funnel which needs execution very soon. And over this and next quarter, we see the executions coming in. And these will give instant cumulative impact over the, you know, top line and the bottom line, both for the Q3 and Q4. We have given this number because there is an execution going on for the international one. Yeah, that's the main thing. And we have the entire year now to add more funnel and close there. Okay.

Now, I just wonder what is the sold personally and what is unsold in this?

The question comes

from the line of Ketan Patil, an individual investor. Please go ahead.

Hi, am I audible? Yeah, okay, thanks, Kiran. Congrats on a good set of numbers. While most of my questions have been answered, just wanted to check, we are talking about 70% CAGR. So, only at 27, are we looking at 340, 350 crores of revenue? Anything around that range. And in the presentation, I see the project expenses going up almost 60%. So, is that because of the new capacities that we are building, Sorry, the new product lines that you are building? Yeah, it has an impact of that.

Actually, let me answer. I think majorly this is a shifting from PFAS to TST. That's a major reason you can say. Any new development will not be part of the P&L.

Okay, got it. And the margins at PAT level, which have come down from 25% to about 20% this year, When do we see that going back to 25%? Or even more than that? I believe that, you know, by this financial year, we should be able to, we are back on it. But definitely, this will be much better when it comes to the next two years that we are projecting. Okay, great. One last question. We kind of took this funding from Tata.

We raised money from Tata Mutual Fund. A good amount of that is still with us.

So, are we not seeing opportunities for inorganic this thing? Any thoughts on that?

Yes. Yes, absolutely. So, inorganic, we had a few of the deals on our table. And when we actually spent a lot of time on it, we realized that, you know, although the deal was good, However, it was taking our focus away from what exactly we wanted to build and would have added, you know, something which we were unaware about. So we decided to dwell more, and there are a couple of deals we have said no right now after the due diligence and, you know, some of the discussions we had over a period of time. Right now, our focus is to see a deal which can instantly give us a global and global exposure, not just exposure, but the execution capability as well. The second one is obviously beyond payments, when we see a lot of effort around, you know, DPDP, the new regulation coming in around, you know, lending and all of that taken together. These are the areas where we want to invest. So, we just don't want to jump onto it, and that is the reason why we are taking some time to have some fundamental investments.

Okay, thank you, and best luck for your future. From the line of Nandan Kumar, an individual investor.

Many congratulations. I mean, I can see that in a short period of time. A clear picture and clear roadmap that what the company is going, we didn't mention it, vertical. So, what is the margins that we get? You have mentioned that in one of the lines has a high margin, and one of the lines has a very high margin. If you can view that, because, you know, this revenue mix will keep on going up.

Nandan, you are not quite audible.

Nandan, I... Am I audible? Yeah, is there any further question, or because I will... Yeah, I just sent it to... Am I audible now, sir? What I could get is, what kind of margins do we have in the national market? That's correct. And what about high and very high? How does that differ, if I'm not wrong?

Yes, yes.

That's my question, sir. Okay, got it, Nandam. Thanks, thanks. So, see, the thing is, we should be proud as Indians that what we have built over the last 15-20 years is a premium now in a global market. And we consider that as commodity here. So this is what I always tell my team. When it comes to digital payments, we are the first world. And when we go out, we have that respect coming in from everywhere. And that is the reason why the margins in this particular segment will be better when you go globally. So when it comes to high margin, we believe anything which is over 50-70% from the existing margin that we are able to get in India, that's high margin for us. So if you are able to get anywhere around 15-20% here, and if you are able to make it to about 30-35% globally, or maybe 40%, anything above that, anything which is more than double or much higher than double, It's actually a very high margin for us. We look at the margin ratio. So, for sure, the products are designed in such a way, if we stay invested locally, in the sense, for that particular country, if we build something and stay there, then for sure, 5 to 10 years.

Rajkumar Vaidyanathan from RK Investment. Please go ahead.

Thanks for the follow-up. Also, just one question on slide 17. You are saying that the PSP revenue will kind of taper down from 1995 currently to, you know, 30 to 40 in 529. So, I just want to know, is it the absolute value of these services will come down or as the size of the TREC increases, the absolute value will increase, but it will increase Yeah, that's understanding.

So we have given business contribution. We have not given absolute. Considering the exposure that we have right now on PSP domestic market only, we believe taking PSP to international market, and then the number in the domestic market will continue to scale, and the opportunity coming from the other segment will be higher. That's why the contribution may go down, but the absolute number will be higher.

And the second question is, you mentioned that the 40% of the new business, international business in the KITI, so is there a risk for the 60%? I mean, what is the confidence level for a 527 numbers to be achieved? Will it be on the lower range of whatever the 10 to 15 and 528 that you mentioned, or it will be...

You're referring to the international numbers. What is the confidence level? I mean, I said, like I said, closure of March 31st. We already had funnel in hand, and we are in execution stage right now. And there are some advanced discussions going on. This is the same win that we are getting, which we anticipate in Q1 and Q2 as well. Confidence level is very high, and that is the reason why we gave this number. Because we have close teams, and we are almost heading towards execution now. And thanks to AI, our journey will be faster now.

Question comes from the line of Sejal Gupta with SP Securities. Please go ahead.

And everyone, congratulations on this.

Sejal, you are not quite audible. Could you be a little louder, please? Thank you.

My Audible is better now? Yeah, congratulations on a good set of numbers and the presentation is excellent. So my only question to you is that you talk of AI. So could you tell us how the journey for NPST will be on the AI from here?

See, we see AI as a two-pronged strategy. One is, how do we internalize AI as practitioners trying to understand how this can impact development cycle, how it can impact my support functions, and whether there is a need, you know, across organization. And patiently, we stayed on it, and this year, now it's an actual target within organization. So, the first role that AI is going to play is obviously the productivity, efficiency, and the faster delivery cycle. Now, that becomes core to actually achieving good numbers this year. Product design. We first, because anything we would have built on payment, even if it is AI, would have been nothing less than a commodity. We have definitely not for sure made an enterprise product that we have been able to build. One of the large public sector bank has already bought it. And we are, you know, close discussion with about multiple public sector and private banks right now. So this we intend to now extend to payments and the other verticals. So what we have been able to do last year with Rectech, this year we intend to monetize from Rectech and fundamentally build pillar on the AIB's payment and banking solution. That's the overall strategy.

So as I understand in Rectech, it is a mandatory for every bank to have that

business, that product. It's a pseudo, I would say it's a pseudo mandate, because the kind of challenges the payment industry is going on, either there are banks coming up with an RFP, or those banks who are not coming up with an RFP, or those banks who have not called out for the request at all, are 8 out of 10 pitch goes into either POC or it goes into, you know, sales pitch. So that's the kind of demand that we are sitting on right now. So, even if there is no mandate, for sure, this is a definite mandate from the internal CRO and CISO of a bank.

Is there a lot of competition in this kind of a product in the market?

Unlimited, because this kind of product takes at least a couple of years to build. AI needs training, your machine learning has to go through, patent studies, there is a lot and a lot of effort it has to go through. So, we have spent three years to arrive here. So I believe that journey has to go through the amount of data. It has to learn through the pattern. It has to learn through domain. It has to learn through being in this practice for at least this long. I mean, we have been in payment for a decade now. So all of this combination has to reserve into the product. So I believe the competition may come, but not now. It will take a couple of years. It has the potential to go international also.

Absolutely. Wonderful. Thank you so much, Deepak, and all the best for the future.

Oh, wonderful presentation again, once I should compliment you guys for that. Thank you. Thank you so much.

Next question comes from the line of Rajiv Segal, an individual investor.

Congratulations for a set of excellent numbers in FY26. We noticed a quarter-and-quarter growth in revenue from operations, And it's very heartening to see a projected growth rate in revenue at Kaggle of 70%, which is 9.50 crores by FY29. I have a question on slide number 17. ...high margin, very high. 5% of your business was margin with virtually min international business in the coming three years. Like your international business, and despite this in FY26, your EBITDA margin was 33%. Now, your international business is slated to go to about 25% in the current financial year, 40% next year. Classifying your international business. Give us at least some indication of what kind of EBITDA margin can we look at. I'm not asking you for a breakup between domestic and international, but at least for the company as a whole, what kind of EBITDA margin can we look at? You achieved 33% in FY26, and now you're moving to high-margin, very high-margin business. So at least give us some indication of what kind of EBITDA margin we can expect in each of these three financial years.

Thanks. Thanks, Rajiv. Well, you know, I think if you look at EBITDA margin, what we are essentially doing is we are slowly, you know, trying to focus on funnels where the margin and the recurring impact can be seen. And you see that is spread across three years. It is not just a quarter or a half yearly impact. It will have its accumulation over a period of time. So I believe that the margin EBITDA will start improving from, you know, from nothing less than a 10% higher. I'm not saying the absolute 10%, but overall, the number that we have in the EBITDA, from there to as high as 40-50%. Now, that's, again, as and when we keep on adding the blocks that is mentioned in slide 17, as and when we start improving the numbers on every block, I think that's where we will be able to, you know, achieve the kind of EBITDA that I've mentioned right now. So the range is very clear. I mean, we have to improve here onwards, and it can start kicking in by about, you know, over the existing EBITDA, the EBITDA margin incremental 10% to about, you know, 40-50% somewhere at the end.

Next question comes from the line of Abhishek, an individual investor.

Congratulations on the great set of numbers this year. As you mentioned, our trade receivable days went up because of the credit period that was increased to de-risk the business, and we are actively pursuing that to come down. So what number actually would we be looking at in the current year, in the current financial year, in the next coming years? I didn't get your question.

Ashish, if you can.

Yeah, yeah, yeah, I know, sir. Actually, I told you that it's a complete shift from precast to TSP. This is the nature of business and TSP. The credit period is quite long. So, year on year, we are now changing our mix from TSP to multiple domains. So, I believe this will decrease gradually over a period of time.

80 days only going forward. Is that correct?

It should be, and it will reduce. As in, when will the total mismatches, this will reduce revenue?

Congratulations on the great numbers.

That business, I think, that has come down greatly to 2026-25, right? So, it was a great contributor in 2025. So, are we going to, you know, get back to those, you know, good revenue from PPAS going forward? That's number one. Forward the guidance that you gave 75% CAGR for the next three years. So, can we see the growth very gradually every quarter-on-quarter, or is it going to be distributed over the one quarter less and the other quarter is very high, something like that? So, first one about P-Pass, I think we have honestly spent more than a year now on this particular vertical reviving it, pushing it forward. Uh, but, uh, honestly, we are not getting the kind of results. Uh, the, the result versus the effort is, is not, uh, you know, uh, not great. Uh, that's the reason why we decided whatever engine we have built, we need to pivot it completely. And, uh, there are two areas that we have now looked at is definitely the merchant orchestration, which is in the domestic And how do we take PEPAS globally? Quite interestingly, even at the start of the year, we have some of the discussions going on at a very, very advanced stage, which we should be closing at least by the end of Q1 or early Q2. Thank you. That brings in the contribution, what you have seen in the slide. I've already given the number. But again, we don't want to overexert in this particular segment unless and until we see results. This can change as and when we see, you know, a lot of upside and a lot of demand and a complete turnaround coming from the international market. Then we will definitely revise this. We'll definitely relook at this number. But the efforts are, across three segments, equal efforts. It may be TSP, it may be PPAs, it may be Rectech. Any deviation, any incremental impact will definitely let you know. Second, I think your question was, I'm so sorry, I forgot the second one.

The question was whether the growth will be gradual or uneven in the quarter.

So, the growth is going to be triggered heavy as and when the executions of large projects are taken care of. In the sense, we have signed a large OPEC seal wherein we will get paid every transaction. As soon as the execution is done, the revenue will get triggered. So there is a possibility that in certain quarter, it may spike and it will start giving the results. However, as and when we go to year two, year three, around all of these triggered revenues coming into, you know, a cumulative impact. And that's exactly how you should be seeing. So, this year, you should be looking at yearly number. Forward, you should start seeing as a stable, in fact, a regular trigger coming in business from 2029.

Comes from the line of Raghad Jain, an individual investor. Please go ahead.

Good morning, and congratulations on your robust performance in Q4. So, like, I just wanted to ask, if the revenue grew 143% YY in Q4, but full-year EBITDA margin declined from 37% to 31%, and the net profit fell 9.7%, so, like, what are the key reasons behind the decline in the profitability despite the strong revenue growth?

Like I said, you know, I think from the beginning we have been talking and I've called out exactly the impact, the change in business vertical contribution in my presentation, and I've clearly presented that. So if you see how the margins play between TSP and PPaaS and RegTech and the contribution from each of these verticals coming in, again, we have to understand the demand from the market. The demand from the market in the domestic TSP will be higher, and you may not fetch a great demand even if there is a very high margin business. It may take time to conceptualize and sell. It may take time to, you know, start getting the recurring number from the very high pockets. So one of the main reasons last year has definitely been, you know, our revenue going down from the high-margin P-PAS business to a low-margin TF2 business. That's where the contribution came up. So, we were able to sustain, we were able to grow our numbers, for sure. However, the segment in which we operated last year, that is where we got an impact around the EBITDA impact. The learning from this segment and what action and efforts we have taken to take it from here to FY27, FY28, FY29, that is what we have given a split in slide number 17. So, that will give a much, much better clarity.

And secondly, the presentation mentions like 300 crore raised from Tata Mutual Funds. So what is the deployment status and how much has been deployed and towards what specifically?

So I think I have already shared this insight. A couple of deals we let go. We did not go ahead because it was a great... When we took advice and when we spoke to some right guys, We got to know that it was actually impacting our focus and our business areas. And that's the reason why we did not go ahead there. Our deployment will happen on the global front, wherein we get the execution and the reach capability, if at all we are able to buy, where we are able to capture the global market, because now that's going to be a major focus. The second is beyond payments because they meant that as an opportunity area. So these are a few things which we are still considering, and these are strong business parameters. There are certain strong business parameters, which will close the deal.

Got it. Got it. Thank you for the opportunity.

Thank you. Thank you. A reminder to all participants, you may press star and want to ask a question. The next question comes from the line of Saurabh Shah, an individual investor. Please go ahead.

Hi, sir. Have you an audible?

Hi, sir.

Yeah, tell me. So, congratulations on the regional social forum.

Thank you. So, I just had two questions related to the company. So, my first question is, if you can elaborate on the international markets you are targeting first for exporting India's digital payments models, and if there are any regulatory hurdles involved in that.

Very clearly, when it comes to international market, we are playing a role of a technology partner. We are playing a role of a TSP. We have built platforms in India, which we are now exporting globally. Now, if you look at this particular aspect, there is no regulatory direct risk on us, because we are building solutions for the global players. Uh, secondly, uh, you know, the opportunity is around digital payments, around the payment platform, uh, which is still evolving in those countries. Uh, in some of the countries, uh, if we compare India is almost about 10 years ahead. So we get an opportunity to build something from scratch. And, uh, and the, in the product we've built about six, seven years back, uh, You know, that becomes like a premium solution there. So, that's about the international model.

You got it, sir. And my second question is, is the international revenue model primary license-based or it's like SaaS subscription-based?

It's a combination. And how does the margin profile for this differ from your domestic PSP business?

It's a combination of both. We see an opportunity in SaaS as well as license model. There were some really good deals last year, wherein, you know, we realized that if we are in global market, and there are certain license-based modules, but the payment terms were not very favorable. And there were some of the opportunities where we felt, you know, this wouldn't be feasible for organizations, you know, payment, the trade receivable that we are talking about. So, we decided to let go such deals. So, such decisions will be taken. License and SaaS, both we see an opportunity. Revenue will come from both. Rectech as a platform is purely a SaaS-based platform. So, that will be purely SaaS. PPaaS, again, is a SaaS-based platform. That will again be purely subscription revenue. TSP is where we'll have the split-off license and SaaS both. When it comes to margin, I think someone asked me this question. I clearly mentioned, you know, anything which is around 50% higher than what we are, the kind of margin that we have in India is something that we will be looking at. It can range anywhere between, you know, almost about 25, 30, 40% higher than what we have here, and it can go as high as 50, 60. So, what would be the reason for the margins being so high internationally compared to India? Majorly because the product that we have built has 2026 India, and the countries that we are looking at is somewhere in 2020-2018. I mean, so because the country is in that phase of policy, process, and technology, local players have not built the solution what we have built. So if they want to take a leap five, six years ahead, they need someone who has built a solution which is five, six years ahead of their time. I hope that makes sense.

Got it, sir. Thank you for the answers, and all the best for your future development.

Thank you. Reminder to all participants, you may press star and want to ask a question. Gentlemen, as there are no further questions, I would now like to hand the conference over to the management for their closing remarks.

For attending this call, we made our best efforts to ensure that you get much larger visibility, clarity. Please remember that we don't intend to build an organization in short run, but an organization which will stay there for years and decades together. That is our effort. It takes time to build such large values, such large brand, and your efforts, I would say your trust and Thank you, sir.

Ladies and gentlemen, on behalf of Network, People, Services, Technologies, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.