Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to eMudhra Limited Q2 FY 2026-27. Hello. Ladies and gentlemen, good day and welcome to the eMudhra Limited Q2 FY 2027 earnings conference call. We have with us today from the management of eMudhra Limited Mr. Venkatraman Srinivasan, Executive Chairman. Mr. Kaushik Srinivasan, Full-Time Director. Mr. Arvind Srinivasan, Director. Mr. Ritesh Raj Pariyani. Chief Financial Officer. As a reminder, all participants will be in 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 0 on your touchtone telephone. Please note, this conference is recorded. I now hand over the conference over to Mr. Venkatraman Srinivasan, Executive Chairman. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining us for eMudhra's Q2 and first half FY 2027 earnings call. Today I want to speak about 2 things. The first is a strong quarter for our core business. The second is a certificate security incident in our TLS business. which took place in October after the quarter closed. I will walk you through our results, what happened, what it means for the rest of this year, and why our long-term direction is unchanged. Let me start with the numbers. In the second quarter, total income was ₹209 crore, up nearly 20% over last year. The EBITDA was ₹51.3 crore at a margin of 24.5%, and profit after tax was ₹33.4 crore, up 26% on year-on-year basis. For the first half, the total income was ₹402 crore, up 23%, and PAT was ₹65.4 crore, up 27%. The margins year-on-year expanded on both lines, which tell us we are growing with discipline. It is important to note that the growth is coming from enterprise solutions built on our own FIWARE product platform that grew 36% and now makes up 2/3 of our revenue. International markets also contribute 2/3 of our revenue. This is a more product-led and more global eMudhra. Less dependent on any single market or single line of business. As our scale has increased, so have our working capital needs. Receivables have grown in line with the business. However, in terms of the number of days, it remains around the same level. Though the revenue has increased, we have paid the creditors without delay, resulting in decline in creditors in spite of the increase in revenue, and this has weighed on the operating cash flow in the first half. Our incremental planned CapEx for the year is around ₹23 crore. We continue to open new doors this quarter. In Africa, we won the national PKA for Nigeria's certifying authority regulator, our entry into that market. In CAS, we secured our first win in Kazakhstan with a defense entity, and our pipeline in Kazakhstan and Uzbekistan is growing. We added significant clients in Indonesia, the Philippines, Germany, Qatar, and Abu Dhabi. Cross-selling with Kryptos brought in 3 more large enterprise clients in Europe. In— and in UAE, our trust services pipeline keeps building as we await our license. The market is moving in our direction. Customers now face fixed deadlines on post-quantum migration, on identity for machines and the AI agents. And on data privacy. These are now board-level topics, especially in banking and regulated industries. We have moved early. Our platforms already support hybrid post-quantum certificate authorities. And dozens of hybrid post-quantum certificate types. Because we own all our IP, we move at our own pace without depending on anyone else's roadmap. Now let me turn to the incident. On October 17th, an independent researcher reported weak keys in 8 intermediate certificates within one of our public TLS hierarchies created during a key generation ceremony in April 2023. We revoked all 8 the very next day. None of them had been used to issue any certificate to end customers. And our root keys were not affected. Our infrastructure was not compromised, no data was breached, and security controls remained intact. As a precaution, the browser programs have destructed the related root. We moved potentially affected customers to replacement certificates from other trusted providers at no cost to them. We have appointed KPMG as an independent external reviewer, and a full review of our ceremony procedures underway. We take this seriously and we will share what we learn. In the last 2 weeks, we did see some impact on our reputation as customers sought to understand what the incident meant for them. The impact has not been as pronounced as it might have been, thanks to our diversification across geographies, across product, across service lines and brands, and it is slowly settling down. We continue to be transparent about what happened, what we have learnt, and how we are committed to improving ourselves. I also want to be clear about the scope. This affected only our publicly trusted TLS business, which was about 1% of our revenue. Our digital signatures, eSign, and all 5 enterprise platforms are not affected. Given the limited returns from TLS relative to our overall business, we have decided to exit the sale of publicly trusted TLS certificates and focus fully on our core platform. In the US, the only customer, University Federation, who will be directly affected was using our CertiNext product. And TLS certificate. They have decided to continue to work with us and asked us to provide the TLS certificate through any other TLS vendor on a subcontract model. This is a big morale boost for us and this is likely to considerably reduce our reputation risk in the US market. We are actively working with the University Federation to transition its members spotlight. We had to walk away from a couple of deals that were directly tied to TLS, but we continue to pursue private PKI opportunities there. There we are seeing a healthy pipeline. More broadly, there is enough global opportunity for our platforms, and we will course correct to focus where we see maximum traction. We expect the incident to reduce our FY27 total income by about ₹20-25 crore and our PAT by about ₹10-12 crore, largely in the second half. At the start of the year, we guided a revenue of about ₹825 crore and PAT of about ₹137 crore, about 25% PAT growth. We now expect our revenue to be about ₹800 crore and the PAT of around ₹125 crore. In our opinion, the impact of the incident may only last for next 2 quarters after which it will be business as usual. Our priorities for the second half are simple: complete the external review and strengthen our processes, keep growing our enterprise platforms in our focus markets and turn our new market entries into lasting business. To sum it up, while we went through the incident, the core grew 23% in the first half and the demand for trust identity and post-quantum readiness keep raising. I am confident about the road ahead, and we propose to hold an investor meet in Trident Hotel, Mumbai on December 2nd, and we welcome all of you to attend that meeting. Thank you for your continued trust in eMudhra. I will now hand it over to Ritesh to walk you through the financials. Thank you, Chairman. Good afternoon, everyone. I am pleased to share the highlights of our Q2 and H1 FY 2027 financial performance. Starting with Q2 performance, our total income for Q2 FY 2027 was INR 2,090 million, marking a 19.6% year-over-year growth. Gross profit for the quarter grew 19.6% year over year to INR 1,167 million with a margin of 55.8%. EBITDA for the quarter was INR 513 million. Registering a 21.6% year-over-year growth with a margin of 24.5%. Profit after tax for the quarter was INR 334 million, reflecting a 26.3% year-over-year growth with a margin of 16%. Now coming to H1 FY 2027 performance, our total income for H1 FY 2027 was INR 4,018 million, marking a 23.4% year-over-year growth. Gross profit for the H1 grew 27.2% year over year to INR 2,230 million with a margin of 56.5%. EBITDA for the H1 was INR 1,017 million, registering a 30.2% year-over-year growth with a margin of 25.3%. Profit after tax for the H1 was INR 654 million, reflecting a 27% year-over-year growth with a margin of 16.3%. That concludes my remarks. Thank you, and we may now open the floor for the question and answer session. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. If you have a question, please press star and 1 on your telephone keypad. And wait for your turn to ask the question. If you'd like to withdraw your request, you may do so by pressing star and 1 again. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. The first question comes from Surbhi Soni from Bellwether Capital. Please go ahead. Hey, hi, uh, thank you for the update. Uh, just wanted to get some sense on how large is the US private TIA business as a percentage of the total enterprise business that we have in India. And like you mentioned, sir, that you believe that private TIA business would continue to grow and outlook was healthy. Would it be possible for you to share, uh, any outlook on that side from a 3 to 5 year perspective? You see, the US business— US business, we have 2 services business which was acquired through ICON and 295 International, and last year around $6 million is the solution business. So out of that solution business also, $9 million, $9 million is solution business. Out of the solution also, we have the M-Sainer and the other product as well as this Certinex product. In the Certinex product, it is not affected. Only the TLS business we are withdrawing. So in the US TLS business was— our total TLS business was around ₹8 crore. On that, the US TLS business alone was only ₹4 crore. So, and even Certinex, even this InCommon, which is the university consortium, they now have decided to continue with us and use our Certinex product. They are saying through your product only, you source the TLS certificate in the backend instead of our M-Sign TLS, source it from some other provider, and you only continue to frontend everything and handle us. So what may be affected is only the TLS, and TLS was only ₹4 crore up to now. But 2-3 other deals we were discussing on the TLS which may be around less than a million dollars, maybe $600,000-$700,000. Now those things we will withdraw because we have decided to withdraw from the business. So that's why the reputation effect, it may not be contained only to the TLS business, it could be on other things also. That's why Overall, considering the diversified geographies, considering the brand name used in each geography, brand name which is different part of the business. is sold, all these things we estimated almost in the next 2 quarters ₹23 crore of top line may be affected. Instead of ₹825 crore, it could become ₹800 crore, but that effect will gradually wane down. And on that very important point is, since the affected customer itself— and this entire incident just affected only one customer— all other people thinking that they could be potentially affected because if our Other routes are also distrusted. That's why we have changed all of them to Sectigo or some other providers' SSL certificate. But actually, in reality, they are not affected. The affected is only one customer. which is this university of attraction in the US. Now the good thing is they have decided to continue with us, so that will— that in itself will contain the reputation risk in a big way. So that is where we estimate ₹25 crore revenue reduction and maybe ₹10-11 crore profit reduction. Maybe after 2 quarters the effect will wane away. Yeah, but to also address your point on the opportunity for private PKA, it's pretty large because anything outside of website certificates, if you're doing devices, IoT devices, wearables, and so many other things, those require private PKI. And those are sort of the opportunities that we now go after. Along with that, yes. That's very helpful. And second question is on the India side, uh, there are opportunities on the DPDP side and LEI, especially on the DPDP side. Have you started doing any POCs with the customers and What kind of timeline should we look at in terms of, uh, you know, revenue recognition on the DTP side and contracts being materialized? We already won a deal in the last quarter itself for DPDP. This is for NBFC. There is quite a bit of momentum in the current quarter. We should be winning many more deals for the data privacy. And I think next year should be, you know, where because the DPDP is getting enforced by a certain timeline, we should see a lot more traction in the next year. So number of conversations are going on with B2C. Banks, NBFCs, private sector, it's across the board because DPDP legislation applies to everybody. LEI we launched but we did not seriously start marketing our Obviously, attention was focused on this, but now we will again refocus on the LEI business as well. Uh, Kaushik, on the DPDP side, typically what are the deal sizes here? Say if you were to implement this for, say, a large NBFC, or say a top 2-3 banks in India. Uh, then typically how would a deal size look like here? These are typically in the range of 1,450 lakhs to 1 crore, 2 crore for larger entities, but mid-sized entities is about 40-odd lakhs. Understood, understood. And, uh, except for this year, say from FY28, '29, and '30 onwards, how should one think about margins going ahead? At a consolidated level. EBITDA margins are around 25% that we will try and maintain because obviously our focus is more on the solutions business, which is anyway slightly high gross margins as we continue to focus on that. Uh, you know, EBITDA margin should kind of be at that same 25% level. Got it, got it. Thank you. I'll fall back in the queue. Thank you. Thank you, ma'am. The next question comes from Sagarika Chetty from Antic Stock Broking. Please go ahead. Yeah, hi, I don't know, did you? Yeah, you're audible. Yeah, yeah. So, uh, I just wanted to understand the, the service performance in the truck service. Are we— is that pain point behind us, or can we expect this softness to get it comfortable for, uh, the rest of the financial year? Can you give more clarity on that? And The second question is, how has TripPass performed this quarter? Is the run rate broadly same in line with what it has been in the last 2 quarters, if you can also quantify? The contribution from— could you repeat your first question? I understood the second question was on Kriptaz because your voice became a little feeble. Uh, the first question was on, uh, just the clarity on the sluggishness around the digital truck services. Right, um, I understand that we had, uh, sort of explained the issue, but, uh, going forward, what at least for the rest of FY27, what kind of trajectory are you expecting in this? segment. Um, if you can give more clarity on that. On the first question was on the trust services, is it? Yes, yes. Yeah, trust service has already indicated because the no new use case is given by the government and all that. So that way even we had not projected much growth for the trust services. It was projected to be around 10 to 12% growth only. So that kind of growth may be there, but even if it is slightly lesser, it will be more than compensated by the solution business and all that. Yeah, and on Kriptaz, uh, the revenue run rate for the quarter was around, uh, this quarter it was around 30 crore, uh, and they have, I mean, so more and more deals they are selling with eMudhra's products. Obviously, to that extent, the margin profile for Kriptaz is improving. So this year, I think they should, uh, make almost a million dollar, a little over million dollar EBITDA. Up to December. Okay, okay, thank you so much. I'll join back with you. Thank you, ma'am. The next question comes from Pankaj Shastri from Avis Capital. Please go ahead. normalized starting Q3. So just wanted to understand what is the status from a numbers perspective on that. That's one. And second related question is that last quarter we saw disruption in trust Yeah, good afternoon and thanks for the opportunity. My quick question is on the trust services again. So last time we were given to understand that Q2, the disruption may continue and it will get trust services, and this time we had the TSL issue. Is there something which we should be kind of assuming that, that is, that is a normal part of the business? Disruption in trust service was majorly in token because in the token they said instead of, uh, it has to be a FIPS level, FIPS 140 Level 3 compliant token, and it was only released in September middle or something like that. So that's where the token revenue got affected. So the 3rd, 4th quarter it will improve. But from a pure DSC side, because in the token if you see the margins are less, whereas in the— if you see the DSC itself The 2nd quarter had a little better volume, 3rd and 4th quarter, because 2nd quarter is the main season. In 3rd quarter, October is the season, but November, December may not be the season. So maybe it will be around the similar levels only. It cannot be a bigger growth. And even we had projected only a 10% growth in the entire— but on the other side, eSign is growing very much. eSign is also in the trust services. Yeah, e-sign is growing more and more. E-sign, remote sign, those kind of enterprise-related product will grow in a bigger way. Almost, we, one year back we were doing 1 lakh, 2 lakh e-sign. Now we are doing almost 7-8 lakh e-sign per day. So those things will grow, but pure trust services, which is the conventional digital signature, may be flat to 8-10% only. Yeah, but the other question that you had was more related to the incident. So it's not really— I mean, so it was basically a problem and widely covered. In the sense that our TLS line of business kind of had an incident, right, so which we have spoken about extensively through stock exchange filing. So the first one was more industry-led, second one was more eMudhra, but it's not normal in the sense that Disruptions are— I mean, so these things happen, but it's not expected to continue as such. Got it. Thank you. Thank you, sir. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. The next question comes from Deepak Kumar from IGP India Family Office. Means what we have learned from this incidence, or specifically to other segments. Please go ahead. Yeah, thanks for the opportunity. My question is on, uh, this incident. If because of this incident Are we like, um, reviewing the other segment also? And though there is no direct impact, but in AI world No, other segment business-wise will not be affected, but from a technology perspective, whatever possible, we have to again analyze with the help of the AI and see what are the further securities to be put in place. That work is parallelly going on. It will be done. But business-wise, those things— other business are not affected. And this business is a very small 1% business. So that's where instead of— and 1% business also, there are other 4-5 reasons why we discontinued the business. Because if you see earlier, the globally it was allowed to issue an 800 20 or 840-day certificate, and then later on gradually it is coming down to 1 year. Then 1 year it has come down to 90 days. 90 days is coming to 45 days and all that. This is one side. Then the other side, earlier there were DV, OV, EV, and EV was a very high price item. And gradually the brokers started not giving any importance to EV, so people are not buying the EV. That is another side. And the third most important side is the Google itself started issuing all the DV certificates free of cost, 90 days. analysis on the other segment of the business will help, uh, if we can do that on the other segment. We understand that that was only 1% of the revenue, but the concern on the, uh, other segment arises because of such incidents. So that will be helpful. So Google also issues 90-day free, we also issue 90-day at a cost. So nobody will buy from us. So that is why, in spite of doing this business for 6-7 years, even after we went live in 2021, it is almost 5 years, we could not improve it to more than 1%. So considering all these, but the compliance requirement is very high. And then again, nowadays what is happening, because every geography want their data center to be in their respective location, so that also adds to the cost. So considering all this only, we came out of that. But the other businesses are not like that, so I don't think any effect will be there and other business will continue. But yeah, based how to improve security by using the AI that we are continuously— our technology teams are working at. Yeah, so some sort of, um, uh, analysis in the external agency Except trust service segment, all the other product segment, we are not storing any data or we are not doing anything. See, these are all going to government, BFFA, and all that, uh, on a license basis where this— the data is stored at their risk and they are storing wherever they want to store. So this kind of risk cannot come in that business. Only in India Trust Services it can come that we are more stringently securing it. So that way, I don't think any big risk is there in the other segment. Got it. Thank you. Thank you. Yeah, if you see the other segment Thank you, sir. The next question comes from Pranay Jain from Banyan Tree Advisors. Please go ahead. Um, hello sir, can you hear me? Am I audible? Yes, sir, you're audible, sir. for the enterprise business, both like services as well as the enterprise solutions business on the international side. That will be question one. Um, should I ask the other 2 questions together or No, we will go one by one. If you see our total business, roughly around in 800 crore, almost 275 crore is the India business. Yeah. Balance almost 520-525 crore is the international business. International business, again, if you see currency-wise, it may be ₹5 or something like that. So constant currency also, it is a big growth. Maybe 1 or 2% on the overall may be only due to currency. Other thing will be on a dollar-to-dollar basis itself. Understood. So for 520 crore, you can work out what was the dollar price at that time. Now that will be the only difference. Thank you, uh, thank you for the opportunity. Uh, I had 3 questions. Number one was, can you, uh, you know, let me know what was the constant currency growth Okay, got it, got it. Secondly, uh, my question was whether when we sell our CertiNex product, uh, was the bundling of TLS an important element when, when CertiNex was getting sold earlier, and will it have an impact going forward? No, not required at all. CertiNex is a neutral product. With CertiNex, we can connect any SSL given by any vendor. So in a lot of cases, it is sold standalone. It is not sold along with the TLS. So in this case, in, in common, it was sold together. In some cases, only SSL is sold and not CertiNex also. So it is not affecting the TLS itself, will not affect. And now when we sell CertiNex, we will either— we may bundle or the part itself directly by the SSL from Sectigo, SSL from ssl.com, or GoDaddy, or from DigiCert, and then they use it through the CertiNex. Understood. Got it. And my last question is on, so like, will you be facing issues in terms of retaining customers as well, or the cut in your revenue estimates is more to do with the new deals that you were expecting to win? I will explain to you geography by geography. Then you will get a better sense. For example, if you see India, in India our revenue is not likely to be affected at all because now, now everybody knows the the America versus India sentiment, why Google distrusts something, and various things. Though these browsers distrusted us, it is not unique. So many other people know, Sectigo has done some 108 million, that you get wrong. Then some other GoDaddy has done some 5, 5, 5 lakh certificate wrong. Then Arika has done something wrong. But that's why people know, that's why somebody is distracted. So from this geography that reputation risk is not at all there. And the segment in which our products are there, we are unique. And mostly, if let us say government bank do not choose our product, they may have to choose the American product. So we do not We— I don't think we are facing any reputation risk. And even we saw immediately, even on that date, next day, next date also, whatever digital signature sale, e-signature sale, everything was increasing or around the same line. Nothing got affected. Then if you take Europe, Kryptos, again what is happening, because everything is sold in the brand name of Kryptos and PrimeSign, not on the eMudhra brand side. Our product is also sold in their brand name because it's an acquired company. And another thing is they are all in European language, so they do not read this English language Twitter and LinkedIn by which a lot of unwanted messages are all passed, that they are isolated from that. So it is not affecting there. Then you go to US. In US, what are we doing? 2 service business acquired by ICON and 295 International. They are all sold in that respective brand name. So they are not affected. Then even what product we are selling, we were earlier selling, we had a subsidiary company called Certinext, and under Certinext powered by eMudhra and all this, but immediately we removed the— because of all this message thing, we removed the eMudhra link to Certinext and trying to brand Certinext into an individual positioning. Still some business may be lost, but predominantly Still all the customers say all the conversations are continuing, and Africa almost isolated. Middle East, a little bit effect is there, and Far East, if you see Philippines and Indonesia, almost no effect. So that's where The reputation risk is contained to US and little bit of Middle East. So that's where we estimate only intra ₹825 crore, ₹800 crore could be there for the year as a whole. And that also within 2 quarters we will overcome. On that, the major booster is the client who is directly affected himself is continuing with our Certinext product. And also through subcontracting for JSS Health. So that itself is a big positive sign. Right, right, understood. If I can just ask one more question, I wanted to understand, you know, while you've spoken earlier about AI being a tailwind for the industry. We see a lot of vulnerabilities that TIA is being able to catch. So do you see that as a threat for the incumbents? Threat for the— AI is a threat for the general bank, any financial service, NBFC, all those industry. AI could be a threat, but they have to strengthen their security architecture and all that. For us, yeah, it could become a positive also because before them we also strengthen everything, then we can also sell it as a proposition to them. Maybe I will ask Kaushik to explain better about the AI, what are all the positives for us. Yeah, so AI in many ways has significantly accelerated our ability to deliver products at a faster pace, and because AI has now significantly increased the attack surface for many organizations and our products mainly focus on user identity and device identity and data security, uh, it's probably a big plus as enterprise trying to bring this zero trust posture, right, where everything has to be verified. So identity management, authentication, strong authentication, strong encryption of data, all of these are becoming big needs of the hour. And more with this transition to quantum computing, everybody is now mandated to adopt post-quantum cryptography. That is also an active area where people are looking to invest. So the areas of cybersecurity investments broadly fall in the line of the products that we have already developed and put in place. Which is why we see hopefully continued opportunity for our products in the market. Understood. This was very helpful. Thank you and all the best. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. The next question comes from Subham Sahani from RSPN Ventures. Please go ahead. Yeah, hi, thank you for the opportunity. So I wanted to understand your view on the DPDP side of the business you're planning to do with private tests, right? So what all things are you planning to do on the whole life cycle of the DPDP? Actually, there is consent management and there is also the whole life cycle of the data that stays with the company, right? And then you have to delete it. After the data usage is complete as per the DPDP law. So what all products are you planning to build on it? And, uh, if you could provide any guidance on how big this opportunity could be in terms of number, top line or bottom line, whatever you have in mind. Yeah, so from a product perspective, our product is fairly comprehensive. It deals with consent management, it deals with, uh, data discovery, data classification, data protection, uh, basically data retention governance. It deals with third-party vendor data management, their lifecycle, their workflows. Data subject access requests. So pretty much the entire stack that somebody needs to put in place for DPDP compliance as a whole and not just limited to consent. So that's where— and also the whole audit trail, access records, historical use of data. So the whole lifecycle of as soon as you collect data to what you do with it to where you send it. And how, you know, it's protected, etc., is kind of fully captured in the product. Uh, the idea is next year, how do we capture, let's say, 40-50 clients with the kind of value that we had, you know, ascribed earlier. That's the immediate scope because typically the first phase will largely look at entities that are, you know, somewhat you know, focused on customer data and meaningful scale and give some kind of a value of let's say 40-50 lakhs, 1 crore. And that's probably the opportunity size that we are kind of looking at. Although there may be a much larger universe, there will obviously be a phased implementation of many capabilities over the next 2-3 years, but this is our target market in the first year. And also, do you see any other companies who are building in the same space? Because DPD Act compels— it's like all the major companies in India, and this could be a major opportunity going forward. There are quite a few companies that are building various capabilities, but many of them are focused on only one or two layers. There are very few select names that are focused on the entire DPP stack, and our whole expertise has been on data protection. Which is where we score very strong. So while some of the layers of DPP could get commoditized with many players, the consent management is not, you know, it's pretty commoditized, but as you go more deeper into data protection and data retention governance and data loss prevention, then the number of players that do the kind of capabilities then start becoming very limited. Okay, great. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. I repeat, ladies and gentlemen, if you have any question, please press star and 1 on your telephone keypad. We have a follow-up question from Surbhi Soni from Bellwether Capital. Please go ahead, sir. Yeah, hi. Uh, on the 23 crore investment that you mentioned, uh, can you spend some time on where and which product suites would this, um, be directed towards? Got it, got it. And on the post-quantum side, uh, have you started receiving any inbound inquiries or any POCs that you've started on the PQC side itself? The ₹23 crore incremental CapEx is mainly on completing the data privacy stack. Obviously, we have developed most of the modules, but incrementally there are a few modules that need to get developed. And also some improvement in mSigner, mainly for certain— adding certain AI capabilities, and also for certain ID verification that we have to build as part of our global TLS operations. हाँ ओके सॉरी ग्लोबल डिजिटल सिग्नेचर ऑपरेशंस नॉट टीएलएस Yeah, yeah, quite a few POCs are ongoing. Some of those will materialize. I think one has materialized into an order. Many more will happen in the next quarter, next year onwards. Because deadlines then start coming. डेटलाइन रिलेटेड तू पीक्यूसी ऑफ़ पीक्यूसी अडॉप्शन एंड माइग्रेशन बेसिकली 2029 सो मेनी कंपनीज़ आर काइंड ऑफ़ प्लानिंग देव नेक्स्ट स्टार्ट ईयर प्लानिंग ऑनवर्ड्स फ्रॉम Understood. Cool. Thank you so much. Thank you, ma'am. Ladies and gentlemen, if you have any questions, please press star and 1 on your telephone keypad. Uh, moderate, I think we have a question. Maybe you can request. Okay, sir. The next question comes from I.R. Amit Chandra from HDFC Securities. Please go ahead. Yeah, thanks for the opportunity. So my question is that, uh, you know, with these events which has happened, obviously explained about, uh, what the implications are. So are we seeing any kind of, uh, you know, the pushback from our existing clients in terms of, uh, you know, the issues which are being there in terms of the certification issues or overall, you know, issues related to cybersecurity and all. And in terms of the existing contracts or the contracts which you have won Uh, is there any kind of delays that we're seeing in terms of ramp-up, especially on the RBI contract, uh, that you announced sometime earlier? So if you can give some clarity, it will be helpful. So thank you. No, from my existing business or existing contract, no effect at all. And as I said, the only affected party was the US university. Nobody else is affected at all because we had not issued any certificate out of these things and all this. So that way there is no effect at all. But even that US University Federation, they continue to work with us. So from existing contract Absolutely zero termination, zero anything. So nothing at all. Out of the new customer also, only the potential TLS customer, because we are withdrawing from the business they are not acting, and other people little bit getting delayed, but otherwise nobody, because this distrusting or canceling the certificate and all this in this industry is very common, and the customers are aware of this. Because several times even Entrust has cancelled lot of certificates, ZTO has cancelled lot of certificates, then GoDaddy has cancelled, every— all the SSL.com has cancelled. So that way it is not new to the cybersecurity and industry people, though the media blew it up in a very big way. So that way the impact is very minimal. And as I said, the impact may be only confined a little bit to the US market and Middle East market. तो दैट्स वेर वी एस्टिमेटेड अराउंड इंस्टेड ऑफ 825 कुड बी 810 That may be ₹10 crore less kind of thing, and next year it will become normal. Almost it is getting normal even today. Okay, so just a clarification that, uh, the enterprise obviously is, uh, these, you know, 60% of our revenue. Within that we have the cybersecurity. Within that, uh, you know, over the overall cybersecurity business We have like SecurePath and CertiNext. So this TLS was a part of yours, uh, no, CertiNext, which is like, you know, these device device identity and authentication service. So in, in the press release you said 1% revenue from TLS. That's the only device identity and nothing. TLS only is only a website identity. And authentication trusted. Yeah, that is the only thing. So that was only 1% because as I explained earlier, gradually this become business is become because Google is issuing 90-day free certificate. And a lot of large customers are all renewing the certificate through ACME protocol with automatic renewals. And so nobody is willing to pay money to get the certificate. So that's where this business is not a growing business, it's a declining business. And that is the reason, and for that the compliance and other things are very— that is the reason our board also decided to come out of this business. So It is not a big business at all, and it is not always bundled with the— our CLM CertiNext product also. So CertiNext is independently sold, this is independently sold. So this, the offering that is the TLS certificate validity management, that is, that is separate offering, or is it because the, you know, most of the enterprises to manage their, like, certificates also is a big challenge for them. So that certificate management business is a part of the CertiNext offering, or is it Uh, separate from the existing 1%, uh, like separate from the existing 1%, Amit, because the CertiNext as a platform is independent of the TLS certificates that were sold. And most of the places where we sold the CertiNext platform, the certifying— the basically the TLS provider was a third party. So it did not involve mSign per se, our own TLS. So it's completely independent. Okay, so that, that business is not impacted, right? With the TIA. Okay. Understood. So, you know, obviously, you know, it's, uh, very encouraging to hear that, that it's not going to have any kind of an impact. But, uh, the point is, the only concern that, uh, we had is Uh, you know, in the short term, obviously we're not seeing any impact, but over the longer term, maybe some of the like newer initiatives that we're planning or some of these newer, uh, you know, contracts which are there in the pipeline, do you see any kind of risk, uh, in terms of conversion of these contracts? No, we have spoken to most of our prospective customers. As, uh, Chairman had indicated, the only contracts were couple of them in the US where the service itself was to directly provide the TLS certificates, and that is obviously the one that is getting impacted, which is what we have revised our kind of top line and bottom line guidance. Beyond that, there is no other impact. Okay. Okay, thank you, sir, and all the best. Thanks. Thank you, sir. There are no further questions. Now hand over the floor to the management for closing comments. Thank you. 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 us. Thank you once again. Thank you. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Doosla's conference call service. You may disconnect your lines now. Thank you and have a pleasant evening.