Good evening, everyone. This is Madhuri. A very warm welcome to all of you for this Nucleus Software earnings conference call for the quarter and year ended on March 31st, 2026. For discussions, we have here from the management team, Mr. Vishnu R. Dusad, our Managing Director. Mr. Parag Bhise, CEO and Executive Director. Mr. Ashok Kumar Bhura, Chief Financial 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 constructed as forward-looking statement must be reviewed in conjunction with the risk that company faces. An audio on the transcript of this call would be shortly available on the investors section of company's website, www.nucleussoftware.com. We are now ready to begin with the opening comments on the performance of the company, post that, we would be available for the question and answer session. I now pass forward to Mr. Vishnu. Over to you, sir. Good afternoon and a warm welcome to this investor conference call for the year ending March 31st, 2026. This being our years of our going public, we celebrated the occasion with bell ringing ceremony last month, and we want to take this opportunity to thank all of you for your sustained support to this company with your voting in the form of your shares, and we want to reiterate our commitment to long-term growth of the company. With those words, I would like to hand over to Parag. Thank you very much, Vishnu sir, for that. Good afternoon and welcome, everyone, to the Q4 and year-ending investor call. As Vishnu sir mentioned, indicated, we all know we are going through very uncertain times. However, I would like to assure all of you that we're taking much steps to make sure that we understand the situation very well and it's going to improve. We're taking various initiatives that we will cover as a part of the Q&A that happens later. Thank you very much. Now I request Mr. Tapan to present the financial numbers. Over to you, Mr. Tapan. Hello. Am I audible, Swati? Yes. Please go ahead. Our consolidated revenue- Please answer audibly. Our consolidated revenue for the quarter is at INR 224.77 crore against INR 220.03 crore quarter-on-quarter, and INR 228.96 crore year-on-year. For the year, it is INR 876.03 crore against INR 832.25 crore for the previous year. Total revenue in foreign currency including India rupees revenue is $24.75 million for the quarter, against $24.92 million quarter-on-quarter, and $26.53 million year-on-year. For the year, it is $99.6 million against $98.5 million for the previous year. Tax revenue for the quarter is at INR 189.05 crore against INR 185.58 crore quarter-on-quarter, and INR 199.56 crore year-on-year. For the year, it is INR 740.56 crore against INR 713.79 crore for the previous year. Revenue from projects and services for the quarter is at INR 35.72 crore against INR 34.45 crore quarter-on-quarter, and INR 29.40 crore year-on-year. For the year, it is INR 135.47 crore against INR 118.46 crore for the previous year. Moving on to expenses. Cost of delivery, including cost of product development for the quarter is 70.1% of revenue against 70.4% of revenue quarter-on-quarter, and 57.3% of revenue year-on-year. In absolute terms, this is INR 157.45 crore against INR 155 crore quarter-on-quarter, and INR 131.29 crore year-on-year. For the year, it is INR 622.85 crore against INR 568.69 crore for the previous year. As for marketing and sales expenses for the quarter is 7.1% of revenue against 7.8% of revenue quarter-on-quarter and 4.9% year-on-year. In absolute terms, this is INR 15.93 crore against INR 17.2 crore quarter-on-quarter, and INR 11.24 crore year-on-year. For the year, it is at INR 61.93 crore against INR 36.13 crore for the previous year. G&A expenses for the quarter is 7.5% of revenue against 6.9% of revenue quarter-on-quarter, and 5.3% year-on-year. In absolute terms, this is INR 16.77 crore against INR 15.10 crore quarter-on-quarter, and INR 12.09 crore year-on-year. For the year, it is at INR 67.09 crore against INR 59.82 crore for the previous year. EBITDA for the quarter is at INR 34.62 crore against INR 32.72 crore quarter-on-quarter, and INR 74.33 crore year-on-year. For the year, EBITDA is at INR 124.15 crore against INR 167.60 crore in the previous year. Other income from investments and deposit is at INR 11.27 crore against INR 14.87 crore quarter-on-quarter, and INR 16.75 crore year-on-year. Total other income for the quarter is at INR 14.92 crore against INR 15.12 crore quarter-on-quarter, and INR 16.62 crore year-on-year. For the year, the other income from investments and deposit at INR 56.49 crore against INR 64.79 crore for the previous year. Total other income for the year is INR 64.16 crore against INR 66.26 crore for the previous year. Total taxes are at INR 6.96 crore against INR 3.96 crore quarter-on-quarter, and INR 22.77 crore year-on-year. For the year, taxes are INR 33.14 crore against INR 56.05 crore in the previous year. Net profit is at INR 34.55 crore for the quarter against INR 20.7 crore for the quarter, and INR 64.77 crore year-on-year. For the year, it is at INR 116.74 crore against INR 163 crore in the previous year. Other comprehensive income is at -INR 1.58 crore for the quarter against INR 3.58 crore quarter-on-quarter, and -INR 0.20 crore year-on-year. For the year, it is INR 9.4 crore against -INR 3.56 crore in the previous year. Total comprehensive income, which includes net profit and other comprehensive income, is at INR 32.97 crore for the quarter against INR 24.28 crore quarter-on-quarter, and INR 64.57 crore year-on-year. For the year, it is at INR 126.14 crore against INR 159.44 crore in the previous year. EPS for the quarter is at INR 13.12 as against INR 7.86 in the previous quarter, and INR 24.6 in year-on-year. For the year, it is at INR 44.35 against INR 61.40 in the previous year. In terms of foreign currency hedges, on 31st March, we had $2.5 million of forward contracts at an average rate of INR 91.33. There is a mark to market loss of INR 1.09 crore, which is taken to hedging reserve in the balance sheet. Revenue contribution from the top five clients of the quarter is 29.3% against 27% in the previous quarter. Order book position is INR 1,044.31 crore, including INR 899.44 crores of product business and INR 144.87 crores of project and services business. On 31st December, the order book position was INR 656.68 crore, including INR 588.74 crore of product business and INR 67.94 crores of projects and services business. Total cash and cash equivalent as of 31st March are INR 972.37 crore against INR 971.6 crores as on December 31st. This includes balances in current accounts of INR 80.01 crore. Various schemes of mutual fund, INR 597.02 crore. Fixed deposit of INR 363.22 crore. Investments in tax refunds of INR 32.12 crore. With regards to receivable, we are at INR 121.12 crores against INR 137.41 crore the previous quarter. During the quarter, there is a gross addition of fixed assets of INR 18.35 crores, consisting primarily of INR 6.35 crore of computer and servers, and INR 11.78 crores on building and plant and machinery. I will hand it over to Swati. Thank you, sir. With this, we are now open for the question and answer session. Over to you, Madhuri. Thank you, ma'am. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. The first question comes from Rushabh Shah from BugleRock. Please go ahead. Am I audible? Yes, sir. My question was, we have lost one of the leading NBFC as a customer to our competitor. Just wanted to know what could be the reason that a leading NBFC in India has no more our customer. Was it the pricing part or their software issues? Which NBFC you are talking about? Can you please name that? Bajaj Finance. Sorry? Bajaj. Bajaj Finance. Bajaj Finance is not because of any other reason, but it is more of a, I would say, they have on their own invested in a company which is a competitor to us. That was the strategic reason with which this decision was taken. Okay. Bajaj Finance has invested in a company where the company is a competitor, correct? Yes. Okay. Next question was, the customer. We had this problem that customers are not migrating from FinnOne to FinnOne Neo. They are content with the software they are using because it fulfills their requirement. What incentives do you provide them so that they shift to the newer platforms and pay higher? If you could also give me some numbers on how many customers have shifted to the new platform. Very recently, one of the leading public bank in India, we witnessed a large transformation that has happened, and that was as smooth as a cakewalk. I'm sure you must have got to know through the news. On the transformation project, now, the good part is that we are using various tools and techs, like AI, to detect, map, and initiate the transformation journey. One of the challenge is that since some of these implementations are two decade and more than that older, so a lot of customization has gone by. One exercise that is being done. At the same time, we are also in talks with the customers to be ready to come up to the new platform. All these discussions are happening and our roadmap is being prepared. It is very much in our focus and on our cards also. Just a follow-up on Yes. Just a follow-up on from, like you said, the roadmap is ready, and the implement takes a lot of time. No. I did not mention that implementation takes lots of time. I'm saying that the erstwhile version, which is called FinnOne, is there in production for more than two decades or beyond, or even older. In such cases, these implementations have taken their own path through different customizations at various times. We have created our in-house transformation toolkit, which is AI-enabled, and we are taking AI to detect the changes and mapping to the product capability and features that FinnOne Neo offers. To ensure that the onboarding or transformation from old version to the new version is seamless, and that is the way forward. That is strategy we are taking. Okay. My next question is that some years ago, you had mentioned at that time. It's a good challenge for Nucleus to have. Have you able to crack Japan as a market? Yeah. Yeah. As we know that Japan market runs on relationship because it takes time for the Japanese culture to take up and adopt new product lines. We have been there in the market from past 25 years, and we have built a lot of credibility, and our customers actually have been there from past 25 years. We have been making a conscious effort to tap some of the top Japanese banks There are some active discussions which are currently on, and we might see some results in upcoming quarter. Because it takes time actually to get the required level of confidence on the new product. I hope that answers your query. Yeah. Thank you so much, sir. Sir, the last question on, in the previous calls, you have mentioned that it was a mistake that we didn't focus much on the marketing of our product, although we knew Nucleus has one of the best products in the world. When I see your sales and marketing expense, it is still around 1% of the revenue. Are we seriously looking at marketing our products? Since you have said that you are focusing on sales and marketing part, how many new sales people have you hired in the last, let's say, four to five years? I think in last two years, our focus was to strengthen our sales and account management function. This has led to a growth of about a headcount of anywhere between 40-50 sales executives in the team. This is across all sales domains. Hunting, which is for new sales, account management for existing customers, generating business through existing customers. We also have a team onboarded for partnerships and alliances. To lead this team, we have recently onboarded Dr. Apurva Chamaria, who has joined us as Chief Business Officer in all these sales and partnership and account management functions roll up to him. Okay. Thank you. Thank you, sir. Participants are kindly requested to ask one question in the initial round and may join back with queue for more questions. The next question comes from Samarth Singh from TPF Capital. Please go ahead. Good afternoon. Thank you for the opportunity. Could you just tell me what was the total number of logos that we added this year? If you could repeat the order book? We have added seven new logos this year in financial year 2026 versus three logos in 2024, 2025. Trajectory is promising and moving in the right direction. If we talk about order book, we are sitting at the close of March 2026 in the upwards of INR 1,000 crores as compared to last financial year of around INR 600 crores. Did you say INR 1,000 crores? Sorry? Did you say INR 1,000 crores you said? INR 1,000 crores. Yeah. Okay, great. We are actually finally seeing the benefit of the marketing spend that we've been spending over the last couple of years. Absolutely. Okay, great. It is a combined effort of multiple things. Marketing expenses, our investment in improving our capacities, our investment in terms of upskilling our teams, our efforts in terms of spend in AI and everything. Collectively it is finally showing the results. Got you. Sir, you had mentioned in the earlier question that Bajaj Finance invested and went with a competitor. I believe that competitor also has now got a product, at least a product line, I'm not sure, from HDFC Bank as well, which is I think one of our oldest clients. If you could talk about that. Are we losing market share with HDFC? What's happening there? We can't really comment on our competitors and their ways of working and they approaching any client or not. We can't really comment on it. No, what can you comment on our relationship with HDFC, given it's one of our oldest clients and I would assume a decent amount of revenue? Yeah. The relationship is nearly 30 years now and it continues to go strong. Okay. Samarth sir, sorry. Can you please join back with queue for more questions, sir? Next question comes from Rahul Jain from Kamyatya Wealth Management. Please go ahead. Rahul sir, please go ahead with your question, sir. Is my line audible? Yes, sir. Yeah. Hi, this is Rahul Jain from Dolat Capital. Maybe there was a correction in the name. Yeah. My question was that, we have a very strong order signing that has happened during the quarter. I would appreciate if management could share some color in terms of which market this came from, and some of the local offices that we have set up in different regions, have some of these efforts have fructified, causing this book to jump. Also is this coming from SaaS side of revenue? We don't see much momentum happening in the Q4 revenue. We expect this order book to actually fructify in the next couple of quarter and it came much more closer to the end of the quarter. Thank you. Rahul, most of our contracts are spread contract across few years. That is why the revenue impact might not be seen in the first quarter or maybe one or two coming quarters. However, this robust order book is going to definitely positively impact in positive terms for quite a few quarters. If we talk about areas or geographies from where we have got this order, happy to share that one of the orders which we have booked is from U.S. and most of the orders are from India. There are few orders from other geographies as well, but majorly it is from India and U.S. India and U.S. You're saying Sorry, Ashok, I could not follow the part which you said it should flow out in the next few quarter or because we got it towards the later part of the thing, or you're saying generally it takes time for us to recognize the revenues? Yeah. In general, it takes time. While we have received the order, there is an implementation cycle as well, which goes before we recognize the revenue. That cycle depends on the complexity of the order which we have received and the size of the order which we have got, and integration with the customers. That is why I was saying it might not be immediately reflective in revenue, maybe in immediate one or two quarters. Definitely, once the implementation is done, we should see that revenue flowing in our books. Sure. If I could ask one more. In general, if you could talk about how the deal wins are trending. Are these more happening towards the subscription model or the traditional long-term model is one thing. One data point question is, if you could share what was the headcount at the end of the quarter? That's it from my side. Thank you. Headcount at the end of the quarter was 2,035. 2034. In the range of 2,000, and which is pretty much same as maintained across last few quarters, if you see. A plus minus of 100 counts, which you can think of. If we talk about this, the another question was with revenue, right? Yeah. I was trying to understand, are deals coming on the SaaS model or mostly coming on the on-prem model? We are a product company and our deals are with respect to product. Yes, a part of the revenue definitely is subscription-based fees as well. However, it is a hybrid model on which we work, and most of the deals are long-term deals. There is fair, I would say, reasonably assured revenue which is going to come for future. Thank you, sir. The next question comes from Rushabh Shah from Bugle Rock. Please go ahead. Yeah. I have just one question, sir. A couple of quarters you had talked about bringing new features in the co-lending and the gold loan. Any update on that front? Yeah. I think both co-lending and gold loan is going to be the focus area and we have been trying to understand more on both these capabilities that we have built across. Even in this current GA which is getting released, both these line of businesses are being strengthened. Be it co-lending, be it gold loan, and we have also strengthening the finance against security as going to be the potential line of business as we have understood the market. These are going to be the key LOBs where we are going to invest. Okay. Sir, just a small question. In general terms, when a customer is in a pipeline, how long does it take to convert the customer into sales? What could be the possible reasons from the customer's end if the process gets delayed? While there is no right or wrong answer to it, but it can typically take anywhere between six weeks to maybe, I would say, three months or three years also. There are customers who we have been engaging for almost two years, and we have closed contract after two years of discussion. Yeah. If we see it, if it is a greenfield kind of project, it might be done in six months. If it is a already established, I would say company or something of that sort, which is doing a migration, it may take a lot of time. Okay. Thank you so much. Technically, it depends upon from where the transformation is happening. If it is a different system altogether and the customers struggle sometimes, we also see that the team itself struggles to give us enough information about the implementation. That discovering the unknown unknown takes at times. Usually, if it is a vanilla implementation, for SaaS businesses it is matter of days as well. Otherwise, as Ashok talked about, sometime it takes three months also. Thank you, sir. The next question comes from Samarth Singh from TPF Capital. Please go ahead. Yeah. Thanks for the opportunity again. Just wanted to follow up on the previous question that I had. Is it fair to say that none of our existing customers have shifted either away from us either completely or any of their product lines over the last three years? Sorry. I couldn't follow the question. Can you please repeat again? I'm so sorry. I just wanted to confirm, over the last 3 years, have any of our customers either shifted away from us completely or even any of their product lines away from us? I think, no. No other customer has walked away from us. That is what he is trying to achieve. He is talking about this. Last three years we talked about. I think nothing significant. Yeah. If we talk about other than this Bajaj thing which we have covered, there is nothing significant. Bajaj is no longer with us, right? I'm sorry, I didn't get that. Sorry? I didn't get your previous answer. I'm saying there is no significant loss or movement from any of our customers in terms of either module or moving out completely. Okay, got you. Would you be able to share what our win rate is in RFPs over the last few years? That is a detail we may not be able to provide. Last question was, so in Japan, you mentioned you were making some inroads. Can you share which software the Japanese banks currently use? Most of their software is homegrown. In-house software? Yeah. Got you. Okay. Thank you so much. Thank you. Thank you. Thank you, sir. The next question comes from Sanjyot Khare from Vision Finance. Please go ahead. Hi, good afternoon. Good afternoon. My question is about last Q4, like Q4 of FY2025. Company has grown up almost 10% in revenue and compared to this quarter, Q4 2026, it's almost flat. What is the reason? Is it because of the problems happening, geopolitical problems, or even current close, or even starting projects or any of the projects have moved from Q4 to Q1? Any reason that there was a very basic slack? You're comparing last year-on-year quarter or you are talking about sequential? No, year-on-year. Year-on-year. Q4 of last year. Yeah, Q4 we grew almost 10% last year. That was on the back of one account where we cracked the deal and we were able to book the revenue in the last year in the quarter itself. That has driven the revenue last year and that is why you are able to see that flat growth but otherwise if you normalize it has grown revenue per se. Additionally, there were a few orders, at least a couple of them which got postponed from the Middle East because of the war situation. Right. Okay. I just want to understand the impact of this geopolitical issue. It's causing the company. Even the employee cost has gone up by almost 75% compared to last year. There's a revenue slack. Is it something specific behind? Yeah. We continue to invest in our teams because they are the ones who deliver value. We realized it that the revenue may or may not match the investment in our people. That's how we look at it. Oh. There's also a significant impact because of the new labor code changes that would have added to the employee cost going up. Okay. All right. My last question is about where are you seeing a demand now? Is it more from India, Middle East or in Southeast Asia? Where are we seeing a demand now? Where are we getting more work? Well, India remains our foothold and our strong, I would say, growth center. We are focusing also on other countries as well and to cultivate that market. We have recently set our subsidiary in Vietnam. We are looking forward to explore those areas for the growth prospect. I see. All right. Thank you very much and all the best. Thank you. Thank you. Thank you, sir. The next question comes from Sailesh Rathi, an individual investor. Please go ahead. Please go ahead with your question, sir. There is no response, sir. That would be the last question for the day. Now I hand over the floor to Ms. Swati for closing comments. Thank you, Madhuri. We would like to thank all the investors for joining us today. I'll pass it over to Vishnu, sir, for his closing comments. Over to you, sir. I'd like to take this opportunity to thank you for your continued interest in Nucleus Software, and would like to reiterate our commitment to deliver long-term value to all our stakeholders. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Zeus Abbas Conference Call Service. You may disconnect your lines now. Thank you and have a pleasant day.