This conference is being recorded. We have with us from the management team, Mr. Ganesh Lakshminarayanan, MD and CEO designate. Mr. Kabir Ahmed Shakir, CFO. Mr. Siddhartha Mundra, CFO designate. Mr. Rajiv Sharma, Head of Investor Relations. Ms. Sudeshna Patnaik, DGM, Investor Relations. We will begin the call with opening remarks from Ganesh on the business performance and outlook, followed by Siddhartha on the company's business and financial performance. Post that, we will open the floor for questions for the management. In the event that the management line drops, we request participants to stay connected while we reconnect them to the meeting. Some of the statements made in today's call may be forward-looking in nature and are subject to risks and uncertainties. The company does not undertake to update these forward-looking statements publicly. I now hand the call over to Ganesh. Over to you, sir. Thanks, Rimba. Thank you. Good evening, everybody, and thank you for joining our Q4 and Full Year FY 2026 earnings call. This is my first call as CEO and MD of this remarkable organization. It's a big privilege for me to lead Tata Communications in its next phase of growth. I would like to start by extending my sincere appreciation for Amur Lakshminarayanan, who's a prior CEO. On behalf of the board and the entire organization, I want to thank Amur for his remarkable contribution to this great institution. I also want to thank Kabir for his disciplined execution over the last many years. I wish the best to him in his future endeavors. Kabir is on the call today. I'm very glad he is joining today on the call. Given it is his last earnings call, we have decided that we will deflect all the tough questions to him. Keep your questions ready. I'm also pleased to welcome Siddhartha, who will be taking over from Kabir. Rajiv, my investor relations head, is looking at me very anxiously. He and his team have been prepping me and Sid for this call, and one of the questions he wanted me to have an answer was, "Ganesh, what's your North Star for Tata Communications?" I told him, "Rajiv, I'm sure people on the call are smart enough to know that I'm still finding my way around our corporate headquarters in BKC. With just 10 days into the job after Lakshmi left, I'm not ready to point to any North Star." However, I told him, I will share three important things. One, the most important one is, what am I learning? I've been spending about 45 days with the team and the customers. Why I joined Tata Communications, and my excitement about the long-term future of Tata Communications. In a way, it's my personal investment thesis to stay long on this company. Third, I will also share my views on near to medium term. Let me go through all of these three before we talk about FY 2026 and Q4. Over the past few weeks, it's been an exciting time for me. I've been meeting customers across markets, across geographies, engaging closely with our teams, and spending time across our businesses. I am learning a lot. One thing I am very excited about is all the customers I've met. I've met close to two dozen customers so far. They have told me unanimously that Tata Communications is their preferred partner. It reflects in our NPS. Our score is 83, and particularly in the India market, we have an NPS score of 95. It's truly a golden benchmark among the peers in this industry. The second thing I heard from them is they want us to work across their digital infrastructure. They are expecting Tata Communications to bring the trusted infrastructure that will get them ready for the AI transformation. What I also see is that we are truly uniquely positioned as a global Comtech player. As a global Comtech player today, we serve more than 50% of the global Fortune 500 companies. I am told close to 60% of our revenue comes from international markets. We have a very broad portfolio as a Comtech player. Our digital platforms are now, for the first time, trending more than 50% of our data revenue. I am learning a lot. We are taking care of our customers. We have a broad portfolio. We are truly uniquely positioned as a global Comtech player. Let me talk about the second one, which is my long-term excitement about what's happening in the industry. I personally see that there are two big trends shaping the future, and I firmly believe that we are uniquely poised to capture those two trends. One, if you look at all of our markets like India and Indonesia, in the developing markets, we see the customer front end is digitized. When I say customer front end is digitized, we can buy groceries online, we can trade shares online, we can order shoes online. The back end is still yet to be digitized. The supply chain, the factories, the logistics, warehouses. My favorite example is that during COVID times, we could order pizza online and get it tracked every minute. We didn't know where our oxygen cylinders were. I think there is a big opportunity in a lot of these markets where the back end of the country still need to be digitized. This is a wide space where our network, our cloud, our edge capabilities will position us strongly. The second trend which is happening is the AI-led transformation. If you look at what's happening in AI, the real ROI of all AI investments, when it comes, when the AI is working with enterprise intelligence, enterprise data. That architecture is evolving very, very fast. You will know that for AI to work effectively, you need constant training, and that training is happening centrally. The inference is moving to the edge. This needs a unified infra. It needs an AI-ready connectivity, which is higher bandwidth, higher speed, but also something which will move at expected speed all the time. It also needs to be that compute will be closer to the end customer. To these two trends, to power enterprise AI at scale and digitize the supply chain, our customers will need the unified infra from a trusted partner. That is what Tata Communications is all about. We are uniquely combining our network backbone, our cloud and security infra, and our new communication AI-enabled interaction fabric to build a programmable infra platform which will power enterprise AI at scale globally. In the long term, these two trends will create demand, and with the broad portfolio we have built, we are poised to capture that effectively. Let me go through the near- to medium-term view. We believe, and you all have been here, that we have gone through two distinct phases in the last five to six years. In the first phase of it, we got financially fit. We built a disciplined balance sheet. You've seen those results. We used that balance sheet in the second phase, where we invested organically and inorganically to build our digital fabric. We believe we are entering a phase where we will prioritize profitable growth. As we evaluate the strategic choices, our focus on disciplined capital allocation will continue. As a management team, me and Sid's immediate priority is ensuring continuity in strategy, strengthening the execution momentum, and delivering profitable growth. I'm happy to share that our Q4 and FY 2026 results are in the right direction. For the full year of FY 2026, data growth came in at 9.4%. Our digital portfolio grew by almost 17%, at 16.7%. The growth momentum was visible across the board for the digital platforms, but my personal call-out is our next gen connectivity platforms is leading the pack at 24% growth year-over-year. On this quarter's performance, I'm sure it will bring smile to all your faces. The data revenue for the quarter was up 6.1% quarter-over-quarter. The digital portfolio was almost up 10% quarter-over-quarter at 9.4%. The core connectivity, again, my favorite, grown by 2.8% quarter-over-quarter. As you could see, the growth was strong across the portfolio, especially our interaction fabric. Both employee interaction and customer interaction did really well. This quarter also, we also saw growing traction in our AI cloud and increasing adoption of our Commotion AI platform. On the funnel, it continues to be robust. 70% of the open funnel comes from our digital fabric. I'm also pleased to share that our order booking for the quarter has been healthy, double-digit year-over-year growth. Our international order book has been particularly strong this quarter. Let me talk about some of the wins. I think that brings color to our performance. See, one thing we are very pleased about is network transformation was a key theme for this quarter. Especially our IZO Hybrid WAN has been a big win across regions. We closed multiple wins. We displaced incumbents and modernized legacy networks of our customers. Especially, I want to call out two notable wins in the U.K. region, one with a global wine major and one with a large automotive services player. I think these wins bring the best of what we have. We have the global fiber footprint, we have integrated services, and we have a software-defined platform, which is making these wins possible. I also want to go a little deeper into few wins, which actually truly brings out the power of the multi-tower portfolio we have built. One example is a leading global bank. They selected us to establish their global capability center, GCC, in India. It's a true digital fabric win, which included both our network fabric and the interaction fabric. This proves our ability to enable GCCs with secure, cloud-ready, globally connected network environment. It also allows seamless collaboration between India hubs and their employees worldwide. As the GCCs continue to grow in India, it helps us to capitalize on that growth. The second win is we won a multimillion-dollar, multi-year deal in APAC with a global bank. This is the exciting product, IZO Multi Cloud. It connects across four locations, and MCC provides direct low latency, and with the fiber backbone we have, we can provide sub-three millisecond latency to major clouds, and it also lowers the egress cost of our customers. It's a scalable interconnect platform for large multicloud environments. Most enterprise customers are working with multiple clouds, and this IZO Multi Cloud Connect is a big value add for our customers. The third win I want to call out is a large managed secure edge services win for a leading life insurance company. Across 155 locations, we demonstrated the strength of our integrated collaboration offering. We combined a K-cast platform, devices, network, managed services to deliver a superior user experience and with tangible cost benefits for customers. These three wins hopefully show the power of our portfolio and how it's winning in the market. Let me close by saying, we are truly better positioned to serve global enterprises. With the unified infra they're going to need for AI transformation, we are uniquely combining our network fabric, our cloud and security fabric, and our AI-enabled interaction fabric into a programmable platform which will power enterprise AI at scale. In the short to medium term, we will get stronger with focused growth on profitability and capital discipline. I will now hand over to Siddhartha to take you through the financial performance in more detail. Thank you, Ganesh. It's a real pleasure to be a part of Tata Communications. Let me start with the full year performance. The FY 2026 consolidated revenue came in at INR 24,803 crore, up by 7.3% YoY. Data revenues came in at INR 21,352 crore, up 9.4% YoY. The Q4 FY 2026 consolidated revenue came in at INR 6,554 crore, growing 5.9% QoQ and 9.4% YoY. The top line has certain Forex benefits accruing from a strengthening dollar. Normalizing for the same, the revenue growth stood at 3.8% on QoQ and 3.7% on a YoY basis. Data revenue for the quarter came in at INR 5,684 crore, growing 6.1% QoQ and 11.5% YoY. We look ahead, we expect the momentum to continue, even as we remain mindful of potential near-term headwinds arising from geopolitical developments in West Asia. FY 2026 consolidated EBITDA came in at INR 4,822 crore, up 5.5% YoY. EBITDA margins for the full year were at 19.4%, around 30 basis points lower on a YoY basis. The decline in margins were primarily driven by a shift in the data revenue mix. EBITDA for the quarter came in at INR 1,284 crore, up 4.5% QoQ and 14.4% YoY. Our EBITDA margins for the quarter were at 19.6%, lower by 25 basis points QoQ and 86 basis points on a YoY basis. Data EBITDA for the quarter came at INR 1,048 crore, up 3.4% QoQ and 17.6% YoY. Data EBITDA margin for the quarter stood at 18.4%, down 47 basis points QoQ and up 96 basis points YoY. The digital margin in this quarter has shown improvement, and we will continue to monitor to see how these sustain. FY 2026 full year PAT for the continuing business stood at INR 1,044 crore, down 35.8% on a YoY basis. Last year's PAT had profits from sale of assets. Adjusted for this, the FY 2026 PAT has grown by 8.1% on a YoY basis. PAT for the quarter came in at INR 263 crore, lower by 28% on a QoQ basis and 65% on a YoY basis. Q4 tax rate is higher, primarily due to tax incidences pertaining to certain one-offs and prior period items in foreign jurisdictions. The FY 2026 consolidated free cash flow was at INR 1,474 crore, which is almost 4x of the FY 2025 levels, driven by tax refunds and better working capital management. FCF for the quarter stood at INR 828 crore, lower on a QoQ basis, primarily because of the tax refunds that came in last quarter. Cash CapEx for this quarter stood at INR 718 crore. Our FY 2026 consolidated cash CapEx is at INR 2,433 crore and remains within our range of 9%-10% of overall sales. We ended the year with net debt of INR 9,601 crore, driven lower by better working capital management. The net debt to EBITDA stood at 1.99x. ROCE came in at 14.9%, which was up 51 basis points on a QoQ basis. Our ROCE is based on 12 months rolling numbers. On the subsidiaries, the TCTS revenue for the quarter came in at INR 198 crore, up 3.9% on a QoQ basis and down 33% on a YoY basis. EBITDA margins improved to 23.3%. TCR revenue for the quarter came in at INR 235 crore, up 8.4% QoQ and 30.1% on a YoY basis. EBITDA margins stood at 60.2%. Overall, it was a very satisfactory quarter, with robust digital revenue growth, improving ROCE, and net debt to EBITDA coming down below 2x, and digital losses trending downwards. I will now ask the operator to open the forum for Q&A. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may click on the Raise Hand icon from the Participant tab on your screen. We request our participants to please restrict to two questions, and then return to the queue for more questions. To rejoin the queue, you may click Raise Hand icon again. We will wait for a few seconds until the question queue assembles. We take the first question from Sanjesh Jain of ICICI Securities. Please go ahead. Yeah. Good evening. Hopefully you can hear me. Yes, yes, Sanjesh, we can hear you. Sanjesh. Sanjesh. Yeah. Thanks. Sanjesh. Thanks for the opportunity. Ganesh, you covered a lot of things which I thought I will ask in your opening statement, but one small, probably, if you would have dwelt on it. You said you have met over two dozen customers. Hopefully, you have met a customer who is unsatisfied. What is one complaint or an opportunity or a challenge you are hearing from a customer which Tata Comm need to address probably in next one to three year? Again, what will be your priority for next one to two, three years? Yeah. On the priority for next two to three years, Sanjesh, you have to give me a little bit of time. After I finish 100 days, I will come and talk about FY 2027. Definitely want to come and talk about our long-term priorities immediately after that. I think I'm still learning a lot, so I'll come back on the longer term priorities. The conversations with my customers, what is very encouraging for me is they're not just talking about connectivity. I'll give you an example of an insurance customer I met. The conversation was around how can we build AI agents who can operate as relationship managers for their field service agents. There's an expectation that Tata Comm can serve them to scale enterprise AI. We have all the ingredients to do that. We have the Commotion platform, which can help them build the voice AI solution. We have the IZO Multi Cloud Connect platform to make sure that those AI agents can connect with all the enterprise data they need. We have the connectivity platform to make sure that all the insurance branches can make use of those AI agents. I think the customers want us to say yes more often, and say yes across the digital portfolio. It's very encouraging to hear they're expecting Tata Communications to help them to scale enterprise AI with the broad portfolio we have built. Customers want us to do more. We need to do a better job of explaining the full portfolio we have built in a truly integrated fashion. I think they're pleasantly surprised that we have all these capabilities. I think our immediate priority is to make sure that we tell the story of the integrated, unified infra which can power enterprise scale AI. That's clear, Ganesh. You are coming from a global company which has a large AI portfolio. Now, when you look at Tata Communications, how do you see the preparedness for our transition or providing these AI-led services, which you appear to be very confident and excited about? From a preparedness, from an organization perspective, where are we? Again, it's too early for me to comment on our readiness. From what I've learned so far, our sales teams need to be enabled more to tell this integrated story. We need to be able to not just talk about individual towers of our product, how we can deliver outcomes for them. That is number one. Second, we really need to make sure that we do a better job of bringing this voice AI and the AI OS, which we are building through Commotion to life. I think that's another important thing we need to do. Third, they are really looking at us to deliver them the network which will enable them for the centralized training and edge inferencing. That is going to need a high bandwidth, high speed, predictable speed, which we need. I think the IZO DC -to -DC connectivity product we have launched, we need to make sure that we can serve the global customers. Finally, we need to really increase the awareness of everything we have built and we are building with more than 300 Fortune 500 customers we serve globally. That is all I have learned so far. I'll come and share more as we think about it, but I think this opportunity to help enterprise AI scale with the unified infra is an exciting opportunity for all of us. That's quite helpful. It appears that you're seeing more gap in the communication than the product itself, right? From whatever I can hear you, it appears that we are doing a lot of things, but customers are clearly not apprised with entire portfolio services and all. Both, I would say, is opportunity, but the first thing is to make sure that our story gets out in the right fashion, and the integrated unified infra story gets out to our customers in a better fashion. Great. Ganesh, my second question is on the order book. FY 2025, again, was a double-digit growth year for us on the order books. FY 2026, you said we had a good double-digit growth, but when we look at revenue growth, we are barely touching 10%, right? This is a quarter we came close to that, else we were even lower than that. How should we think about a strong order book which we built in past two years and funnel appears to be good by your commentary. Now, when should we seeing a healthy double-digit growth, probably mid-teens or early teens kind of a growth? Now, there is some Forex element also. We are looking purely an underlying growth, which appears less than 9%. Now, what is stopping this conversion of order book into a equally strong revenue growth? Jain, I think my immediate priority is to focus on growth and profitability. I have heard from the prior transcripts that our EBITDA growth is flat to low single digits, and you would like us to change. I would like to make sure that in the near to medium term, we are focusing on improving the quality and durability of the growth. We want to make sure that the improvement in profitability we have seen because of the digital growth happening at 16.7%, the operating leverage kicking in, the losses on the digital portfolio have come down in Q4. We would like to make sure that the digital portfolio breaks even at the earliest. We also want to make sure that we balance the portfolio between connectivity products, usage products, and digital products. My focus is going to be on growth and profitability to make sure that the digital products break even quickly, and we focus on improving the absolute EBITDA growth year-over-year. When you say, Ganesh, you want to improve the profitability, this is, I hope, with an eye that the investment in the future growth is not compromised, right? Absolutely. I think what I'm very encouraged to see is that if you look at Q4, our absolute EBITDA has grown in double digits. Our digital products have grown at 16.7%. We are seeing the operating leverage kicking in. We have also used this year, the last year, to come out of low margin and onerous contracts. You saw that our EBITDA to debt ratio came down below two. More importantly, across our portfolio, we have some new products which are high on profitability, like the IZO Multi Cloud Connect, the employee interaction, they're all gaining momentum. I think our immediate focus is to get to the right portfolio mix, continue to improve the digital product portfolio profitability, accelerate the high margin products we have, which is IZO Multi Cloud Connect and employee interaction. I am sure that will help us to continue to invest on future growth as well. Mr. Jain, may we please request you to return to the queue as there are several participants waiting for their turn. Thank you. We'll move to our next question. That's from Aditya Suresh of Macquarie. Please go ahead. Yeah, thank you for the opportunity. Two parts. First on growth. Maybe could you just pinpoint and- I'm sorry. Speak to what drove the quarter-over-quarter momentum. Mr. Aditya Suresh, we're not able to hear you clearly. Is now better? Apologies. Yeah, this is better. You'll have to repeat your question, sir. Okay. Apologies for this. On growth, what drove the sequential momentum this quarter? I guess, is that a position which you think is sustainable into the full year for FY 2027? That's question one. Question two is on margins. Why was core connectivity margins softer this quarter? Can you just talk through that a little bit? Within the digital portfolio, I appreciate you don't give a breakdown, but which of the elements are still underperforming for you and some of the steps you're taking, please. Thank you. I'll just comment. Yeah On the sequential growth in the digital portfolio. The growth has been broad-based in our digital portfolio; all segments have grown well. From a percentage growth perspective, we have seen some large deal wins happening in the media business, as well as in the mobile IoT business, and they have grown north of 20% on a sequential basis. The other parts of the businesses have also done well, including some good wins in the collaboration and CIS business. The next gen connectivity, as Ganesh also pointed out, has been a strong business segment for us. That also continued to do well. I would say the overall growth has been quite broad-based, and we see growth coming in from all the segments. Does that answer your question, Mr. Aditya Suresh? No, I think there was a part around core connectivity. Core connectivity margins, yeah. The core connectivity margins, they came in from an NR perspective, they was marginally lower compared to last quarter. To our mind, they are largely in that range of that 80%-82%. Last quarter was marginally higher, but I think we are broadly operating in this band. I don't think we should read too much into this in terms of the minor drop that may have happened in this quarter. Yeah. Thank you. We move to our next question. Yes, sir. Go ahead, Rimba, please. Yeah. Our next question is from Balaji Subramanian of IIFL. Please go ahead. Mr. Balaji Subramanian, could you unmute your microphone and ask your question now? Hi. Good evening. Am I audible now? Yes. Yes. Yeah. Great. All the best, Ganesh, and thanks for the detailed commentary. My first question would be on, you did mention that there will be a continuity of the strategy. Probably it is too early, but does that mean that the data revenue doubling target, which Lakshmi had set, that still holds good? That would be my first question. Thanks, Balaji. Thank you very much. It's too early for me to comment on forward-looking numbers, but I sincerely believe that we are uniquely positioned to capture the momentum which is coming from the AI-driven demand. Our connectivity products, especially the next-gen products which we have launched, you saw that we have gone 24% year-over-year growth. Within the digital portfolio, some of the highly profitable products like employee interactions, we continue to see traction. I think what we really want to focus on is in the near- to medium-term, we want to drive growth and profitability. We want to make sure that year-over-year, we continue to see healthy EBITDA growth. We will continue to invest in future growth as well. I'm sure it'll come. In the near to medium term, we want to make sure that we focus on driving profitable growth, getting the digital portfolio to break even at the fastest by really accelerating some of the highly profitable products which are resonating in the market, like Multi Cloud Connect, employee interaction, some of those things. That earlier aspiration that was stated, it will be taken in a more organic manner and not really that hard aspirations that was mentioned. That is something which you will probably look at as you settle more into the role. Is that right? Is that the way to look at it? I'm not sure I'm ready to state those kind of things. I think we will share more in the investor day, and I'll share more as I finish 100 days. I think all at this point of time, we would like to focus on is the profitable growth we want to see in the near to medium term. As I explained in my speech, the long-term prospects of AI driving demand and with our global GTM, where we serve more than 300 of the Fortune 500, 60% of our revenue coming from international markets. The broad portfolio we have built, where more than half of the revenue now comes from non-connectivity products. I think those are all the foundations we will build on. In the near to medium term, we want to see that there is healthy growth in our EBITDA. My second question would be on, can you throw some light on the potential opportunities from AI data centers? On a related note, is there anything to worry about regarding the memory shortage and some of the disruption to logistics that we have seen because of the existing geopolitical situation? Now, let me address the geopolitical situation first. I think like all of you, we are also watching this very closely. There are multiple risks we are facing. The first one, I would say, is all of our employees are really safe. That's the first and foremost on the people side. This is important. I think most of our employees are safe. On the demand side, we are seeing some risks. We have seen some events getting postponed and canceled, like the F1 race in Bahrain and Saudi Arabia, and the MotoGP race in Doha to later this year. We're hoping that it's not a cancellation, it will come back strongly. On the demand side, that's the impact we are seeing. On the cost side, we are tracking this very closely, both the energy cost and anything to do with the chip-related cost. At this point of time, except for the demand side challenges, we don't see a big issue in the cost side challenges. We are assessing this every week, every day, and if there is anything material, we'll come back in the next call. We will make sure that we continue to watch this very closely and make sure that you guys are briefed in the next call. Got it. My first question on the AI data center demand. That's actually an exciting opportunity as well. Every risk has an opportunity as well. If you look at data center connectivity with the strong global backbone we have, lot of our customers are today talking to us about offering them a resilient connectivity. If you look at the latest products we have launched, which is the IZO DC-to-DC connectivity, it actually provides a resilient network which also self-provisions itself for any challenges in connectivity and also provisions bandwidth on demand. The DC-to-DC connectivity globally is a big opportunity. In India, we expect this to be at least a billion-dollar opportunity by 2030. The number of data centers coming out in India is going to only explode. Tata Communications is uniquely positioned to capture it because we have a pure B2B network which offers very low latency, highly resilient connectivity across various different cities. We also see that the concentration of data DCs are going to move away from Mumbai to second-tier and third-tier cities. Mumbai itself, we expect 10 to 12 data centers to come up, and it's going to go up to at least. We expect this to be about 4x increase in the data center bandwidth need which will come. Given that we have a true B2B network, we have robust data center to data center connectivity, and more importantly, we have the software platform on the top to do bandwidth on demand. The products like IZO DC -to -DC connectivity, it positions us well to capture this opportunity. Thanks. That is very clear. I have a follow-up, but I will come back later in the queue. Thanks, and all the best. Thanks. Thank you. We'll take our next question from Vibhor Singhal of Nuvama Equities. Please go ahead. Hi. Thanks for taking my questions, and congratulations and welcome to the board, Ganesh and Siddhartha. Kabir, wish you all the best in your future endeavors. Couple of questions from my side. One for Ganesh and one beginning question for Siddhartha. Ganesh, in your opening remarks, you mentioned that you're seeing these two trends. One is that while the front end is digitized, the back end still remains legacy. While there is, of course, the other trend being the AI-led transformation. We at Tata Comm intend to basically capture both these trends and opportunities. Now, if I basically dig a little deeper into them, these two represent completely different spectrum of applications and uses for enterprises. One is about the latest new technology development, which is still in very nascent stages, and enterprises are still not sure about how they can use that to maximize the benefit. The other is all about legacy modernization. In terms of the capabilities that we have in Tata Communications, do you believe the current setup that you have in terms of the sales engine or the delivery capabilities, we have enough resources at our disposal to be able to capture both ends of the spectrum? A related question, where do you see the overlap in these two things with the industry system integrators, the likes of the TCSs and the smaller IT services companies? Would there be a competition that you see with them? How does that impact our growth prospect that we're talking about over the next, let's say, three to five years kind of a journey? Post that, I'll have a follow-up question for Siddhartha, please. Fantastic question, and I'm excited to talk about it because I firmly believe in it. First and foremost, we have the GTM. We serve 300 of the global Fortune 500 companies, and if you look at India, we serve all the ET 500 companies, pretty much everybody. One, we have the GTM. You heard me say that we have the best NPS, right? We have 83% NPS globally. In India, we have 91%, almost 95% NPS. The customers trust Tata Communications to provide this important solution. Let me talk about the first one, which is the back end being digitized. What do you need for a factory or a supply chain or a warehouse to get digitized? First and foremost, they need to be connected. We have a managed Wi-Fi solution which can really drive full digitization, seamless connectivity without any dark spots in big factories and warehouses. We also have an integration between the managed Wi-Fi and WAN. It's just not about traffic within the factory, but it's about how they connect to external world as well. That's the first fundamental backbone, and we have that solution. Second is edge computing closer to the factory. Most of these solutions are going to need a cloud infrastructure, a sovereign cloud infrastructure, which is closer to their factories and warehouses. If you look at our IZO Vayu Cloud, we have that solution as well. That's the second thing I would say. Third is they really need, and if you look at manufacturing companies, they need a platform where a CIO can get end-to-end visibility of their environment, which provides inventory, configuration, and monitoring. Our ThreadSpan platform brings all of that together. A CIO can confidently look at not only the IT security, but what is called the OT security, which is basically the factory environment and stuff like that. On top of it, we have a managed services offering which can make these factories and warehouses easy to consume all this technology. I am really excited to see that the end-to-end portfolio we have should address the back-end digitization problem I talked about. Now let me shift to the AI story. I think, if you look at true enterprise AI ROI, it's going to come from AI agents working with enterprise data. If you work with internet data, you get a little bit of benefit. If you take a bank, for example, the biggest ROI for a bank is going to come from an AI agent distribute loans, right? If you talk about an AI agent deciding how to distribute loan, one, you need to make sure that the AI agent is working in all the branches, which is the inferencing part. They're getting trained on enterprise data in the central part. To make that happen, you need multiple things. One, you first need an AI agent platform. We have that on Commotion. You need to make sure that the east-west traffic, which is the training happening centrally, inferencing happening on edge, is going to need a lot of traffic with predictable speed. We have that important one. It's going to need computing closer to edge. We can provide that as well with our Vayu Cloud platform. It is going to need stable branch connectivity, which we can do that as well. I think driving enterprise AI to scale is going to need a unified infra from a partner like Tata Comm, who's a pure B2B global compact player. I think we have that as well. I think what we need to do better is tell this story, get our GTM enabled, get our product stitched together, continue to invest in these parts of our portfolio. I think these two trends we can monetize. Got it. Thanks for the very detailed answer. Just to follow up on the second part. In the second strategy, when we're talking about the AI-led transformation, the capability to develop these agents, which can basically work on the enterprise data, are we already investing into building those agents? Are we kind of investing into building LLMs also, or are we only looking at using open source LLMs? Are we also looking to partner with these various LLM providers, like let's say Anthropic, OpenAI, or other such platform companies? I think, Vibhor, the space is evolving really, really fast. Mm-hmm. We have invested recently into the Commotion platform. In my 15, 20 conversations with a NBFC, with an insurance agent, there's a lot of demand for this voice AI platform. What it points to me, though, is while it's a unique use case to come up with collection agents who are AI agents, relationship manager who are AI agents, it points to a unified infra demand. It's just not about the AI agent alone. The AI agent is going to need security. The AI agents need to connect to an enterprise data. The AI agents will be able to connect to a voice infrastructure. I think those are all our strengths, which is our moat, you might say. The Commotion investment gives us a great opportunity to participate in this exciting journey where a real AI agent who works on enterprise data solving enterprise use cases, which delivers real ROI. We have the building blocks to participate in this. As I said, it's also very fast evolving. We will not only work with Commotion. We'll also look to partner with other AI companies on this side. With the global GTM we have, with the high NPS we have, and the trust we have built, I'm expecting that we should be able to capitalize on the enterprise AI as well. Perfect. Great to hear that. Just one last question for Siddhartha. Siddhartha, in this quarter, we saw very strong growth. If I look at the consolidated growth, the data growth, and the digital growth, these were 9%, 12%, and 19% on a YoY basis. Now, assuming almost 60% of our revenue is outside India, I would assume a good part of the revenue growth would have come because of the very sharp INR depreciation in this quarter. Would we be able to kind of strip out the currency benefit from this growth number and provide the individual numbers in a manner similar to, let's say, a constant currency growth or, let's say, in dollar terms or whatever metrics in which we can strip out the impact of the currency movement? Yeah. What you're saying is right. For the quarter, on a YoY basis, we have reported 9% kind of a growth. As a part of my opening commentary also, I had given out some numbers, but I can read that out again for you. Sure. For the overall revenue on a YoY basis, on a flat currency basis, the revenue growth stood at 3.8%. On a QoQ basis, it was also a similar kind of a number of around 3.8%. Got it. Would we be able to give a similar number for the digital growth, the digital business which grew by 19%? What would that be in a flat currency environment? Vibhor, we don't provide that data. Mm-hmm For the other parts of the business. Fair. No worries. I'll probably kind of back calculate that if I can. Great. Thank you so much for taking my questions. I'll come back into the queue if I have anything more. Thanks very much. Thanks. Thank you. We take our next question from Vinit Manek from Karma Capital Advisors. Please go ahead. Yeah. Can you hear me? Yes, sir. Yes. Yeah. It's good to hear your energetic voice, Ganesh, and you have answered most of my questions. Just one thing from my side, that how do you guys now look at STT as a non-core investment for us because there has been a development at the global entity where KKR and Singtel has taken stake. How should we look at this investment from a going forward basis? Any plans to monetize in the near term and get the cash out of it, which will help us to reduce the debt or help us, that cash, to put in the future growth capital? Or do we have plans to further infuse capital to grow that business on a going forward basis? Just wanted your views on the same. Yeah. Thanks, Vinit. I told that I will deflect the tough question to Kabir, so I'll have Kabir answer the ST Telemedia one. Hi, Vinit. Good to hear from you. Maybe you would have missed it out. STT already made a press statement, press release, I think a few weeks ago, probably sometime in middle of January, if I'm not wrong, that they are looking for a potential IPO for their Indian asset. Of course, this is all subject to their transaction firstly closing. That transaction is with the regulatory authorities as with any other M&A transaction. Once that get closed, as I'm sure STT will look at those options. As far as Tata Comm is concerned, we want to ensure that we get the right value for our asset. We are quite delighted with the fact that IPO will probably give the right value discovery for our stake. Closer to time, I'm sure the management will decide in what tranches and how we will monetize that, and then take that forward. That's what we have done. We have engaged with STT, and we have engaged with the new buyer and secured our rights on the monetization of which IPO is the lead option. Got it. Thank you. Thank you for the clarification and all the best, Kabir, for your new endeavor. Thanks, Vinit. Thank you. Thank you. Our next question is from Avnish Tiwari of Vaikarya. Please go ahead. Hi. I wish you the very best, Kabir, in your future. Ganesh, welcome, and I wish you the best for the journey here. This topic of you working with enterprise in their AI journey, do you need to look at getting some talent which can help you do this? Because this seems to be a pretty exciting area, but may require a very different kind of talent to stitch together AI-driven solutions, partner with AI products and firms which you need. Yeah. Absolutely yes. I think, Avnish, that's a great question, but I'm also excited that we have made an investment in Commotion. We have a very bright set of high-talent engineers who are there. I think our fundamental building blocks to capitalize on this unified infra is there. I think what we really need to do is to use our GTM to build this outcome-based solutions using the building blocks. When I talked about the loan disbursement agent or the collection agent or the relationship agent, it is not about the individual parts of our portfolio, but really stitching that together to make that outcome happen. We do have a strong asset in Commotion. The sum of the products we have launched, like the IZO DC -to -DC connectivity, the IZO Multi Cloud Connect, helps us to make sure that we are getting ready for the network which is needed for the enterprise AI to scale. With the cloud and security portfolio we have, we have a good engineering team and a set of amazing product managers. We're going to challenge them to bring the edge compute we need. I think the GTM needs to strengthen the way we tell the story. I think we need to start with customer in, talk about the outcomes we can deliver, and gain the customer's trust. I'm very happy to see the number of POCs we are currently doing and the early wins we have seen in that space, especially the IZO Multi Cloud Connect as well as the Commotion AI. We are seeing some good traction. Great. Yeah. Sorry. I was going one layer up also. Let's say having the people who can go to the enterprises, understand their problems, how can they grow their revenue or save cost, and then they figure out a solution whether it requires your products or maybe stitching together using the outside, knowing all the AI work which is going on, the products out there, rather than just focusing on selling own products. I was thinking more from the service layer where you sort of go to the enterprise and solve their problem, and it may be solved by your products or may be solved by anything else also. Yeah, if you look at our GTM, it's actually multi-tiered. We have our account executives who work with these 300 out of the Fortune 500 companies you mentioned. So that's the first layer. Then we have a second layer who are what we call business development managers and solution specialists who work in these individual towers. So we have the Network Fabric, we have the Cloud and Security Fabric, and we also have the Interaction Fabric. On top of it, we have built this threat span, which is the integrated platform, which brings this digital fabric to life for the need of an AI solution. We're also building services team on top of it, which can help enterprises to manage that infrastructure. We're also investing in what is called a strategic product group, which has got some very high senior resources in each region, which can talk about domain-specific solutions and then bring all these towers together. It's an exciting journey. I think I could leverage the experience I've gotten from my prior companies and bring that GTM to life in Tata Communications as well. Great. Thank you, Ganesh, and wish you very best. Thank you, Avnish. Thank you. We take our next question from Balaji Subramanian of IIFL. Please go ahead. Balaji, welcome back. We can't hear you. Yeah. Thanks for taking my question again. I just had a question on this strong revenue growth that we have seen in collaboration and CPaaS. Is part of it due to Commotion Inc. acquisition, which probably is getting captured here? If that is the case, any sense on the quantification from the same? The other thing is, I was going through Twilio's earnings call, where they have talked about some price increases that T-Mobile in the U.S. has taken. Is that the reason why the collaboration and CPaaS revenue is up so sharply? I get that if that is the case, then are we looking at this rate sustaining forward as in whatever the base we have seen in Q4 FY 2026? Some color here would be very helpful. Let me talk about the collaboration platform. I think the example I gave on a big global bank. See, the solution we are offering is very unique. Along with the UCaaS platforms, we offer the capabilities of GCC employees or any global employees to connect from a platform like Teams or Webex into mobile numbers and phone numbers directly. I think it's a very unique solution given the growing nature of GCCs in India, given the unique product we have built. That's the solution along with all the connectivity a GCC is going to need, which has helped us to win big deals. I want to really grow that part, which is the employee interaction suite, which is a very important place. That's what is driving some of the collaboration growth. Our CPaaS revenues are up because of volume growth, not price hike. Commotion is very interesting because it's AI enabling all the customer interactions. We talked about how we are using them to set up a collection agent, to set up a relationship manager and insurance company. We already see about five customers have signed up for that platform play. I wouldn't say that it's got anything to do with price, but it's volume growth which has driven our CPaaS revenue. We are truly excited about this collaboration platform, voice collaboration platform, which is our UCaaS product, employee interaction suite. I think that's a very unique solution we have built, with our global voice backbone. The platform we have built, I think that's one we would love to scale. Got it. Commotion is included in collaboration and CPaaS segment only, right? Yeah, Balaji, but it is not material contributor to the revenue. Got it. Basically, based on the strength that you are seeing in UCaaS and the employee collaboration suite, et cetera, it is kind of fair to assume that most of this growth is underlying business growth and there is no lumpy revenue or something which is there in this particular quarter. That would be a fair statement, right? Yes. I don't think there is lumpiness in the Q4. There is usage growth. The volume growth has happened on the CPaaS side, and we are seeing some good wins on our UCaaS side. Great. This is very helpful. Thanks once again, and all the best. Thank you. Thank you very much, Rimba. That brings us to 7:30, so I would love to close the call. Thanks a lot for joining. I think we take all your best wishes, me and Sid, and we'll come back next quarter to talk more about the year. Thank you very much, sir. Ladies and gentlemen, on behalf of Tata Communications, that concludes today's call. Thank you for joining us. You may now click on the leave icon to exit the meeting. Thank you all for your participation. Goodbye.