Ladies and gentlemen, good day and welcome to Route Mobile Limited Q1 FY 2027 earnings 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Tushar Agnihotri, Chief Executive Officer. Thank you, and over to you, sir. Good evening, everyone. Thank you for joining us for Route Mobile's earnings call for the first quarter of fiscal year 2027. I'm Tushar, and it's my pleasure to welcome you all. Joining me today are Vinay Binyala, who will take you through the operational and strategic highlights of the quarter, and Raj, who will walk you through the detailed financial performance. Followed our prepared remarks, we will open the floor for questions. Before we begin, a quick note that our quarterly earnings presentations was uploaded yesterday, and I hope you've had a chance to review it. Some of the statements we make today may be forward-looking in nature. These are subject to risk and uncertainties, and I request you to refer to the disclaimers in our presentation. Let me set the context for the quarter before handing over. This was a quarter of important progress on the strategic priorities we laid out earlier this year. We returned to year-on-year revenue growth, just as importantly, the quality and mix of that growth continued to shift in the direction we have committed to, with a new product portfolio growing meaningfully faster than the business as a whole. We're clear-eyed about the margin softness this quarter. As Vinay will explain, several of the items that weighed on margins are specific in nature and largely transient, we are actively working through each of them. Our conviction in the medium-term trajectory of the business is unchanged. At the same time, we took a decisive strategic step with Heltar acquisition, a precise expression of the build versus buy philosophy we articulated at our strategy update in May, one that accelerates our move up the value chain from messaging into full-stack AI-native customer engagement. We also saw strong external validation of our execution and of the shared global vision with Proximus Global. Taken together, this was a quarter of steady operational delivery, disciplined strategic action, continued strengthening of the positioning for the years ahead. We remain focused on execution and on delivering long-term value for our stakeholders. With that, let me hand over to Vinay to take you through the quarter in more detail. Over to you, Vinay. Thank you, Tushar. Good evening, everyone. I hope you are all doing well. As Tushar mentioned, we uploaded our quarterly earnings presentation last evening. I hope you had a chance to go through it. I will structure my comments in four parts. First, the shape of our revenue growth this quarter. Second, a discussion around the margin performance and specific items that affected it. Third, the key business and product developments for the quarter. Finally, a few minutes on the Heltar acquisition, which we believe is an important strategic milestone for the company. First on revenue. In Q1 FY 2027, revenue from operations grew approximately 10% year-over-year and 2% quarter-over-quarter. I would highlight the quality of this growth. The drivers are the ones we have been highlighting for the past several quarters. Continued strength in growth in our new products portfolio and customer additions to our AI/ML-driven firewall solutions business portfolio. I want to draw your attention to the new products portfolio, RCS, WhatsApp, and other IP-based messaging solutions. New product revenue grew 14% year-over-year and 11% quarter-over-quarter, growing meaningfully faster than the company as a whole. This is the engine of the business mix transformation we have been committed to. The sequential acceleration demonstrates that we are aggressively driving momentum around the non-SMS solution portfolio. The ILD business, which was the principal source of revenue decline through FY 2026, continues to be a challenge in terms of growth for the near term. Second, let me address gross margins and provide additional context around the reported numbers. Gross profit margin for the quarter was 20.9%, which is lower than the levels we exited FY 2026 at. There are two key drivers for this margin deterioration. The primary driver is certain developments in specific customer accounts. We witnessed temporary disruption in traffic from select existing large, high-margin customers as we are deploying new solution capabilities to address evolving business requirements of these customers. This is not revenue or gross margin that we have lost, but just a temporary disruption, which will be restored in the coming quarter as we continue to offer the new solution capabilities to these customers. These are account-specific situations rather than broad-based deterioration in pricing or margin. We are actively working through each of them. The second smaller factor impacting gross profit margins in the past quarter is the security incident at our Colombian subsidiary. The gross margin performance translated into an adjusted EBITDA margin of 9.5% for the quarter. We recognize this is below the trajectory we have guided to. I want to be specific here. We view several of the items that impacted this quarter as largely transient. Third, let me spend a moment on the key business developments of the quarter because they reinforce the strategic direction I have just described. We are seeing strong external validation of our execution capabilities and of the global vision we share with Proximus Global. Practically, it strengthens our right to win in large enterprise engagements worldwide. Konera, Proximus Global's network API and enterprise connectivity platform, won the Best Application Service Provider award at the Carrier Community Global Awards in 2026. This is a recognition of the continued innovation coming out of the Proximus Global ecosystem in network APIs, a category we believe will be an important growth vector for the industry over the coming years. On the product and platform side, we continue to strengthen our global RCS footprint, expanding direct operator integrations and advancing towards broader direct coverage access across markets. New partnerships and platform enhancements further reinforce our ability to drive scalable, rich business messaging experiences worldwide. We also further enhanced OCEAN, our omnichannel engagement platform, with new campaign management, reporting, audience management, and white label capabilities while expanding deployments across international markets and progressing strategic use cases. Together with Heltar, which I will come to next, OCEAN sits at the core of our ambition to move up the value chain from messaging into full-stack customer engagement. Finally, let me spend a few minutes on Heltar, because this transaction is a precise expression of the M&A philosophy we have articulated at our strategy update in May. On July 13th, we signed a business transfer agreement to acquire the identified business undertaking of Heltar Technologies Private Limited on a slump sale basis. Heltar is an AI-driven, omnichannel customer engagement platform. At its core, it turns communication workflows into fully automated, self-running programs from a single prompt to a live customer journey. Its chatbot and automation capabilities span WhatsApp, RCS, and voice, and the voice capabilities are being extended upon. It carries AI-driven analytics that helps enterprises measure and optimize communication performance. The platform is no-code and prompt-driven, which means enterprises can configure and launch new use cases in days rather than months. Several large enterprise customers already run high-value sales and marketing programs on the Heltar platform, with measurable improvements in conversion rates and ROI. Why does this matter for Route Mobile? Three main reasons. First, capability acceleration. We have consistently said that organic development alone will not close the conversational AI capability gap within the timeframe the market demands. Heltar compresses what would have been a multi-year internal build into an immediate deployable platform, consistent with our build versus buy framework. Second, distribution leverage. We saw several global enterprise clients, the majority of whom use us for a single channel today. Heltar gives our key account and cross-sell teams an AI-native engagement layer to take into that base. There is limited incremental customer acquisition cost attached to this opportunity. Third, it directly accelerates our non-SMS revenue, which has compounded at over 40% annually over the past four years and is central to our medium-term revenue mix ambitions. In terms of structure, the transaction is a slump sale of the identified business undertaking as a going concern. This includes the Heltar brand, the intellectual property, the technology platform, the team who will transition to Route Mobile. Heltar's founding team, alumni of IIT Kharagpur, will continue to lead the platform within Route Mobile. The transaction is expected to close in the coming weeks, subject to customary closing conditions. The transaction is being fully funded through our internal accruals and is not material in the context of our balance sheet. To summarize the quarter, we have returned to year-on-year revenue growth, with new product revenues growing 14% year-on-year and 11% sequentially, ahead of the company average. The margin softness this quarter was driven by specific and largely transient items. Our strategic positioning continues to strengthen, as reflected in the industry recognition that we have received, and we have taken a strategic decision with the acquisition of Heltar. With that, I will hand it over to Raj to walk you through the detailed financial performance. Over to you, Raj. Thank you, Vinay, and good evening, everybody. I will summarize our financial and operating performance during the quarter ending June 2026, before opening the call to Q&A. As described by Tushar and Vinay, the top-line revenue grew sequentially and year-on-year, while EBITDA margins were impacted by in-quarter specific items. Our Q1 revenue from operations was INR 1,151.5 million, representing an increase of 9.6% year-on-year and 1.8% sequentially. This demonstrates the resilience of our business with strong demand for our solutions, heavy, healthy traffic growth, and continued customer engagement. In Q1, we reported a gross profit of INR 2,404 million, which is higher by 6.8% year-on-year and lower by 8.9% sequentially. Gross profit was affected by a combination of market dynamics and specific account-related factors, which we are actively addressing. Gross profit margin for the quarter stood at 20.9% versus 21.4% in the same quarter last year and 23.3% in the previous quarter. Gross profit margin is primarily affected by the specific factors explained earlier. We are focused on onboarding higher margin accounts, pushing our new product portfolio, and optimizing routing, which will support margin expansion over the coming quarters, reinforcing our commitment to profitable growth and long-term value creation. On a reported basis, we constrained OpEx growth to 2.9% year-on-year, mainly due to salary inflation, higher expenditure on consulting fees, and a provision for an advance. Adjusted EBITDA for Q1 was INR 1,089 million, which is lower by 5.6% year-on-year and 18.9% as compared to the previous quarter, due to the aforementioned in-quarter margin impacts. This all contributes to an adjusted EBITDA margin of 9.5%. Adjusted profit after tax was INR 686 million, which is up 16.6% year-on-year and lower by 14.1% sequentially, driven by EBITDA flow-through. I will now hand over to the moderator for the Q&A section. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Divyansh Jaju from Trinetra Asset Managers. Please proceed. Hello. Good evening, sir. Thank you for the opportunity. Could you elaborate more on the customer retention side? How has the annual revenue retention improved over the last few years, particularly among main enterprise clients? The customer retention, the net revenue retention stands at 98% for the year. We had slight impact in just one of the key customers, which we are also working on recovering over the future period. Overall, we are not seeing significant risk on the existing customer portfolio. As I mentioned, there was one high-margin customer where we are trying to do a product upgrade, a new feature rollout, so that revenue again should come back to us. Rest of the portfolio seems quite stable at this point in time. Okay. As the huge cash is seen on our balance sheet, so how we are thinking to allocate over the next few years, like any particular investments are there or shareholder return would be possibility? How the company is seeing? That's a fair point, Divyansh. We hold around INR 1,300 plus crore of cash on the balance sheet, cash and cash equivalents. As we have demonstrated, we have a well-laid-out strategy for evaluating potential acquisitions to fill capability gaps. That is one area in which we are looking at utilizing cash. Besides that, there are certain organic initiatives as well, where we plan to deploy optimization solutions internally as well as we might do some headcount increases depending upon the business requirements. That is on the organic side. We'll still be limited by the growth of the business in a way. Inorganically, we are fairly selective. There are two different approaches towards acquisition that we are following. One is the capability acquisition, which is reflected in the Heltar deal as well, which is not very large in terms of team size, but it fills a significant capability gap for us. On the other side, we are actively looking at potential acquisitions where we can scale up business, but those will be fairly more involved decisions where the decision-making process will be slightly longer, given the cash outlay could be larger in terms of value. Those are the ways in which we plan to utilize cash. Again, we have a dividend program in place where certain portion of the cash is returned to the shareholders as well. That is the way we are looking at the cash utilization. We have big focus on growth initiatives where we find useful deployment for the capital. Okay. Thank you, sir, for guiding. Thank you. The next question is from the line of Bharat Gulati from Dalal & Broacha. Please proceed. Hi. Thank you for the opportunity. Congrats on a good set of numbers. Just trying to understand on the top line, our volumes have seen a good growth on a year-over-year basis, but on a quarter-over-quarter basis, they've largely been flattish for the past four quarters, past three quarters from a growth standpoint. How do we see that going forward? Is this largely seasonal? Do we expect to maintain similar sort of volume growth that we have done historically? The volume growth we expect with the season setting in the next couple of quarters, we see Navratri coming away. We had some losses, but we could compensate with some good wins in the last few quarters. That helped us maintain our city volumes level. As we see the season setting in, we were expecting the volumes to grow by 10%-15% in the next couple of quarters. Got it. Fair enough. Yes. Just trying to understand on the OpEx front. We've taken the wage hikes on this quarter, what would the employee costs look like going forward? How do we see operating leverage playing out? Would it be more broad-based than it was in this quarter? Sure. Bharat that's an interesting question. Raj, do you want to take that? Yeah. You're perfectly right. The wage hikes are behind us, so now we're at a run rate. We don't materially expect the salary cost to go up. It's pretty flat in the coming quarters. We shouldn't even see any sort of employee additions, or are we investing into talent or is that also broadly done with and we should sort of see an inflation like year-on-year growth on that front? Yeah, we would typically hover around the 800 count mark. It's not going to materially change. We are backfilling where we need to and then recruiting to support our product and sales growth in the coming quarters. It's not going to be material, but we are looking at that talent pipeline. Got that. That's helpful. Just trying to once again to touch upon the top-line growth. I understand the ILD business would be a drag on our top line. If you normalize that, let's say for X of ILD, what would a new product portfolio volume growth and our existing domestic SMS volume growth be at? I understand some of the industry is also seeing strong volume growth in the business from India-headquartered businesses getting terminated outside India, which is a non-ILD business. How are we seeing growth from that standpoint? Bharat, we don't break down the volume into components, but I can give you a high-level flavor. On ILD, what we are trying to indicate is that growth on that base is where it's not matching up the company average, but it's not like we are seeing a degrowth or dilution of business there. We are still chasing customers, and it's sustaining for us at the levels we are. In terms of domestic, as you rightly mentioned, we have good traction going for the domestic business, which we demonstrated in the previous quarter as well, except for the specific situations which I referenced. I think volume, again, for us is a mix of ILD plus domestic, and it might be slightly different from competition as well. On the new product, as I said, we've witnessed significant growth. In the last quarter, we had 14% year-on-year growth on that segment of the business. Obviously, it was driven by higher volumes. Got it. Just a couple of more questions. On how are we seeing growth, because I understand you spoke about a net retention revenue of about 98%. Is this majorly growth driven by new customer additions? Just how do we see wallet share going forward? You spoke about cross-sell of products. How strong is the cross-sell already in terms of shifting them to the OTT products? Yeah. Sure. Selectively wherever we are seeing customers having processes where we can enter with the new or the non-SMS product portfolio, the sales teams are actively pitching to the existing key customers. The way we look at our portfolio is, there's a set of the top 50 customers which generate significant revenue for us, the idea is to target those customers and identify opportunities. Obviously, a lot of these customers would have vendors taking care of certain business processes for them. It's either replacing an incumbent, which is not a very straightforward sales cycle, but we are also looking at new business processes where we can fit in our non-SMS product portfolio. That is the way we are attacking the cross-sell approach in the business. With Heltar coming in, I think we have a strong proposition for the customer base, where we add a significant layer on top of just the communication channel. That will be a big push once we close the transaction, hopefully in the coming few weeks. That should really create additional traction around the non-SMS volumes and business for us. Should that have a good impact on Q2 numbers, or will that take some time to ramp up and sort of really come up in the numbers? It should take some more time to ramp up. Most of the companies, when they're setting up their comms budget, it doesn't scale up in the same fiscal year. Right now the play is happening between channels. A loss of SMS is gain of WhatsApp. A gain of WhatsApp is reflecting in loss of RCS perhaps. While we are present and ensuring the wallet share stays with us of any enterprise customer, we see the scaling up happening gradually quarter-over-quarter. We see that setting in by let's say last quarter of this financial year and continue growing as we go into the next fiscal year. Got it. Just lastly on, we've been seeing some impairment last year. It's good to see there's been none of that in this quarter. Do we largely believe that it's out of the books and no more debtors should sort of turn into bad debts? Yeah. Yeah. That's a fair reflection of the position. We're not expecting any future issues like that. They're all in the past. Got that. That's really helpful. That's it from my side. Thank you so much. Thank you. The next question is from the line of Dipesh Mehta from Emkay Global. Please proceed. Yeah. Thanks for the opportunity. I have a few questions. Maybe I start one by one. First, I want to get an update on FY 2027 guidance. Last time we indicated revenue margin, dividend kind of guidance. Can you provide an update to that? Yes. I'll take that. I guess we're one quarter into our fiscal year. We will hold that for now and we will look at how we progress through the quarter. As you can see in the financials, our revenue is definitely strong. We are on track for the dividend and the EBITDA margins. We are working to actively address those in-quarter specific items with a range of options. A bit early, but we'll come back in future quarters. Understand. Broadly, the adjusted EBITDA is there. I wanted your input. Do you think 12% is which we broadly indicated considering the business trajectory you expect in next three quarters as well as certain one-off costs which you have this quarter. Considering both factors, 12% is still possible to achieve kind of thing in the remaining period? Dipesh, like we mentioned in the opening comments, there are certain factors which are transient, which we believe will reverse over the coming quarters. Some of them might be slightly stickier. By the end of this quarter, we'll have a clear view of where we should be landing the year. Ideally, we should not materially deviate from what we had guided. Exact indication. Sorry, are you able to hear me? Sorry. Yeah. I understand. Yeah. Second question is about the update on the security incident which we faced at Masivian. Can you provide update, let's say, where we are in terms of the traffic, in terms of the remedial action which we have taken, and how to expect Masivian growth trajectory in coming quarters? The investigation remains ongoing, with the support of our cybersecurity specialist. The platform continues to operate under enhanced controls and monitoring. Masivian is keeping the affected customers informed, and the regulators informed, as the investigation is progressing. We will continue to provide updates as the first further information is available. We are hopeful of an attestation to come our way very soon, which will actually encourage us to go back and get back the business from the enterprises which are impacted at this point of time. Hopefully, we should be back on track very soon and whatever business was affected temporarily should be back with us very soon. Do you expect any further cost incurred on the remedial action at Masivian, or quarter one provision is sufficient for us to cover? As you mentioned, we have made provisions already. There can be very minor increase in the cost. Very minor. Nothing major is expected. Whatever we have provisioned for should actually address all the expenses towards the security agencies and partners. Yeah. Understand. Third question is on the sales and marketing headcount. If I look at it has declined double-digit sequentially as well as on YOY basis. Can you help us understand any, let's say, change in the growth strategy which led to sales and marketing headcount decline? Can you provide broad thought process around how to look at number? Just give him a moment. He is trying to look it up. Hello, can you hear me? Yeah, I got your questions. You are trying to understand what happened on the sales and marketing headcount front, right? No, maybe you can revert later. Other question which I have on the cash conversion. Can you provide, let's say, some sense about how you expect cash conversion in first on quarter one and for the full year? Last year was very strong. Can you give some sense how you expect this year to play out? Dipesh, Q1, the closing balance is what we had reported. We had some delayed collections with some of the key customers in the first quarter. It's not a collection issue as such, it's just a timing issue. The reconciliations that the customers need to do took a little longer than ideally we would have expected. March was a significantly strong collection. If you look at it quarter-on-quarter, the cash flow has been weak in this quarter just because of the delay in collections. I would not say there are any defaulters in that list. These are large customers who typically reconcile the data in their systems as well. That collection should flow in during the quarter, and the cash position for the rest of the year should go back to the typical 75%-100% conversion from EBITDA, which we have. The EBITDA to cash flow from operations conversion. Q1, I would just want to caveat, was slightly challenging because of the delayed collections from some large clients. These are in specific geographies, largely India and UAE. It's not a one-off. We've had it in the past in instances, and those customers have been long-standing customers from us. We do not see a risk around it. It's just a timing problem which we are encountering. Understand. For the full year, you are comfortable at around 75% conversion? Yes. We will revert to that, I mean, to that cash conversion level for the year. Understand. The last question which I have is about the non-SMS business. We're seeing some, let's say, progress and acceleration in growth. How to understand that business margin profile compared to our traditional SMS business? As mix change, what kind of implication on margin on blended business? Dipesh, with the Heltar's acquisition, we would try to bring Heltar to geographies where the competition is not relatively as intense as you see in India. We're trying to bring it to LATAM, we're trying to bring it to European market, and U.S. as well. We see that we can make decent upfront revenues and from revenue with high margin, with acquisition of enterprise customers in those geographies. The initial feedback after we demonstrated the capabilities of the platform were very encouraging, and we're fairly hopeful that when we bring this platform to those geographies, we'll see upswing in our RTM levels. Broadly, I'm not very clear. You are indicating a non-SMS margin profile is likely? This is not. To be better than SMS. Okay, that's right. I'm saying the improvement of the margins will be better on the new non-SMS products from the geographies, which is apart from India, using the Heltar platform, which brings in some interesting capabilities. As I said, the reflection is very good and very positive from the enterprises and from the initial demonstration of capabilities. Does that answer your question? Yeah. Broadly, just to be very clear, let's say currently it is tier below double-digit% revenue share. As we scale it and it, let's say, approaches 20%, 30% of revenue, you expect it to be margin accretive rather than margin dilutive. That is right way to understand? Dipesh, honestly, if you look at different markets, the margin profile varies even for the non-SMS portfolio. Honestly, currently, if you look at our non-SMS mix, it's in certain specific regions at this point in time. When we bring in the Heltar platform also, it's going to be a bit of experimentation for us. For this year, we would not want to commit to any margin expansion or dilution because of these product solutions or the non-SMS product solutions. We'll have to play it out. We have different pricing models around those products, and we'll take a little bit of time before we can formally indicate what kind of expansion we can expect from deployment of these solutions. Thank you. Maybe you can later revert on the sales and marketing head count question. Thank you. Sure. Thanks. Thank you. The next question is from the line of Amit Chandra from HDFC Securities. Please proceed. Thanks for the opportunity. My first question is on the revenue from the new product stream. Obviously, we are seeing good, healthy growth there, and that is around 9% of the revenue. If I see more from an industry perspective, the portfolio seems to be very small. Also the overall growth in the portfolio is actually lower versus what the competition or the industry is growing at. If you can indicate, what is the market share, maybe in WhatsApp, RCS, that we are having. Because the growth is lower, are we also having a lower market share, or we are losing market share there in the WhatsApp and the RCS case? Hi, Amit. At this point of time, there's no published report to state exactly what is the market share of any participant aggregator. We have rough indication, though, of the volumes of WhatsApp and RCS, and that's also not published. That's our thesis, market intelligence, we arrive to certain numbers. We see we have a decent share. Not that we can't improve on that. Having said that, I am unable to comment at this point of time exactly how is the competitors placed vis-à-vis us. Because lastly, due to non-availability of a consolidated market report on WhatsApp and RCS. Yeah. I'm just saying that because in terms of what base we have and the base of what the competition is almost 3x of the base of WhatsApp and RCS that we have, and they're growing much faster versus what we are clocking. That's why just an indication that are we losing market share there, or is it that we are trying to do something different there? Amit, our attempts have been to go the market without compromising on the direct margins. There has been some aggression at the marketplace on the pricing of WhatsApp and RCS, and we don't really want to participate around that. We would intend to keep our margins intact and healthy in a manner that we can continue sustaining these offerings over a period. For those reasons, as I said, one, I can't accurately comment. Having said that, our strategy is very clear to keep our PMs intact and strong. Secondly, on the sharp impact that we had on the gross margin. You mentioned that there is one specific client, specific event, where there's a traffic reduction due to some solution deployment. Yeah. This happened after we had given the guidance in the last quarter in terms of strategy for the longer term. Is it something that was not planned, or what actually caused this to happen? I think the gross margins for this would have been much higher. That's why the impact is so sharp. If you can throw some more light in what actually happened and what makes us confident that we are going to see a reversal there. In terms of the incident that happened, at what time frame during the quarter this happened? At the start of the quarter, middle of the quarter, at the end of the quarter? You're talking about the customer where we are reflecting some loss of PMs and revenue is lastly because our development which needed to be done, which they had specifically come up with. This was last minute, and that's why we had to go back and then to our drawing boards and prepare, work on this development. It took us some time, but we are in the testing stage with that bank, and we are fairly hopeful that this is going to be back with us in no time. You will see the reflection in this quarter. We're hopeful that those revenues and margins will be back with us. Okay. No, just what I'm trying to understand is that we had a full quarter impact for this or we had only a partial impact in this quarter? We will see partial impact in the quarter. We should be able to recover. We should have the recovery soon and the balanced quarter should be on track. Okay. It would be helpful if you can quantify or give the bridge in terms of the gross margin impact that what has actually caused, in terms of quantification, what was the impact from this incident. Also in terms of the security incident that happened in Masivian. As far as my reading, this happened at the fag end of the quarter, maybe in the last week of the quarter. That's why, I don't know if it had a very big impact on the margins. The margin impact is largely driven by the one specific client event. Is it such a big impact that the gross margins went down for company? As I stated earlier, the investigation remains ongoing with the support of cybersecurity specialists. The platform continues to operate, and there are continuous monitoring. We are making a good assessment of the impacts, and we should be in position soon to exactly reflect upon the impact. Yeah, we're making assessment of the exact impact. We're keeping the effective customers and the regulator all informed about the investigation process. We'll continue to provide updates as we get more information about this event. As I said, as far as the impact is concerned, we are making a good assessment, and we should be in position to give you more information soon. Okay. Vinay, if you can provide the bridge, please, in terms of the margin impact, if you can Sure. It will be helpful. Amit, in terms of exact breakdown, I'll need to just double-check internally. What I can tell you is that at a high level, the key items were the customer-specific situation, which we've been discussing. We had some impact on aggregators, multiple aggregator accounts, where we have a way to recover those margins as well. We have some routing optimizations and ways to get back that margin. These are the main issues where we believe these are transient. These have happened in the past and we've come out of these situations. It is nothing out of the ordinary in the business. Just that, the impact in this quarter has been a significant one, but there are ways to get back from these impacts in the business. Okay. Also in the segmental breakup that we gave, the India-specific margin, segment profit has been negative in this quarter, and this has not happened in the previous so many quarters. Any specific read through there? Yeah. The large customer which we are discussing, where we had the impact, was an Indian customer. That is where you see the impact on the India entity in the breakup. Okay. Okay. Thank you. Thank you. The next question is from the line of Kevin Gandhi from Capgrow Capital. Please proceed. Hello. Thanks for taking my question, sir. I hope my voice is audible. Kevin, we can hear you. Please go ahead. Thank you. Thanks for taking my question, sir. Sir, my question was on the Truecaller partnership, which we have just done, right? Just wanted to know how much of the potential are we actually seeing from that deal, because we have close to 50CR users, as you had mentioned in the BSE notification. How we are pursuing that, because I think that might seem to be great order for Route Mobile. Just wanted your views on the same. Kevin, thank you for the question. We are testing the Truecaller as a platform with certain customers. Too early for us to identify exactly what kind of margins we can bring in, but it certainly opens up more markets for us. Truecaller has very decent share of market in multiple continents. We're very hopeful that, if this one successful testing, and this testing is of the platform and the integration of this platform with certain enterprise customers, once they go successful and we make an assessment of how much we can monetize that, we perhaps would be able to give you more stronger views here. Too early to state anything because we just signed off a deal with them and we are taking it to multiple markets and enterprises. Too early for us to give you an accurate assessment of what we can bring in. Would that give the access to all the INR 50 crore consumers which Truecaller has? Would we be able to actually set up the platform for the entire user base of Truecaller across the world? Is that the assessment? That is a reach which is provided by Truecaller to any of their partner. How to monetize this, we can use rich media on their platform. We can do multiple other things, but that's something, as I said, this is something once we actually have a live case, only then we'll be in a strong position to comment on. We are, as I said, again, as mentioned earlier, we are testing this with multiple enterprises in multiple geographies, we're hopeful that this once works, we can give you more accurate assessment. Thank you, sir. Got it. Sir, my second question was on the Claro deal. Just wanted to know where are we actually in the process of getting the platform established with Claro? Also just wanted to know how much potential are you seeing for Claro as well, because as far as I understand, in FY 2023 we had signed a deal with a Sri Lankan MNO, and Claro seems to be almost 20x, like the subscriber count of Claro seems to be 20x the deal which we have done in the past. That was, I guess, an INR 200 crore deal for two years. As far as Claro goes, I know it's in a partnership with, I guess, Proximus. Just wanted to know what the share of Route Mobile in the Claro deal and how are we pursuing this deal, what's the potential? Yeah, that's the second question. Thank you. Claro is a multi-country firewall deal for us, which means that we have to deploy a certain platform with all of these telecom operators. We understand we are behind time. We were supposed to be done with the deployment and should have gone live by now. Due to certain reasons which are beyond our control, there's been delay in the deployment. We're fairly hopeful that this quarter we should be up and running with them, and we will have some tangible revenues coming away very soon. The deal stands. The deal is on. It's only that deployment has taken a bit more time, and for those reasons, we have not seen the revenue trickling in as yet. Kevin, just to add to what Tushar said, and relevant to your question is, in terms of Claro, I think we have, as Tushar was saying, multiple geographies. We don't have a blanket contract where we can deploy in all Claro networks. There are select networks which they have signed up with us, and some big ones like Colombia are not part of the contract. In terms of the population that you are referring to, it is a fraction of what Claro services globally, and we have those select networks where we are working with them. Just to put things in perspective here. Okay. In case of Claro, what might be the share of Route Mobile versus 360West, like the share of revenue earned? The Claro deal is more of a firewall deal which is fixed plus variable. There's no share as such. The more the platform is able to identify gate traffic flowing in, more we are able to monetize. There's some fixed component and there's some variable. There's nothing like a share kind of a thing because exclusively the entire network belongs to us for terminating any international traffic in that geography. Okay. Got it. My last question was, just wanted to understand the revenue composition of ILD versus NLD. I know the NLD is worth 8%-9% now. What's the broad state of the revenue as far as the ILD and the NLD goes? Kevin, we don't break it up as public information, but ILD still continues to be significant for us because we still service very large global customers. Unfortunately, we don't disclose the exact percentage breakup. I will not be able to spell out the exact proportions here, but what I can tell you is that it's still a very relevant part of our business with very good customers in the portfolio. I'm sorry, I'm not able to spell out exact details here. Okay. As far as my understanding goes, the margins are quite lower for the ILD, right, versus the NLD. Sorry. Say it again, please. The ILD. Okay. As far as my understanding goes, I believe that the margins of ILD are much lower than the NLD, if I'm not wrong. In absolute value, no. In percentage value, maybe yes. Okay. Those are all my questions. Thank you. Thanks, Kevin. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their telephone. The next question is from the line of Bharat Gulati from Dalal & Broacha. Please proceed. Hi. Thank you for the follow-up. Just wanted to understand on the gross margin front, when we talk about it's transitionary in nature, I completely get that, but do we expect these margins to revert back to the levels of Q3, Q4 of FY 2026? Or do we expect them to revert to what we used to historically do at the 20% to 22.5% levels? Just trying to understand that, have we structurally changed our business margins towards that higher 24% to 25% mark? Or do we eventually believe that in the medium to long term, we'll revert back to the 22% area? Bharat, as we pointed out, there are multiple moving parts to that. As I said, some of them are reversing automatically once we deploy the product and the customer comes back. Some of them will take a little bit of more effort from the business point of view in terms of identifying better routes, identifying better margins, which is feasible, but the timeline to that could be slightly different from what we can do on the known cases of specific customers. That is where, at this point in time, if you ask me at the end of July whether I can accurately guide whether we'll be at a 22% or a 21.5% for this quarter, or whether we'll revert all the way back to 23%. It's a little difficult estimate to make right now because a lot of these pieces are moving as we speak. As we mentioned earlier, depending upon how much of this correction we are able to do, we can land up in that range of 21.5%-23%, which we've been operating over the last five or six quarters. Fair enough. That's really helpful. Maybe directionally, if you can help me. I see that we are planning to enter new markets for RCS, and I typically understand RCS is slightly better margin than WhatsApp and the SMS business as well, given that Google wants to take up the market share from Meta. Do we expect that to sort of drive gross margins? Again, I understand that you can't put a number to it, but directionally, if that business grows and it's growing for us at 14% this quarter, do we directionally see those margins going up structurally? RCS definitely, Bharat, provides a better margin option for aggregators. Our focus and our efforts will be more to pick and promote that as a channel. There are certain geographies where we have deployed a platform, and we have some exclusive arrangements also. Given that, our focus definitely will be towards RCS, and I'm fairly confident that that can certainly blend and improve our margins little better. Got it. Got it. Just lastly, I'm trying to understand that the level at which we are growing at, I understand that we are seeing good growth in the non-ILD business, basically our domestic SMS business and our new product business. As long as that continues to grow at this pace, what share of the business would ILD be, let's say, two years down the line? And then where do we see the new product business as a share of the overall business? Right now, as of this quarter, it's at 8%. Just if you can give some sense of what would the business mix look like a year or two years from now, given the same sort of growth continues. Bharat, we continue to focus on all the businesses. Our attention towards all the three units, which is ILD, domestic, and new product, is same. Our efforts are to ensure that all the three segments continue growing at the same pace. It is very difficult for us to say which will have what share of the whole revenues. We just hope that the one which is giving us highest margin has the highest share, and the energies will be towards that. Just to add to what Tushar is saying, Bharat, even though we are saying that ILD is facing challenges in terms of growth, it is not that we've stopped pursuing opportunities there. There are some large opportunities that we are looking at. Just the conversion and timelines are a little bit out of our control. The reason why ILD continues to be important is it is large scale. From each single customer, the ticket sizes are large. Although the percentage margin is low, it gives very good ROI to the business. That is where Tushar is trying to indicate that we are not leaving out any of the levers in the business. If it is a large enough opportunity, we will pursue it and try to close it. Fair enough. That's helpful. If you can give some sense of what could cause growth to come back in ILD. I understand spends are sort of compressed right now from the customer standpoint because there are other cheaper means to execute the same thing. What could bring back the growth in that segment? How would that impact the remaining WhatsApp and sort of the OTT verticals? Yeah. It can come back definitely, and it can get back to the growth path, Bharat. It will remain to be seen that how telecom operators are looking at, and what is their strategy in the times to come. When I say strategy, I largely mean pricing strategy. They've been fairly ambitious on the pricing side over the last few years. If they finally decide to rationalize the pricing, I'm quite hopeful that we can bring back the same growth which we have observed for last few years in ILD. It remains to be seen how telecom operators see this business and how do they intend to grow this. Also we are seeing a slight bifurcation of business as well. Certain use cases are still relying heavily on the telecom-oriented messaging solutions like SMS, RCS, and certain interactive use cases are now preferentially moving to WhatsApp and RCS. We are seeing that transition happen, and that is where some of the solutions which we are bringing in should ideally drive the non-SMS portfolio and our core platform. The SMS and RCS platform still focuses on onboarding customers who need the telecom infrastructure. From our point of view, we are more driven by what the enterprise needs as a solution point, and we offer all of those channels to the solution. To the enterprise, sorry. Got it. Lastly on, I understand that from October first, Meta has certain new rules regarding using its own models to deliver the conversational AI or chatbots onto WhatsApp. That gives certain benefits to customers such as free messaging and so on. Is the recent acquisition largely to leverage that opportunity and to sort of get that application capability to leverage Meta's LLMs? Yeah. We've made those observations, Bharat. We're trying to interpret it accurately, exactly what it reflects and how it adds to the acquisition we've made. How does it bring more benefits to us? We're still evaluating it. It's better. For good reasons, they've been shifting their policies, pricing policies fairly frequently. One is, of course, it's important to interpret it well and also see exactly what is their long-term game like. How would they want the entire bot framework which they are now exposing to enterprises will pan out, and how do we fit in, and how do we make most of it. It's very early for us to comment. As I said, we made a good observation of that, and we're making interpretations and, of course, are drawing a plan how do we grow and then benefit the most from it. From today's standpoint, do we have the capabilities to explore that opportunity that Meta has brought to the customers? Are we already capable to integrate with the Meta LLMs? The platform which we have in Heltar, that is extremely flexible. They offer different LLMs to the enterprise. They have if it is Anthropic or Meta or whichever AI the enterprise wants to use, including voice AI. It's fairly flexible. It's a choice of the enterprise on how they want to run their solutions. It opens it up for the enterprise. It can also leverage the entire Meta infrastructure that you are referring to. It's fairly open the way the enterprise wants to use it. Got it. That's really helpful. Thank you so much. That's it from my side. Sure. Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Raj Gill for closing comments. Over to you, sir. Good. Thank you all for your very engaging questions. With that, we will close the call. We appreciate your continued support, and we look forward to engaging with you again. Have a great weekend. Thank you. Thank you. Thank you. On behalf of Route Mobile Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.