Ladies and gentlemen, good day and welcome to Crizac Limited Q2 FY 2027 earning conference call hosted by Equirus Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Samarth Patel from Equirus Securities Limited. Thank you, and over to you, Mr. Patel. Good afternoon, everyone, and welcome to Crizac's Q2 FY 2027 earnings conference call. We have with us from the management, Dr. Vikash Agarwal, managing director of the company, Mr. Manish Agarwal, Chief Financial Officer, Mr. Christopher Nagle, Chairman of the company, and Mr. Sanjeev Sancheti from Uirtus Advisors, the company's Investor Relationship Advisor. Sanjeev sir, if you can start with and take us through the Q2 performance and the outlook for the second half and FY 2027. After that, we can open up for the Q&A. Over to you, Sanjeev sir. Thank you, Samarth. Good morning to all the participants. Before I hand over the call to Dr. Vikash Agarwal for the opening remarks, I would like to draw your attention to the safe harbor statement in the earnings presentation. I request each one of you to go through the disclaimer in that presentation before the meeting starts so that all of you are aware of the same. Over to you, Dr. Vikash Agarwal. Thank you, Sanjeev ji. Good afternoon, everyone, and thank you for joining us for the earning call for the second quarter of FY 2027. Let me begin with the macro background that impacted quarter two FY 2027 performance. As you all are aware, the conflict in West Asia between February and June disrupted international travel and led to widespread flight cancellation, while a sharp currency movement in the key source market made overseas education costlier. It also caused lot of uncertainty between students. As a result, a number of prospective student predominantly post-grad level postponed their study plan. This impacted our quarter two performance with operating income of INR 1,027 million, a decline of 36.7% year-on-year, operating EBITDA of INR 330 million and a PAT of INR 369 million. For H1 FY 2027, the operating income was INR 3,039 million, down 18.3% year-on-year, and a PAT was INR 840 million, down 10.7%. The revenue was therefore not lost. Quarter three and quarter four are our peak intake season, and a strong quarter three has already been built in quarter two. We recognize revenue only once university confirms enrollment, which typically happens 45- 90 days after the course begins. The revenue we reported in quarter two came mainly from application processed in quarter one and before, the period most affected by the disruption. While the work our team did in quarter two is what will show up in quarter three. Most of the student who will drive our quarter three revenue have secured their admission, their visa, and their visa have been approved, and some of them have already started their journey and courses at university. This gives us the high confidence that quarter three FY 2027 revenue will grow in the range of 10%-12% over quarter three FY 2026. Further, a large share of application that will form the base for quarter four revenue has already been received and is being processed. Hence, barring any black swan event, we are confident that our revenue and profit for FY 2027 will be in line with FY 2026, despite the difficult year for the industry, the guidance we had given earlier. We also remain committed to rewarding the shareholders. Even in the quarter affected by external disruption, the board has declared the interim dividend of INR 4 per equity share, and we expect the total dividend of FY 2027, including the final dividend, to be in the range of INR 8-INR 10 per share. This is backed by our debt-free balance sheet, continued strong cash flow from operating and net cash of approximately INR 5,984 million. Before turning to our operating performance, I want to highlight an important development for our biggest market. In this budget on 28 October, the U.K. government proposed to set graduate visa at two years for graduate of high compliance university with strong labor market outcome, rather than 18 months that would otherwise apply to all the students from January 2027. We see this as a signal that after a period of restrictive policy, U.K. is becoming more open to welcoming international students and talent. The government is yet to define which universities will qualify, but the direction is constructive, and it rewards compliance and student quality on which our platform is built. More significant than the headline numbers, however, are the underlying drivers of our business. We continue to gain market share while policy headwinds reduced visa volume in our key markets. Between FY 2024 and 2026, U.K.-sponsored study visa fell 20%, while Crizac student grew 53%, taking our share from 3.5%- 6% globally. Among Indian students, our share rose from 9%- 13.9%, even as the visa granted to Indian student fell by 22% in the same time. Among non-Indian students from outside India, our market share more than doubled from 1.5%- 3.7%. Through this period, we not only gained market share, but also grew our absolute numbers. As immigration policy comes under political scrutiny, government are not closing access to international education. Rather, they are becoming more selective about who is admitted. In response, universities are considering consolidating their recruitment partnerships, retaining those with strong compliance framework and broader reach. Our market share gains indicate that universities are increasingly choosing Crizac at precisely the time they are applying greater scrutiny to their choice of partners. We believe this demonstrates the resilience of our business model across market cycles. The market share gains are underpinned by three core strengths of our platform. The first is the depth of our university partnership. We work with over 600 institutions as of today, and our relationship with each of our top 30 partners extends beyond five years. The second is the breadth of our counseling partner network, which comprises of more than 18,500 partners. Of those, 4,942 are active during first half. The third is our scalable technology platform, which processed over INR 2 lakh applications from 92 unique countries, with student enrollment rate of 12.8% on rolling 12-month basis. The technology remains central to our strategy. In March 2026, we have committed $2.5 million to the in-house development of EduMentor, our AI-led platform, our student university matching and mentorship, under the leadership of Mr. Dishant Kharbanda, our Chief Innovation Officer. Together with our technology investment, this is making our platform AI-ready, which we believe will strengthen our competitive position as we grow. The sector visa and immigration policies are retaining risk in our industry, and they have historically been cyclical. We believe we are close to the end of this current cycle, as the U.K. budget proposed suggests, and we expect the benefit of conditions normalize. Over the long term, the structural demand of quality international education remains strong, underpinned by growing aspiration across the world. Our presence across more than 90 countries and 15 destination markets position us to capture it. That said, we recognize that diversification across destination will take time to reflect our performance. In H1, destination outside U.K. accounted for approximately 9.5% of total applications, which is more than double the 4.7% in first half of FY 2026. Revenue, however, is yet to follow, with these destinations contributing only 1.4% of the total as of today. That is typically a new destination where conversion starts slowly and improves as the business deepens. We see this gap as a headroom rather than shortfall. To summarize, quarter two was an exceptional driven by unforeseen external event, with 10%-12% growth in quarter three already in sight, and our key intake, including the peak intake quarter, still to come in the second half. We believe H2 FY 2027 to be significantly stronger than H1 and ahead of H2 FY 2026. That keeps us firmly on track to deliver the revenue and profit in line with FY 2026. The same pipeline visibility that allows us to flag quarter two impact in advance is what give us the confidence today. With that, I will hand over Mr. Christopher Nagle, our Chairman, who will share his perspective on global industry environment and Crizac's competitive positioning. Over to you, Chris. Thank you, Vikash, and good afternoon to everyone on the call. Let me start with the broader landscape. Immigration and study visa policies continue to evolve across the major study destinations, and in several markets, they have become more restrictive. Student demand is shifting between destinations as a result, and these patterns can change quickly. Currency movements and geopolitical developments add to the uncertainty for students and families, and their timing is hard to predict. What has not changed, though, is the underlying demand. Aspirations for quality international education continue to grow across the world, and destination countries continue to need international students. As compliance requirements rise, universities are also becoming more selective, favoring fewer, larger, and more compliant recruitment partners. The U.K., which is our anchor market, illustrates this well. Net migration has fallen sharply as immigration rules have become more restrictive, from a peak of 891,000 in 2022 to 171,000 in 2025. But the intent of policy is to reduce net migration, not international education. The U.K. also remains highly attractive to students, with four universities in the QS global top 10 and high visa approval rates. Vikash referred to the U.K. budget proposal on the Graduate Route. It marks an encouraging shift in tone. After years focused on reducing numbers, the U.K. government is now signaling that it wants to attract international students and skilled graduates with a stated aim of building Europe's most business-friendly migration system for highly skilled people. From a university perspective, the longer post-study work period is linked to compliance and graduate outcomes, which rewards the same quality that universities now expect from their recruitment partners. For universities, international students are central to financial sustainability. Domestic tuition fees remain capped, while international fees are uncapped, and a growing number of English education providers are reporting or forecasting deficits. What universities need is a reliable flow of genuine, well-prepared students. That is why the Agent Quality Framework and stricter compliance standards for sponsoring students are raising the bar for recruitment partners. This favors selective, scaled, and structured platforms like Crizac, and it is reflected in the market share gains Vikash just outlined. At the same time, we are working actively to develop new corridors beyond our traditional routes, such as students from Africa to India and from Malaysia to China. Complemented by our recent acquisitions, these corridors will broaden our source and destination mix over time. Our focus through this phase is on what we can control, the quality of the applications we put forward, the depth of our 600+ institutional relationships, and the strength of our leadership. With Eric Wijmenga now leading our U.K. and European operations, our university relationships are in experienced hands, and I continue to support the team at the board level. With that, I will hand over to Manish for the financial commentary. Thank you, Chris. Good afternoon, everyone. As Dr. Vikash has covered the revenue performance, I will focus on the remaining element of our financial performance. Operating EBITDA for Q2 FY 2027 stood at INR 330 million, down 44% from INR 590 million in Q2 FY 2026. EBITDA margin was 32% as compared to 36.3% in Q2 FY 2026, a decline of 418 basis points. This reflects lower operating income and a higher cost base from our team build-out, technology investment, and expansion. Sequentially, EBITDA margin improved by 233 basis points from 29.8% in Q1, supported by a lower cost of service. For H1 FY 2027, operating EBITDA was INR 930 million, down 24.9%, at an EBITDA margin rate of 30.6%. Other income for the quarter was INR 85 million. Depreciation is INR 38 million compared with INR 61 million last year, reflecting a change in depreciation method from written down value to straight line method, effective 1st of April, 2026, applied prospectively. Profit before tax for the quarter is INR 401 million, down 38.1% on year-on-year basis. Profit after tax is INR 369 million, down 23.7% at a PAT margin of 33.2%. This decline in PAT was narrower than operating EBITDA owing to higher other income, lower depreciation, and lower tax charge in the quarter. For H1 FY 2027, PAT stood at INR 840 million, down 10.7% at a margin of 26.3%, with the earning per share of INR 4.8. Crizac remained net debt-free with free cash of INR 5,958 million as on September 30th, 2026, up from INR 4,693 million in March 2026. On annualized basis, H1 ROE is 24.6% and ROCE of 31.3%, reflecting the asset-light nature of our model. Net cash flow from operating activity for H1 is INR 1,269 million or 136% of operating EBITDA. Part of this reflects favorable working cap timing, and we expect cash conversion to normalize over the year. As Dr. Vikash mentioned, the board has declared an interim dividend of INR 4 per equity share, amounting to INR 700 million. On the outlook, as Dr. Vikash outlined, we expect Q3 FY 2027 revenue to grow by 10%-12% over Q3 FY 2026 numbers, as most of the students behind this revenue already have their admission and visa in place. With a large share of applications for Q4 already received and being processed, we expect FY 2027 revenue and profit in line with FY 2026 numbers. What I can say with confidence is that the structural demand for international education remain intact, our balance sheet is strong, and our inorganic pipeline is very active. We remain constructively optimistic about the medium-term opportunities. With this, I hand back to the operator to open the floor for questions. Thank you. Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Samarth Patel from Equirus Securities. Please go ahead. Thank you for the opportunity, and thanks to management for detailed walkthrough. I had couple of questions. The first one is on the quarter itself. Just to understand the visibility better, if I go through the August call, the indication was that the second quarter would be a bit down, but revenue has come in 37% lower on a year-on-year basis. Just wanted to understand how much of that gap came from student deferring after August, and any quantification that you can do in terms of number of students that would have deferred in total for the September intake. A follow-up to that is what gives us confidence that this deferral will convert for sure rather than turning into any sort of cancellation. That is my first question. Thanks, Samarth. Quarter two was sharply affected by external disturbance. In terms of percentage of students which got deferred, it becomes quite difficult to map every student because some have got deferred for September intake, many of them got deferred for November and January intake. But when we look at the total number of applications, total number of deposits, and students who had received the visa, we saw that the growth of 10%-12% on our revenue year-on-year basis, which is in line with the deferred students, what we are seeing on our pipeline. At the same time, we are seeing on our system a lot of students has deferred to January intake, and we believe these should also translate. Looking at that, it gives us a very strong confidence that the lost ground of quarter two would get covered by these students in quarter three and quarter four. Thank you. Understood, sir. That is really helpful. My second question is, if I just look at applications versus revenue, applications for us fell only about 3% on a year-on-year basis for this quarter, but the revenue fell was sharp and it was around 37%. Is that gap entirely the timing of deferral, or has revenue per enrolled student also moved because of, let us say, university mix or bonuses, just like you see in the first quarter? No, it was mainly because student deferred, and it was all to do with timing. Understood, sir. That is very helpful. Thank you. That is it from my side, and I will join back the queue for follow-up. Thank you. Thank you. The next question comes from the line of Ganesh Gupta from SS Family Office. Please go ahead. Hi, everyone. A very good afternoon. Sir, I wanted to ask that you guided— Mr. Gupta, sorry for interrupting, but there is a slight disturbance in your voice. Can you please come in range and talk again? Yeah, is it better now? Yes. Yeah, I wanted to ask that you had guided for approximately a 25% medium-term revenue growth, and the near-term top line appears to be relatively flat. Given the company's substantial cash reserve and strong cash-generating business model, how confident is management in delivering this acceleration, and shouldn't the shareholders expect a more concrete capital deployment strategy with clearly defined return expectations rather than allowing cash to remain underutilized on the balance sheet? Sure. Thanks, Ganesh, for the question. We had given a guidance of higher growth, but that at quarter four. But that guidance was revised in quarter one, last quarter, stating that we will stay flattish for the full year. We believe, based on the expected revenue for quarter three and quarter four, that we are very confident that we will achieve and stay flattish for the full year, in line with same as that of FY 2026. In terms of capital deployment, yes, we do agree with what you have suggested. We are actively looking at M&A options to deploy our capital and grow much faster in our segment. But this has to be taken in a more judicious way. With the current uncertainty because of geopolitical disturbance, we are a bit cautious, but that doesn't mean that we are not engaging. We are actively engaging and trying to find the right mix so that we protect the value of shareholder and not go for acquisition which can have a long-term impact in a negative manner. Thank you. What kind of qualities do you look in the company before proceeding to merging and acquisition of that company, and what gives confidence in that company to acquire it? Sure. We look at multiple factors, which includes synergies, the foundation of the company, founders, which jurisdictions they are operating, both from the source and destination market, their revenue, and EBITDA. These are the key factors we look at when we start talking to a company for M&A. Okay, sir. My second question would be on that, our primary drivers of stickiness for both agents and universities are technology and service. As investors, we are trying to understand whether that translates into a structural competitive advantage. Could you share any one or two objective metrics that you internally track, such as maybe repeat business or application conversion, that demonstrate your platform has become more difficult to replace over time? Yes, you are correct. We invest a lot on our technology, and that is the backbone for the entire business. We have sticky customers who have been working with us for multi-years, and that has been demonstrated in our. That makes us believe that these are because of the service and stickiness in our platform. Sir, apart from technology, what would you say is the single strongest piece of evidence that gives you confidence that Crizac's competitive position is actually stronger than it was three years ago? Yeah. I'm actually looking for something that— Sure— —us investors can independently track over time. Sure. That can be seen from our market share. If you will look at the presentation, you will note that the number of students which Crizac has recruited, both in India and globally, we have gained from 3.5%- 6% market share across the globe. If I talk about India only, we have gained from 9%- 13.9% for U.K. market share, even in these most competitive declining market. If I talk about ex-India, outside India students, our market share has grown from 1.5%- 3.7%, almost doubling. These stats are there in our presentation as well, and this is something which give us the confidence that, yes, we are growing, our absolute number has grown as well, and we will continue to grow. Thank you for the detailed answer, sir. I would like to ask Chris. Hi, Chris. Would you like to add something from your perspective to what just sir said? Sorry, could you just repeat the question? Yeah. Would you like to add anything from your perspective to what Vikash ji said? No, thank you. That is all good from me. Okay. Thank you very much, sir. That is it from my side. All the very best for the future. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Keshav Garg from Counter Cyclical PMS. Please go ahead. Mr. Agarwal, firstly, I wanted to understand that if we see our standalone numbers, they have marginally increased for the quarter as well as for the half year, and so has the profitability. But the hit has come from the consolidated numbers. I can see that there is one entity which is a major subsidiary, Crizac Limited. If you could just make us understand that how exactly the standalone and the console numbers vary. What exactly is this entity, Crizac Limited, doing? Hi, Keshav. Crizac Limited India get its revenue from the processing of applications. It act as a back office center for all our subsidiaries. We get the revenue or we book the income based on the application we processed on quarter-on-quarter basis. Whereas our subsidiaries, Crizac Limited U.K., they get their revenue from the student enrollment. There is a time lag between the application and the enrollment. Crizac Limited India gets the revenue or book the revenue much before than the actual revenue by Crizac U.K. get booked in their books. Sir, now another thing is that if we look at last year's annual report, there is a item in console number that payment for termination fees to Crizac Informatics U.K., which is INR 57 crore versus INR 21.5 crore in FY 2025. Sir, since it says termination fee, so I'm assuming that this was a one-time thing and this is not being repeated in FY 2027. Is that understanding correct? Yes, you are correct. That was a one-time thing which has already been paid and closed. There won't be any repetition in FY 2027. Great, sir. Sir, now that we are expecting flat revenue numbers year-on-year, around last year we did around INR 1,050 crore revenue, and if we end up doing somewhere around the same number, can it be said that ceteris paribus, the EBITDA should be higher by INR 57 crore because that item is not there this year and the revenue is flat? Yes, from that point of view, you are right. But as said, we are heavily investing on AI tech, adding manpower to our team, which also will lead to increase in cost. So, our guidance and assumption is our revenue and profit will be in the same as FY 2026. Understood. So basically, this INR 57 crore that we are saving in termination fee will be used in other investments? Probably, yes. Okay. Now, sir, another thing is that if we see our employee cost has been constantly going up from 1% in FY 2024 to 2% in FY 2025, 3% in FY 2026, and in the most recent quarter, it is almost 7%. Now, I understand that due to the low revenue, probably this amount is getting magnified. But still going forward, sir, what kind of number should one expect on the employee cost as a percentage of sale and EBITDA margin in general? Yes, you are right. Because of low revenue, the overall employee cost, which is more or less fixed in nature, look magnified. But if you see last year, the cost was low, and this year the cost is high. There are couple of things, couple of reasons for it. One, because of various acquisition which we have done, lot of employee got added in our workforce. Secondly, we are adding lot of tech people who can take our AI initiative to a next level. On a broader sense, we expect the salary cost to be around 3%-4% in a medium to long term. And sir, what of the operating margin or EBITDA margin? Sorry, again, can you please repeat the question again? Sir, what kind of steady state EBITDA margin one should shareholders expect going forward? EBITDA margin will be same as last year, 25%-26%. Understood. Now, sir, in our consolidated numbers, we have one non-current investment in Crizac Technologies Private Limited of 31 crore. Sir, so what exactly is this pertaining to? Crizac Limited India hold 16% share of Crizac Technologies. Every quarter, we value it, and that is about INR 30 crore- INR 34 crore. Sir, what exactly is that entity doing? It is a group company. It is a group company, and Crizac Limited is holding the share almost since inception, 2015 onwards. Understood, sir. Now, sir, if we look at the last page in our investor presentation, the total number of enrollments were almost 24,700 last year, whereas in the first half, it is only 6,500. Sir, is it a reasonable expectation that in the second half, we will do triple the amount of student enrollment that we did in the first half? Yes, because H1 is normally 30%-35% of the total revenue, and most of the intake falls in H2. So, H2 comprises of 65%-70% of the total revenue, both in terms of absolute number and student recruitment. Understood, sir. Sir, now the concern is that, is it possible that our university partner might develop some AI tool which will help them dispense with platform like Crizac, and they can do what service we are providing, they can do in-house with the benefit of AI? AI helps to find the answers. It makes things more streamlined. But human, including our company, still needs support and reassures from counselor or the agent. AI tools can assist, but they will still need the agents and the companies like us to support them with all the process, including visa. Yes, universities will implement AI, like what we are doing, to make things more easy for the users to use it, but it will not replace human from the loop. If I just add on to that as well, it is important to understand that a platform like Crizac or other counselors provide information as one service, but universities are also in competition with each other to attract students, and that is also part of our job. If one university is not using platforms like us and their competitor is, then they will lose market share. Competition between universities is also a reason that platforms like ours will persist. Understood, sir. Lastly, sir, 44% of our revenue came from three universities. What is our share with these universities, the foreign student enrollment? Their full enrollment numbers are not declared till date. It will be very difficult to guess what is our percentage from their total recruitment. We can only give a forecast based on our data set, which was 44%. Understood. What are the plans to diversify out of U.K.? We had plans so that in the next three years, approximately 50% or 60% of the revenue is from U.K. and rest is from outside geographies. What progress has been made in that direction? We have expanded into multiple new geographies, which includes Netherlands, Europe, and New Zealand. We expect to expand more into other geographies like Australia, Canada, and expect U.S. to open up. As soon as those things happens, our concentration for U.K. would reduce, not because the numbers would reduce, but because the numbers of student going to those destination would go up. Sir, thank you very much. Thank you. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. The next question comes from the line of Pawan Punjabi from Viansh Ventures. Please go ahead. Hello. I just have a technical question around the gross margins. I see the gross margins around 54% this time around, and as per my understanding goes on the company, we generally sort of have a sort of 70% margin because 30% is what we pay out. What changed this quarter? Thanks, Pawan. Nothing has changed in this quarter. Our gross margin is around 30%, and 70% is what we pay to our— We pay. Correct. —consulting partner. Correct. Normally in H1, since there are limited universities, our margin is higher in H1, although volumes is low. Understood. If you see on a full year basis, it will again come down to 65%-70%. Understood. That is all from my side, sir. Thank you. Thank you. Thank you. The next question comes from the line of Madhur Rathi from Counter Cyclical Investments. Please go ahead. Sir, thank you for the opportunity. Sir, if you can help us understand in our annual report, you have mentioned that either through financing opportunities or through the real estate sourcing for the students, we would like to increase the revenue per student for Crizac. How is that panning out, and when can we expect meaningful revenue to come from that initiative? Hi. Thank you. With reference to ancillary services, which includes student accommodation services and student loan services, I would like to restate that we would just be a distributor of those ones, and these loans and accommodation will come from third party. We will just act like a DSA for them. This has started last year. We are seeing traction. For it to become meaningful, it will take roughly two to three years to see as a major impact which you are seeing. Sir, my question was more on the real estate. Sir, considering that Crizac has data that no one else in the end city has about how many students are going to a particular university. Is there a better way rather than just a sourcing platform to extract whatever value we can from the data on the real estate or the student accommodation side? Yeah. I mean, we are asset-light business, so we do not want to acquire the real estate. That is the reason why we act as a vendor for all those companies who provides accommodation. We intend to stay in the same format of being asset-light business. Though you are right, we have a strong or the biggest data of students knowing which cities they want to travel, but we are only utilizing those datas to make sure that the students take accommodation from one of our partner accommodation provider. Got it. Sir, one question was, if you can help us understand on the acquisitions, are there any acquisition in pipeline? Because right now, due to the migration or the immigration issues, there are. As our business is also almost stagnant for FY 2027, is there an acquisition in pipeline or are there any plans to acquire into some geographies that we have not been able to enter, like U.S., if you can help with? Yes. We always evaluate multiple companies for acquisition opportunities, and this is an ongoing process. As I have mentioned during my call, we are committed and are actively looking for right kind of acquisitions, and we will only do that acquisition when we find that it meets all the synergies and requirements of Crizac, which will create value for the company. So we are in discussion, and it is a continuous ongoing process for the company. Thank you. Got it. Sir, just one follow-up question was, sir, we have tried to get into the U.S. market with our subsidiary, Raj Consultants, I think, as well as multiple New Zealand, multiple geographies, but nothing has meaningfully scaled up. This has been not a one or two year, but more than five years since we have tried to scale up these geographies. So what has been the constraints in scaling up our business across these geographies, and how do we see that scaling up? Because we entered Australia in 2018. I think New Zealand, we were present before that. So, if you can just help us understand that what are the constraints in scaling this up, and how are we planning to scale that, if you can? Sure. You're right. We acquired Raj Consultants a couple of years back, and we were very confident to grow our U.S. presence. I am pretty sure you must be aware because of President Trump, at the moment, students are not getting visa appointment to apply for U.S.A. They only give a very handful of visa appointments. It is policy limitations which are preventing us from growing in those geographies. As soon as those geographies open up for welcoming students, our numbers in those ones will grow exponentially. We have all the contracts and relationship in place, and we are just waiting for the destination to open up. Sir, for the non-U.S. geographies like Australia and New Zealand that we entered, I think, prior to COVID, why haven't they scaled up? The students going from India to these universities, to these countries have scaled up. Yeah. We entered into Australia and New Zealand for sure in 2017- 2018, but we only have a handful of contract. Unless we have most of the contract for those destination, it will not be a meaningful numbers. Today, we are doing New Zealand. We are getting students. We are doing students for Ireland and other places as well, but these are small numbers. If you look at our this year result, you will see that roughly in the first half of FY 2027, we did the 9.5% of the applications for outside U.K., compared to H1 of FY 2026, we have only done 1.4%. This shows that our numbers for non-U.K. is growing. In our line of business, it is always the application which flows first, followed by revenue. As the market sees us a very active player for non-U.K. destinations, you will see the flow of revenue. The market have got the confidence, and that is the reason why our application have grown more for non-U.K. in last six months, year-over-year basis. Got it. Sir, have we been able to acquire new contracts? Also, we acquired some company in New Zealand, Medway Educational. So, were we able to get some contracts with universities through this acquisition? Yes. The way to get the majority of the contract is only via inorganic acquisition. That is one of the reason why we acquired Medway at the beginning of this year. This has given us all the representation for New Zealand, and our flow of application for New Zealand has grown multifold. You will see those are turning into revenues as well, because New Zealand main intake is February, which will come in quarter four. Perfect, sir. Sir, that was from mine. Thank you so much and all the best. Thank you. Thank you. A reminder to all the participants that you can press star and one to ask a question. The next question comes from the line of Keshav Garg from Counter Cyclical PMS. Please go ahead. Sir, all the acquisitions that we have done in the adjoining, like student housing and education loan and so on. Sir, when will we see the revenues flowing from them? Sir, because it is only a question of cross-selling, because we already have the students with us. Sir, by when can we expect something meaningful? I mean, Keshav, we are already gaining market share. This integration normally takes a longer time, and for all our partners to get the equal confidence that, yes, we can actually provide them the right kind of service, what they are expecting, and for them to move from some other vendor to Crizac takes time. We believe this will take roughly two to three years for it to become really meaningful. Understood, sir. And sir, whenever we make an acquisition, what is the kind of IRR we look at the acquisition target? We look for companies which are EBITDA-accretive, roughly 10%-20%, based on which geography we are acquiring that company. Sir, now going forward, sir, by when can we expect at least 10% of the revenue to come from non-U.K.? I cannot give you an exact date on that. It depends upon how the policy shapes up for all the destination countries. As of today, U.K. is the biggest and most welcoming destination country. But based on our market research and forecast, we believe 30% of our revenue will come from outside U.K. as a destination country by FY 2030. Understood. Now, sir, lastly, sir, now we are giving great dividend, and thank you for that. Sir, now the promoter holding is in individual names. So basically, promoters would be paying 36% tax on the dividend that they are receiving. Sir, so instead, if the company does a share buyback and if the promoters tender their shares, sir, so firstly, it will help them to meet the 75% public share, the 75% promoter holding limit. And sir, secondly, the tax on the buyback amount will be 30% instead of 36% on dividend. Sir, so that tax saving is also there, sir. So any consideration on this? Let me, this is Sanjeev here from Uirtus. Let me address this. You are aware that we are not yet MPS compliant, and we have the three years time to be that. In this situation, a buyback is not possible technically, because if the We have two situations. If the promoters participate, the percentage remains the same. If the promoter doesn't participate, the percentage further goes down. Any buyback cannot happen before the 25% threshold is achieved. Technically not possible. Sir, so if we do buyback at, let's say, the CMP, there is no incentive for the public shareholders to tender the share, and whereas the promoters can tender the share, and they can be— If the promoters tender the share, they We do not know. We cannot control who's going to tender and who's not going to tender, right? SEBI as a policy doesn't allow that. Have you seen any company which is at 20% doing a buyback? That's technically not possible. I mean, technically this is a limitation from SEBI as per our understanding. We have consulted various compliance officer, and everybody said that till our holding goes down below 75, as a promoter, we cannot do a buyback. But we completely are in line with what you said, that yes, once our holding goes down, buyback is a more tax-efficient manner of doing it. And we'd love to do that. Sure, sir. Sir, and lastly, sir, for FY 2028, how are things looking? Are there any targets that you have? I mean, we don't have any target, and it's too early to give a guidance for FY 2028. We have given a guidance for this year, which is that we would remain flattish, subjected to how the market reacts and how the midterm elections results comes out in U.S.A. We'll be in a better position to give a guidance in coming quarter. Sure, sir. Thank you very much and best of luck. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions, ladies and gentlemen, we have reached the end of question-and-answer session. I now hand the conference over to management for closing comments. Thank you. We thank all our participants to be part of this call. As said at the beginning, we believe Crizac is very well placed, and this quarter has been an exception. We have seen growth in our applications, and quarter three would be strong based on the payment flow. Same will be for quarter four based on the application flow. As stated earlier, the guidance which we have given for the full year, we are fairly confident we will achieve it, and we don't see our results affecting that. This loss or a dip in revenue is not a revenue loss, but it's because the student deferred, which would be compensated in quarter three and quarter four. I thank you everybody to be a part of this call and being invested in Crizac. Thank you very much. Thank you. On behalf of Equirus Securities Limited and Crizac Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.