Q3 25/26

Jan 27, 2026

Summary

Q3 revenue was INR 104 crore and 9M revenue INR 214 crore, with product growth broadening beyond SCF. PSB Xchange reached live transaction activity, while management retained prior guidance and emphasized long deal-to-revenue cycles.

Ladies and gentlemen, good day and welcome to the Veefin Solutions Limited Q3 and nine-month FY 2026 earnings conference call hosted by Valorem 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 the call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you, and over to you, ma'am. 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 third quarter and the nine months ended of the financial year 2026. Before we begin, a quick cautionary statement. Some of the statements made in today's earnings conference 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 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 decisions. The purpose of today's conference 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. We have with us Mr. Raja Debnath, Managing Director, Mr. Gautam Udani, Chief Operating Officer, and Ms. Payal Maisheri, Chief Financial Officer. Without any delay, I request Mr. Raja Debnath to start with his opening remarks. Thank you, and over to you, sir. Good evening, everyone, and welcome to Veefin Solutions earnings conference call for the third quarter and nine months ended financial year 2026. Thanks for joining, and we appreciate your continued interest in Veefin. For people who are joining in, we had uploaded the presentation, so if you want, you can refer to the presentation while we are on the call. Let me start first by sharing a few operational highlights for the quarter under review before handing it over to Payal, who will take you through the financial performance. During the period under review, we continue to demonstrate very strong execution across our core platforms, supported by steady demand for our supply chain finance solutions, and we are seeing increasing traction across our non-SCF products. The people who are referring to the slide, this is at the back end of the deck after the number slides, where we speak about drivers for the profitability and drivers for future growth. There you will see a chart on our pipeline. You will see that our unified product architecture modular platform approach, it continues to resonate well with banks and financial institutions, enabling faster deployments and deeper client engagement. As you will see, our qualified deal pipeline remains very robust. It has moved up from the last time we had a call. It is now at 61 million USD across 50 enterprise opportunities. 61 million USD across 50 enterprise opportunities. The heartening part is nearly 78% of this pipeline, which you are seeing, is coming from non-supply chain finance products such as cash management, trade finance, internet banking, loan management systems, and loan origination systems. This reflects the gradual diversification of our revenue base and the growing acceptance of Veefin as a full-stack digital banking technology partner. For people who have been following Veefin and have heard our calls over the last couple of calls, this is something that we have been harping on in terms of moving from being a single-product company to moving across the entire transaction banking value chain, so that we leverage the relationship that we have built with our clients, we leverage the opportunities that supply chain finance has afforded us, and the trust that supply chain finance has allowed us to play in the transaction banking space. These numbers and these pipeline numbers are extremely important from that point of view. From a geographic standpoint, the pipeline, you will again see, very well diversified, led by India and South Asia at around 42%, Southeast Asia at 36%, and we are seeing growing traction in GCC and Africa, which contributes to the remainder. Overall, this regional mix, it reinforces our confidence that demand for Veefin's platforms is not concentrated in any single geography, and it supports our long-term international growth ambitions. The pipeline reflects qualified enterprise opportunities only, which are currently under active client evaluation, with multiple solution opportunities being pursued within the same client relationships. This is important. There are many client opportunities here that we are talking of, where it is not just one product that we are talking of. We are talking of multiple products in the transaction banking space that we are pursuing with the same client. This is again. It goes in line and proves the thesis that we have had in Veefin. Moving on, lots of you would want to know what is happening on PSB Xchange and the adoption and the operating momentum. I am happy to announce that the platform has moved decisively from onboarding to live transaction activity. Over the last quarter, on the lender side, we currently have three integrations live. When we say integrations live, it means that the API connectivity from the PSB Xchange platform is now connected with the core bank on the bank side, all the LMS, all the LOS on the bank side. So the bank is now ready to consume the business digitally end-to-end. So three banks have gone live. Another three integrations are in progress. We are doing the same thing with another three banks. There are 15 agreements across PSU banks, private sector banks, and NBFCs, which are under process. Once the agreements are signed, they will then move into the integration phase. That is the journey. This was on the lender side. In parallel, on the sourcing partner side, that is from where we get business, 5 integrations are already live, 8 are in progress as we speak, and we have 23 agreements which are under process. These are the full-blown agreements, because these are supported, remember, by 79 MOUs that we have signed till date. On the lender side, we have 3 integrations live, 3 in progress. On the sourcing side, we have 5 integrations live and 8 in progress. More importantly than the integrations, we are now seeing meaningful transaction activity at the platform. What we have seen over the last quarter is around 80 corporate deals have been initiated on the platform. They are at various stages. 80, okay? Approximately INR 12,000 crore of limits, requests have been requested on the platform. So these 80 corporates, they have requested around INR 12,000 crore of limits. Out of this, INR 4,000 crore of limits have already been approved by the banks. This INR 4,000 crore is across 90 anchor corporates. INR 4,000 crore across 90 anchor corporates. But remember one thing in this, here we have many large corporates, very, very large corporates. Some of them individually can bring in INR 40,000 crore to INR 70,000 crore. Initially, they have put only INR 200 crore, INR 300 crore because they want to see how this will work, because it is the first time this kind of a platform is actually coming up live. So they have given very small limits out here. Once these limits are consumed, even from the same corporates, we expect a manifold increase in the actual approved limits. What this tells us, two things very clearly. First, both sides of the ecosystem, that is lenders and sourcing partners, are being scaled in parallel. That is the first. Second, PSB Xchange has transitioned from being an onboarding-led initiative to a live operating marketplace with real credit activity flowing through the platform. For this, we will want to say thanks to all our investors and our team, which has stood by us in this long journey. This is a very important milestone for us. Finally, moving on to the next slide, for the people who have the slide in front of them, let me touch upon the on-ground operating readiness of PSB Xchange. It is one thing to have the tech ready, but the other is operating readiness of PSB Xchange. We have built a pan-India execution-ready operating model, okay? It is supported by dedicated field, credit, and technology teams. So our critical presence today, so we have moved from being just a pure tech company in PSB Xchange. Now we have 22 locations beyond Delhi, Mumbai, Bangalore, Chennai. That means total of 26 locations across the country where we have dedicated field staff available for PSB Xchange. Operationally, the platform follows a clear end-to-end ownership model, okay? This covers sourcing and anchor engagement, regional partner coverage, credit deployment and lender coordination, platform reliability, and user experience. Each of these verticals, we have senior leaders leading each of these initiatives, with most of them joining us in the last quarter. What this enables us is now parallel onboarding of corporates and partners, scalable regional execution without central bottlenecks, and faster credit deployment as the platform activity grows. Let us summarize all of this. PSB Xchange today is not just a concept or a pilot. It is a live, expanding platform with a diversified pipeline that has growing transaction throughput, and we have shown that we now have strong on-ground execution capabilities. Focus at this stage remains on widening ecosystem participation and deepening engagement rather than just focusing on maximizing volumes. Volumes will come because, as I said, each of these corporates which are coming in has very large requirements. They are all testing the waters right now with the platform. Once the transactions start flowing in, then we can expect much larger volumes from the same corporates. I think enough of all of this. What I will do is I will now hand over to Payal, who is our Chief Financial Officer, who will walk us through the financial performance of the company. Payal? Thank you, Raja. Good evening, everyone. As the company is required to publish a quarterly financial result for the first time for the quarter ended December 31, 2025, therefore, the financial results for the quarter ended September 25, that is the previous quarter, for the quarter ended December 24, that is Q3 for last financial year, and nine months for December 2024 are not applicable and accordingly have not been given here. Now, on to our performance for Q3. It has been a strong quarter for us, with Q3 performance almost matching our H1 numbers. Starting with the revenue. Our consolidated revenue for quarter three and nine-month period has shown a very strong growth. The quarter three revenue was INR 104 crores and the nine-month revenue was INR 214 crores on a consolidated level, which is driven mainly by a combination of organic growth or organic scale and full impact of our consolidation. The key growth drivers here mainly are, first, the contribution from all our existing clients, that is the standalone Veefin revenue, increase in monetization of the platforms which are live, increase in the AUM on the platform. Third, the first full-year visibility of the subsidiaries and all our acquired entities. That is on the revenue performance. One more very important thing to note here is that a large share of our product revenue is now recurring in nature, which gives us a lot of predictability and a lot of visibility going forward. On profitability, I want to address this very clearly as it is a key investor question. At a standalone level, our core product business continues to operate at an EBITDA margin of 52% on a YTD basis, that is for 9 months, and a PAT margin of 27%. On a consolidated level, our EBITDA margins are 19.95% and PAT margins are 7.75%, which is lower as compared to the standalone, but this is entirely a mix-driven and not performance-driven. When I say mix-driven and not performance-driven, what I actually mean is, the quarter, the consolidated results include product entities and service entities, service businesses. Service businesses structurally operate at lower operating margins. That is the reason why, on a weighted average basis, the consolidated PAT margins are lower as compared to my standalone PAT margin. However, in terms of absolute numbers, the absolute PAT for my 9 months for the current financial year is almost matching with the last financial year. One more very important factor that we should consider is the increase in the absolute PAT number as well as increase in the earnings per share for the 9-month period. To summarize on the profitability, standalone margins remain strong, consolidated margins reflect an investment and scale phase, and absolute profit pools are expanding steadily. Further, also important to note that as our products, the PSB Xchange, cash management tools and the like, move onto the monetization phase, the revenue mix will naturally shift, and this will result in higher margins towards the IT-led revenues. While the margins may look optically compressed today, structurally, the model will support margin expansion over the coming quarters. Now, leaving with this thought, I would like to conclude. We can now open the session for question and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. The first question is from Rajkumar Rathi from Kotak Asset Management. Please go ahead. Mr. Rajkumar Rathi, you may go ahead with the question. There seems to be no response from the line of Mr. Rajkumar Rathi. We will move to the next question. Next question is from Kushal Kasliwal from InVed Research. Please go ahead. Hi, thank you for taking my question. I think I am slightly new to the company, but I just wanted to understand, or maybe clarify this point, that your standalone numbers are currently driven by the SCF business alone, or are there any other businesses apart from supply chain finance platform in the standalone numbers? Standalone numbers are SCF only. Got it. Does this SCF business also include PSB business? No. That's a separate line. Okay, PSB will come in console? Correct. Understood. Got it. Can you properly split console numbers by business segment? Because I think in your PPT, in your presentation, you have spelled out that you have some strategic IT investments, some different platforms which you are trying to generate, which includes your CMS, LMS, LOS. Can you maybe, is it possible to give top-line numbers for the console business? SCF we know is in standalone, but apart from that, business-wise split and business-wise also EBITDA margin profile of each business. Hello? Yes. In our results, in the disclosure, there is a segment-wise breakup between the product and the services. To answer your question further, out of the entire INR 82 crore of total nine months revenue which comes from product, INR 53.85 crore is the revenue that is generated from standalone Veefin plus our organic growth, that is PSB Xchange, cash management, and trade finance. There is a product-wise pipeline which is given. In the results that are uploaded, in the consolidated result, in the disclosure, just to summarize the product revenue, out of this entire INR 214 revenue, INR 82.4 crore comes from product and INR 131.3 is from services. In the INR 82.4, we have the standalone Veefin plus the inorganic growth, that is PSB Xchange, cash management, trade finance, that all comes to INR 53.85. Got it. But within this overall product revenue, I am assuming SCF will be the highest EBITDA margin versus some of the new verticals like PSB and trade finance, right? Correct. Would it be possible to give some numbers on this and maybe a future guidance on these products scale up? How do we expect the other products as well as maybe SCF and margin profiles today and maybe two years out? Tai, you can give the first part, the margin profiles two years out and the numbers, how they will pan out, that I can take. Yeah. On the first part, in the nine months YTD numbers, when I say INR 53.85 is the revenue, the EBITDA is INR 23.54. And PAT is INR 12.4 crores, okay, for the products. These are only Veefin, Estorifi, PSB Xchange, cash management, and the trade finance products. Like you mentioned, currently our EBITDA margin for other products are a little low because it is in a growth phase and a monetization phase. So, total EBITDA margin for all these products is currently 43.4%. With respect to the future growth, I think Raja Debnath can explain. Just to reiterate, our standalone just SCF, if you look at just SCF numbers, their EBITDA margins are 52%. Yes. When you look at this on a steady state basis, once cash trades, what are the product groups that we have? We have supply chain that we know what the EBITDA margins are. Then on top of this, what you will add are your cash, trade, internet banking, LOS, LMS. On this, on a steady state basis, we should be looking at between 40%-45% EBITDA. That is the EBITDA that we look at here. Specifically on PSB Xchange, because that is a separate type of business, there we look at EBITDA from anywhere from 28%-33%. That is the margin that you will see EBITDA on the PSB Xchange business. That is the way to look at it. Raja, maybe can you also spell out some guidances or some expectations, maybe internal expectations on how do you plan to scale up the other two verticals, which is PSB and trade finance? I am sure SCF is now pretty much scaled, but maybe 3 years out, can you give some guidance or some growth number around these platform businesses? I think a good sense of that you will get from the deal pipeline. The fact that 78% of the deal pipeline right now, because all of these products have just got ready in the last quarter, 5 months, 6 months. Or that is the time period. You could think of it in last quarter got ready. Now, after getting ready, the team has already been working and already we are seeing a 78% pipeline of non-SCF. So that gives you a clear idea of where we are headed. SCF will become one large piece of business, yes, but the others are catching up very, very fast, significantly. So that is where the TAMs in those products are much larger than SCF. Those are much larger products than SCF. The challenge in terms of complexity was much higher out there, and the global banking world has been crying for products in that segment for the last 20 years. So, the future seems more skewed towards the other products. SCF will continue growing, but as a percentage contribution, SCF will clearly not be the major player, say, couple of years down the line. No, I think I agree. I mean, I understand that, but just in terms of my modeling exercise where I probably want to take a basis point out of this pipeline. I think in your deck, you have a USD 61 million of pipeline which you are trying to bid for, or maybe you are currently in evaluation stage. But from a modeling perspective, how much of the pipeline should actually get converted? And after conversion, SCF is a basis point business, but just wanted to get a sense that how will revenues flow? Maybe you can tell me some win rates or some basis point numbers. No, I wish. Okay. So, the transaction banking business is unlike other SaaS businesses. Let me explain why. First is that even after you sign a deal, the revenue starts hitting your account 9 to 18 months down the line. Because once you sign a deal, post that there is an integration effort, there is an implementation effort, then in more often, more cases than not, the client starts building up their numbers. If there is a data which they already have, it migrates. So all of these processes could take 9 months to 18 months, sometimes even longer than that. But once they start coming on, once it comes on board, that is when you start making money. That is in the SCF business. In the cash and trade business, and internet banking business, there, what we are seeing is the market is moving towards a recurring payment of pay-as-you-go models, either monthly or annual subscriptions. We are seeing that with most of the deals that we are talking with our clients on. The same thing will happen there also, that post-signing, it is 9 to 18 months where they will transition, we will get some fees coming from this on the implementation and integration side, and the remainder will come once we go live. So, the right way to look at these pipeline numbers is not to take a percentage and say, "Next quarter or the quarter after, how much of this is going to come in?" These are slightly more longer term than that, from a revenue augmentation on the P&L perspective. So don't just take these revenue numbers and just put a percentage and add them into numbers. They are some way off from hitting the P&L. Right now, the numbers that are hitting the P&L, those may have been closed couple of years back. There's a lag in this business. Thank you. Before we take the next question, a request to participants to please limit your questions to two per participant. Should you have a follow-up question, we request you to rejoin the queue. The next question is from Himanshu Rathore from IIM. Please go ahead. Raja Debnath sir, good evening. Just one question. Looking at the product pipeline that we have regarding on SCF businesses, this cash management, it constitutes about 26%, which is more than SCF. Cash management, I mean, two things. How are we distinguishing ourselves in this space? Because as you rightly pointed out, it's a very thriving space, but this space specifically is characterized by single-digit profit margins at max. There are companies like Zaggle, who are finding it, who are growing revenues at a great who are totally focused on this segment, but are finding it difficult to be value attractive, so to say. My question to that end would be, in the long run, what are the PAT margins that you expect from the consolidated business, given the fact that now we are steering our business away from the supply chain finance aspect, and we are probably moving towards non-SCF products and services as that? Sure. First thing, when we say cash management business, we sell our products to banks. We do not sell this product to anybody else. There are other names that you spoke about. They are all corporate focused. They do not run the core cash business of the bank. These are complex products. Nobody has, in the last 20, 25, 30 years, built a cash management product. The product that we have and the product that you spoke of, Zaggle, they are completely different. They are not same at all. A bank cannot take Zaggle's platform and use it to run their cash management internally. Zaggle will be a great platform for a corporate to use outside. That is the reason customers of Zaggle are corporates and not banks. Okay. Okay. The second point is that the EBITDA margins on the cash product would be very similar to the EBITDA margin on the supply chain finance product, because these are all enterprise-grade products sold to bank. A cash management product is not sold to each and every bank. Any mid-size and upwards, bigger banks are the banks which will take a cash management. From an EBITDA perspective, as I said, all our these products, whether it is internet banking, LMS, trade, supply chain, they will all be between 45%-50%, 40%-45%, 50% EBITDA. This is the range of EBITDA for these products, because they are enterprise-grade products. How we are differentiating ourselves? The differentiation is that we are a complete microservices-based architecture. There is nothing legacy in what we are doing. Functionally, we are extremely rich with a lot of AI which is embedded. The good thing for Veefin is these products have been born in the AI age, and it is competing with the legacy software which was born many, many, I think, decades back, and they are being reused. That is the reason when clients have seen this software, they are super thrilled, and they all want to have conversations with us. Okay. Thank you. Thank you. The next question is from Bharat Reddy from AV Capital. Please go ahead. Hello, sir. Sir, regarding the preferential round that was approved in 2025, has the company now received the full amount for the allotted equity shares and 25% for the warrants? Yes, we have. Okay. Can you explain the utilization so far? The utilization breakup is already uploaded. Out of that, there are four objects of the fundraise. One is utilization for international expansion, product development, sales and marketing, and general corporate purpose over a period of 12 to 18 months. So, out of the entire INR 94.3 crores, international expansion is INR 10 crores, product development is INR 49.33 crores, sales and marketing is INR 12 crores, and general corporate purpose is INR 23 crores. That is the breakup. Okay. Next question, like how does the management view the equity dilution over the next two to three years? Are there any further rounds that one can expect? Currently, that is something that we will not be able to disclose. We will not be able to comment at this stage because it is an unpublished price-sensitive information. However, if there is any such fundraise or anything happening, it will be all the material events and the developments will be disclosed on a time-to-time manner. Okay. One last question. I can see you are hiring top senior executives from Pepsi, Procter & Gamble. May I know what is the incentive structure that aligns this leadership with Veefin's long-term scale-up? Everybody who joins Veefin is on ESOPs, and ESOPs of senior management are always linked with the revenues and the bottom line of the company. So the reward structure for senior management is always aligned with how well the company will do in a long term. All are on four-year vesting periods in terms of ESOPs. Thank you. The next question is from Darshil Jhaveri from Crown Capital. Please go ahead. Hello. Can people go on mute, please? Hello? Can people go on mute, please? Yeah. Darshil. Hello, can you hear me? Yeah, hi. Yes. Yeah, hi. So I just wanted to first congratulate you on a great set of results, sir. I just wanted to know, in terms of guidance that you had given previously, do we stick by that? Because we've quite, I think, in terms of revenue, we've already nearly, we're about to surpass that this year. So any kind of comment on the guidance for revenue and EBITDA this year and next year, sir? Whatever guidance we had given during H1, we are in line to meet those. So, no change in the guidance. So we stick to that. Okay. But I think we are going to outperform that. That is the reason I was asking for that, sir. No, I think let us stick to that guidance. Oh, okay. Because I think last time I ended up giving a guidance, but as a rule, we do not like giving guidance. But now that we gave the guidance last year, last time, we are sticking to that. So even if we overperform, that is great for the market, but let us stick to those guidances. Oh, okay. Fair enough. And this, sir, with regards to our FY 2027 revenue, any color on that? How much are we targeting, sir? It's the same thing. As you can see that whatever we had given as guidance, we will meet that and most probably surpass that. Let's stick with that. We are doing extremely well. You're all seeing what the numbers are looking like. You're seeing that what we had committed in terms of the products being ready, they are ready on time. We are seeing traction in the market. We are seeing that supply chain continues to be a very, very strong product for us. We are continuing to see that the new products which we had built, they are complementing supply chain very well. The same clients who are taking supply chain are now coming back to us to take other products. So things are looking fine and good from that point of view. The future looks nice. That's all I would say. Oh, okay. Perfect. Just one last question from my end, sir. Now when you've already developed a lot of new products, any other product, like, we are looking to enter maybe that can also grow? Just wanted to know, like, what are the new products that we are targeting right now, sir? Maybe not this year or next year, just with something that's in development, that we see has a great potential right now. There are always products in the horizon, but nothing that we are developing right now, because these products that we have ended up building, these are massive products. All the investment that we have done, now is the time to actually juice out the investments. The focus of the team is now to juice out whatever we can from these products and concentrate on selling this more and more across the world. Thank you. Next question is from Hitaindra Pradhan from Maximal Capital. Please go ahead. Hitaindra Pradhan, please go ahead. Hi, sir. Yeah, am I audible? Yeah. Thanks for the opportunity. My first question is on PSB Xchange. My understanding is correct, sir, like, this is where we are created a platform where we are aggregating the different vendors, those are hosted by the fintechs, and we help the banks in terms of the origination, and we charge a commission of it, right? Can you just elaborate on the revenue model, what is the commission that you are charging, and what is our net, on the net basis, what is our earnings from a transaction, and what is our current transactions run rate is like on the PSB Xchange? As I said, there are three parts to PSB Xchange. There is the sourcing or business angle from where we get fees, that 30 basis points. Then we have the technology, where it is 20 basis points in a graded manner. Then you have the onboarding services which we provide to banks for getting the channel partners signed up onto the platform for the bank, specific bank. That is another 15 basis points. These all basis points are on the AUM that the bank generates out of the platform. So, that's in terms of the pieces. It is not only for vendor finance, it is for all types of supply chain financing, including trade finance and including any other form of financing that either the corporate anchor or the channel partners or the dealers itself may require, including term loans. Right now, we have started with supply chain financing, but all the others are also in the pipeline to come in one after the other. In terms of the throughput, we have just shared the numbers in terms of where we are seeing that initial traction, in terms of the number of corporates, the number of approvals, the limits that we have got approved. All of those have been shared in the presentation. It's INR 4,000 crores as we speak in terms of the approved limits, which will eventually translate into actual transaction AUM on the platform. That's the AUM on which PSB Xchange gets revenue. That would be in total, like, sir, as you mentioned, it would be somewhere around 50 to 60 basis points. That will be our revenue. Correct. For this AUM. Depending on which services each bank uses. Which services probably. In some cases. Correct. The lowest is 30, the maximum is 65. Low is 30, maximum is 65, got you. Okay. Yeah. Sir, like, on this, like, the main driver is the 30 bps, which is on the vendor financing, right? So, on that, we need to pay to the- Not just vendor. intermediary. Sorry. Intermediary, right? No, no. Again, I am saying, it is not just vendor finance. It is all forms of financing. Whether it is a vendor finance, whether it is a dealer finance, for all forms of financing, the pricing is the same. It is 30 basis points. To answer your other point, where do we have to share? Yes. If it is our own source business, we do not have to share. If it is sourced through partner, between 10 to 20 basis points is shared with the partner. Okay. If it is our own, we do not share, but if it is sourced from someone, then it is 10 to 20 basis points. Correct. Depending on what they bring to the table, in terms of what services they provide. Okay, sir. Okay. And, sir, the second question, just to clarify, like you mentioned earlier, the standalone SCF business contribution was INR 52 crore on the product revenue, which was INR 82 crore. INR 53.85 crore is the revenue. So, out of that, standalone SCF business is INR 46.56 crore, and other products, PSB Xchange cash management, which we have started, which is monetizing now, is the additional INR 8.3 crore. So, that comes to a total of INR 53.85 crore out of the entire INR 82.45 crore of product revenue. I am sorry if I missed this, but why are you splitting this into product and services for the SCF business? I mean, No, not for the SCF business. In the consolidated, in the standalone, we do not give segment-wise disclosure. In the consolidated books, wherein we have IT services and other service entities also, there we give a segment-wise disclosure into product and other service entities which are into IT services and other types of service business. Got it. On the final one, on the sales outstanding. Our consolidation is over, right? The sales outstanding will remain as it is, or it will change in the future quarters? No, it will now. The consolidation is now done 100%. It will now continue the same date. Thank you. Before we take the next question, a request to participants to please limit your questions to two per participant. The next question is from Priyansh Mehri from Family Office. Please go ahead. Yeah. Thank you, sir, for the opportunity. Heard some of the questions. Hope I'm audible, right? Yes. Yeah. Sir, I have a two-part question. I want to understand, like, though we had a decision period, we built the product, now we sold it, right? What will be the downstream Sorry, sorry. You have to speak a little slow because your voice is not clear. Okay. I was saying, sir, we have recently shipped our product, right? There will be downstream dependency on the service revenue, right? How do you see Sorry, one second. Payal, can you hear? I am missing the middle part. Yeah, what is that word I am missing? That you have done this to the product. What is that word? Is it better now, sir? Yes, yes. Yeah. I was saying we have shipped our sixth product. This will also have our service revenue, downstream potential revenue. Can you share some, like, as the first stage of selling our product, what sort of revenue multiplier we will see in our downstream revenue? Also to mitigate those, what sort of hiring strategy we are looking at? Like, what percentage of on-roll employees we need to increase that? If you have any margin bet on that. We get what you are saying. We could have done that. But as a part of strategy, we are going for a partner-led strategy, where we are partnering with system integrators globally in terms of helping us on the implementation. We are not focusing right now on the service side of the revenue. That is not the focus at all. Veefin's focus remains not on the service business, but on the product business. We are not going ahead and assuming that there is going to be an effect on the service line revenues and therefore hiring. We are doing none of those. Thank you. The next question is from Arnab Bhattacharjee, who is an individual investor. Please go ahead. Hi, Raja sir. Thanks for giving me the opportunity. I wanted to understand one thing. I hope my voice is clear, first of all. Yes, yes, it's clear. Yeah. So, with respect to PSB Xchange, the way I see it's more like a marketplace. So, we have the full stack deployed, right? Like, every of our product. Is your eventual goal to move today's existing clients also to PSB Xchange, or do you see them still standing on standalone clusters? No. PSB Xchange is a very different piece. Just remember, PSB Xchange is a marketplace which also has tech. The individual banks who work with us, they require tech not just to do work with PSB Xchange, but they all have their large sourcing teams themselves. So when their own bank teams go and source business, they require a core system which they can use for managing that business. That's where Veefin standalone comes in. When they want business beyond what their teams are going and acquiring, that's where PSB Xchange comes in. So both of them are complementary in nature. Banks will have their own teams go and source, put the business on Veefin. Banks, after they have done the business sourcing from their own teams, they want additional business, there they will go to PSB Xchange. If they don't have the tech, they will use PSB Xchange tech. If they already have a Veefin tech, there they're only going to be doing sourcing from PSB Xchange. So they're complementary businesses as such. No bank will shift its entire platform, close its business, and move to PSB Xchange, because they will have to still cater to the business which their own teams are acquiring. For that, they will always require Veefin. Got it. Thank you. The next question is from Ankit Narshana from Nuvama. Please go ahead. Yeah. Thank you for the opportunity, sir. Sir, I just wanted to know, whatever you discussed right now, just wanted to get a clarity. Have you pivoted from supply chain financing? Can you just give a brief elaboration on that? No, we are not pivoted. See, supply chain is our core. Veefin was known for supply chain. Veefin had used the same platform, and on top of the platform, brought in the entire transaction banking suite. So we have added more products to the Veefin supply chain. So when we are seeing here that our pipeline is expanding, it is not at the expense of the supply chain. Supply chain has a life of its own, it will continue. The other transaction banking products which are there, they are now adding revenue on top of what supply chain was adding. It is not a pivot. It is the same journey we are on, just more products are getting added to Veefin. Okay, thank you. Thank you. The next question is from Uday, who is an individual investor. Please go ahead. Hello? Audible? Hello? Yes, sir. Yes, sir. Yeah. Sir, I had actually two questions. One is quick. Sir, what is the update for our merger plan? I see from the last update, like, BSE approval is still pending, right? When do you think this merger plan will be in action? Any tentative update on that plan? See, BSE approval has come in. We are at SEBI. Over the next week, 10 days, we are expecting their approval. Post that, it goes for NCLT. Right. Okay. Sir, my second question is To add on to this, BSE has sent their observation letter, like what Azad mentioned, they have uploaded and sent their observation letter to SEBI. The final NOC from SEBI is awaited. Once we get that NOC from SEBI in the next 10-15 days, we have already got some queries and we have replied to that. After that, we will go on to the NSE. Okay. My second question is on the standalone. Sir, what I know, as of now, we are having 70% recurring revenue in standalone, where our SCF 4.0, pure SCF platform is, so that is running quite well. Because we know until and unless the merger plan actually happens, the consolidated margin will be dragged, because of the lower PAT. So, I just want to understand what is the next, like what is the assurance for recurring revenue in standalone business? Is this, do you have a something like 5-7 year period lock-in with clients like HSBC and all in standalone? Because that is quite a lucrative business for sale. Yes, all our agreements that we do, they usually come with 5-7 year lock-in period, including the names that you mentioned. So that is one. In terms of the amalgamation, we expect the amalgamation to be effective April 1, 2026. That is what we have filed as the amalgamation scheme. Thank you. Next question is from Shubham from Minerva Capital. Please go ahead. Yeah. Hi. Good evening, sir. Am I audible? Yes. Sir, my question is regarding one of your previous acquisition in White Rivers Media Solutions, which is a digital marketing agency. I wanted to know the rationale behind this particular acquisition. This was a great case of an investment. So it is a non-core product for us, but it was a great investment opportunity, wherein the company is one of India's largest independent digital content creation marketing companies. We have seen the company closely over many years. The company was something where we felt there is an opportunity for us not just to add value to them when it comes to their business by bringing in BFSI clients, but they had a large roster of clients. They are secondary by nature, but they had a large roster of clients where we thought we could bring those on onto the PSB Xchange. Plus, that company is now going for listing. It is going for main board listing in this year itself. DRHP is supposed to be filed in June, July, and it is going for listing. So it was a great investment opportunity that we saw. Okay, sir. Okay. Sir, as we are not giving out any guidance, I wanted to know, apart from PSB Xchange, what do you think would be the major driver of revenue for Veefin? I think the product company. PSB Xchange, yes, it's got an outsized operating leverage upside. I understand that. I understand why the market is so taken in by PSB Xchange. This is a one-of-a-kind product, and we all understand that it's a marketplace, a marketplace with all the banks and NBFCs in the country. It's a marketplace where it makes perfect sense for all corporates to be on the platform. It will have a life of its own as soon as it starts, because more banks means more corporates, and more corporates mean more banks on the platform. That's great. But the core products of Veefin, which is your supply chain finance, and now going forward, our other transaction banking products, they themselves have great opportunity because these are very large markets as such globally, not just India. Globally, these are very large markets where banks have been looking and waiting for a new platform, a new product to come in. We are very gung-ho about our product business, which is there, along with what will happen in PSB Xchange. It's not either/or, it's both. Yes. Sir, if you can quantify a little bit the total addressable market and what kind of percent, in terms of percentage revenue growth you see from these other products apart from PSB Xchange. That's what I was trying to. I will refer, it's a little technical, so I will refer you to our last H1 presentation that we had shared earnings. It's got product-wise TAM for each of these. That is a very interesting reading for anyone who's interested in the Veefin story. We talk of each product and the TAM that we are looking at. The total TAM across all of these products is between $40 billion-$65 billion annually. Thank you. The next question is from Ashu Raj, who's an individual investor. Please go ahead. Yeah. Hi. Thank you for the opportunity. I joined a bit late, so I'm not sure if the question is repeated. My question is that, two questions. First question is, when we report the numbers, we show entire revenue, but we show only the profit based on the stake that we have. I wanted Question was, can we not show the revenue also in terms of that way, like 10% for a subsidiary, if we are showing profit 10%? That's what my first question is. That will give a more realistic figure, how it looks from my side. I wish we could have done that, but Payal you can answer this. In the P&L, in our consolidated financials, we show entire 100% revenue, and the PAT is also 100% initially. After that, we reduce minority interest from the entire PAT, and we show the PAT which is available to the shareholders of the company. The main reason for consolidating the revenues on 100% and the PAT is because we hold management control or maximum board control in all of these entities. Therefore, as per IGAAP account AS 25, we need to consolidate the revenue and the expenses all at 100% basis. Then we bifurcate the NCI. Just to clear out your question, we not just consolidate revenue 100%, but till the PAT, it is all 100% consolidated. After PAT, we divide the PAT into the NCI, which is the non-controlling interest, and the percentage available for the shareholders. Okay. Thank you. My second question is, what is the plan on the timeline to increase our stake in EfficienteAI, the EZLO.ai one? We have the agreement for that is somewhere in 2027. It is not right now. It will come up later. Okay. All right. Thank you. All the best. Thanks. Thank you. The next question is from Pradeep, who is an individual investor. Please go ahead. Thank you. Overall great performance. Thanks for that. My first question is this. Are there any subsidiaries which are performing below average or making loss? What is the strategy to bring up this bill? Can you repeat the question, please? It is not very clear. Yeah. We have many subsidiaries, right? Are there any subsidiaries which are performing below the average, below the profit range, and are they loss-making? Yes, we have. Yeah. We have subsidiaries. As we said, some of our subsidiaries which house our PSB Xchange, our transaction banking products, these are all in the investment phase right now. Yes, they will be loss-making. But are they performing below average? No, absolutely not. They are performing extremely well in line with what we want them to perform right now, because they are in the product build-out phase. The right way to look at those companies are, today they are in product build-out phase, the expectation from them should be how far they are able to build out the products, how well the products are accepted by the market. As long as they meet these two parameters, we would classify them as performing well. And that's the reason we see that very strong pipeline and traction on both of these. Understood. My next question is, when can we expect, like, if we want to improve, like, 5%-10% of the bottom line, so when can we expect that change, and what are the focus areas to get that improved number? The numbers will improve on a standard basis just by our new products starting to pump in revenue. Because if you look at our entire structure right now, we are in the product build-out phase in most of the products other than supply chain finance. The supply chain finance is great, but everything else is in the product build-out phase. When you also look at the pipeline, you see that now that there's a lot of traction which you're seeing on the other products, which you had not seen even last time, 6 months back or 3 months back when we had the last call. You are seeing a lot of traction on the new products. That means that we are all on the right track in terms of where the strategy was, what we had envisaged, and whether the execution ability is in line with what we had strategized. We are very comfortable with how we are executing on our strategy. Okay. One request is, when we have win a huge deal, like, let's example, like, greater than INR 2 million or such, can you issue that publish or BSE site? That will be a great request. See, as a SaaS company, we generally can't publish our future revenues out there, because that's something which our clients will also not like. We don't do that, but we do keep publishing our large deals at BSE. We'll see to it that in future also, what we do, we continue publishing. Thank you very much. We'll take that as the last question. I would now like to hand the conference back to the management team for closing comments. I think I would like to take this opportunity and thank everyone for being with us on this journey. I know it is an exciting journey. It is a first of its kind for many of you too, because it is a new segment, complex segment, new type of business. But we are very thankful for the faith that all of you have reposed in the management and the company. Thanks a lot. Thank you. Thank you very much. On behalf of Veefin Solutions Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.