Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 total income INR 302 Cr +8% y-y; EBITDA INR 22.7 Cr +44% q-q; PAT INR 11.8 Cr +55% q-q - GMV growth ~34-35% y-y in payments and lending; contribution profit +50% - Merchant Payments GMV +76% y-y; revenue +150% y-y; net margin 3.4 bps - UPI MDR expected to add INR 100 Cr revenue in FY28; ~20-25% flows to EBITDA - Lending disbursal INR 1,083 Cr in Q2; 11 active partners; strong double-digit growth expected - NBFC plans: start co-lending with 10% on-book exposure; asset-light model - Fixed costs rising due to investment phase; expected to decline as % of revenue - Payments take rate stable; Merchant Payments take rate to improve with UPI MDR - Multiple analyst queries on UPI MDR impact and lending economics; mgmt confident on growth and margin expansion