Ladies and gentlemen, good day and welcome to eMudhra Limited Q2 and H1 FY 2026 earning conference call. 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 your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Venkataraman Srinivasan, Executive Chairman of eMudhra Limited. Thank you, and over to you, sir. Thank you. Good afternoon to everyone, and thank you for joining us today. It is my pleasure to share eMudhra's performance for the second quarter and first half of FY 2026, along with key business developments that continue to strengthen our global positioning in the digital trust and cybersecurity space. We have delivered another quarter of steady growth, supported by strong client traction and disciplined execution across markets. For Q2 FY 2026, our total income was INR 174.95 crores, reflecting a 22.6% year-on-year increase. Our EBITDA was INR 43.33 crore, translating to a margin of 24.8%, while net profit was INR 26.44 crore, with a net margin of 15.1%. The performance during the quarter was driven by broad-based contributions from the U.S., Middle East, India, Asia-Pacific, with the European region also beginning to contribute meaningfully following the acquisition of CRYPTAS. While integration efforts for CRYPTAS are underway, we expect the business to turn profitable over the next two quarters. The combination of our global scale and localized market approach continues to drive meaningful engagement across geographies. From a product standpoint, emSigner remains the platform of choice for enterprises seeking to automate complex multi-party signing workflows, particularly in regulated sectors such as banking and financial services. Our SecurePass and CERTInext platforms continue to gain adoption among enterprise clients for unified management of user and device identities, helping organizations implement seamless access control frameworks across human and machine interfaces. We have also strengthened our cybersecurity portfolio with the acquisition of AI CyberForge Inc, a U.S.-based company specializing in key and secrets management solutions. This addition enhances our capability in protecting data integrity and complements our broader cybersecurity offerings. Additionally, together with the CRYPTAS team, we are working to adapt our products for the European market while simultaneously introducing their solutions to non-European markets, enabling deeper penetration in both mature and emerging regions. Now, I would like to share some of the key project wins from the quarter: One, CERTInext implementation for a security and investigation company in North America. Two, i mplementation of emCA for one of the government projects in Malaysia. Three, c ertificate lifecycle management rollout for a government authority in the U.A.E. Then continued client acquisitions in BFSI within India for emSigner, eSign, and eStamping solutions, supporting lending, onboarding, and process automation. And t he enterprise emSigner rollout for a bank in Qatar. Then eSignature workflow implementation for a state government organization in India. Then service contract with the digital innovation unit of a large German retail and tourism group for PKI, CLM, and CRYPTAS Professional Services. Furthermore, our R&D efforts continue to focus on converged identity, data privacy, and generative AI, aimed at building future-ready solutions that address evolving customer and regulatory needs. The focus remains on expanding our innovation pipeline and refining our go-to-market strategies to accelerate growth while maintaining operational efficiency. With the integration of recent acquisitions, expanding global footprint, and continued innovation in identity, security, and digital Trust Services, we are well-positioned for sustainable long-term growth. With that, I would now like to invite Mr. Ritesh Pariyani, our CFO, to walk you through the detailed financial performance for the quarter and half-year. Mr. Ritesh. Thank you, Chairman. Good afternoon, everyone. I am pleased to share the highlight of our Q2 and half-yearly financial year 2026 financial performance. Our total income for quarter two financial year 2026 was INR 1,749.5 million, marking a 22.6% year-over-year growth. Gross profit for the quarter grew 35.9% year-over-year to INR 976.3 million with a margin of 55.8%. EBITDA for the quarter was INR 433.3 million, registering a 28.1% year-over-year growth with a margin of 24.8%. Profit after tax for the quarter was INR 264.4 million, reflecting a 18.6% year-over-year growth with a margin of 15.1%. Now, turning to the first half financial year 2026 performance, total income for half-yearly 2026 reaches INR 3,255.7 million, representing a 37% year-over-year growth. EBITDA for half-yearly financial year 2026 was INR 813.2 million, registering a 28.5% year-over-year growth with a margin of 25%. PAT for half-yearly 2026 was INR 514.7 million, growing 27.1% year-over-year with a margin of 15.8%. That concludes my remarks. Thank you, and we may now open the floor for the question and answer session. Thank you very much. Ladies and gentlemen, we'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use headsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our first question comes from the line of Srinath V from Bellwether Capital. Please go ahead. Hello, sir. Just wanted to find out, sir, in the enterprise business bifurcation of service and product, growth rates seem to have come off a bit. Is it largely coming from the services business? Would it be fair to assume the Product Business growth is actually pretty strong, sir? Product business is quite strong. Service business, if you see, almost stagnant because of the three, four in the last quarter also, I think I mentioned. Because one is this visa-related problem. Now, H1 visa is also more problematic. The other thing is the AI and all replacing the number of people and those kind of things. The growth is really more in Product Business. How would you bifurcate the INR 137 crore, sir, between service and product? What is the growth in service, and what is the growth in product? Just to get a feel as to, because the underlying growth is kind of decelerated, I want to understand. What is service and product growth, sir? One minute, I'll give you the Service Business, if you see. You are coming to 295. You are saying. In enterprise, sir. In enterprise solution, what would be the services component, sir? INR 137 crore. You are talking from the segment result, right? Yes, sir. Yes, sir. Or you can give from the outside India business also. INR 109 crore. Yeah, 109 is the. Outside India business. [crosstalk] our business in the U.S.A. Correct. The U.S. business, almost INR [40 crore] in Service Business, and the balance of [crosstalk] business. The other [crosstalk] [the core] Product Business remains similar even compared to last quarter. Last quarter also, almost INR [20 crore] product in the U.S.A. But the Product Business has grown more in the Middle East. But the U.S. Product Business also will pick up because the number of customers today, we are discussing with almost seven big customers for major leads. Those things will mitigate in the coming quarter. In the coming quarter, more Product Business will grow. Service business, we have to wait and see another one or two quarters how the impact of the H1 visa, impact of the local recruitment, and various things. Got it. On the lead pipeline, can you spend some time, sir, on the product side? How is the lead pipeline? What is the size of these contracts? How do you see the Product Business growing over the next year? Just to get a sense of how things are progressing, especially in the U.S., sir. U.S. Product Business, because we have not signed the contract, we cannot name it, but at least five, six major customers, each one will be almost a $1 million kind of deal or more than a $1 million deal, which we are negotiating. Out of that, two, three could become a contract in this quarter itself. That way, the U.S. Product Business will grow. Similarly, Middle East Product Business and Africa is also growing. In the Far East, particularly, Philippines is growing. That way, the Product Business and the lead pipeline we are generating for the Product Business has grown by 20%-30%. That way, we see good growth will happen in the Product Business. Even though if you see two segments, one is the Trust Service segment, will be a little stagnant. In the other U.S. Service Business also may be stagnant, but the Product Business will grow in such a way that the overall growth compared to last year to this year, what I said earlier, around 25%-30% can easily be maintained. Got it. Got it. You're expecting a stronger second half in that sense as these contracts kind of materialize? Yeah, yeah. For us to achieve this earlier, we said [INR 700 crore-INR 800 crore]. Even if you see, currently, the half-year revenue. Half-year revenue. 325. 325 crore. Yeah. Even at the current run rate of INR 175 crore per quarter, the next half will be INR 350 crore. That itself will lead to INR 75 crore. Then. Got it. Generally, the fourth quarter will be better also compared to the other quarter. Even this time, full season impact of Trust Service has not come before September 30 because the tax filing was postponed to October. That will have a little impact for the third quarter, and generally, fourth quarter is better. With that, I feel that reaching that whatever we told around INR 700 crore should not be difficult at all. This is what I feel as of now. Last question, sir. Have we been able to put data center presence in the U.S.? Given that we have localized the service there, do you see kind of better acceptance for the product? How will the U.S. business kind of play out over a three-year window? We have already put the data center in both New Jersey and also Salt Lake City. In the last quarter, at the time only, we had put, and the audit was going on. Because it has to be audited by the web trust accredited auditor, and that audit report has to be submitted to this Browser, CA/B rowser Forum, all the major browsers. Then only they will recognize the issuance from there. All these procedures have been fully done. Now we can start issuing, and one or two issuance has started from the U.S. data center also. Now we are expecting the other major customers. Got it. This was the key bottleneck, sir, for expanding the U.S. Product Business? The name also. That is where now that U.S. company we have named as CERTInext. We have created a separate subsidiary. Earlier, we were marketing in the eMudhra name. Instead of eMudhra, we have created a 100% subsidiary called CERTInext Inc. In CERTInext Inc, we have put the local people. Whatever one senior person, Scott, and another senior person, Spencer, and all those people as in charge. With them only, we are marketing. They are all ex-DigiCert people. That is where they are able to market well and also meet the customers and all that. Got it. Got it. Cool, sir. I'll get back into the question queue. Thanks. Okay. Okay. Thank you. Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Siddharth Mishra from Creaegis. Please go ahead. Hello, sir. Thank you for taking my question. Some bookkeeping questions, sir. What was the inorganic contribution this quarter if you can separate out CRYPTAS and AI CyberForge? Also, highlight for what period in this quarter did we consolidate the numbers? The consolidation is from July 1st because the effective date of the CRYPTAS merger is July 1st. If you see, out of this quarter number, INR 175 crore is there. No. In INR 175 crore, almost INR 22 crore is from the CRYPTAS and the AI CyberForge. We are not separately marketing this product. That is a product which will be integrated with our product, then sold. In this quarter, there is no separate sale of that product. CRYPTAS sale itself was around INR 22 crore. If you remove the INR 22 crore, the balance, INR 153 crore is from our other thing. INR 150 to INR 153 is the other growth. Got it. Very helpful. Basically highlights that the organic growth from last year is largely flat. Is there any particular reason for it? No, no. Because if you just see one quarter to another, that way we cannot see. Because generally, the second quarter, we get the season impact this time because the income tax filing is postponed to. This we did not get the season impact. If you look at it, on the whole, if you look at it like what we projected, because if you see INR 525 crore was the last year, and this year we are priced for INR 700 crore. In this INR 525 to INR 700, if the CRYPTAS, because AI CyberForge is a product thing, on that not much revenue is. CRYPTAS revenue, even if you estimate INR 90 crore-INR 95 crore due to CRYPTAS, which was the revenue which was there, then the balance will be what? INR 175, INR 90 goes almost another INR 80 crore-INR 90 crore will be organic growth on a INR 525 base, which will be around 17%-18% organic growth. Understood, sir. This is more of a seasonal, seasonality-led quarterly thing. Year -over -year, FY 2026, we are on track. Correct. Just asking because Trust Services have continued to grow this quarter as well, despite the seasonality. If I exclude CRYPTAS or this INR 22 crore from the product revenue, the enterprise solution revenue, we have actually declined there. That is why my question. I understand we are on track for the yearly growth, but is there anything else, maybe some, let's say, deal wins about to close in this quarter, maybe move to next quarter? Is there anything like that that happened? I didn't get the question clearly. If I remove this INR 22 crore revenue, CRYPTAS and AI CyberForge, which is inorganic revenue, from the enterprise solutions revenue this quarter, we would have declined from last year, year-over-year. Trust services have still grown. That's a separate business. One minute. So enterprise revenue, how are you calculating from H1 to H1 or Q1 to Q1? Q2 to Q2, just quarter-over-quarter. Okay. Last Q2 was 111. This Q2 is 132. So you are saying out of 132, if you remove this 22, then there is no growth in the enterprise between that quarter to this quarter. That is what you are saying. Yes. 4% growth. It's about 4% growth. Yeah. That may be correct. Because these are all Product Business, exactly every quarter, same. It may not happen. Understood, understood. Completely I get that. Got it. Okay. The number for CRYPTAS, we reported loss number of INR 15.6 million. That is tax loss. I mean, that seems a bit high compared to the revenue, INR 22 crore revenue. Yeah, actually, no, it is fine. I mean, my question was tax margin based on this number. If you do not put that loss, because after accounting the loss, the PAT is INR 26.4 crore. This is accounting almost INR 1.6 crore. Otherwise, it is INR 28 crore only on the basis of our profit. INR 28 crore, even if you take their top line, it may be around 16% margin. If you do not take their top line, only on our top line, if you work, it will be more margin. Understood. Actually, sir, my question was when we did the acquisition with CRYPTAS, I think the understanding was that CRYPTAS at PAT level is near breakeven. This number is slightly higher, not too much. It is about, I think, - 7% tax margin. That was my question. Yeah, I mean, anything that you would want to highlight? EBITDA was breakeven. PAT, even when we filed the stock exchange intimation at the time of acquisition, it was last year loss of INR 6.5 crore or INR 7 crore we have filed. Got it. EBITDA breakeven. Understood. Actually, EBITDA we have highlighted. We have to sell their product with us and our product to sell to them. It may take another two quarters for it to come to profitability. Understood, sir. Actually, I mean, EBITDA, my notes sort of suggest we had highlighted was about 10%, and PAT was near breakeven. Small loss is what my notes suggest, but maybe I misheard or something like that. So it's at breakeven level, EBITDA level right now. Correct, correct, correct. Understood, sir. Very helpful. Got it. Then, sir, we highlighted this services contract for the corporate trust center, PKI, CLM, CRYPTAS Professional Services. This is an IT services contract. My question is, if you can give a little bit more details here. It's not doing pure IT services. CRYPTAS does along with this product because what they were doing is eMudhra, they were selling the Keyfactor [certificacy] products, Keyfactor CA solution they were selling. When they were selling this solution, they were also doing the implementation services and all. Now that Keyfactor CA solution is to be replaced by eMudhra CA solution. This is one thing. The second thing they were selling the Smart Card-based Authentication where the digital signature, instead of getting issued in a token, it is issued in a smart card. In Europe, smart card-based digital signatures are used by many people. This is another thing. The third is they were also selling the authentication instead of server-side authentication, client-side authentication. The pure IT services they were never selling. Even what they are selling to the German customer is not related to pure IT services. It is relating to the products only. Understood. This particular contract, which we have highlighted in the presentation, is essentially moving some of those products from CRYPTAS to the total entity. Is that correct to understand? Yeah. Two things. One is the service contract. One is our product they can sell instead of the other CA product. That is number one. Their card-based authentication system and other product we can sell in the Middle East Africa market. Wherever they can use our back-end technology people, they can use the back-end technology people. All these areas are worked out for this synergy and how to make it profitable. Understood, sir. Maybe I'll ask it slightly differently, the same question. The deal that we have highlighted, the service contracts in the presentation. Is this, I mean, it's safe to say that this is a combined deal post-acquisition that we were able to get with CRYPTAS? Combined deal, but in this deal, our product is still not positioned. It is whatever their product they were selling, that is what is there. Our product, now only we are making everything ready. Maybe next quarter onward, it can be positioned. Understood, sir. Very helpful. Very helpful. I'll join back in the queue. I have a few more questions, but I'll join back in the queue. Thank you. Okay. Yeah. Thank you, sir. Our next question from the line of Jayshree Bajaj from Trinetra Asset Managers. Please go ahead. Thank you for the opportunity. My question is net cash flow from operating activity for H1 FY 2026 was INR 544.8 million. The company reported a negative working capital adjustment of INR 207.3 million. What were the primary drivers behind this working capital adjustment? What steps are being taken to optimize working capital? This is my first question. My second question is cash and cash equivalents at the end of H1 FY 2026 stood at INR 452.9 million, down from INR 1,012.5 million at the beginning of the financial year. How does the management plan to manage the cash reserve, especially considering significant cash use and investment activities like acquisitions and all? Yeah. This INR 20 crore working capital is because of the volume has increased. Invoices payable? No. As the volume has increased, the trade receivable also increased. Payable has also increased. Because of that, the working capital, the net working capital has increased. For example, if you see, the receivable has gone to INR 172 crore. Though it has gone to INR 172 or INR 173 crore, still it is within 90 days working capital only. Only because of the volume increase, it has increased. In the cash flow statement, any increase in net working capital will come as an out of cash. That is where that is coming in the working capital adjustment. Then the non-tax items are getting added. With the result, operating capital. Sorry. Your voice is getting a lot. Ma'am, it's clearly audible from our end. There is a disturbance from your end, ma'am. Yeah. So this operating cash flow is almost PBT minus tax is operating cash flow. So entire PAT, whatever PAT we have made, it is all realized in cash. So there is no abnormal increase in working capital or any other problem. That is number one. The second thing is, if you see the cash balance, on March 2025, the cash balance was INR 188 crore. Currently, the aggregate cash balance available is INR 102 crore. So almost INR 80 crore-INR 85 crore reduction. If you see these two acquisitions itself, the CRYPTAS acquisition itself is almost EUR 5 million, which is more than INR 50 crore. The AI CyberForge acquisition is almost $4.8 million, which is again INR 45 crore-INR 47 crore. This total itself is INR 95 crore. After that, we have also incurred some INR 30 crore towards our own capital expenditure on three products. Those are also spent out of cash accrual. Because of that, still, after all that, we have INR 102 crore cash. In the next six months, we are not planning any acquisition. That way, this cash should be more than adequate. There should not be any problem. Thank you, sir. Bye-bye. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchstone telephone. Our next question comes from the line of Surbhi Soni from Bellwether. Please go ahead. Yeah. Hi, sir. Just to understand a bit more on the cybersecurity part of the business here. If I see the breakup of the enterprise business between paperless and cybersecurity, there is a decline in the cybersecurity revenue. Wanted to understand what has led to the decline here. Is it more of a timing issue, or is there a loss of customer, or is it that the POCs are not scaling up? No. You see, quarter by quarter, in one quarter, some one or two more emSigner deal will be won. In another quarter, two extra CA solution will be won. That way, this is not leading to any permanent erosion of the base or anything like that. All the bids where we are going, it is continuing. Because of this, the little bit 68% may become 62%, 65%, 63% like this. It is not if it goes to 20% or 30%, then there is a cost forwarding. It is a very minor aberration due to quarter-to-quarter impact. Also, sorry, the CRYPTAS would sit in the cybersecurity piece, right? The INR 22 crores that you spoke about. This is only we are now this time, we have only put the eMudhra solution thing, not the CRYPTAS. Because in CRYPTAS, a lot more analysis how we have to make it to fall in line with the eMudhra type of analysis, which we have not yet done. So INR 22 crore is not yet in the numbers, is it right to say? No, no. It is in the number. But in this 62%-38%. In page five of the presentation, in that presentation, it is not part of the 62% number. Okay. But then it would still be part of the enterprise revenue, INR 137 crores, right? Correct. The split between, no paperless, okay, it's exclusive of that. Yeah. Yeah. Yeah. Yeah. Fair. Understood. Just to get a better clarity of the revenue, can you just break down what was the contribution from Ikon, TWO95, and Sendrcrypt in this quarter so that we can understand the Service Business portion slightly better? Yeah. Ikon and TWO95, generally, last quarter also, I said around INR 37 crore-INR 38 crore. Then INR 3-INR 4 crore our own services. It remains at that level. It has not picked up this quarter. Because of a lot of uncertainty, as you may know, in the U.S. Service Business, because of the various visa policy, it may remain. If it remains at that constant level next two quarters, that is what may happen. It may not increase much. Sender's crypt is much deeper. Senders crypt is a different thing. Senders crypt is a Product Business which is already merged with our company. Totally, when we sell the solutions, we are also in our CA solution, CLM solution, we also include the Sendr crypt component. Similarly, AI CyberForge component also will be included in that. Those things, company is not maintained separately. Those will not be sold separately. The TWO95 and Ikon being services business, they are sold separately. Wherever they are referring customers for our product, that is also directly sold from eMudhra and not from them. Understood. When is the integration of AI CyberForge expected to get completed? How will it and what part of? This quarter, mostly, it will be done. With that integration, do you already, are you actually already approaching customers with a revised product? What is the growth path that you can achieve with this product integration at the time of renewal? Integration is going on. Still approaching customer. We have to educate the entire sales team. The POC has to be created properly. All those work is going on. Maybe next quarter, we may go with the integrated product. Understood, sir. How do you see the growth in the trust business going ahead? I'm guessing a part of certificate revenue gets incorporated in trust business also. How do you see? Mainly, the growth this time has come more from the eSignature, because eSignature is going to be part of the Trust Services. A lot of earlier, we were doing 30,000-40,000 eSignature per day. Today, we are doing almost 300,000 eSignature per day. Though the revenue per signature revenue is less, there is some growth. Earlier, I expected Trust Service may continue at the last year level. Now we feel from INR 1,000,000,000, it may go to INR 1,200,000,000 or INR 1,300,000,000 revenue for the whole year. Understood. Understood. Sir, eventually, if it is possible to quantify how much of our revenue is coming from the U.S.. Over the next three years, what? U.S., this quarter was INR 60 crore. Totally around INR 123 crore-INR 125 crore for the half year. For the half year. Do we see this growing at 15%-20% over the next two-three years, or would you say it would be more in the range of 20%-25%? That we have to see because in this, the service segment currently, because of the visa policy and various things, it is not growing. We have to wait and see how that visa things will stabilize and the policies will stabilize, number one. Number two is the product side is growing. Today, if you see, one-third is product and two-third is services. On the one-third side, even if you achieve 50% growth or 100% growth, when you incorporate the 100%. Now, let us say product is 20, service is 40. On 20, if you get even 20, 20, another 20 growth, product 40 remains 40. On the whole 60, you may achieve 25% growth only. Fair. Fair. How many people do we have on visa in the U.S.? In visa, almost in H1 visa alone, in Ikon, more H1 visas are there. In TWO95, it is more green car d citizens. On the whole, it may be 40-45 people. Current H1 visa is not a problem. Trump policy, only new H1 visa, $100,000 is to be paid. What is happening from a customer perspective, because they all understand that this government is against keeping the H1 people, they are all trying to terminate the H1 people, want it to be replaced by citizen and green card holders, all these things. Right. Is there some part of the work which Service Business has not been, if I were to put it that way, the focus area? A part of the business can also be outsourced, or would we then hire more locals in the U.S.? No. When we go to outsourcing contract negotiation and local service negotiation, we are in two different segments. So the existing, when you do local service, it will be five people, 10 people, eight people like this. When you do outsourcing service, it will be under 200 people. So what we are having today, we may not be able to outsource to India that kind of thing. Unless we go for a larger contract negotiation. That larger contract negotiation, we do not have the name and the brand for those negotiations because in that game, already TCS, Infosys, everybody is there. Right. Understood. On the progress with the system integrators and the partnerships that we have, is there any incremental update on that side or that part of the channel has been slow? Here in India, a lot more government business is coming through segment system integrator. Similarly, in Middle East, Africa, a lot more business is coming. In the U.S., still, because the U.S. revenue is still very small for their size. Unless for one system integrator, we are able to give a INR 100 crore business, then they will get motivated. That level has still not reached. It may take some time to reach. All right. That's more on the paperless side, or is it on the cybersecurity side, the government business in India? Government business in India is more cybersecurity and SecurePass. emSigner or paperless side is more BFSI. Fair enough. Understood. Thank you, sir. Thank you for answering all my questions. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchstone telephone. Our next question comes from the line of Siddharth Mishra from Creaegis. Please go ahead. Hi there. Thank you for taking the question again. Just building up on the last previous participant's question, the H1 visa dependency, visa dependency, you highlighted 40-45 people, largely in Ikon. Is there a number that you can give, number of? Sorry, sir. My question was, is there any number that you can give? Not only in Ikon. Some people are in TWO95 also. Understood. Understood. Total 40-45 people. Question is, a number that you can give on the people coming up for renewal in next 12 months? Even if come for renewal, on renewal people, this $100,000 is not applicable. Sorry, the new visa, maybe the six-year total, three-year approval and three-year renewal, if that goes away or we are close to completing that six-year, you might have to then get a new H1 visa. Is there a number that you can give for the new H1 visa application, maybe over next 12 months? The thing is, in three-year renewal, this $100,000 fee is not applicable. After six years, by that time, if their green card processing is already approved, then only they can continue on that H1 visa. If the green card processing is not approved up to six years, the person has to come back. Understood. Got it. What is our contingency plan to mitigate this risk? What are we trying to? Contingency plan will be to improve the Product Business considerably. Because the situation today, more and more situation is in a little this kind of temperament where people may not engage more H-1 B people. So we have to identify the citizens and the green card holder and put them on road. Or we have to diversify more into the Product Business. Understood. For hiring on-site and the productivity? Another diversification is that we cannot depend on the single country of U.S. alone. That's why we are going in multiple countries. In one country, some problem happens, we are able to overcome by improvement in the other country. Understood, sir. Very helpful. Hiring on-site people will increase your cost. I mean, are we confident that we will be able to pass through some of those costs at least? Because otherwise, it will impact our services margins. Yeah, yeah. We should be able to pass through. Because of the non-availability and when they are insisting you bring the citizen or green card holders, they are ready to pay more. Understood, sir. Very helpful. Got it. Okay. Sir, maybe on the Sales and Marketing spend, overall, as a percentage of revenue, rough number if you can highlight, and how much it has grown in the last couple of years, and what is our expectation going forward? Sales and Marketing cost. Sales and Marketing, there are two things. One is the Trust Services where we are giving the partner commission. That partner commission is the main sales worker, but that is not applicable to the retail business where we are engaging our own people and they are doing the WhatsApp marketing, telemarketing, and all that. Out of Trust Services business, if you say roughly 75% or 70% Trust Service may come from the partner network. On the token, we do not pay commission. On other things, we pay 40-45% commission. Maybe in a year, we may be paying some INR 25 crore, INR 24 crore commission on the Trust Services for the Sales and Marketing. If you see pure market, other thing for the partner model, invariably, we are very rarely paying a commission structure. Otherwise, it is more of a transfer pricing, and from transfer pricing, they bill the end customer. That way, how much extra they will be billing, we do not know. From a purely marketing angle, almost $1 million we allocate to marketing to do various Google marketing and then various other, the LinkedIn marketing and various other marketing. That way, it is not extremely sizable. We are also now, for the partner events, giving 50%. If some event they conduct with $4,000, $5,000, we pay some $2,000, $3,000. Like that, in a year, we conduct some 50-60 events like that. All these put together, this $1 million takes care. Otherwise, the salary of the salespeople alone, if you calculate what will be the salary of salespeople, it may be 10-%12% of the overall salary. Of the overall salary, not the percentage of revenue? Not percentage of revenue. No. That way, we are not calculating because the same people are continuing. It is not unless we go to a new geography. For increasing in the existing geography, the number of salespeople are not increased much. Got it. I mean, if possible, the total Sales and Marketing spend, and I mean, we can exclude the Trust Services partner commission, that is separate, as percentage of revenue. If possible, if you can highlight, because this number seems very low, 10-12% of overall salary, and maybe sales commissions as well, if you can include, and rough number. We will work out and we send it to you. Sure. Sure. That would be very helpful. Only the percentage out. That way, we have not calculated. We will calculate what is the salary of the salespeople as compared to the turnover and then send it to you. Understood, sir. Very helpful. Then similar number on the R&D side, and actually, I want to understand total R&D spend that we have, the one that we expend through income statement and the part that we capitalize as well. If you can separately highlight, that would be very helpful because the CapEx number for cost hub is already higher than S&P 25. I understand some part of that is data center as well. Capitalizing almost INR 54 crore-INR 55 crore, we are capitalizing, but that is predominantly earmarked for those three product development, and that is what we are capitalizing. The balance cost will go to the salary, which also we have to calculate. Around 210-230 people are there in the R&D itself, which we are not capitalizing, which goes to the regular operation. Understood, sir. That's very helpful. The capitalized spend R&D. Sorry, sorry. The product development spend, INR 54 crore-INR 55 crore, this is for the cost hub or the total year number that you have highlighted approximately? No, no. Total year. Total year. Not quarter. Total year. Okay. Got it. Any updates around the new products? When are we planning to launch, or any inflection that we are seeing? No, their development is going on as well because the three areas what we conceptualized, one was data privacy stack. Another is in the emSigner itself, further development to take care of the verticalization of BFSI and then the voice authentication and various things. In the 13X and remote signing, all the development are going on. Mostly, it can be launched by March or April. Launching means integrated. These developments are all, it will be integrated with our current product stack. For example, in emSigner, whatever we are developing, that development alone cannot be separately sold. That development will enrich our product so that it will make it more sellable in the market against the competition. Similarly, in 13X, whatever we are doing, it will again make it more competitive. It will not be a separate product which will be sold. Understood, sir. Very helpful. I was more trying to ask about the mobile PKI product that we had under development, the post-quantum cryptography, and there was one more product which has been under the. Already developed. Nowadays, in the RFP, that becomes a requirement. Still, nobody has started using it. Everybody in the RFP says post-quantum features are needed. We are saying it is there, and we are supplying that also, along with the. What they want is they do not want post-quantum alone. They want under all the algorithms. They want the CA solution in RSA algorithm, elliptic curve algorithm, as well as the post-quantum algorithm. We are giving to all the algorithms. Whatever they are using, they are using. Predominantly, everybody currently uses for human and individual digital signature issuance, they are using the RSA algorithm. For IoT devices, they are using elliptic curve algorithm. Up to now, nobody is using the post-quantum algorithm, though they are demanding the RFP. That is the reality. Mr. Mishra? Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchstone telephone. Our next question comes from the line of Surbhi Soni from Bellwether. Please go ahead. Hello. Ma'am, your voice is breaking. We can't hear you. Ma'am, I'm really sorry, but your voice is breaking. We can't hear you properly. I'm available? No, ma'am. Still not. I'll just get back to you again. Sure. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchstone telephone. Our next question comes from the line of Srinivasu from TIA. Please go ahead. Hi, sir. Am I audible? Yes. Yes, sir. Yeah. Yeah. My question is about. India is moving to agentic commerce where [EA] agent places orders, it signs documents, and approves payouts across microservices. This is only scale if actions are authorized and auditable. With zero human touch. How does eMudhra, current products like SecurePass, 13X, emSigner, to enable this per-agent identity, automated certificate renewals, and delegated signing end-to-end without any human intervention? Yeah. Here, two things are there. EA in eMudhra can be used for the software development, innovation, and all that to some extent, but may not be able to do full extent. But some extent, it can be. EIA cannot be used fully automated because the digital signature issuance are all regulated by the Ministry of IT, and then there are a lot of regulations by which. Physically, we have to verify whether the person is online, then whether he should not be he has to move his limb, and he has to answer three questions, and that is to be recorded by our physical person. Both put together need to be recorded. That way, a lot of regulations are there. Because of all this regulation, currently, purely, fully agentic EIA cannot be used for the issuance of digital signatures. In the software development, to some extent, it can be used, but there also, 100%, it may not work. We are continuously doing R&D on that also to whatever extent we use. That is where, if you see the number of technology people, though our company turnover has increased over the last four, five years, corresponding number of people has not increased. Number of people almost remain at that level or maybe marginally increased. That is where, wherever possible, we are using, but complete issuance of digital signature or issuance of SSL cannot be fully completed by the [EA]. Yeah. You can record this DPDP complaint, consent, and audit trails, right? You can automate that also, right? We can automate, but the CCA regulation says it cannot be there. It will be L1 verification and L2 verification, which should be done by a manual agent, and that agent space also needs to be recorded. After every recording, he has to sign with his digital signature that he only saw that person. Like that, there are regulations. Okay. If at all, if it scales and if India pushes for this, how eMudhra is positioned to capture this trend? We are well positioned. One is from a software development side. We are already using the EIA, the cloud EIA, and various EIA in the software development side one. The agentic EIA also, we are ready. We can use it provided the regulations approve it. We can put the agentic EIA and verify this. The third aspect is whether the humanoid comes with, for the humanoid itself, identity of the humanoid, can we issue a IoT certificate in the humanoid? That also, we are thinking how to do that. That way, we will be ready. Arvind will also supplement. Yeah. I think there's a lot of automation and things that go in our CLM and security side of the products, especially the lifecycle management and such. Today, we're already using bots to identify cryptographic credentials, automate the issuance, manage the lifecycle, and all of that. Essentially, the stack supports issuance of identity credentials to almost any asset, right, over time. If globally, there are accepted standards on assigning identities to agents in cryptographic forms, then I think at that time, we're already essentially ready to issue those identities, manage the lifecycle, and essentially help firms address this in a risk-free manner, especially large enterprises where the risk obviously would increase, right? Yeah. Thank you. Thank you. Our next question comes from the line of Siddharth Mishra from Creaegis. Please go ahead. Hi, sir. Thank you for taking my question again. So just final two questions. Revenue guidance, we are confident it is INR 675 crore-INR 700 crore. EBITDA margin, anything that you would like to highlight, sir? EBITDA margin, more than EBITDA margin, the PAT only, we are thinking of around that same 16%, 15.5%-16%, what I guided earlier. This excludes CRYPTAS acquisition, the margin? CRYPTAS acquisition, currently, PAT is negative. In the next two quarters, we feel that we can make it positive. Got it. For the full year, 15.5-16%, does this include CRYPTAS' numbers or does this exclude? CRYPTAS as a whole for the year, if you see, CRYPTAS may not be positive because the first quarter itself, 1.6, 1.7, negative. Percentage is excluded? Yeah. The percentage includes, including CRYPTAS top line. CRYPTAS top line is included in this 675-700. But CRYPTAS bottom line, nothing may come in the current year. Only from our bottom line, including taking into CRYPTAS top line, we will achieve this 16%. This is what we are saying, or 15.5%, 16%. Understood, sir. Got it. The last one is on, we had highlighted that we are confident that even after paying for these CRYPTAS and AI CyberForge acquisition, the cash level by FY 2026 end would be INR 140 crore. Are we confident of that number? No. Already INR 110 crore is there. INR 102 crore is there. Now, in the next six months, there is no acquisition payment, nothing is involved. That way, whatever cash accrual comes, that has to increase our cash flow only. That way, we are confident maybe it may go to INR 130 crore or INR 140 crore or at least INR 125 crore, something it should go. That way, the requirement to raise any money will not be there. Got it. That's it, sir. Thank you. Thank you. Our next question comes from the line of Srinath V from Bellwether Capital. Please go ahead. Hi, Aravind. I wanted to find out, we've been making some investments in marketing in the U.S., these roundtable conferences with CXOs and CIOs. How is that progressing? Any kind of output or lead pipeline from that? Second, as we get into the calendar 2026 and client budgets are getting firmed up, what are the kind of marketing investments are we making from now to, say, January February? We know the critical period when new contracts are formed or client budgets are firmed up. If you could spend some time on this, that would be really useful, Arvind. Thank you. Yeah, sure. To your first question on whether our activities in the U.S. are helping us, I think they absolutely are. I think Chairman has already alluded to some of the projects that we are working on and the rough sizes of them. A lot of these come from these personal interactions and these events that we do. A lot of these are more in the Fortune 500 or above, rather, Fortune 100 and so on. We are directly getting into the enterprise segment, which is a very good place to be as far as our industry and cybersecurity and these things are concerned. We are obviously doubling down on that and expanding on that. We're participating in conferences. We were in Black Hat. We're sponsoring that across three locations. We are in all the popular industry conferences. The brand credibility and all is also being pattedly worked on and grown. That is definitely starting to show results. I think some of these will be more evident because at this stage, I'm sort of bound. I cannot name any of these accounts, but something we will see over time imminently. Same goes for a lot of the other regions. I think APAC is another growth market, and we're focusing a lot on Philippines, engaging in events and omnichannel approach. We are using all of the latest tools in marketing and a lot of automation as well. We use tools like HubSpot. We have integrations with our CRM. We have a lot of intense signals and a lot of investment. I guess a lot of effective investments that help us scale there, right? I definitely see that helping and growing in the coming. Few quarters, right? Your second question was, sorry? On investments we are making. Every time we have made these investments in engaging with the industry, more often than not, with the lags, we have actually seen the business conversions, especially now that two big changes have happened, right? We have rebranded our product and also now got our U.S. data center, meaning it's now effectively a U.S. product in that sense, a U.S. certificate. From the standpoint, what kind of investments are we making now, given that a lot of our product backend is fixed? We have got our email product also set. Therefore, what kind of investments are we making? It seems like now it's the inflection. Are we closer to the inflection point than we have been in the last, say, one or two years, right? Yeah, yeah. Absolutely. Yeah, I mean, it's really about connecting with the customers and understanding cycles in different regions. Most of the contracts in the U.S. are all multi-year contracts, often. When you're in the industry and in the segment and you're talking to people, you know when they sort of renew. A lot of our activity has been more in the private sector in the U.S., unlike a government sector where budgeting becomes very critical at the end of the year, and then you have to make sure it's part of the next year's budget and all that. Different regions have different budgeting cycles. I presume your question is more oriented to the U.S.. Those investments are actively being made. In fact, we have a localized team. Their job is to do outreach to all those customers, to all the enterprise segments that we have, understand these sort of cycles so that we can really hit at the right time. These are honestly not even just year-end things that we do because we're largely focused on private sector enterprise in the U.S. to start with. These are continuous activities that we do and we keep track of. There are other systems and tools we use to get all this intelligence as well so that we can continually be in touch and strike at the right time. I think that also shows that. We will see that momentum and growth in the coming quarters because, as you said, we're getting closer to an inflection point and seeing continued traction and growth and momentum on the product side in the U.S.. We are going gradually. What we are doing, we will not spend a huge marketing spend. In a year, some four or five events we are hosting. In that, one of the events, what we call ECAB event, we ourselves are creating the event and a lot of senior people from cybersecurity side, they are all attending the event. The other one event is the RSA conference. There are other Black Hat event is another event. Each of these event costs will be somewhere from $30,000-$50,000, which we will be spending. The other thing is the senior level is now in place. We are recruiting the junior level people for just sales. Not only sales, earlier delivery of all the certificate was from India. The day and night time, it is affecting. For that, what we are doing is we are recruiting local people who can do the verification and who can issue the certificate from there itself. Because now the data center is also there. Just because of the day and night difference, if the delay is there, then our penetration will be affected. These people also, we are not recruiting very senior people. These are all $60,000-$70,000 people. Maybe we are also recruiting two people in South America at a much lower cost, which is in the same time zone as in Bogotá because we have the office, so that they can also do this approval process. Some of the companies where we are discussing, there will be a lot of SSL approvals which are there. This is what we are doing. Nothing will result in a huge spend because until we ramp up and the revenue increase, then correspondingly, only we want to increase the cost. Otherwise, it may have a negative effect on the profit. At the same time, we are taking a very measured effort on what way we can push in the market. Importantly, it's a structured systemic approach. We're putting the system in place along with the marketing and other activities so that it can consistently grow over time, like Middle East and other regions. Perfect. One last follow-up on this, two-part question on public trust, especially in the U.S. One big opportunity was being a redundancy partner for these large Fortune 100 or Fortune 500 enterprises who need redundancy partners. Especially given that now we are completely U.S.-based, is that opportunity? Are you seeing the opportunity on the ground? Second question on private trust. That is a slightly more custom solution market where the existing players are, from my understanding, offering very standardized products. In the private trust market, where the ticket sizes are a little bit larger, how has been the engagement and traction? Public trust, redundancy partner, private trust, customized solution. If you can address both, Arvind, that would be great. Sure. Yeah, I think we are seeing that play out quite decently. Because I think a lot of organizations in the U.S. are also global organizations. One of our U.S. pieces is that we are not just in the U.S., but we have a strong brand outside as well. When we factor that with this localization that we have worked on extensively, I think that really hits a sweet spot that a lot of customers appreciate. You factor that with the local team and systems and the people that we have put in place, the message really comes from the right people, right, who understand the pain points, who have been through those contracting processes before. We are seeing signs of success on the redundancy play as well. Also on the private trust part. A lot of things we're doing on private trust so far in some of these initial accounts are focused a lot on high-volume IoT use cases. They are very entrenched sort of ecosystems, which once you're in and you're working, then people generally may not want to touch your system, right? These are substantially sizable companies as well. The private trust play, really our U.S.P, focuses on our value that we bring to the table, a slight bit of flexibility paired with the comprehensive nature of our product suite, which is where they're able to get more with one vendor and it makes the whole engagement easier. These two themes have broadly still been what we are sticking to and what we are positioning and what have started to show these signs of success. In each one, in the first one, we have signed one contract, but the volume is yet to pick up. The second one, we are expected to sign two contracts in this month if things work well. It is all in contracting stage. Thank you. Thank you for the very elaborate, detailed answer. I'll get back into the questions. Thanks a lot. Thank you. Okay. Can we complete? Since there are no more questions, I would like to thank everyone for joining the call today. We remain focused on delivering consistent performance and innovative solutions that enable secure digital transformation for our clients across the globe. For any additional information or queries, kindly get in touch with our investor relation advisors, certificate partners. Thank you once again. Thank you.