Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY2027 revenue grew 24% y-y; adjusted EBITDA grew 27% y-y - Offline enterprise segment retained 100% clients; mid-market terminals grew by ~100,000 in trailing 12 months - Flow-based income grew 25% y-y; volumes up 50% driven by UPI market share gains - Issuing business grew faster than market; new prepaid card products launched including Bharat Yatra - Online business gained top Q-commerce clients; new biller signed for Q3 launch - International operations scaled: 1 lakh daily transactions in UAE; 100k POS in Malaysia; 50k POS in Philippines - H2 outlook positive with investments in sales, gaming distribution, employee tax benefit card launch - UPI transactions on POS at 75-77%, growing ~70% y-y; plan to deploy 1 million soundboxes to capture missed UPI volumes - EBITDA margin expected to expand in H2; sales team expansion costs impact near term - Capex increased due to chip shortages and advance payments; normalized growth expected - Indirect costs include cloud/data and marketing investments; GFF event costs cause quarter variability - Multiple analyst queries on UPI MDR impact and device deployment; management expects MDR income but cautious on timing - International revenue dip due to large retailer exit in Singapore; core international businesses growing well - Employee count ~5200 with 675 new hires mainly in sales - Management confident of exceeding 23-23.5% revenue growth guidance for FY27