Q3 25/26

Jan 29, 2026

Summary

Q3 revenue rose 19.9% YoY and EBITDA 76.4%, with EBITDA margin at 18.9%. A one-time labour-code charge reduced PAT; FY27 growth guidance is high single digits, with Digital Experiences expected to recover from Q1.

Note that this conference is being recorded. I now hand the conference over to Mr. Prateek Gupta from EY for his opening remarks. Thank you and over to you, sir. Thank you, Shruti. Good evening to all the participants in the call today, and welcome to Q3 FY 2026 earnings call of Datamatics Global Services Limited. The results and presentation have been already mailed to you, and it is also available on the website of Datamatics. In case anyone has not received a copy of press release or presentation, please do write to us and we will be happy to send you one. To take us through the results today and to answer your questions, we have with us the top management of the company, represented by Rahul Kanodia, Vice Chairman and CEO, Ankush Akar, SVP and Chief Financial Officer, Mitul Mehta, EVP and Chief Marketing Officer. Rahul will start the call with a brief overview of the quarter on business, which will be then followed by Ankush, who will take us through the financials. Then we will open the floor for Q&A session. I would like to remind you that anything that is said on this call, which gives any outlook for the future, or which can be construed as a forward-looking statement, must be viewed in conjunction with the risks and uncertainties that we face. These risks and uncertainties are included, but not limited to, what we have mentioned in the prospectus filed with the SEBI and subsequent annual reports, which you can find on our website. With that said, I now hand over the call to Rahul, sir. Over to you, sir. Thank you, Prateek, and a good day, everyone. Thank you all for joining the Datamatics Quarter 3 FY 2026 earnings calls, and I wish you all a very happy New Year. I will begin the call with sharing some key highlights from our quarterly performance, followed by Ankush, who will take you through the financial update. We will then open the floor for Q&A sessions. Our total revenue for quarter three stood at INR 510.1 crores, giving us a revenue growth of 19.9% on a year-on-year basis, and 4.1% on a quarter-on-quarter basis. Our EBITDA for quarter three stood at INR 96.2 crores, giving an EBITDA growth of 76.4% on a year-on-year basis and 8.3% on a quarter-on-quarter basis. We improved our EBITDA margin by 604 basis points year-on-year and 75 basis points quarter-on-quarter to 18.9%, driven by a focus on improving operational efficiencies and disciplined cost optimization. I am happy to state that this is one of the best quarters from a revenue and EBITDA perspective. We recorded a quarter-on-quarter revenue growth across all three business segments. In digital technologies, we delivered a double-digit revenue growth and a sustained double-digit EBIT margin. Revenue and digital operations remain stable and EBIT margins improved to 18.1%. Digital Experiences performance remains soft and as highlighted in the previous quarters, two of our clients are transitioning their work to their captive centers. However, we continue to add new logos as well as expand our existing relationship across clients. Datamatics is investing decisively in enterprise AI. We are further democratizing AI across the organization. I am excited that we are rolling out Google Gemini Enterprise across the organization, empowering our teams to build intelligent agents, improve productivity, and drive innovation at scale. In partnership with Google, we have certified 200 employees on Gemini Enterprise in the past one month as phase one of this exercise. Additionally, we have built industry-specific AI solutions for insurance, banking, and logistics, enabling autonomous workflow orchestration, smarter decision-making, and enterprise-wide productivity at scale. This strengthens our AI-first culture and positions Datamatics for sustainable growth and long-term value creation. Our continued focus on scaling strategic accounts, strengthening global delivery, and optimizing execution has further improved operating leverage and contributed to sustained margin improvement. With that, I will now hand over the call to our CFO, Mr. Ankush Akar. Ankush, over to you. Thank you, Rahul. Welcome, everyone, and wishing you a very Happy New Year. Let me start with financial performance for the quarter three FY 2026, and then I will take you through the nine-month ended December 2025 financial performance as well. Our quarter three FY 2026 revenue stood at INR 510.1 crores, reflecting a growth of 19.9% on year-on-year basis and 4.1% on quarter-on-quarter basis. Our sustained cost optimization efforts and enhanced operational efficiency helped us improve our EBITDA to INR 96.2 crores, a growth of 8.3% on quarter-on-quarter basis and 76.4% on year-on-year basis. Our EBITDA margin for the quarter stood at 18.9%, reflecting an improvement of 604 basis points on year-on-year basis and improvement of 75 basis points on quarter-on-quarter basis. Our EBIT for the quarter stood at INR 74.2 crores, which is up by 7.7% on quarter-on-quarter basis and 65.9% on year-on-year basis. Our EBIT margin was at 14.6%, reflecting an improvement of 404 basis points on year-on-year basis and improvement of 50 basis points on quarter-on-quarter basis. Changes in the new labour codes resulted in one-time increase of INR 40.3 crores in gratuity and leave encashment liability. This one-time increase was shown as impact on labour codes under exceptional item. Due to this impact, our PAT after non-controlling interest was at INR 36.4 crores, down by 42.5% on quarter-on-quarter basis. Our PAT margin stood at 7%. Excluding the one-time impact, our PAT would have been approximately 12.7%. Our EPS for the quarter stood at INR 6.16 per share. In terms of segments, Digital Experiences revenue for the quarter stood at INR 169.6 crore, which is up by 10.8% on quarter-on-quarter basis. Digital Technologies EBIT margin was also at 10.8% for the quarter. Digital Operations revenue for the quarter stood at INR 273.8 crore, which is up by 0.5% on quarter-on-quarter basis. Digital Operations EBIT margin was at 18.1% for the quarter. Digital Experiences revenue stood at INR 66.7 crore, which is up by 3.2% on a quarter-on-quarter basis. Digital Experiences EBIT margin was at 9.6% for the quarter. In terms of geographical footprint, U.S. remains our largest geography with 52% of our business coming from here, followed by U.K. and Europe at 22%, India at 17%, and ROW at 9%. Our client concentration remains very healthy, with top five, 10, and 20 clients contributing to 29%, 42%, and 55% respectively. Let me now take you through the performance for the nine months ended December 2025. Our revenue stood at INR 1,467.9 crore, reflecting a growth of 19.7% on year-on-year basis. Our EBITDA stood at INR 261 crore, a growth of 68.7% on a year-on-year basis. Our EBITDA margin for the nine months ended stood at 17.8%, reflecting an improvement of 516 basis points on year-on-year basis. Our EBIT for the period stood at INR 199.6 crore, which is up by 57.6% on year-on-year basis. Our EBIT margin was 13.6%, reflecting an improvement of 327 basis points on year-on-year basis. Our profit after tax, after non-controlling interest was INR 150 crore, down by 6.3% on year-on-year basis. Our PAT margin stood at 9.9%. This decline was primarily due to one-time exceptional charge of INR 40.2 crore arising from changes in labour codes. In comparison, nine months ended December 2024, PAT was INR 160.2 crore, which also included an exceptional gain of INR 34.8 crore. Excluding exceptional items, profit before tax grew strongly by 39.8% on year-on-year basis. Our billed DSO was at 55 days as of December 2025. We continue to maintain a healthy balance sheet. As of December 2025, our net cash and investment net of debt stood at INR 540.2 crore. Overall, we had a good quarter with strong financial performance. With this, I will now pass on the call to operator to open the floor for questions. Thank you for your patience and continued interest in Datamatics. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may 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. The first question is from the line of Tanashri Radha. Please proceed. Yeah, good evening, everyone. Good evening. Yeah, congrats on great set of numbers on operational side. My question is regarding how should we see the fee revenue, I mean, the three segmental mix evolve in next couple of quarters? Also, if you can throw some light on Digital Experiences, which has shown some decline in this quarter, whether it will recoup that degrowth in Sorry, not degrowth, I mean in terms of margins and overall growth going ahead. That is the first question. Second is if you can throw some light on order booking and the nature of deals that we have won this quarter and pipeline, if you can give us some cues on how it is growing. Some cues on overall growth and margins going ahead. On the Digital Experiences, I had mentioned about two quarters earlier that we have two customers who are moving their work to the captives, and therefore you see the margins becoming a little softer and the growth not being as much. Quarter 4 of this year, we will expect the full impact of that transition. From quarter 1 on next year, we will see an upswing because we have signed several new logos, and they are much healthier margins as well. We will see an upswing in Digital Experiences starting quarter 1 of next year. But quarter 4 will remain a little soft. On digital operations and digital technologies, as you see, the numbers on digital technology has been quite robust, and I see that continuing for the next few quarters. I do not see a major challenge there. We have a healthy pipeline. On digital operations, there is a lot of transitioning happening on the AI side, so the margins are improving. The pipeline will also improve as we deliver these solutions for automating business processes. That is certainly going to be the driver going forward. Overall, I am quite okay with the next year going ahead. Revenue by industry maybe That is not true. To your point in terms of the pipeline and the quarter, right now it is still fairly strong. In fact, we are seeing a little uptick on the pipeline, so that is good. I think the current uncertainties in the U.S. has become a state of normal in a way. Everybody knows, and everybody remains uncertain, so they have sort of taken it in their stride. Generally, the mood is improving. The velocity is still slow, but we see a slight upward trend. So yeah, that is it. Thank you. Before we take the next question, we would like to remind participants you may press star and 1 to ask a question. The next question is on the line of Rajat Shah, an investor. Please proceed. Hi, sir. Congrats on a great set of numbers. First, I had a question regarding the Google Gemini Enterprise solutions that we have started to build. Is this a big portion of our revenue? And also, what is the expected revenue mix from that? Now we are implementing Google Gemini across the enterprise within Datamatics. Every person will be powered with an AI tool in their hands. That should impact productivity, efficiency, and things like that. We are also integrating some of the Google technology into our AI solutions, which we are taking to the market. We have built agentic AI platforms for insurance, for logistics, for banks, and we have started taking that to market. The revenues will flow in the next few quarters. We have tested the solution right now, and the response has been quite promising from customers. But I think once we nail a few customers, or once we acquire a few customers in the next, say, 3 to 4 months, we will get a good visibility on what those revenues will look like. The agenda of Gemini Enterprise is to get every person hands-on with AI technology in the company. Being an AI-first company, that becomes paramount. So far, the pockets of AI have been concentrated with a few people who are deep into the AI space, who are experts. But now we need to democratize this and make sure that every employee in the company is thinking AI first and is powered with an AI tool in hand. That is the agenda. Great, sir. One last question. The labour code is back. Is this just for this quarter, or will we see any material small impacts over the next quarter or the year? It is just for this quarter in the sense that there is a backlog because of the one-time hit with a retrospective effect. Therefore, this quarter is taking a big hit. From next quarter onwards, it will become a routine marginal increase in gratuity. So we expect something in the range of maybe 0.3, 0.4, 0.5. But then we still have to do the math because all these regulations are not yet clear. They are still coming out with clarifications. So we are keeping our eyes open and talking to the consultants who can advise us on that. But fundamentally, going forward, there is not going to be too much of an impact. Great. Thank you, sir, and all the best. Thank you. Thank you. Participants who wish to ask a question may press star and one on their touchtone telephone. Participant who wishes to ask a question may press star and one now. The next question is on the line of Grishma Shah from Envision Capital. Please proceed. Good evening to the management team, and thanks for taking my question. I am curious to know how is TNQ Tech doing. Still nine months, we have the benefit of integrating TNQ Tech on a year-on-year basis. Therefore, the numbers look good. But if you had to exclude that and then look at the standalone business, if you could give us some idea as to how the business is done, that should be great. TNQ Tech is doing good. We are successfully integrating it very well into the company. Overall, we've had a sequential quarter-on-quarter growth of 4%, as you see. That, of course, includes TNQ Tech as well as the rest of Datamatics. The growth is not coming from the acquisition. Of course, we got a bump up of 19% because of the acquisition for Q1, Q2, Q3. But if you see for the last two quarters, our sequential quarter growth has been 4% as a number for this quarter as well as the previous one. I think we are doing quite well in terms of organic growth and integration of TNQ Tech, and they remain financially healthy. In that sense, it was a very good acquisition from a Datamatics perspective. See, if you were to look at even sequential growth of 4%, if you could give us year-on-year, how has TNQ Tech grown? I don't have that figure handy, but I know they've had a good growth. Their growth has been in line with the rest of Datamatics. Probably they are also doing it about. I don't have that figure exactly on hand, so I would be hesitant to give you a number. Maybe offline, we can have a conversation and we can pull out those numbers of specifically TNQ Tech. Okay. Just transitioning to captive centers for the Digital Experiences business line, this has been going on since last December. If I remember correctly, the last December quarter was really a slow quarter for us. Does it take four quarters for the work to transition? Yes. It depends on each customer's situation, but it could be between two. On the minimum, it would be three, one quarter. The maximum it would be four quarters. Okay. It depends on the situation. These are both very slow and steady. This was something that was writing on the wall. It is good that it has been slow and steady, therefore it does not create undue pressure on Datamatics as well as the customer. Okay. For FY 2027, what does the outlook look like? Is it a flat year in terms of growth, or is it low single digits, or what does it look like for you given the deal pipeline that is in front of you? Yeah. We are looking at high single digits growth. Then, of course, occasionally we do look at M&As, so I am not factoring M&A into this, but the high single digits is something that would be a decent number to look at. Okay. Is Gemini the first AI tool that we are implementing, or I believe we would have multiple other AI tools also that we were working on, right? We worked with Llama from Facebook, we worked with Anthropic, we worked with Microsoft, OpenAI, which is a big one, with ChatGPT. We worked with Google as well. So we worked with multiple. Yeah. We found that Gemini has an edge over most others on several fronts. Therefore, we have gone with Gemini across the board because we find that output to be much better. The idea is to democratize it. Really, the assistance that we are getting from Google to really train our people and empower all the employees. Having said that, in different pockets, we use different AI tools. Not one tool is going to fit everything. Somewhere we are using Anthropic, somewhere it is using OpenAI, but Gemini will be the dominant one. Having said that, Hi, this is Mitul Mehta. Hi. While we are using Gemini for internal productivity tools, while we are building solutions, while we are recommending use cases to customers, we have capabilities across all the tools, all the AI models which Rahul mentioned, be it OpenAI, Microsoft, Anthropic, Google, Llama. Capability development is across. But then when we have to adopt one particular tool across the organization for the people, then that's where we decided to go ahead with Gemini, which suited more for us as an organization. Having said that, we've also built our own small language models that we've deployed Right in customer situations because it requires that kind of a solutioning. Right. Okay. Will the growth for next year be led by digital operations, or do you think it will be across all the three segments? It will be across all the three segments. I think technologies would probably be a leader, and you will see an uptick in experiences as well. But it will be across all three, largely. Okay. How is Dextara doing, above company average growth? Yeah. Dextara is doing very well. We have been able to very successfully cross-sell into the Datamatics customer base. We have got a very strong pipeline right now. Not only a strong pipeline, but also much larger deals compared to what Dextara had. Overall, quite optimistic about the way Dextara is panning out because of the cross-sell, the pipeline, and the deal sizes that we are getting. That allows us in our strategy of penetrating our existing accounts very well. Okay, fine. Thank you, and good luck. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Bimal Parekh from Sunidhi Securities. Please proceed. Good evening, and thank you for giving me a chance. Congratulations on a great set of numbers. My question was basically that during Q3, what was the spend on AI which we have written off? Is my first question, and the other was to Rahul Kanodia that in his earlier experience, when he had said that most companies are just testing out AI. What is the experience now? Are the companies ramping up to give more projects? Yeah. To your question, our spend, I cannot specifically say AI, but our spend on these transformational technologies is roughly INR 40 crores-INR 50 crores a year. A year it was more in the product space where we are pivoting away from products investments and more into the AI investment. Basically it is all in the investment space, right? A little more on investment. We have reallocated our plans entirely. That investment continues. To your other question on what was the other question you were asking about? Testing. Testing. The customers are testing these things. Right now they have started going into production. Also, we see some customers going into mainstream production. Not only that, we find some customers very open to adopting technology as a main platform on which they want to operate. We started seeing that transition happen. As I mentioned in my address, there are a few solutions that we built, which we showcased to customers. We have already piloted it, and the customers have loved the demos that we have seen. Not only demos, but proof of concept actually. Now it is about cashing in on those opportunities and converting them into live transactions. But the hesitation that we used to see about a year ago, it seems to be waning, and we see them more open to adopting AI in the main operations of their business. That is good news. Also the solutions that they are seeing from Datamatics, they have been extremely happy about what they have seen. Do you expect this INR 50 crores to be spent every year, or do you expect that to taper down? For right now, we will maintain that between INR 40 crores and INR 50 crores because we are doing a lot of This whole area of technology is changing so fast, and we need to keep abreast with that area. We will maintain it for some time, but we keep reviewing every quarter just to see where we are going. As of now, it is there. We write off this as an expense in our books instead of capitalizing, right? That is correct. Okay. And sir, any other industries that we are now targeting? I believe last time was BFSI, largely insurance. Any other industries that we are targeting now? Our footprint is large in manufacturing and education and publishing and BFSI. These are the three dominant ones. I think that will remain as they are. We are not looking at any new industry per se. Okay. U.S. was kind of lukewarm. Have things reversed there, or they are still lukewarm towards Indian- They are a little lukewarm, more because of, I think, political reasons and political pressures more than business. I think that overhang of the politics is still there. It is beginning to look up right now, so it is improving. Because I think everybody is now very comfortable with the uncertainties that exist. Everybody is in the same boat, and they have been in this boat for quite a while. I think that is the new normal, that it just remains uncertain. Generally it is looking up, but there is still a political overhang, which we do not know which way it will go. Thank you very much, sir. Thank you. The next question is from the line of Rahil from Sapphire Capital. Please proceed. Good evening, sir. Can you hear me? Yes, I can hear. Sir, just picking up on the previous one for the U.S. market. It is still a heavy chunk of our business, right? The 50% plus? Yes. Okay. Because this scenario is ever-going and not looking like it will settle in the near term. Are you trying to diversify and move away from the market, or is it still reaping us good kind of contracts and business? No, it is just giving us good contracts and business. We are not looking at diversifying because between the U.S. and U.K., it pretty much covers 80% of the global outsourcing market. If you are looking out elsewhere, you are looking at best a fraction. 20% is the rest of the world. Obviously, we cannot go to some low-cost destinations like Africa and South America. We cannot go to certain other countries which are non-English speaking, which are very different. Therefore, really, that is the market. We will continue to focus on it. I am sure this current political headwind will wane out soon, and we are hoping that it at least reduces, if not goes away completely, and that should improve the mood amongst all customers. No, we are not looking in other geographies for diversification. Also, our focus on growing our existing customers. That is what one of the key growth strategy is. Which is basically, again, distributed across the geography, which is U.S., Europe, and India, Middle East. I think that we have our hands full enough to plow there. Once the overall economic environment improves, I am sure we will get some beat those in numbers. Is it fair to say that with your current customer base in the U.S. mainly, there is a lot of scope for further wallet share increase even? Absolutely. Which can let us sustain at a good amount of growth for the coming years. Yes, absolutely. These are Okay. these large enterprises, and we need to mine them. We need to build more stronger relationships with them, and that's what the strategy is. We have gearing up as. We have already geared up ourselves. Last year we launched it, and we are seeing the fruits of that. Right. Secondly, the Q3 results were impacted by the labour code changes. Now you think it will taper down and settle from the next quarter on, which is quarter 4, profitability will inch up, right. The same effort will not be there. As highlighted, this is a one-time impact of the past liability which was there because of change in the definition of wages. That impact is a one-time impact. Going forward, we don't see any material impact. There will be minimal increase which will be there, but we don't expect any material impact of this now. It is just a one-time legacy impact. That's the impact of the whole industry. Mm. Got it. Fair to say the EBITDA margin, of course, not related to this labour code impact, but I'm just in general asking, the EBITDA margins are sustainable because on quarter-on-quarter you have been growing by a few basis points, and you closed at 19%, so is this sustainable for quarters ahead? Yeah, we will be sustaining the EBITDA margins. We continue to look at in terms of how we can keep our cost in control and keep growing. That is basically the key thing that we are looking at. So we will maintain the EBITDA margin and keep improving. Okay. You are confident of that. Lastly, you said FY 2027, you see high mid-teens growth. Now, are you being conservative there? Because in the last three quarters year-on-year, you have grown around 18%-20%. So why as a company, we are not still coming ahead and guiding between a strong 20%, 20% plus growth for consolidated level? No. The growth that you see includes some degree of an acquisition and therefore you see a bump up. We would rather be conservative because there is still a lot of uncertainty, partly thanks to the political situation, partly thanks to the disruption that AI can have, and therefore, there is some degree of grayness there. Therefore, this is the current outlook. Of course, as every quarter passes, we will get better clarity, and I am sure we will have those conversations to see whether we need to change our estimations of future growth. But right now, this is what we are looking at. It is a little conservative, but it does include an M&A in these asks. Yes. But the sequential growth that you see, we have had for two quarters, 4%, 4%. So it has been a very healthy organic sequential growth. Mm-hmm. Oh, okay. Got it, sir. Thank you so much, and all the best. Thank you. Thank you. The next question is from the line of Srinivasu from TIA. Please proceed. Hi, sir. Thanks for the opportunity, and congratulations for the great set of Q3 numbers. Is Datamatics' clients asking you to build AI agents on top of the existing platforms like Microsoft, Google, Salesforce? Or you have any AI accelerators that you built by yourself, which is actually driving this? We have a few AI accelerators that we are deploying. Earlier, I talked about agentic underwriting for logistics, for banking, for insurance. We have built solutions around Microsoft Copilot. Yes, we have built on top of existing platforms because we do not build a foundation model. The foundation model is from these large tech companies like Google and Microsoft. We have taken those as a platform. When you build it on the customer's environment, you have to integrate it into the core systems. It cannot be a bolt-on sitting on top. Therefore, customers are still testing that. They are not quite clear how to do that because there is a fear of data going outside the enterprise. That is the biggest fear. Our solutions are delivering good. When it comes to building solutions for the customer, that is still sporadic because not every customer will allow you to touch the core systems. AI will really work only when you can directly access data in their systems. The point I made earlier was that customers are now maturing and coming to the terms of the fact that it is a good solution, it is a good thing to do, and therefore more and more customers are going down the path of putting it into the main systems. Compared to other IT service companies, PE firms in India, what Datamatics is actually having a differentiation in terms of agentic workflow orchestration, or do you have AI-based automation or AI-based DX personalization? Where exactly is the strength of Datamatics? We have got an agentic AI workflow built. We have a whole platform. We have trained several people. I think the key to this market is how fast you can move in the market. We have had a good start. We have moved in fast. We have got a few very good customers. That is really the key. Also, the benefit that we have been able to deliver is because we understand the business process services as well as the technology services. We are able to put them together very well and deliver the end result. Ultimately, the customer is looking at better, faster, cheaper. We have successfully delivered a return on investment to the customer. It is really an integrated IT and operations story that goes very well, and the ability to deliver ROI. Okay. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Sanjod and InvestTalk. Please proceed. Hello, good evening. Am I audible? Yes. Yes. Congratulations on the good set of operational numbers in a tough market. I have two questions. One is like, Q4 is generally a good quarter for Datamatics. You mentioned that Digital Experiences is going to have some impact on the quarter. Is it going to be kind of overall it is going to be kind of a muted quarter compared to Q4s, whenever Q4? Second question is. You can answer first one, please. Go ahead. No, please ask your second question. Yeah. The second question is about on an employee side, like on a headcount side in Q3, have you added any number of employees? What is the current employee count? On a wage hike, is it already done for this financial year or is it going to be happening in Q4? Yeah. On the employee count, we have not added too much more. It is more about augmenting it with AI and improving productivity and not really increasing headcount now. In terms of wage hike, for this year it is done. There is nothing happening this year. We already did a mid-year increment cycle. The next cycle will be probably next financial year, April, May time frame. On your first question, if you can just jog my memory on the first one. Digital Experiences will have a little muted thing. That I think it will pick up in Q1 of next year. Q4 might be a little soft, but Q1 will pick up. Actually, Digital Experiences business will pick up from Q1, but in Q4 it will be having some impact. Overall, the way Q4 generally is a higher quarter, it will be having a little impact on Q4, but other businesses will be doing well. Yeah. Q4, we have some cyclical business, and because of the growth in the non-cyclical business, and the acquisition that we made, both Dextara as well as TNQ, the ratio of cyclicality has reduced. We will see a spike in Q4, but it will not be as prominent as it has been in the past, because the other businesses which are sort of larger and more stable have grown. Yes, we will see a spike, but not as steep a spike because the others are more stable. All right. Thank you and all the best. Sure. Thank you. Participant who wishes to ask a question may press star and 1 now. Participant who wishes to ask a question may press star and 1 now. The next question is from the line of Bimal from Sunidhi. Please proceed. Hello again, sir. Hello. Just wanted to understand which industry is best as far as adopting AI, in your opinion, and what has your experience been? The industries that are very heavy with information processing are the more likely ones. Banking, finance, insurance are adopting it quite well. They have a concern on data security and data privacy. But outside of that concern, they are very open to the idea of using AI. They have issues with compliance, but compliance, when you use it internally, that is a very potent area to explore AI because AI can automate a lot of the manual paperwork that goes on in compliances. But since these industries are regulated, they need to be a little cautious. Industries that have been laggards, I would say, is publishing, because they are very concerned about the IP rights of the authors, and they are concerned about AI violating the intellectual property rights of authors. That has been a little slow. Technology industry has been good. Manufacturing more or less so because a lot of manufacturing goes into core brick and mortar kind of stuff, where AI is a very different use case. It is really BFSI and technology which have been large ones. Education publishing has been a little slow. Manufacturing has been kind of average. This has been our experience so far. Logistics also is doing a decent amount because logistics has a lot of information that they process, and that is where they use AI. Thank you. Thank you. Participant who wishes to ask a question may press star and one now. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Over to you, sir. Thank you everyone for being on this call with us. Thank you for your confidence in Datamatics. I think we've had a good interaction today, and I look forward to meeting all of you in the next quarter. Wishing you once again a very happy New Year, and we'll see you soon. Thank you again. Thank you. On behalf of Datamatics Global Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.