Good afternoon, everyone. This is Madri. A very warm welcome to all of you for this Nucleus Software Earnings Conference Call for the quarter and nine months ended on December 31, 2025. For discussion, we have here from the management team, Mr. Vishnu R. Dusad, our Managing Director, Mr. Parag Bhise, CEO and Executive Director, Mr. Anurag Mantri, COO, Mr. Ashok Kumar Bhura, Chief Financial Officer, Mr. Apurva Chamaria, Chief Business Officer, Mr. Mukesh Bangia, Vice President, Mr. Abhishek Pallav, Vice President, Ms. Swati Patwardhan, Chief Human Resource Officer, Mr. Pradeep Malik, Vice President, and Mr. Tapan Jayaswal, Financial Controller. As you all are aware, Nucleus Software does not provide any specific revenue earnings guidance. Anything which is said during this call, which may reflect company's outlook for the future, or which may be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. An audio and the transcript of this call will be shortly available on the investor section of company's website, www.nucleussoftware.com. With this, we are now ready to begin with the opening comments on the performance of the company, and post that, we would be available for the question and answer session. With this, I now pass it over to Mr. Vishnu. Over to you, sir. A warm welcome to our investor call for quarter ending 31 December 2025. We continue to be grateful to you for your continued interest in Nucleus Software. This quarter we are delighted to welcome Apurva Chamaria, our Chief Business Officer, who brings more than two decades of very rich experience with companies like HCL, RateGain, Tech Mahindra and Google. We look forward to his contributing to the betterment of the company, and with those words, I pass it on to Parag. Thank you so much, sir, and a warm welcome to everyone who has joined this call, and I would also like to welcome Apurva to the Nucleus family and looking forward to learn from his experience and his contributions. Yeah, this quarter also has been a quarter of steady performance for us, I would say. Both on the order booking side and on the implementation side. Otherwise, we continue to work on our long-term strategy, as we've been talking about. Thank you. Yeah, Madri, now we can start the question and answer. Okay, ma'am. Now over to you. Yeah. Thank you. With this, we are now open for question and answer. Sorry, Madri. Yes. We can start with Mr. Tapan's financial comment. Please. Tapan, sir, over to you. Sorry, am I audible? Yes, sir, you're audible. Please go ahead. Our consolidated revenue for the quarter is at INR 200.03 crore, against 213.51 crore quarter-on-quarter, and INR 205.7 crore year-on-year. Overall revenue in foreign currency, including Indian rupees revenue, is $24.92 million for the quarter, against $24.47 million quarter-on-quarter, and $24.41 million year-on-year. Product revenue for the quarter is at INR 185.58 crore, against INR 181.02 crore quarter-on-quarter, and INR 174.83 crore year-on-year. Revenue from projects and services for the quarter is at INR 34.45 crore, against INR 32.49 crore quarter-on-quarter, and INR 30.87 crore year-on-year. Expenses. Cost of delivery, including cost of product development for the quarter, is 70% of revenue against 73.9% of revenue, quarter-on-quarter, and 70.7% of revenue year-on-year. In absolute terms, this is INR 155 crore, against INR 157.7 crore quarter-on-quarter, and INR 145.49 crore year-on-year. Marketing and sales expenses for the quarter is 7.8% of revenue, against 7.3% of revenue quarter-on-quarter, and 5.6% year-on-year. In absolute terms, this is INR 17.2 crore, against INR 15.67 crore quarter-on-quarter, and INR 11.55 crore year-on-year. G&A expenses for the quarter is 6.9% of revenue, against 8% of revenue quarter-on-quarter, and 7.6% year-on-year. In absolute terms, this is INR 15.10 crore, against INR 17.07 crore quarter-on-quarter, and INR 15.64 crore year-on-year. EBITDA for the quarter is at INR 32.72 crore, against INR 23.08 crore quarter-on-quarter, and INR 33.02 crore year-on-year....Other income from investments and deposits is at INR 14.87 crore against INR 13.50 crore quarter-on-quarter, and INR 14.78 crore year-on-year. Total other income for the quarter is at INR 15.12 crore, against INR 16.16 crore quarter-on-quarter, and INR 15.57 crore year-on-year. Total taxes, INR 9.96 crore against INR 9.12 crore quarter-on-quarter and INR 10 crore year-on-year. Net profit is at INR 20.7 crore for the quarter, against INR 26.29 crore quarter-on-quarter and INR 24.97 crore year-on-year. Other comprehensive income is at INR 3.58 crore for the quarter, against INR 2.77 crore quarter-on-quarter and -INR 1.69 crore year-on-year. Total comprehensive income, which includes net profit and other comprehensive income, is at INR 24.28 crore for the quarter, against INR 29.06 crore quarter-on-quarter and INR 33.28 crore year-on-year. EPS for the quarter is at INR 7.86, as against INR 9.99 in the previous quarter and INR 13.28 year-on-year. In terms of foreign currency hedges on December 31, we had $3 million of forward contracts at an average rate of 89.38. There is a mark to market loss of INR 0.37 crore, which is taken to hedge reserve in the balance sheet. Revenue contribution from the top five clients for the quarter is 27.02%, against 27.12% in the previous quarter. The order book position is INR 656.68 crore, including INR 588.74 crores of the product business and INR 67.94 crore of projects and services business. On September thirtieth, the order book position was INR 671.1 crores, including INR 579.67 crore of product business and INR 91.43 crore of projects and services business. Total cash and cash equivalent as on December thirty-first are INR 971.6 crore, against INR 961.66 crore as on September thirtieth. This includes balances in current accounts of INR 41.15 crore. Various schemes of mutual fund, INR 634.30 crore. Fixed deposits of INR 263.17 crore. Investments in tax-free bonds of INR 32.98 crore. With regards to receivables, we are at INR 117.44 crore, against INR 116.19 crores in the previous quarter. During the quarter, there is gross addition of fixed assets of INR 2.94 crore, consisting primarily of INR 0.18 crore on computer and servers, 0.01 crores on office equipment, 0.17 crore on plant and machinery, 0.15 crore on furniture and fixtures, and INR 2.43 crores on software. I'll hand it over to Swati. Thank you, sir. With this, now we are open for the question and answer session. Over to you, Madri. Thank you, ma'am. With this, we are now open for the question and answer session. If you wish to ask a question, please press star and one on your key-telephone keypad and wait for your name to be pronounced. If you wish to cancel your request, please press star and one again. First question comes from Raghav Maheshwari, from Kanakia Wealth Management. Please go ahead. On a good set of numbers. So, we have been following this company, and there was a doubt about migration of the legacy customer base from FinnOne to FinnOne Neo. So, last time the management had mentioned that the migration is going well, sir. And so could you give us a qualitative sense of where we are in this journey, like in terms of your total installed base, are we 30% through the migration or 50%, or just starting? And what is the target by this, you know, upcoming year end? Yeah, thank you for your question. This is Parag here. So, difficult to quantify. I would only say that, the migration process is on. We are getting customers moved to the new platform. I had also mentioned earlier that, it is a, it is a time-taking journey. Our customers are comfortable with our existing products, so, though technology obsolescence is a challenge, but... And, of course, the, any change is, is difficult. So we are- we have migrated some large customers. Some are in progress, both in India and, other geographies. And we are encouraging everyone to, upgrade, but at this time, difficult to give any, definitive response on timelines or numbers. Sir, by when are we planning to complete this migration? ... Look, we would want to do it at the earliest possible, but, yeah, difficult. As such, with our customers on older platforms, we are not facing any challenges. We are serving them also. We are having maintenance contracts with them. So we are not we would want them to migrate at the earliest, at the same time, but if we have to talk about some timeline, then maybe I think next 3-4 years. Understood, sir. And, sir, my next question would be around cost of delivery. I think from last quarter, our cost of delivery has come down to 70% something, and I think this is a contribution given by less employee cost because of this all migration and all happening. So, sir, just to get an idea, is this cost of delivery sustainable for the coming time, or can we see some uptick in this as well? So, we will see, we should see a little jump because of this new labor code getting injected. I think that impact will definitely impact the P&L going forward as well. No, I'm particularly talking about cost of delivery, sir. So the cost of delivery includes the manpower cost as well. So, that definitely is going to increase based on the recent labor code changes, so... The hit which you have taken, as I think, somewhere around INR 18 crore, that is not a one-time then? No, no. So that is definitely a one-time impact, but, that has not got factored in EBITDA. That has got recorded as an exceptional item below EBITDA, but however, going forward, it will start impacting EBITDA because then it will become business as usual. Understood, sir. So, so this 70% can go a little bit higher from this side in the coming quarter? Should be. Well, I can't quote a percentage because there are a lot of- Of course. Yeah, initiatives we would take to contain that. Maybe in the longer term, if you see, adoption of AI may help reducing some costs, but that might get offset by some, I would say, marketing-related expenses, where we set foot in a different geographical territory. So we keep on getting impacted by these things. While we will keep a close watch on, they should not increase exponentially. We will definitely figure out some way to contain it. But yes, these are the factors which will keep impacting us in form of cost. Understood, sir. Lastly, sir, have you added any new logos in this quarter? We do have added logos, and if you talk about this full year, we have added around seven logos this year. So that makes around, two- We have added two logos. Two logos, right? And these are all coming from the new one, right, the 8.5 version or 8, 8.2 version? Yes, yes, yes, absolutely. Absolutely. Any new customer acquisition doesn't make sense to acquire at any older version. While we are chasing for upgrading them to the newer version, obviously, that is the, that is the thought process behind acquisition of each and every new customer. Okay, sir. I have no question. I will join back in the queue, sir. Sure. The next question comes from Rushabh Shah from Buglerock Capital. Please go ahead. Hi, sir. Thank you. Am I audible? Yes, but you could be a little louder. Yeah, am I audible now? Yes, yes, you are. Yeah. So, so I had a question. We, we had entered the Australian market in 2015, and then again in 2021, when the Bank of Sydney appointed Nucleus to lead its digital lending transaction. But, so we still in that market, we are not able to scale up. So what, challenges are we facing in that market? No challenge. I think the market is high yield market, but at the same time, the number of players are not as many as... It's not as such a dense market as India or Middle East. So that's one. So no challenge as such, it's just that things are moving slowly. Of course, I would want to say that we are, we are still there. We have sales presence there. We have a few people positioned there, and we are also taking inputs from that market and continuously working on aligning our products to what what would sell in that market. So, so that work is continuously on. Sir, as you said, there it is not as dense a market. Do we have, let's say there are less number of players in that market, so do we have an upper hand in Australian market? Hmm, upper hand? Yes, because, okay, it's not that we are coming across a lot of competition. Our products, whenever, wherever it, which is, we are able to make an impression, we are able to impress people with what we have. So that way, if you say yes, we are very decently placed there. Okay. So, my second question is that, when we launch a new product, let's say it's an upgradation of an existing software. So how difficult is it for our existing customer to convince him to upgrade to the newer version? Because historically, we have had problems with conversion of customers to a newer version of the software. So I'll explain it in two parts. One is, what I spoke in the, in response to an earlier question, the first question. Our, from old platform to new platform, that conversion is a bit difficult, because as I said, customers are, one, very comfortable with the old product, and that journey is still, I would say even for customer, a heavy investment, because outside and inside that certain old product, we come out with a completely new product. But when it comes to upgrading, our existing FinnOne Neo or FinnAxia customers to a higher version of, a same product, that journey is relatively easy. There've been, there have been instances where we've been able to upgrade our customers over a weekend, and there's a continuous effort to make that journey very smooth. So once they are on the new technology stack, new product suite, then it's a very relatively very easy journey, I would say. But from the old stack to the new stack is where we need to do more convincing and efforts also there are more. Okay. Okay, and so, my next question is, since we work in multiple geographies, is working of banking industry similar in all, in all the geographies? Or is it that the different geographies require different types of software, so we have to make a customized software for our customers? So, if we make the customized software from end, do the complexities of the software increase, and are we able to command pricing in our software? Yeah, my product specialist will answer this question. Good afternoon. So this is where the product capability and configuration comes in. The value that the platform brings is the regional and the geographical nuances and capability that can be taken care of by configurations. Of course, platform is based, built on layered architecture, so there is a dedicated layer for that, and that takes care of the geographical aspects and bootstrapping of that also. Yeah. So the last question is, in a couple of quarters back on your conference call, you had said that in that quarter, we had lost two customers. So I wanted to know what were the reasons of losing those customers was. And was it that they got a better software from there, or they were not comfortable with the price of the Nucleus Software? And also, how were they huge customers, like, did they contribute significantly towards our revenue? So we need to check, because I don't recollect any such. Yeah, some customers have. I don't recollect talking about specific customers. But then, look, some customers do move out because their mergers happen, acquisitions happen. There are smaller customers who have moved out, who have closed down their businesses. Those situations have happened. This happens specifically during COVID, some after that also. Those instances are there. Otherwise, we don't recollect talking about any significant movements out. Okay. Thank you, sir. Thank you. Next question comes from Rahul Jain, from Dolat Capital. Please go ahead. Hello? Hello, is my line open? Hello. Yeah, yeah. Yeah, thanks for the opportunity. Couple of questions. So firstly, on, on the investment that we've been doing for some time in terms of adding the manpower, or the senior leadership to strengthen our business, we have done that job. We've been doing that for some time. However, in terms of the order booking, we have not seen any, meaningful data coming out yet. So is it right now setting into an expanded pipeline and may see, may come into order book, eventually over the next, 6-12 months or any other, comment you want to share on that? ... So hi, Rahul. Why, yes, these changes has been done in the organization, and, as, it takes a little time to settle and, start reflecting into the results. I hope you will also appreciate the fact that these, whatever deals we do are long-drawn deals. These deals are, these deals do take time to, come up fructify, because there are a lot of steps which are, discussed and, debated before a deal is signed off or the order also comes. There are a lot of steps which are involved, and it may take and it may go on for, months, and, few may even change a financial year as well. Having said that, you will, you will be happy to know that in this financial year, we have added seven new logos. So, so I think, yes, we are moving in the right direction, we are on the right trajectory, and we are on the right path. And, given the kind of leadership we have got now and, with the team below us, I think we are on the right path. Thanks for that color. Now specific to the most buzzword, which is AI. So what is our strategy right now in terms of embedding that into some underwriting tool like we hear in the market? And where are we on that journey? And secondly, from a demand side of it, are the customers seeking incrementally AI-powered solutions from companies like us, and where are we on that path? So AI strategy is part of our product roadmap, and the organization is long-term. In immediate strategy, so we have a strategy that is being built, and there is a draft version that has already taken a shape. As far as AI baking into the product that is embedded AI, yes, that is part of our product offering. Even assisted credit decisioning has come up as part of our GA 8.5. And more and more similar AI capabilities around the product capabilities are being built, and some of them already exist. As far as the customers' demands are concerned or expectations on AI is concerned, yes, we are getting inputs and guidance from our customers on what they are looking for. Be it on the GenAI side or the deep learning or machine learning models or expectations. So that is already on. So we are in touch with our customers and leaders, thought leaders, and we are aligning our strategy towards that accordingly. So are we expected to have a AI branded offering also something like FinnOne, FinnOne AI or something? Or we will just embed those technology into the existing brand or product offering? Embedded. We'll embed it as part of our product offering. One question- We are not seeing that as a separate revenue line item coming up. It will always be an embedded, because we want our customers to be able to serve their customers in order to be asking FinnOne Neo AI type of question. That is what I see. So I hope that answers. So, while some are good capabilities around financial literacy, which is interactive statement of account, 360-degree sentiment analysis on collection size, and there are other key capabilities has already come up, and there are several others which are on the pipeline being built. That will be released as part of GA in the upcoming year. Sure, sure. That's good to know. And one last question from my side is on the capital allocation side. This question keeps coming once in a while. We've been accumulating cash. We've been generating a lot of cash. So is there any roadmap in terms of giving out a special dividend or doing a large buyback as a way of deploying this capital? Because, as our business does not require a huge sum of capital, but we keep generating, every year and getting accumulated. So Rahul, as of now, we would like to sit with some cash because as you know, this AI thing has heated up. A lot of stuff is happening. It might require a lot of investment at our end also. We want to be... We are treading that path steadily, and we will look into that maybe once a clear picture emerges in next one or two, three quarters. And that is where we will be in a position to decide which way we want to go. Sure. Sure. That's it from my side. Thank you. Thank you. The next question comes from Sanjot Kari, an individual investor. Please go ahead. Hello, good afternoon. Am I audible? Yes. Yeah. Yes, sir. So, I just want to understand the quarter gone by, Q3. ... I think we have closed couple of deals and, last call you also mentioned that there was delay in closure of the deals, like, customers are taking longer time. So just in your view, with the quarter gone by, how was the performance, as per your expectation or was it below expectation? And how are you seeing that the deals closure will be happening in Q4? I mean, some deals couldn't close in Q3, but will be closed in Q4. So definitely better than earlier quarters. We've been saying that we are getting traction from the market. And now we are seeing that conversions have also starting to happen. A few that has happened, which Ashok talked about. And yes, there is a significant pipeline that we have, which we hope to convert in coming quarters. Sure. And this recent updates happened on, like, a tariff deal with EU and USA. Are you seeing that that will be positive for the business going forward? We are a product company and, as such, those arrangements are not going to impact much in any way. So, we don't have too much of traction anyway in Europe. And if you talk about U.S., we have minimal interest as of now there, while we are trying to get our foothold there and gradually succeeding on that path. But deal per se is not going to have any significant impact on us. Thank you, sir. The next question comes from Chinmay Nema, from Prescient Capital. Please go ahead. Hi, sir. Otam Audhi. Yes. Sir, in the last quarter, you talked about growing through partnerships. Could you talk about how that initiative is, has been going on? Have you been able to make any inroads in the quarter? Some color around that. Of course, partnerships with partners like AWS, Oracle, that is steadily progressing. I think we had updated about a global head of partnership joining in. And so groundwork has started, and we are in, I think, exploratory stage as of now. These things take time, of course. On other side, one area where we are progressing more is on establishing partnerships with various fintechs, because that is the ecosystem today has become very, very highly integrated. So that part is moving faster. Of course, bigger player partnership, that will take some time, but we are making progress on that. Got it. And secondly, with the new hiring that has happened in the sales team and as well as the increase in the senior leadership, could you talk about what should be some of the key monetizable or milestones that you want to achieve over the next one year? So, as we've been saying, we are focused on long-term, and we've been talking about various initiatives at fundamental level we are taking. One of the core parameter that we have set for ourselves is improving customer NPS. And the entire leadership team, entire organization is actually focused on that. This is by way of lean initiatives. Of course, by strengthening the sales team and leadership joining in that, we expect to have more sales, more implementations, but focus on existing customers and fundamentals is what is the key focus. Okay, sir. Thank you. Dear participants, if you have any questions, please press star and one on your telephone keypad. The follow-up question comes from Raghav Maheshwari, from Kanakia Wealth Management. Please go ahead. Yeah. Hi, sir. So, sir, my follow-up question is basically on this client additions that you have done for this year, like 7 client addition. So can you tell us how many, like, what is the bifurcation of that into FinnOne Neo and... So basically the lending management system and the transaction banking part of it? These seven are all lending. Okay, lending. And sir, what part of our current revenue, let's say H1, is lending, sir, in terms of percentage? Total bank, sir. So, I think Tapan talked about high level bifurcation. Beyond that, we track it at that level. Understood, sir. Sir, next thing I wanted a clarification on was that, we had introduced FinnOne Neo. It's been, it's been quite a while now, and whatever clients, like you mentioned, we are adding, we are adding in the new, basically new version. So sir, as of now, let's say if you have 100 clients, what percentage of those clients are into this new platform? And what percentage are in just the FinnOne? If you can just give an approx range. Yeah, in terms of broad bifurcation, that would be 50/50 in terms of number of customers, roughly. 50/50. By the end of next year, sir, are we targeting it somewhere around 60/40 or 70/30? Definitely, as we've taken the approach, is that whether it will be 60/40, 70/30, that's difficult to say. Understood, sir. Sir, my next question is, sir, as of now, what is your focus? Is it to get new client addition each quarter or to focus more on migration of existing ones into the GA? Both are okay, because there are these are different focus areas. So definitely there's focus on new customer acquisition, there's focus on giving new capabilities to existing customers, as well as migration. So these are separate focus areas. Understood, sir. Sir, lastly, I wanted to talk about industry tailwind a bit, sir, because we are seeing good credit growth on the retail sector coming in, all the banks are boasting good numbers. So I think there is some sort of a industry tailwind. If you can give some light upon that, and also for that matter, sir, for the next coming year, like FY 2027. Can you tell us, sir, like I'm not asking for any guidance here, but just some qualitative factors, as in where can the growth come from? Yes. So we've been talking about growth of the MSME sector. I think the entire industry, government, regulators, everyone is talking about it, so that's definitely a growth area. The other business lines that we are seeing traction is gold loan, finance against securities, co-lending. These are the three areas from where we are getting a lot of traction. Sir, what exactly are you doing in gold loan? So we have, as we call it, line of business. So gold loan is also a line of business that is available with us. So is the finance against securities, so is co-lending, which is our newest one, and of course, all others that we already have. Understood, sir. All right, sir. Thank you, and I hope to interact with you in the next quarter. Thank you so much. Thank you. Thank you, sir. As there are no questions, now I hand over the floor to Miss Swati for closing comments. Now we would like to thank all the investors for joining us today on this call. Now I will pass over to Vishnu, sir, for his closing comments. Over to you. We thank you very much for your continued interest in Nucleus Software, and would like to reassure you of our commitment to deliver value to all our stakeholders in decades to come. Thank you very much. That concludes our conference for today. Thank you for your participation. You may all disconnect your lines now.