Ladies and gentlemen, good day and welcome to the eMudhra's Q1 FY26 Earnings Conference Call hosted by Investec Capital Services Pvt Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vivek Desai from Investec Capital Services Pvt Ltd. Thank you and over to you, sir.
Thank you, Sruthi. Good afternoon, everyone. Thank you for joining the eMudhra Q1 FY2026 Earnings Call. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainty, which could cause actual results to differ from those anticipated. We have with us Mr. Venkatraman Srinivasan, Executive Chairman, and Mr. Ritesh Raj Pariyani, CFO, on the call. I now hand over the call to Mr. Venkatraman Srinivasan for his opening remarks. Over to you, sir.
Thank you. Good afternoon, everyone, and thank you for joining us today. It is my pleasure to share eMudhra's performance for the first quarter of FY2026 and highlight some of the key developments that position us well for the year ahead. We began the financial year on a strong note. For Q1 FY2026, our total income was INR 1,506 million, reflecting a year-on-year growth of 58.5%. EBITDA for the quarter was INR 380 million, with an EBITDA margin of 25.2%, while net profit was INR 250 million, with a net profit margin of 15.6%. This growth was driven by healthy contributions across geographies, particularly from the U.S., Middle East, India, and Asia-Pacific. A key milestone this quarter was the strategic acquisition of Kryptos, a company headquartered in Austria, with presence across the DACH region. DACH means Deutschland, Austria, and Switzerland, comprising Germany, Austria, and Switzerland.
This acquisition strengthens our footprint in Europe and provides access to a well-established digital trust ecosystem. We see a strong alignment with eMudhra's product suite and Kryptos offerings, which will help us address compliance needs in mature markets and bring those capabilities into other geographies as global adoption of digital identity solutions continues to grow. This acquisition was signed in June, but the closing happened only yesterday, which we are notifying you about, Sruthi. In addition, we have signed an agreement to acquire AI CyberForge, a company focused on secure credential management. This will help us expand our portfolio at the intersection of data privacy and identity management space and help us bring differentiated solutions to the markets we serve. On the product front, MTimer continues to see traction for automating complex multi-party signing workflows, particularly in the BFSI segment.
Adoption of SecurePass and CertainExt also continues to grow, enabling enterprises to manage user and direct identities under a unified framework. We remain committed to strengthening our innovation pipeline and enhancing our go-to-market capability. Our R&D efforts are focused on converged identity, data privacy, and generative AI. These areas are central to our products and will enable us to stay ahead in a rapidly evolving digital environment. Now, I would like to share some of the key project wins from the quarter. We deployed managed PKI and TLS solutions for a global FMCG company headquartered in North America, and we implemented facility and mill stakeholder management for a large bank in the UAE. We rolled out identity and access management for a government tax platform in Asia.
We continued acquisition of BFSI clients in India for MTimer, eSign, and e-Stamping for process automation and paperless transformation across lending, onboarding, and related workflows. We rolled out the MCA platform for a wing of the defense forces in India for secure authentication and encrypted data communication within their network. We implemented e-signature workflow for a significant government platform in the Asia-Pacific, focused on internal transformation of health records and beneficiary management. Beyond this, we made further progress in expanding our international reach. We expanded into Central Asia with the launch of operations in Pacific Con. Additionally, we established strategic partnerships with Lankapay and M/s Pacific Technology Pvt Ltd for positioning trust services and paperless transformation in the Sri Lanka and Nepal markets. We believe the foundations we are building through product innovation, strategic acquisitions, and geographic expansion will support our long-term growth.
We continue to operate with finance and discipline, invest in talent and capabilities, and work closely with customers to help them navigate the evolving digital trust landscape. With that, now I invite Mr. Ritesh Raj Pariyani, our CFO, to walk you through the financial performance for the quarter in greater detail. Thank you.
Thank you, Chairman, sir. Good afternoon, everyone. I'm pleased to share the highlights of our Q1 Financial Year 2026 financial performance. Our total income for Q1 Financial Year 2026 was INR 1,506.2 million, marking a 58.8% year-over-year growth. Gross profit for the quarter grew at 28.1% year-over-year to INR 808.2 million, with a margin of 53.7%. EBITDA for the quarter was INR 380 million, realistically at 29% year-over-year growth, with a margin of 25.2%. Profit after tax for the quarter was INR 250.2 million, reflecting a 37.5% year-over-year growth, with a margin of 16.6%. Now coming to segment performance, the enterprise solutions segment generated revenue of INR 1,181.2 million, and trust service revenue stood at INR 291.8 million. That concludes my remarks. Thank you, and we may now open the floor for questions and answers.
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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use hands up while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Surbhi from Bellwether Capital. Please go ahead.
Hi. Congratulations on a great set of numbers, sir. My first question is on the enterprise business outside India. I wanted to understand what's contributed to the strong growth, and if it's possible, can you please split it across our key geographies?
Yeah. The main thing is now cybersecurity is becoming more and more important across geographies. Everybody wants to get into more and more security and wants to implement more PKI-based security systems, and we are almost a one-stop shop in the PKI-based cybersecurity implementation. We offer SecurePass, which is identity and authentication management. We offer E1CA, which is a certification authority product. We also offer CertainExt, which is a certification lifecycle management. That way, we are almost covering most of the areas except one or two areas which are not there. That way, as we have become global and the numbers have become more and our customers are all marquee customers. Everywhere, all the big banks in the Navy, Army, Air Force, big insurance companies. This kind of customer base is there. All this put together enables us to win more and more RFPs and more and more contracts.
This is where the international market growth is high. I'm coming to generally geography-wise, what could be the numbers? I think maybe around INR 50 crore come from the US, and around the Middle East, Africa will be INR 34, 35 crore. Balance about INR 55 crore will be India, roughly.
What would have been?
Europe is yet to get to because as of now, nothing much in Europe, but a little bit Asia-Pacific has started picking up. Out of the Middle East, Africa, what I told INR 35 crore could be INR 45 crore or INR 6 crore could be from Asia-Pacific, particularly Philippines also.
Understood, sir. What would have been our U.S. in the base quarter, just for comparison?
Base quarter means?
Q1 FY25.
Q1 FY2025, it would have been at least INR 20 crore, let's say.
Understood, understood. Sir, the second question is on the partnership with Lankapay and M/s Pacific. Could you just elaborate the role of eMudhra in this partnership? Will we be more like a tech partner extending our tech stack here, or would we be more like a consulting partner because we're seeing such initiatives in India?
There are two aspects to it. One aspect is we becoming a certification authority. We are not becoming a certification authority. Lankapay is a certification authority, and similarly, the other company in Nepal, they want to become a certification authority. For that, we are providing all the product required to set up the entire certification authority. For that, we will have a 50-50 kind of revenue share between the two of us. The next question is the other product. Once the certification authority activity is fulfilled, using the certification authority, the MTimer product and various other products can be pushed there. Those things will be pushed there. On those matters, they will not get into that technology. They will be mere resellers. Apart from certification authority, they will also resell our products. For that, we will pay some commission to them, and the balance will come to us.
This is the understanding.
What could be the potential tenure of this partnership, and what kind of opportunity are you eyeing? Is it quantifiable at this stage?
Very difficult at this stage, but at least we feel each of these can within one year, one and a half year can give at least $1 million because these are smaller geographies. The expenditure is also not much because all the marketing will be done by them. What we will do is only providing the software products and a little bit of implementation. That way, without much expenditure, we are trying this area so that if it picks up, then it can pick up.
Got it. Sir, on acquisition of AI CyberForge, if you could just highlight what's really unique about them, and if you were to build this capability in-house, what would have been the time, effort, and the investment that you would have been required to build this?
The main area of AI CyberForge is the secrets management. Vault and the vault itself, a lot of complexity within the vault. For example, you might have heard of the Aadhaar vault and those kinds of things. There, only the Aadhaar number is stored in the vault, but if you see the general vault, like because in the vaulting, in cybersecurity, there are two major companies. One is CyberArk, and another is HashiCorp. They are all big companies, several billion dollar companies. They provide very complex vaulting capabilities and the security of all kinds of passwords and various other secrets, how it has to be secretly maintained. If, let's say, the same person is associated with 10 different systems, for 10 different systems, his password parameters are different, different things, and the same password should not be used for more than several days or more than several months.
All these, how to control, how to change, and all this, that is where the secrets management is there today. That is what these companies provide. When we go to some of the RFP, in that RFP, because we do not have that component, we don't qualify. We are removed out of those RFP, which is where these people are able to get into them. Over, if you see, last three, four years, one by one, we have been complementing all the areas so that we can, we have all the quality certification, we have the EAL4 certification, we have whatever component missing, we build all the components, which is what enables us to build in every RFP around the world and also qualify there and go ahead.
That is the main purpose of acquisition of this AI CyberForge because their specialization is in an area where we are not having the product. Coming to your question on build versus buy, if you see, it is, we can also build because we have R&D team, deep research can be done, we can build a CC. Today, we are already building three, four areas in a big way. Internationally, a lot of growth is there, and all those have to be captured by our tech team. In this, if we take up this, this will take another one, one and a half years, at least to build this product. If we take immediately, immediate go-to-market comes, and then with that, we can qualify in more RFPs and all that.
Comparatively what we found was this $4.8 million is reasonable compared to the effort what we have to take, and not more than the effort, the time delay will happen. That is where we are acquiring this product.
Understood. Two bookkeeping questions, sir. What was the revenue contribution of Icon and 295 in this quarter? Anything also from Signcrypt in this quarter, out of INR 147 crore?
Signcrypt, as I said, the U.S. revenue is around INR 60 crore. In the INR 60 crore U.S. revenue, if you see, roughly almost INR 20 crore may come out of our product, including, because the TelScript product was already merged with our product. Including other party crore or INR 38 crore will come from the other two acquisitions, this Icon and Signcrypt.
Okay. Sir, what's the cash balance on our book as of March? I think it was INR 180 crore. Since you'll be making an upfront payment for Kryptos and AI CyberForge as well, do you think you'll need to resolve some kind of working loan for working capital requirements or?
It's not required, not required because of the collections and all that we'll manage. Out of INR 180 crore, what we feel is, when now also cash balance INR 173 crore is there, whatever dip will come by way of cash accrual. This year, expected profit and cash accrual, we feel will compensate both these acquisitions. I personally feel by the end of the year, we may be around the same INR 180 crore, if not more. It could be INR 5-10 crore less because of dividend payment and all.
Okay, all right, sir. Thank you so much for answering all these questions.
Okay, thank you.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Santhosh from Viansh Venture Private Limited. Please go ahead.
Hello. Yes, I'm available. Yes, sir, my first question is regarding we have been doing acquisitions from the past one to two years and all. I just want to understand what is the organic growth versus acquisition of growth for the past one year and in this quarter, if you can help with that.
You see, acquisitive growth last year, maybe in the last meeting also we explained. Last year, almost from INR 380 crore, we came to INR 525 crore, which was almost 50% or more than 50% growth. In that, maybe 20%, 25% was.
18, 28%.
Yeah, totally 37%, 38% growth. On that, 18.6%, 18.8% was acquisitive growth. Balance was organic growth. Both are balanced. In this quarter, if you see, compared to quarter to quarter, compared to last year's same quarter, one of the acquisitions was not there. This Signcrypt and 295 was not there. The growth is 57%, 58% from that last year's first quarter to this year's first quarter. In that 56%, 57%, 27%, 28% maybe acquisitive, balance is organic.
Okay. We can expect this trend to continue for the next two to three years in long term also, this kind of trend, organic versus inorganic kind of growth?
Correct, correct. Because the cybersecurity niche, it's only increasing. That's where we feel growth can be maintained.
Okay. You're saying in the next two to three years also, the organic versus inorganic growth composition, which is there, will continue?
Subject to we are the appropriate candidate for the inorganic growth.
Okay. Understood. The second question is regarding the new initiative which we are taking in the MTimer and all the G2 application which we are launching. Is there any traction on that? If you can throw some light on that. We're trying to enter a small and medium scale kind of enterprise and all.
Some traction is there, but some of the things we are still trying. For example, if you see this in our MTimer, it's integrated with eSign and also integrated with the e-Stamping. Any document flow which requires e-signature and which requires the stamping also can be done. Today, it is permitted mainly for the banking and financial services sector. It is not still permitted by the NESL and the federal government in the other sectors. Now, a lot of government has permitted it for several other lender agreements, many other agreements, general agreements and everywhere. Still, NESL has not permitted the stamp paper usage for these purposes. Our software is ready. We are every day trying to discuss with the NESL and see how this can be permitted for this use case. If that is done, it can pick up in a very big way in the retail and SME.
Until then, it will be mainly in the large enterprises in BFSI and fintech and those kinds of things. This is one side. What we are continuously playing is also the mobile TKA. The mobile TKA is approved by the Ministry of IT and this is new. In that case, we can do many things, many more things through MTimer can be just timed from the mobile itself. This is another aspect we are continuously working with the government, but still, the guideline has not come out on the mobile TKA. The integration into mainly SME and retail in a very big way depends on these two guidelines.
Okay. Yes, last question is regarding the enterprise solutions in India. For example, when you see YOY or QOQ, there's a lot of volatility in the growth or the margins and all. Just want to understand, is it the nature of it, the business, or because we deal with the government and DFHA and all, the realizations are made for earlier. Just want to understand on that type of enterprise solutions in India.
Yeah, enterprise solutions in India, if you see, one segment is government, another segment is BFSI, which is predominant. Other than that, other enterprise. If you see, BFSI segment, almost it is fully recurring revenue because it is based on the eSign usage and the MTimer usage and those kinds of things. It is not so much the product focused. It is a usage focused. If you see, the government has fully on supply of new solutions, new products because they just buy the on-premise products. They generally don't go into the SaaS model. From a payment perspective, in BFSI, we collect quickly. It doesn't take any much time, but in government, sometimes it takes six months, nine months. In some of the rare cases, maybe two years, one year also. That is a difference.
Okay.
New projects are coming in the government also, and continuously, they are doing the tech refresh every five years. That way, a lot more potential is there.
Okay. I'm asking this question because of previous year YOY SEC enterprise solutions. Was it around INR 140 million kind of costing?
Yeah, INR 140 million also.
Yeah.
140 million.
Okay, okay.
Yeah.
Yeah, INR 140 million. This quarter will be around INR 255 million. There is some like 55% growth, but the margins, if you see, are very different. We did around INR 17 million to INR 153 million. Just want to understand why there is a lot of volatility. Why? Anything new happened in this?
If you see that number, what you are quoting, are you paying from the segment itself or from where?
Segment also.
Yes.
Enterprise segment, you are paying last quarter INR 222 million. It has come to INR 16 million.
Yes, enterprise solution in India.
Yeah, yeah, because the last quarter, a lot of government projects come because they have to exhaust the budget. Otherwise, the first quarter, the project will be slow. That is the reason for that.
Okay, okay. Same for Bhairavar also, Q1 FY2025, enterprise solution in India, we quoted INR 140 million, and the margin of PBP was around INR 70 million. I just wanted to understand the difference.
Enterprise in India?
Yes, enterprise in India.
In product business, what happens is the business declines because 80, 85% just margins. The margins are substantially. That's where 140 takes.
Okay.
That's why I think it also depends on how much cost is involved.
Okay.
Typically, we reduce the hardware and mainly focusing on software so that we are able to get around 80% to 85% cost margin on the enterprise software product business.
Okay, okay. Understood, sir. Thank you so much.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Srinath V. from Bellwether Capital. Please go ahead.
Hi, sir. First, congratulations on both your acquisitions. I think finally, our acquisition engine is moving. I wanted to understand how is the business outlook in the U.S.? You know, we were in discussions with multiple proof of concepts last call, you know, when you and Kaushik were also there. We had discussions. Can you take us through how these proof of concepts are coming? How many conversions have we had? What is the likely growth in the US enterprise business where, you know, cybersecurity, three core products?
Small and big, 20 customers we have got in the U.S., but some are really very big customers, sir. The thing is, to start with, they are all starting with small, $200,000, $300,000, $500,000 kind of order. If it's stabilized and if they are able to service well, then it may increase over a period of time. At least 20 customers we have got.
Got it. How is this likely to scale, sir, the U.S. enterprise business? How do you see growth this year in that particular division?
Growth in the product business will be better. It will happen definitely because the need is there. However, the growth in the service side may be muted because the AI is coming, and then a lot of visa kind of restrictions are there: return visa restriction, L-1 visa restriction, and various things. That’s where we feel, but the product growth will compensate the service, maybe stagnantly or decline, but the profitability could improve.
What is the size of U.S. product business, sir, as of today, like last quarter, this quarter?
Per quarter, around INR 18 to 20 crore, roughly.
18 to 20 crore.
A quarter here and there may be that, yeah.
Okay. That's per quarter. Basically, it's an INR 80 crore business, full-year business.
Currently in the.
Where do you see this going, sir? Can this go to INR 150 crore? Because we have been engaging system integrators. We have been in dialogue, having these roundtable conferences and so on and so forth. How is that likely to scale, sir, the INR 20 crore per quarter business?
It will go to 150 and all that, but maybe one or two years, suddenly it can grow big. We have to, because still it is in the nascent stage, you know, for a U.S., this INR 80 crore to INR 60 crore is not such a very big number to create a brand.
Exactly, sir. Yeah, we are exactly trying to understand when that big number or probability of that kind of business momentum will kick in, sir.
After two, three years only, because then come, because initially two, three years we lost because of eMudhra name. Now we have created a U.S. company under the name of CertainExt. That really has a CertainExt because the names is going to be addressed to something. All these things, you know, the order started coming. We have to have operations people in the, because we put the sales people in the U.S. Operations people are from Bangalore. These people are really not trained in how to service U.S. customers. These kinds of things, problems are also there. Once these are all perfected, these things will improve in a bigger way.
Got it. In the next 12 months, what are the key initiatives we are taking to improve visibility in the U.S., sir? For example, I think we were looking to put on-premise setups in the U.S. data center for our.
Already, really, audit is going on. Mostly, we expect the audit certificate may have a medal. If that audit certificate is, then we can command issuance of certificate from U.S. That will be one thing. The second thing is we are putting one or two operations people also in U.S., so that in that time zone, they can take care so that there is no time zone we missed. The U.S. yet to get, I would deal with the U.S. people. All those are also known to them. This is another initiative. The third initiative, one in September, one in November, two conferences we are keeping, and then we are inviting big company CEOs, CTOs, and those kinds of people. Last year, actually, we did it in November. Similarly, this year, two times we are doing.
Out of the last year in November, only some of the big companies came, and then they started giving orders. This is another thing we are doing because this around, we are able to do because our two people, this Scott and Spencer, they are from Digiset. They know the industry, and they know it should also, so that is that they are bringing. Like this, we are taking the initiatives.
Sir, last one, sir, I wanted to, you know, understand, given all these new acquisitions on, and you know, there's a service and product business, it becomes a little difficult for us to model. Can you largely give us a guidance or help us understand how you see this year playing out? Would we like get to about INR 700 crore, INR 750 crore, or INR 800 crore top line, given the acquisitions revenues will also come in?
Yeah, earlier, we said that INR 650 to 700 crore, that's what in the last quarter we said.
Yeah, yes.
It appears INR 650 to 700 crore seems to be a very good possibility because already we are at a INR 150 crore run rate. In the INR 150 crore run rate, Kryptos is not there. Even Kryptos' current run rate is INR 25 crore per quarter. That quarter it will come. First quarter it won't come, but the effective date will be in this quarter. INR 75 crore can come. That itself can come to INR 675 crore. With that, if we add growth, it can be around INR 700 crore or a little more.
Got it. Somewhere between 700, 750 would be the kind of.
Very little more stretch, but that is where a little more 700 could be possible.
I get it.
What you said, I shouldn't answer. I don't know.
Yes, sir. Completely agree, completely. Last one, sir, I wanted to understand if Kryptos will have any large margin impact or we'll be able to do the cost synergies within six to eight months. How are you looking at the margin side of the picture, sir?
Margin, initially, when we integrate first quarter purely, we make it top line. We may not get margin out of it because already.
Correct, correct, correct.
That's not happening. Already Kaushik Srinivasan has gone there. Last three, four days, he's there only to see how to do this margin improvement and all that. To go one more quarter, we may not be able to because they are all highly procedure and systematic oriented. The German type of work and our work is different, you know that.
Correct, correct, correct, sir.
Maybe from the January to March quarter, we may be able to integrate and all that.
Perfect, perfect, sir. Thanks a lot, sir, and congratulations on all your acquisitions. I hope all of this comes together and we see that large growth. Thanks, sir. I'll get back into the questions here.
Thank you.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Siddharth Mishra from Creagis. Please go ahead, sir.
Hi, sir. Am I audible?
Yes, yes.
Yes, sir, you are.
Great. Thank you so much for taking my question and congratulations on the fantastic quarter. A few questions from my side, sir. The key project wins that we have highlighted, is it possible for us to highlight what would be the deal wins time, right? Maybe compare that with the average deal sizes that we have won in the past and just try to understand, are we winning more larger sort of deal wins? That's the first question.
Yeah, deal wins, you see, earlier days we were bidding INR 4 crore, INR 5 crore kind of deals, but now quite a bit of deals are in the range of INR 10 crore to INR 20 crore deals. Quite a bit of deals. That kind of deal even in Indian government and even UAE, then Philippines, everywhere, this level of deal we are winning. We are not bidding for INR 50 crore, INR 100 crore deal up to now because sometimes we may become, now our strategy is to go through the big system integrator like TCS, Infosys, Tech Mahindra, and all. If we directly bid such a deal, we may become their competition and it may be difficult to win. Here, we go, because of the cybersecurity, we go through all of them. Anybody wins, we win the deal. That is where we are not going into that level.
Within cybersecurity, without other component involved, if there is a bigger deal of INR 50-100 crore, now we are thinking of bidding. That's why up to now the deal generally size is around INR 10-20 crores, average sale. Other than a lot of payments, the annual maintenance, these kinds of deals should be there. Those will be smaller spaces. Our e-Stamping, eSignatures, these kinds of things are all recurring things, but each deal will be smaller. Over time, it will go on recurring.
Sorry, sir. Very helpful. Since you brought it up, I think it's very important to understand or maybe reflect on the system integrator partnerships that we have. Maybe over the last one or two years, let's say you had five or six or ten partners. How has that improved? Some update on that would be better.
No, we have a large number of 200-300 partners, but out of them, all of them are not system integrator partners. System integrator partners in India are these major IT companies. We have some three, four system integrator partners in Dubai, some system integrator partners in Qatar, and some system integrator partners in Kenya. Like this, it is there. Totally, all system integrator partners put together would be maybe 30, 40. All other partners are reseller partners. System integrator partners only, if you start competing with them, then you cannot work under them.
Understood, sir.
Any other partner, you can resell through anybody. Even same deal, you can quote through three people. Whichever comes, you can take it.
Understood, sir. Particularly in the US geography, how many system integrator partners do you have? Has that increased over, let's say, one or two years?
No, in bigger geography, what you are saying in India, is it? India, we have all these big companies, TCS, Infosys, Tech Mahindra.
In the U.S., are you still?
We have not gone through them because our product sales size is too low for them in the Americas. For them also, if any through us, if undercore business, play undercore business comes, then they will come to us. Today, we are totally in a year, we are playing INR 70 crore, INR 80 crore business. It's not wasting even for them. Today we are all playing through smaller reseller partners in America and also through our own direct sales people who know some customers right there.
Got it. Okay, interesting. On the enterprise solution side, is it possible to give like a growth number on the order book if not the absolute number?
Growth, enterprise solution growth in, you have that number ready?
Order book, sir.
I don't have it ready. Otherwise, I will get it and give it to you.
Sure, sir. I'll get back later on that. One more question on the trust services segment. It seems to have picked up, you know, on both quarter over quarter and year over year basis. Is there any particular reason for that? Volume uptake or pricing better in this quarter?
Two things are there. One is a little improvement in the volume uptake, and the other one is the token. This time what happened, there was a token shortage, and because we are a bigger purchaser of token, we could get it easily, whereas some of the other smaller certifying authorities could not get the token to supply. The token increase itself is almost INR 15 million to INR 20 million. On the DSC side, what we have done is the larger resellers who are, because our price is for a Class 2 two-year DSC, our price is INR 1,500 plus DSC. Whereas if you see all the competitors, their price is anywhere between INR 800 to INR 1,000, including GST.
Because of this reason, while the retail and the smaller partners are staying with us, around the 180 to 200 larger partners who are issuing to end customers, they shifted to the other vendors. We are trying to attract, and generally we were giving commission to all the partners at 40%. Now some of the partners we started giving more, 45%, 50%, 50%, that kind of commission to bring them back. That also has a little bit of improvement. Both the token and the strategy of bringing them back, this has helped us.
Got it. Thank you, sir.
Thank you. A gentle reminder to all the participants, anyone who wishes to ask a question may press star and one on their touchstone telephone. I repeat, anyone who wishes to ask a question may press star and one on their touchstone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
One more question. Can I answer another question? What creates this race? Hello?
Yes, sir.
Yes, please.
Yeah, the order book you asked now, 20%. Enterprise order book has grown by 28%.
Got it. This is in one year? The fourth quarter FY 2026?
FY2026, in years, year to year.
Understood, sir. Thank you. If there is more, may I go ahead with one more question?
Yeah, yeah.
On the FY2026 guidance, you highlighted the updated guidance on the revenue side, including the key financials. On the margin, is there an updated guidance that you would like to provide, including the acquisitions?
No, including the acquisition in, because if you see this Kryptos acquisition, as we updated the stock, I think they are currently in a smaller loss. From there, it will transition to profit. It may take some time. We have to replace some of their components with our component. Otherwise, we have to increase the sales. All these are, it will take some time. Because of this, we feel that could little pull down the margin. At the same time, our product improvements can push up the margin. On the balance, we feel we will be able to maintain this around this margin, 16%, 16.5% PAT margin.
Got it, sir. That's it from me. Thank you, sir.
Thank you very much. Ladies and gentlemen, as there are no further questions, I now hand the conference over to the management for closing comments. Over to you, sir.
Thank you. I would like to thank everyone for joining the call today. We remain focused on delivering consistent performance and innovative solutions that enable secure digital transformation for our clients across the globe. For any additional information or queries, kindly get in touch with our investor relations advisors, certificate partners. Thank you once again. Thank you.
Thank you. On behalf of Investec Capital Services Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.