Q4 25/26

May 14, 2026

Summary

FY26 standalone revenue reached INR 70.74 crore and EBITDA margin 53.89% as the product portfolio expanded beyond supply-chain finance. FY27 priorities are monetization and execution, with pipeline conversion and PSB Xchange throughput key.

Ladies and gentlemen, good day and welcome to the Veefin Solutions Limited FY 2026 earnings conference call hosted by Valorem Advisors. As a reminder, all participants' lines will be in listen-only mode. There will be an opportunity for you to ask questions at the end of the presentation. If you need assistance during this conference call, please signal an operator by pressing * then 0 on your telephone. Please note this conference is being recorded. We now hand the conference over to Ms. Purvangi Jain, Valorem Advisors. Thank you, and over to you. Thank you. Good evening, everyone, and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations of Veefin Solutions 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 of financial year ending 2026. Before we begin, let me mention a quick 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 risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to the management. Investors are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's earnings conference call is purely to educate and bring awareness about the company's financial business and financial performance for the quarter under review. Now, let me introduce you to the management participating with us in today's earnings call. We have with us Mr. Raja Debnath, Chairperson and MD, Mr. Gautam Vijay Udani, Co-founder, Director, and COO, and Mrs. Payal Maisheri, CFO. Without any delay, I request Mr. Raja to start with his opening remarks. Sir, over to you, sir. Hi, Purvangi. Good evening, everyone, and thank you for joining our FY 2026 earnings call. Before we get into the numbers, I mean, let's just understand the power of how we are thinking about Veefin. As you know, for the last few years, Veefin, all of you know, largely as a supply chain finance company. But that was a starting point, where it continues to be a very, very important part of our business. Over the last couple of years, what we have done is we have deliberately been building Veefin into a much broader B2B tech platform. So, I would say that when you're looking at this year's numbers, please don't look at these numbers just as an SCF company. Look at them as numbers of a company that is building a multiple enterprise-grade fintech tech product company on a common architecture for banks, NBFCs, and financial ecosystems globally. That is the central story of this deck that you have in front of you. The core message which I would want to leave you all with after this is, we are building and we are the single product company that is moving from a single product company to a multi-product B2B tech platform. The products that we are now selling not only include supply chain finance, but we have trade finance, cash management, internet banking, LOS, LMS, collections, risk and fraud management, multiple products. But mind you, these are not random products. These are all products that sit around the same customer, the point end basically, and around the same business problems, which is how financial institutions do their transaction banking, working capital finance, lending, and collections. The larger vision is very simple, that whenever banks should think of banking transformation, specifically in transaction banking and working capital, we want them to think of Veefin. That's the story. We move to our next slide number 2, which is all about giving a snapshot of how FY 2026 happened. There are five things that I would like to highlight here. First, the business has really scaled. That's the good news. We are seeing that the standalone revenue itself has grown to close to INR 71 crores. We have recorded EBITDA, which has grown to INR 38 crores. Again, 122% increase, and PAT of about INR 18.2 crores. What these numbers show is that the core incubated entity has delivered strong growth. The second piece is around the product story. It has expanded materially. We now have a broad suite of products that we have just talked about. We were building products in the last couple of years, but this year is the first year where we actually have the products ready. The third is we have started the process of simplifying the structure that we have seen over the years. History is like GlobeTF is supposed to be amalgamated into Veefin Solutions. The BSE SEBI process is completed, and the matter has moved to NCLT. This is important because the business, it has already been built, and we are operating the business as an integrated product platform, but the legal structure needs to catch up with reality. Fourth pillar is around the PSB Xchange and the robust pipeline that we have, and this is showing great momentum. Our qualified enterprise pipeline on our products that I spoke about is close to $18 million. Alongside- continues to move from the platform build-out phase that we were in to actual operating throughput. Finally, FY 2027, this is the forward-looking thing. FY 2027 is all about execution. It's the boring part of the journey now. The exciting part of building products, I think we have just crossed that hump. FY 2027 is going to be boring, it's going to be about execution, it's going to be about moving our sales discipline become more from relationship selling, going into enterprise selling, our implementation rather than them being heroes on some implementation, being repeatable on the implementation, and then focusing on the actual throughput. The focus on 2027 is going to be about monetization, cross-sell, and converting the pipeline that we have, very strong pipeline. Moving to the next slide, this is important. This is an important slide because we have a lot of numbers, you have standalone, you have standalone numbers, you have consol numbers, and you keep hearing about these multiple products. There are three ways to look at Veefin today. First is the management view. How does the Veefin management look at the Veefin company? Internally, Veefin is focused towards being a product platform. When we say that, it means Veefin Solutions, Estorifi, GlobeTF. Some of you have heard this earlier, but there are always new investors which is coming in, so it's important for them. So Veefin management view is, the platform is Veefin Solutions plus Estorifi plus GlobeTF. From a product perspective, this is the integrated platform. What is the integration? SCF, PSB Xchange, trade finance, cash, internet banking, LOS, LMS, fraud risk, GenAI, collections, all of this. This is the product view, and this is the management view when we look at numbers. The second pillar is the standalone number. This is the statutory reporting that we do for Veefin Solutions Limited. This is our listed entity. This does not include Estorifi, GlobeTF, and any other businesses. Nothing about our We have had acquisitions also, nothing from those also. The third consolidated number, this captures the broader group as per the consolidation rules. The simplest way to understand this is, product story is one integrated platform. The standalone number is the listed entity. The consol number is the wider group. Until the amalgamation is complete, investors will have to keep these three lenses in mind when you're thinking of Veefin. Moving on to the next slide, this is, I spoke about how management views the number and what do those numbers translate into. Now, if you see on the left-hand side, this is the product version telling me this, is what we're saying. Veefin has SCF, Estorifi has PSB Xchange and the fintech platforms and the network platforms. That's where we do all the work around bringing in business from the PSB Xchange and providing tech to the banks who are working with PSB Xchange. GlobeTF has come in the mix, has trade finance, cash management, and other related banking solutions like internet banking, retail internet banking, they're all set under GlobeTF. Now, operationally, these are all connected. Strategically, they're connected. Customer base is similar, therefore the sales motion is same. Product architecture is the same, then we have a common platform across all of these products. The objective is, this is one integrated listed platform. All of you bring them all in. That's what we are working towards. If you look at the management view of this core amalgamation perimeter, these three companies, their revenue for FY 2026 was INR 91.75 crores, with an EBITDA of INR 34.7 crores, which works out to 38.7% EBITDA margin. With an PAT of INR 23.6 crores. That is what these numbers are in management look. If we say last year we were at X, where are we this year? This is what we want to see, as a starting point. This is not a statutory figure for standalone or consol numbers, but useful because this shows what is the core product perimeter looks like once the structure is in place. From April 1, now this is all you can see, our numbers from April 1 this year, when we look at numbers, these are the numbers that we will be focusing on. If we move to the next slide, this question we get a lot, even from our old investors, why is it that supply chain finance gives Veefin the right to win in B2B technology? What is this great thing here? This is one of the most important slides in the deck. The question you may ask is, why should a company that started with supply chain finance be able to sell trade finance, cash, internet banking, risk products, where so many others have not been successful? The answer to that is that supply chain finance is not an isolated product. It is a banking product. It sits inside the bank's transaction banking and working capital ecosystem. This is the first part, just within that. It connects the anchor, suppliers, dealers, payments, collections, limits, risk, core bank system, all of which is connected in supply chain financing. When we implement supply chain finance for a bank, we are just not a shallow technology relationship. What we are, we are sitting in the actual banking operations. We are that deep. We understand workflows, approvals, accounting, risk, repayment, corporate behavior. This is what gives us the right to have the next conversation. This is what we have seen time and again. Supply chain finance is right adjacent to supply chain finance. Cash management is adjacent. E-commerce is clearly adjacent. LMS are adjacent. Collections are adjacent. Fraud is adjacent. You see many adjacencies we are talking about. All of these are adjacent to supply chain finance, and that is the reason why we did not decide that we will build products just by multiple products. The strategy was, we were expanding from a strong entry point into products that were solving adjacent banking problems for the same institutions. This is how wider wallet share increases, and this is how we will see deal sizes increase, and we will see that in the subsequent slides. This is how Veefin becomes strategically relevant to the bank. If we move to the next slide, this slide explains how we think of the product portfolio. We have three broad layers. The first layer at the top are the products which are already monetizing, which is our supply chain financing and our LOS products, because these are live revenue engines and they have customers already. The second layer is the entry and differentiator products. What are they? Your LMS, collections, fraud and risk products, your GenAI products. These are the products which help us deepen the relationship with the bank, and sometimes these products are also open doors, and they are also helping us expand within existing accounts that we have. The third layer that we see at the bottom is the strategic IP layer, where basically our trade finance, cash management, corporate internet banking, digital internet banking, these are sitting there. These are large enterprise systems. These take much longer to sell. Even the supply chain takes long to sell, but these take longer to sell, take longer to implement, but they also have much larger wallet potential and longer-term value. That is the critical part. The key point is that all of these things, these products that we see on this slide, are all being built on one shared architecture. That is what we call the Veefin 4.0. Common services, reusable components, common APIs, and all aimed at one banking client base. The value for us is what? We should not be selling one product to one bank. The value is in selling multiple products into the same banking relationship over a period of time. That is what gives us higher wallet share. That is what makes our relationship with the bank key. This is critical. If we move to the next slide, we move to slide number 8, where we have a simpler version of the strategic triangle on financial performance. Okay? You will see that our revenues have, standalone operating revenue has gone up by close to 90%. From INR 37.32, it has gone to INR 70.74, close to a 90% year-on-year jump. You see our EBITDA margins on a standalone basis, both have gone up by close to 800 basis points. They are now at 53.89%. If you look at our diluted full-year EPS, they are at INR 7, they are higher than last year. If you look at our PAT margins, they are lower than last year, but that is only basically because of our depreciation and finance costs which have increased. This is linked with our ongoing product investment cycle. So standalone, the company has delivered strong revenue growth and strong EBITDA expansion, as you can see here, on a standalone basis. If you move to slide 9, okay, slide 9, that is the audited consolidated financial results that we have for Q4 and FY 2026. That is the one which we have the chart, the revenue bridge is there. This revenue bridge is very interesting. What it does is it bridges the standalone numbers with the consolidated view numbers. So the standalone revenue is INR 70.74. On top of that, you add the proposed increase in perimeter we spoke about, Estorifi GlobeTF here, okay? There is INR 21 crores from there. That takes us to INR 91.75. On top of that, you add further INR 253 crores worth of revenues from our other group service entities, controlled entities. That would take it up to INR 345 crores. So that is the revenue bridge which I wanted to show you. Because this is important because it very clearly separates the core company story that we have from the broader external inorganic addition that we have to do. So the broader group scale is evident here. It is evident, and the key perimeter that you should watch out is the product group scale platform that we are building and simplifying. So look at the INR 91.75, then look at the scale that the broader group brings in. So yes, the consol revenue has grown sharply. Margins, therefore, should be read in that context, because there is an ongoing sort of investment that which is happening, plus all of these companies are at different stages of maturity. Some are still being invested in, some are service line, some are service industries. The margin profiles out there are very different. So that is the way to think about this. What we have said is what we are doing now is we are simplifying the structure into product groups. And we have said earlier that our White Rivers Media, which is there, that is, we had said this earlier also, that will be going up for listing on the Main Board this year. So as a group, we will have two listings, Veefin Solutions Limited, which will be the product entity, and then White Rivers Media, which will be the services entity. That is how to think of the Veefin Group. If we move to the next slide now, this is, I am sure many of you are looking forward to this slide. This is the most important slide. It is the most important forward-looking slide in here. Today, the qualified pipeline that we have is close to $80 million across 58 active qualified banking opportunities. But what is the important point here? It is not the size of the pipeline, but the nature of the pipeline. Because if you see, 72% of this pipeline is non-supply chain finance. That means market no longer looks at us as a supply chain finance company only. Also, 27 out of the 58 banks in the pipeline are evaluating more than one product module with us. That is a very, very important signal. Because what it means, our multi-product strategy goal that we have, that is starting to show up in actual sales conversations. Very important. Also, geographically, 70% of the pipeline is now international. It is not an India story. 70% of the pipeline is international, and very clear bets that we are seeing, very clearly concentrated across Southeast Asia, Middle East, South Asia. We are seeing early shoots in Africa also. When I say South Asia, that is fixed India, because India is strong. India is at 30%. But Southeast Asia and the Middle East are again very, very strong for us. So what is it that this slide is saying? Three things. Non-SCF demand very clearly visible, international expansion very clearly visible, and multi-product enterprise selling clearly visible. Now, obviously, as investors, remember, this pipeline is not revenue until it is converted. For FY 2027, it is all about execution. The execution is going to be important. Directionally, it gives us great confidence that the platform strategy that we had started with over the last couple of years that we were playing out is resonating with the market. If we move to the next slide, which is the next thing that people are looking forward to, is the PSB Xchange slide. Okay? Now, this is moving very clearly from a build-out phase to a throughput phase. Now, on the lender side, if you will notice here on the left-hand side top corner, the lender network that we are tracking, there are 32 integrations that we are tracking as we speak. Three have gone live completely, five are work in progress. And when we say three are live, it means at least one of the products are live on the three. And of them, there are three products. When I say product, it means within supply chain finance, there is supplier financing, there is factoring, there is a dealer finance. So at least one of them would have gone live with these three banks. Five are work in progress, and 24 are yet to start. But important is, there are 32 lenders in the pipeline for whom we have to do integrations. On the corporate partner side now, there are 42 integrations that we are tracking. Six have gone completely live, 10 are work in progress, and 26 yet to start. Here is all about getting these integrations up and running. At a platform level, throughput is very good. We are seeing 88 corporate deals active at various stages. At various stages, from the lead to at the line stage, there are 88 corporate deals which are active. This number is very telling, because please remember, there is no dearth of banks in the country. There is no dearth of corporates in the country. All of these corporates that we are talking about, they are banking with some or the other bank. The question is, despite that, why are they flocking to the platform, to a new platform? The reason is that PSB Xchange solves a problem for these corporates, which has been a black hole for them. That one single platform, one single place from where they can get access to all of these various banks, including the largest public sector banks. Okay? Cumulative requirements of INR 20,000 crores, they have requested on the platform, and approved limits at various stages are INR 11,000 crores. Okay? This is the most important part, because once these limits are approved, this is the main thing. Once the limits to the anchor, then this move for the anchor, the anchor then starts giving you vendors, they start giving you dealers. These limits will then have to be allocated and bifurcated amongst them, and that is when the work please will start. But the most important job of getting these anchors, the limits approved has been done. Now it is only a question of when these limits will be translated and sub-allocated to these dealers and suppliers. This is an ecosystem infrastructure that we are building, which is connecting lenders, sourcing partners, corporates, and all the financial activities. Remember, ecosystems take time to build. This early period is all about integrations, lender onboarding, sourcing partner connectivity, corporate activation. These are all that we have been focusing on. Once the rails are in place, throughputs start flowing. That is not something that we have been pushing. We have been pushing more in getting the rails in order. It is a very clear increase in live integrations, get the transaction flows happening on the platform, and then convert this activity into meaningful platform throughput. That is the sequencing that we have to look at. Let me just take a pause here. There are a few more slides in the deck. These are all around financials, standalone, and consolidated financial statements of Avance. We have included things from completeness and perfection, but I did not want to spend the time in taking you through them. Okay? Let me just summarize the story before we move to Q&A. One, the standalone listed entity has delivered very strong growth. Revenue has scaled up, margins have expanded, business has expanded to the mainstream level, and we invest in product IPs. Second part, the consolidated numbers show that the wider Veefin Group has achieved much larger scale. As I mentioned earlier, the consolidated numbers have to be read along with the current group structure, subsidiaries, and controlled entities. Third story, the product story has changed materially. Veefin is no longer only a supply chain finance company. We remain a strong lender, yes, but we are now building and selling a broader B2B platform across transaction banking, lending, collections, risk, AI-led solutions. Fourth, the amalgamation is an important step. It is simplifying the structure, make our life and your life as investors also easier, because it will make it cleaner for you to read our numbers. Fifth, the pipeline gives us great confidence. The fact that 35% of the qualified pipeline is Non-SCF, 30% is international, almost 50% of the banks in the pipeline are evaluating more than one product, tells us that the market is beginning to see Veefin as a multi-product platform company. Finally, PSB Xchange is moving from a platform build-up to an operative throughput stage. So, integration, sourcing partner network, customer requirements, approved limits, they are all moving in the right direction. So, we are very happy about that. So, FY 2026 was all about scale, platform expansion, structural modification, and simplification. FY 2027 is going to be, as I said, the boring part of the job. I am not going to come to you and say anything new things that we are building. We are going to be sweating out all the products that we have built already, focusing on execution, converting the pipeline into deals. Once the deal is converted, actually executing and monetizing all of the work that we have done. Okay? That is what the focus of 2027 is going to be. In a couple of months' time, by July, we will be eligible to go onto the Main Board. That is something else that we all, as investors, have to look forward to. So, that is one thing, why should those media be interested. So, these are the things that I leave you with, which is why I stop here. We have time now, and I will now be happy to take questions from you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their 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. Participants, you can press star and 1 to ask a question. Our first question is from Shiva Kumar. Please go ahead. Thanks for the opportunity. Am I audible? Yes, Shiva. With the pipeline that we have, what do you think, what kind of sales we should see? Say, to say, maybe 100 or so, in the upcoming quarter? Much more. Much more. If it is one, I will be very sad. Much more. What I would say is, from the pipeline perspective, at least 25% of this pipeline, we should see conversion over the next six months itself. That is the guidance I can give. Okay. Also, the transaction that you are doing for Microsoft and other companies, what will be, after the transaction is completed, what will be the total shareholding? Apart from this, is there any other stock which you are doing? Sorry, we lost you. If I got the question right, the question is about what would be the promoter shareholding in the merged entity? Got it right? Yeah, correct. Promoter holding is going to be promoter holding after. There are warrants also. Once all the warrants are exercised and the merger has happened, the promoter holding will be 59.41%. Okay. The next question is on the BSE exchange. What is the actual transacted volume currently, like for the Q4 on the BSE exchange, and how do you see that picking up from here? As I said, the transaction volumes are, when you look at transaction volumes, you are supposed to look at what are the approvals that you have at various stages. That is the first level of transaction. How does the transaction work? Let me explain that. First, the bank has to give an approval to the large corporate for either a supplier financing line or a dealer financing line. That itself is the most important part, which takes time. Once that is given, then the corporate will bring in the list of suppliers and dealers and present it to the bank, saying, "Now, whatever line you have given me, please bifurcate that line amongst these players." The bank will then have to bifurcate. Once the bank has bifurcated that line and distributed it amongst these various suppliers and dealers, that is when the suppliers and dealers will start requesting for financing. We are right now at the first stage of the transaction where the approvals are in place. We have now also started giving a distribution of those limits to the players below, which is the suppliers and dealers. That is what the transaction on that side of dealers and suppliers requesting for financing is what you will see in this quarter now. Okay, got it. Perfect. My last question is on the White Rivers Media. We started tracking the company recently, so can you just update on what that business is and how it will be listed with the company and what is the outlook for there? White Rivers Media is arguably India's largest independent digital content creation and distribution company. Your last 10 movies that you would have seen, they would have promoted. They are very strong on entertainment, very strong in sports. That company is doing extremely well. That company is going in for a listing, so their DRHP should be filed around September, I assume, and listing is expected this year. That is the idea of the company. How much do you own that company? We have a substantial stake in that, but because of the amalgamation, there are some financial transactions which are happening right now. So I can't give you the exact number right now. We are up to that, but we soon will be able to share that with you. Thank you. That's it from my side. Thank you. Thank you. This question is from Lionel Matthew Harris from Seven Canyons Advisors. Please go ahead. Hi, can you hear me? It's very soft. Your voice is muffled. Just speak a little louder. Okay. Is this better? I'll try. It's not really, but let me try. Is this better? Yeah, this is better. Okay. Sorry about that. I am wondering if you can tell me a little bit about what you would expect CapEx to be this year and what goes into that, and maybe the difference between what you would spend in required CapEx and new investment. Kyle, you keep coming here in terms of giving the actual numbers that we see for this year and the logic behind the IP. On the Veefin standalone, CapEx is INR 107 crore. At a product level, that is Veefin, Estorifi, and GlobeTF, the CapEx is INR 130 crore in terms of numbers. Consolidated entities, at a consolidated level, which is INR 187 crore, which includes all our other step-down subsidiaries. Michael, from a CapEx perspective, I will just quickly, you asked the question, so I will just repeat it. From a CapEx perspective, these are CapEx which go into building the product IP. Anything which is a reusable IP, anything which is a product in which you can take whatever work you are doing, you will be building it into core product, and then reselling that time and time again is what is classified as a CapEx, and that is what is capitalized. Okay. You said for the consolidated numbers, was the INR 187 crore for this year, FY 2026, or was that for the FY 2026? FY 2026. We will not be able to share any forward-looking numbers as of now. But suffice to say, Michael, the only thing we will say, suffice to say, it is going to be lower than this year's number. We are nearing the end of our product IP cycle. Over the last two years, we have been heavily investing in our products, and as I have said at the start itself, we are at the fag end of our product journey. We have built out. This year is going to be all about monetizing what we have built. New builds are going to be much lower than last year. Okay. Got it. Thank you. Thank you. Thank you. Next question is from the line of Prasad Shah. Please go ahead. Hi, can you hear me? Yes. So, congratulations on a great set of numbers. Regarding the PSB Xchange, in the call you said that we have a three-year exclusivity. Has that started with the first bank onboarding, or will it start after all the banks are onboarded? No, it has started. It started with the first bank onboarding. Okay. Also, the pricing which you explained to us, the 50 basis points and the bifurcation. Is that 50 basis points for manpower, additional manpower onboarding? So, that will be on our payroll, or we will engage it through some third party? They are on our payroll. We already have this. We are currently present in 26 locations. Not only is that manpower now available for the banks who are on the PSB Xchange platform, for the business which is coming on the platform, we have received requests from some banks where they are signing up that team for also onboarding business which they are bringing outside the platform. That is a very critical requirement which the industry had, and that is why we are invested in that. Okay. On the slide which you showed us, where you had looked at approved limits are there, which are converted from cumulative requirements. I noticed that last time the conversion was around 50%. If you see incrementally, this year it is only 14%. How do you see this going forward? No, no. The way is not to look at the cumulative requirement and the approved limit. As more and more banks come in, just because limits have not been approved, it does not mean they are rejected. It means that they are still under processing in some or the other bank. The whole concept, let me explain the concept of PSB Xchange. On one side, if you have multiple banks, and if all of these banks have a different risk appetite, they are all going to price that risk separately, differently. Therefore, when somebody comes in for a limit request, that limit request can be approved by multiple banks, and these multiple banks can approve it at different price points. Whether a corporate takes it or not is a different matter, but approval will happen. Your approval, what do I say? Your approval percentages on the platform will be much, much higher than usual. Do not look at the fact that the approval is 50%, 25%, 30%. All of this will get approved over a period of time. The entire INR 22,000 crore will get approved by some or the other bank once they are on the platform. Okay, got it. Just two more quick clarifications. Sorry, just after you finish, can I request to come back for follow-up, please? Sure, sure. Thank you. Request to all the participants, kindly limit your questions to two questions per call. Thank you. Next question is from the line of Kushal, individual investor. Please go ahead. Thank you for the opportunity. Can I ask this? Yes, you are. Okay. Congratulations on a great set of numbers. I have a couple of questions from my side. First one is, 75% of your pipeline is Non-SCF. Does that mean SCF growth is slowing down? The second question is, your qualified pipeline is $80 million. How much of this should convert into revenue in FY 2027? I will take the first question first. 75% is non-supply chain financing. It is not that supply chain finance has gone down. In fact, supply chain finance pipeline itself has gone up. Now, because our overall Veefin company's pipeline has become much larger, that is because the other products have started contributing to the pipeline. On a like-to-like basis, supply chain finance this year, the pipeline that we have is much higher than what we had last year or even last quarter. We are adding continuously supply chain financing. We are happy that 75% now comes from non-supply chain financing. Hope that explained that we are not going away from supply chain finance, we are just adding in more on top of it. That is one. Second, as I said, the INR 80 million, I just answered that that INR 80 million is not something that will go. Entirety is going to be revenue in this year. We can say over the next six months, 20% of this pipeline will get converted. That is what I can say right now. Beyond that, it will be too much of forward-looking. Okay. Thank you so much. Thank you. Thank you. Next question is from Harshil Shah, individual investor. Please go ahead. Thank you. Hi, Raja. My first question is, in the earlier call, you mentioned that you are looking at implementing, possibility of implementing a product similar to PSB Xchange in other countries as well. How is that discussion going? Is there any concrete steps happening? We are, as I said last time also, there are six countries who have evinced interest in bringing up this platform in those countries. We are in conversation. Remember, these are all going to be joint ventures. These things will take some time. But we expect at least a few of those to succeed in 2027. Thank you. Okay. The other question is, we have seen a tremendous amount of growth in the last two years, right? How do you see next two years? Will it be in similar line as two years, or there will be some slowdown? How do you see next three years? You didn't ask me- So much AI. You didn't give me one option. You gave me only two options. Will it be one? You didn't ask me, will it be better? So that's the third option. Yeah. I think the fact that, as investors, you will see that earlier you were a mono-line company, product company, but now you have become a company where you have multiple products, large products, deep-team relationships, going not just in India, going outside India, BSE Xchange ramping up. All of these things, if you put together, I think AI will tell you where we are going. It's going to be fast. Thank you. Next question is from Vinayna Ramesh, individual investor. Please go ahead. Hi, sir. Am I audible? You are muffled a little bit. Probably you can go closer to the mic. Am I audible now? Yes. Yeah. My question is, after the restructuring, I want to know the service business, how much percentage of product will be owned by Veefin, and will there be management control, or it will be like what it is now? Sorry, I could not understand the question. You will have to repeat it once more. The voice is not very clear. Can you please come a little closer to the mic? Am I audible now, sir? Yes. My question was, since the restructuring is happening currently, I am very clear about the solution. How about the service business? Will the management come from there and then the reduced profit and the margins, or will it be like affiliate? White Rivers Media has a very strong management by itself. You are absolutely right. The product company management remains with us. The White Rivers Media management remains with the founders of White Rivers Media, and that is completely deal is finished. Because they are a part of the group, you will continue the residual benefits of being part of the group. My question is not just about White Rivers, but also the service subsidiaries. As I understand, currently in the financial advisory space, we have the direct management control, so reporting the revenues 100%, but the percentage of profit margins, leading to lower operating margins, right? That aspect was saying, going forward with the restructuring system, do we retain the operational control or management control, or do we just run it as an affiliate? We haven't arrived at a definite answer on that, but it's a good point, Ramesh, and that's something which we keep evaluating internally. We haven't arrived at a concrete answer. I think closer to end of this year, we'll have an answer. Thank you, Ramesh Alikhan, for asking the question. R.S. Ramesh, you may press star 1212 to ask your question. Next question is from Vinayna Ramesh, individual investor. Please go ahead. Hello, am I audible? Please go ahead. Come little closer to the mic, please. Actually, now audible? Yeah, let's try. Yeah. Thanks for the opportunity. My question is, you are now talking about many products like SCF, trade, cash management, internet banking, LOS, LMS, collection tools, and AI as well. Are you diluting yourself through things, is my question? Not really, because if you see, the customer remains the same. If you remember how I started, the customer is same. The people that we are selling to is usually same in the bank. In fact, our margins go up when we do something like this. So it is a dream of every mono-line product company to sell multiple products to the same customer. If we were to start building products and having to sell to different or go beyond banking, start going into some other segment, then it would be a challenge. But for us, the fact that we have sold a supply chain finance product in the first place makes it easier for us to have a conversation for the second. Once it is for the second, it makes it easier to have a conversation on internet banking. It is actually a boon for Veefin that we now have multiple conversations that we have with the same client. And because we can now sell multiple products to the same client, our relationship moves from a single vendor, single product vendor to a strategic partner with the bank. Thank you. Vinayna Ramesh, you may press star 1101 to ask your question. Next question is from Aniket Ghada, individual investor. Please go ahead. Hi, I am audible? Yes, you are. Thanks, Raja. This is Sankha. I have some understanding of the PSB Xchange as a product, but just for clarity on it, could you just explain the whole process from the company using the platform for corporate finance, finally getting the funds? Could you just explain the whole process on the platform? The way this works is, a company comes in first to a fintech, then comes into the platform. It first goes through a fintech, what we call sourcing partner. It could be a fintech or it could be a logistics marketplace, it could be an ERP provider, somebody who is not PSB Xchange. We go there. That sourcing partner tells the integration that we are talking about. That sourcing partner would have done integration with PSB Xchange. Then the corporate goes there on the sourcing partner's platform, requests for financing on the sourcing partner's platform. That as a data package flows in and comes onto the PSB Xchange platform. There, data is massaged. There, we collect data from various third-party APIs, create a data package out of it, and then send it ahead to the banks who have already got integrated on the platform. Once Can people go on mute, please? Once the data package is sent to the banks, it is sent to all the banks who have been integrated on the platform and who have already configured their gating criteria. Gating criteria mean what kind of business they are ready to look at. Once data package goes and hits the gating criteria, the bank then has a look at that, what passes through the gating criteria, then requests for additional information, has a check on a few calls with the corporate. Once that is done, it goes into the bank's credit committee and all of those approvals happen. Then a term sheet is provided to the corporate, again through the platform. The corporate approves the term sheet. Once the term sheet is approved, post that, a program is set up for that particular corporate onto the platform, both on our platform and on the bank's platform. Then that corporate starts inviting their suppliers and their dealers to come onto the platform, tagged to the program which has been created for them on the platform. These suppliers and dealers come in again through the fintech platform. They are again underwritten by the bank using the credit criteria which has been agreed with the corporate when the approval was given in the first time. Then the limit which had been given to the corporate is then split and allocated to each of these suppliers and dealers. Post that, the corporate then will raise invoices on the dealers, and the dealers can request for financing, or the corporate can approve invoices from the suppliers, and the suppliers can request for financing, or the corporate can request for financing on behalf of the supplier. That's how the entire flow works. Okay. Sorry, Raja Debnath. I just had a follow-up on that. Since it's quite an extensive and exhaustive network, does it Like, indirectly, it's a moat company because the whole process is very lengthy and it's not easily duplicated. You need a company who also has its own sources and dealers and suppliers, and a lender network that needs to integrate to our own software. Is it really building a moat, and how scalable do you think it will be in the future? Or, probably the aim is to monetize the asset rather than creating a moat in. To Raja Debnath's question, the first part, in terms of whether it's a moat, absolutely. I think it's one of the best moats that one can create. Previously, another participant had asked a question in terms of the exclusivity. I said, "The exclusivity is there." Beyond that, we would not require it because we would already be integrated with the entire ecosystem within the country, whether it be the banks, NBFCs, or the corporates. We are already integrated, so there you don't require an exclusivity when you are the infrastructure. That is one. In terms of scaling, there is high limit in this because India has a very, very large unmet demand of these corporates. This is not just a supply chain platform. This is a platform on which once this corporate now comes in, it can tomorrow come in for term lending. Corporate says, "Hey, this time I need a working capital limit for myself." Or corporate needs fixed deposit financing. Corporate needs LC, BG. The supplier needs term loan. The dealer requires a term loan for a new showroom that they are setting up. So, any form of term loan, any form of an overdraft, CC, LC, BG, all of these are possible for the participants on the platform. This is the marketplace that we are building. As we all know, marketplaces, once they start and you start traction on customer acquisition, they take a life of its own. So you get outsized operating leverage on a platform. Once you set up a platform, you can go to sleep because one corporate has joined in this year, one corporate has brought suppliers and dealers in this year, and they start onboarding. As long as this platform is working, we do not even have to go and talk to the corporate or the supplier or the dealer. This has happened by itself because they are taking finances for their business. We don't require to do anything. We are just providing the tech. Tech is working fine, it's humming. Nobody bothers about us. Thank you, Raja Debnath, for the comprehensive response to our question. Next question is from Anand of Kotak Securities. Please go ahead. Hi. Thank you for the opportunity. I have two questions on the balance sheet. One is, we noticed our debt position this financial year, both short-term and long-term, significantly. I just want some clarification, like, you know, using this for what purpose has raised this debt? Second is, our trade receivables have also now moved up. You have also mentioned that, like, there is a How much time do you expect to receive this money? The third one is, you know, one of the previous participants' question, you said you will be looking at a Main Board for the settlement. I just missed it, if you can share. Because, you know, you have already planned for an IPO. Standard, you know, thing in the industry that every company expects to have shareholders on board at least. So, asking all the details of the IPO or something. Thank you so much. These are the three questions. Okay. The second question first, in terms of the receivables. Yes, our receivable blocks have gone up, but if you look at, our top line also has gone up a lot. If you look at the DSO, our DSO is now less than 100 days. Last year, it was 130-odd days. Right now, it is 99 days. Our DSO has improved drastically. We are very, very comfortable from the receivables standpoint. Everything is fine out there. To your first question, what was the first question? Let me. Can you just remind me, the first question was on what? Yeah, on the short-term and long-term borrowings. Short-term and long-term. Yeah. Short-term and long-term. On the short-term, the short-term borrowings are looking higher because some of the long-term borrowings, which are now going to be paid this year, have moved from long-term to short-term, as a result. It is not borrowing itself has gone up, but because the maturity has come down, therefore, the long-term moved to short-term. That is one. On the long-term borrowing side, we continue investing on our IPs, and there are some borrowings which are reflected here. Last borrowing was on the acquisition that we had done on White Rivers, which is again backed by an MD. That is the long-term borrowing figures. Borrowing itself has not gone up, but classification of borrowing has changed from long-term to short-term, because of which short-term is showing higher, and long-term is backed by MDs, which we had used for acquisition. Thank you. Yeah. Next question is from an individual investor. Please go ahead. Hi, Raja. Can I ask a question? Yes. Yeah. First of all, congratulations on a great set of numbers. Firstly, I would like to know, when you are talking about the LOS, LMS, and the collections, are we thinking, are things beyond working capital loans? Are these also applying to term loans? Has the scope for CEM increased drastically? Is that the understanding, or is it still limited to working capital loans? No, it is not just working capital. It is term loans, it is overdrafts, it is CC, it is all sorts of loans, and not just from corporate, from retail. Yes, we know that retail is a much more easier play. Corporate is more complex. But if you have a product anyway, and if the client comes to you and asks you for the same platform on the retail side, you very well give it. So, the work that we had done is, we spent time in building the product IP. Once the IP is made, and we do not have to make any drastic changes to it, we may as well give the same product on the retail side also. So, we continue focusing more on the corporate side. Retail is a de facto which comes in because the product on the corporate side is much more complex than the retail side. Okay. Second question is, the securitization that you are trying to do we have the NBFC license as set up yet? Like, you just said that we are going into a lot of TA. So, what level of work has been on that side, and you were actually pretty enthusiastic about the effort and other things. So, what is happening over there? Are we No, we were, but we have put that slightly on the back burner. That is why you will see I have not mentioned it anywhere over the last couple of calls also. So, the way the world is right now, we rather just focus on the things which are sure shot and big ones. So, we do not want to spend time now in creating markets. So, the securitization was creation of a market. We do not want to spend time creating a market as on date, because the whole situation, the way we see it at a global and a macro level, is not amenable to doing new things right now. Okay. I would also like to know about the NBFC. I think that has been talked about, like, some rumors around it. Can you please shed some light on this? Which one? Like, ownership issue around NBFC. I am not sure whether I am getting the name wrong. No. There was no ownership issue. There was a governance issue out there. We were not happy with the governance which was being done by the promoters of the company, because of which we have taken a strong exception to that, and therefore, we have now taken it to arbitration. Anyway, they are a very, very small company. They are contributing less than 2% to our consolidated level numbers, and a loss-making company at that time. So, no material impact to us. Just since they were a part of our group, and we were not ready to deal with a company which was not up to our standards of governance. Thank you very much. Ladies and gentlemen, we have reached the last question. I would now like to hand over the floor to the management for closing comments. I would just say that thanks for all the questions that I received, and the numbers that we have shared, these numbers are going to be even better for the next year. With that, I will call a close to this meeting. Thank you very much. On behalf of Equitas Small Finance Limited, we thank you for this conference. Thank you for joining us. You may now disconnect.