Transcript of the Earnings Conference Call conducted on July 21, 2026

AI summary - Q1 FY27 EBITDA margin at 8%, targeting 15-20% margin in next 2-3 years with potential to reach higher long-term margins - Revenue growth accelerating across payments (consumer and merchant) and financial services, with broad-based momentum - Postpaid business ramping up faster than previous cycle, tracking twice as fast - AI driving cost efficiencies and new non-payment revenue streams, especially for merchants and businesses - Cash balance strong at INR 13,500 Cr+, free cash flow positive, with selective organic and inorganic investment focus - Merchant lending evolving with competitive APR products; personal loan growth supported by multiple lending partners - Consumer financial services revenue growing with improved LTV to CAC and product-market fit gains - Marketing services revenue impacted by travel headwinds but overall consumer engagement and revenue growing - Payment processing margin rising due to mix shift towards credit card and non-UPI transactions - Multiple analyst questions on margin trajectory, AI impact, and growth sustainability addressed with confidence