Intellect Design Arena Ltd (NSE: INTELLECT) Q1 2026 Earnings Call dated Jul. 25, 2025
Corporate Participants:
Praveen Malik — Vice President, Investor Relations
Vasudha Subramaniam — Chief Financial Officer
Arun Jain — Chairman and Managing Director
Banesh Prabhu — Chief Executive Officer, Intellect AI
Manish Maakan — Chief Executive Officer, Global Transaction Banking
Rajesh Saxena — Chief Executive Officer, Retail and Central Banking
Analysts:
Rahul Jain — Analyst
Sushovan Nayak — Analyst
Keshav Sureka — Analyst
Unidentified Participant
Mihir Manohar — Analyst
Rohit Balakrishnan — Analyst
Aditya Trivedi — Analyst
Jyoti Singh — Analyst
Srinivasu Kedarasetti — Analyst
Sameer Dosani — Analyst
Pravesh Kochar — Analyst
Presentation:
Praveen Malik — Vice President, Investor Relations
Greetings and welcome everyone. Thank you for joining us today to discuss the Intellect Design Arena Limited financial results for the first quarter of the fiscal year 2025-2026 ending 30th June 2025. The investor presentation and the press release has been sent to you and is also available on our website. Our leadership team is present on the call to discuss the result.
We have with us today Mr Arun Jain, Chairman and Managing Director; Mr Manish Makan, CEO of Global Wholesale Banking. Then we have Mr Rajesh, CEO of Consumer Banking; Mr Bhanesh Prabhu, CEO of Intellect AI; and Mr Vasuda, CFO. Besides some other senior members of the Intellect management team are also present in the call. Now I hand it over to Mr Vasuda to take you through the result. This will be followed by the comments from Mr Arun Jain and then we will start with a Q&A session, where your questions will be replied by the management team.
Once the Q&A starts, you can ask a question by clicking on raise your head and we will unmute you and everybody will be able to listen. Once there is safe-harbor. I would like to remind you that anything which we say, which refers to our outlook for the future is a forward-looking statement. This must be read in conjunction with the risks the company faces.
With this, I request to give a briefing. Over to you, Vasudha.
Vasudha Subramaniam — Chief Financial Officer
Thank you, Praveen. Good evening, everyone. A very warm welcome to all of you. I’m delighted to walk you through the financial and strategic performance of our company for the first-quarter of the financial year 2025-’26. This quarter marks yet another important milestone in our journey of becoming the most comprehensive, composable and intelligent financial technology provider to forward-looking institutions across the globe. On the financial performance, we had a strong start to the fiscal year. In Q1, we delivered a total income of INR734 crore, representing a growth of 18% year-on-year. EBITDA stood at INR176 crore, showing a 28% year-on-year growth. Profit-after-tax was INR94 crore, a solid 27% increase year-on-year. Collections stood at INR586 crore. Our cash-and-cash equivalents remained robust at INR976 crore, giving us the confidence to continue investing in growth and innovation.
Our license linked revenues comprising license platform and AMC revenue stood at INR389 crore for the quarter. That’s more than 50% of our overall revenue, creating a predictable and recurring engine. And our ARR annual recurring revenue now stands at INR1,041 crore. This is a strong indicator of how our business is maturing towards long-term committed high-quality engagements. Now on the deal wins and go-lives, we won 17 new deals and went live with 15 digital transformations in Q1. Let me highlight three strategic wins in the US with two global banks, marking the entry of emac.aii to the US market. A Tier-1 Canadian multinational bank has chosen both emac.ai co-banking and payments for the US expansion. This engagement spans their corporate and investment banking operations and sets the stage for future expansions in Europe and Asia. This win is significant not just in size but in strategic depth. It reinforces our relevance for Tier-1 banks operating in complex global environments. In parallel, as San Francisco-based global financial services firm operating across 35 countries selected emac.ai Liquidity Management.
This solution will give them real-time visibility, control and compliance over global liquidity positions, a vital capability in today’s volatile market. These are part of a deep growing funnel now valued at INR11,300 crore with over INR9,200 crore already in active opportunities. Let me shift gears to Purple Fabric, our open business impact AI platform. In just 60 days since launch, Purple Fabric has conducted over 50 boot camps, engaged 5,000 plus participants through our business impact AI master classes, sparked deep strategic interest among global banks and insurers. More importantly, this platform is aligned to enterprise-wide AI deployments not mere experience experiments. The market is clearly signaling that it is ready for AI that is auditable, traceable, governable and most importantly impactful. We are building a strong pipeline of engagements that we expect to convert into high-impact AI transformations in the quarters ahead. Let me talk about the continued validation by the global analysts. The growing adoption of emac.ai is also reflected in the industry analyst community. Gartner continues to rate us highly in its critical capabilities for retail core banking systems.
Chartis has positioned our credit lending operations as leaders in five different quadrants. Has identified our digital experience platform, BEP as a functionality standout in its retail and SME digital banking platform across APAC, EMEA and North-America. These recognitions affirm that emac.ai is not just a visionary platform, it is a proven execution engine. On the leadership capital, to support our global scale-up, we have made some key leadership additions. Dave Thomas has joined as EVP and Business Head, a credit — credit union and small market financial institutions. He brings three decades of experience from Central One, ATB and Accenture and will lead Canadian Credit Union’s transition to our digital experience platform. John Turner has joined as a President — sorry. As a President and Business Head for Purple Fabric. Rajesh has been instrumental in shaping emac.ai cloud architecture and was pivotal in launching Purple Fabric has been appointed Chief Marketing Officer to lead enterprise-wide marketing. Has come on-board as SVP and Country Manager for South Africa and has joined as Chief Marketing Officer, Wholesale Banking. Vivek Patil has joined us as EVP and Chief Growth Officer for Intellect Consumer Banking. He will lead large transformation deals in India and adjacent markets.
These appointments reflect our conviction to not just build world-class products, but to support them with global talent, strong governance and high-touch customer engagements. To summarize, quarter one has delivered strong growth across all key metrics, top-line, margins, profitability and pipeline progression. Emac.ai continues to gain traction with Tier-1 banks and analysts alike. Purple Fabric is assuring in a new era of auditable, governed and business impacted focused AI adoption. We are backed by a growing base of referenceable clients and a leadership team built for global scale. As we move into the rest of the financial year 2026, we are confident of building on this momentum. We are operating from a position of strength with conviction in our strategy, confidence in our products and clarity in our execution.
Thank you again for your time, your trust and your continued partnership in our growth journey. Thank you.
Arun Jain — Chairman and Managing Director
Thank you, Vasudha, for taking us through the brief. The presentation is sent to all of you. As an investor, you must-have gone through the presentation deck on all the numbers. So to me, the results are in-line with what we are presenting to you around you wanted 15% growth. I think we are in-line with that, that we are growing in-spite of IT industry slowing down and we have a good pipeline of INR12,000 crore — close to INR11,000 crore pipeline. So that’s a big validation of the strategy of. US getting three deals in a single quarter of digital transformation on emac.ai core is significant validation because that is a core concern we had and core strategy we had to enter into US market with our core payments system and core payment liquidity system. So it’s a very, very significant for us that in single quarter, we get all the three major product core, liquidity and payments getting an entry. So it means what we have invested the money in last six-quarter is paying-off one-by-one. Initially UK, then Canada, then US, before that it was Germany and Hungary. So in advanced market is going-in line with our expectation.
In AI purple Fabric business, similar kind of deals are there in the US and UK, which is continuing our agenda to build-on the top of purple fabric. And obviously, as I mentioned in my comment, purple fabric in last six months is keeping me extremely, extremely busy and excited. It’s very rare in the organization history that we come out with the technology, which is compared to the best-in-class in AI, where there is a tailwind where everybody wants to acquire. And there are two kind of AI businesses are there just to make you aware. There is a AI which is data lifecycle AI, which is built on data and knowledge, which is done by OpenAI or Perplexity or deep Seek, they are classified by the analyst into data lifecycle AI. Then there is a second class of AI, which is application lifecycle AI that’s where application becomes a primary pivot around which you build AI where it translates enterprise to deliver business results. Purple Fabric is classified into application lifecycle AI. There are three players as of now in leading quadrant. First is Palantir, which all of you are aware of. Second is C3 and third, which is purple Fabrics. So we’ve done an independent analyst study on Purple Fabric, which is putting us on that bracket.
That is one part of validation of Purple Fabric. We launched Purple Fabric in Financial Times on 12th of May and then followed by next 26th of May with Economic Times with enterprise GPT as an enterprise Knowledge Garden as a basic value proposition with four tech stacks. It was surprised to see that even traditional way of newspaper ad has delivered us more than 3,000 registration on the Economic Times and there are more than 2,500 unique companies who have participated in this journey. It is keeping all of us around toes. I think we are doing one boot camp per day. Almost 50 boot camps happen in — and sometime there are two or three boot camps, one in London, one in Middle-East, one in India. So the pipeline is growing significantly well. Within 60 days, we could able to look at it the annual pipeline close to INR800 crore in just 60 days of working. So this is a lead pipeline, which need to convert into opportunity pipeline and from opportunity to close the pipeline, but that’s the one index of us to measure that out of 400 leads which we have generated in just 60 days is highest by any other product in last so many years that 60 days could have generated this many leads. So Purple Fabric is extremely, extremely differentiated product. It’s a disruptive product and market disruptive product and with the open business impact AI platform, we are disrupting and simplifying. And one of the important feedback which is there from the customers who are using it, it’s simple-to-use, while theory is cumbersome to use.
So that’s where the feedback we are receiving. It’s early days. We will be — we will look at it that we’ll be investing INR100 crore and this INR100 crore out of INR100 crore, INR10 crore was invested in last quarter. So the profitability which is there as of now INR94 crore if you add. So it’s another INR10 crore investment which has gone to Purple Fabric. Next 3/4, we’ll be investing close to INR120 crore increasing from INR30 crore in the coming quarter between INR20 crore to INR30 crore in coming quarter and then each quarter going by an incremental amount. So that’s how total number may move of the investment from INR100 crore to INR130 crores and we are managing the EBITDA margins between 22% and 25% that band what we are guiding from quite some time that sometime it can go to 25%, sometime it comes down to 21% based on the specific license deals or specific market scenario. So that’s the beauty of it that all the AI investment is done within the same balance sheet without taking any other money.
So this is like a boot AI model which is happening in this company, first time where otherwise anybody in the world is looking minimum of INR150 million to INR200 million INR1,000 crore to INR2,000 crore investment, which is going to be there. So our research team has done phenomenally good job in understanding what the enterprise needs are and able to respond to all the companies which you have already invested in AI and they are working from last two years and when we are going and talking to them, whether they are working on Vertex, they are working on, they are able to Banesh or Deepak or Hitesh are able to answer every question which they have on the table and what doubts they have on the table for enterprise implementation. And that’s the beauty of holistic planning from last year to this year. We have — before the launch, we tested out all the objection — market objection upfront and then created a market-leading messaging to go-forward on this particular launch at a global level. So we are on one-side, we are excited to move forward. Every day is in very, very busy day, keeping all of us busy.
On second front, AI is — Purple fabric is helping us out to get a more lead-in AI because in purple fabric, I can consume purple fabric as an API on my. So, whether I’m talking about core banking, I’m talking about lending, I’m talking about wealth, I’m talking about custody or capital market or I’m talking about the payments, I’m talking about liquidity, I’m talking about trade finance or trade operation or supply-chain finance. In all these areas, we have built-up digital experts and enhanced the capacity of existing products, which is now AI innative products in a market. So in banking industry, these are the first time we are launching AI banking products, which is consuming AI at the right place because Purple fabric gives them ability to consume at a API level. So that’s the value, the complete platform, which we launched in February where AI was initial start in last two years, now AI becomes a front-leading conversation with a customer that when they are looking for trading application, we are not saying you just buy-out the trading application for system of records or system of engagement.
You can take complete trade operation where we can play 2020 game with you, 20% help you in increasing your revenue on customer side, 20% help you in decreasing your operational cost using purple Fabric and trade platform or a payment platform or a core platform or a wealth platform. So that’s the promise we are looking at this point of time. So I’m willing to take as many questions as possible on the strategy and the financial numbers, I think most of you are aware and familiar. So I would love to have the questions which are related to strategy, then related to just tactical financial question, which you can keep one-to-one with the Vasuda willing to respond whether on e-mail or any other. So this time of one-hour we can spend to make you understand where are we in the journey. If you have a question to Manish, Rajesh, Banesh, all three of you are here, four of us are here to respond to business question. So you utilize our time effectively. It will be in an interest to you to utilize our time effectively over here. Financial numbers are available. Yeah. Yeah, Praveen.
Questions and Answers:
Praveen Malik
Thanks, Arun. Now the forum is open for Q&A. In case you want to ask a question please click on raise your hand. I repeat, please click raise your hand and we unmute you and everybody will be able to listen you. So first we have Mr Rahul Jain, Mr Rahul Jain from Dolat Capital. MR. Rahul, please unmute yourself.
Rahul Jain
Yeah, hi, I hope my line is okay.
Praveen Malik
Yeah, please go-ahead.
Rahul Jain
Yeah. Yeah. Thanks for the color that you shared around the product. I just had a couple of questions. Firstly, the funnel that we talked about in terms of purple fabric part and if you could see that how typically this should culminate into business for us over the period of time, what are the top use cases that people are actually looking us on this thing? So first of all that and probably I’ll have a follow-up.
Arun Jain
Yeah, Banesh, would you like to answer?
Banesh Prabhu
Yeah. So thanks, Rahul. I think we’ve been, as you know, working and you’ve been seeing from regular results, Purple Fabric and deals that we are continuously closing out in the US on the insurance side. We’ve got several leads now as of this point of time, we’ve already moved forward the large numbers that Arun mentioned. We started analyzing, we reached out to all of them. We’ve had good response. We’ve got already 66 — 87 people who have already responded to us where we are fixing continuous boot camps on. And also we have pretty advanced-stage discussion with several Tier-1s in the UK. So to answer your question, we are moving forward with the pipeline opportunity that is significantly come after the launch of Purple Fabric in continuation to our existing business that is already making good momentum on Purple Fabric.
Rahul Jain
Yeah. So Banesh, are you trying to say that bulk of the interest are coming from the insurance side or it’s — yeah, sir, key top three, four area.
Banesh Prabhu
So it’s well spread-out. We have 20 — we have 39 in Europe. We have 16 in the US and also a lot of interest in India. There are 20 of them. These are advanced-stage discussions. These are where we’ve already moved them from interest into leads and many of them are already in opportunities. They are already 21 in opportunities right now. There are pretty advanced level discussions going on. So to answer your question, it is not only insurance, it’s all of banking, it’s wealth, it’s several areas, including a lot of operations, reimagination, a lot of go — a lot of compliance and regulatory interest. We actually had an event on compliance and regulatory sort of events in the UK. It was attended by over 50 people actually, where it was very popular. So I think I wouldn’t say it’s insurance only by far. Insurance has got a lot more momentum because we had started a lot of AI on it earlier and it was well embedded with our products.
As Arun said, a lot of this is getting attention because it’s being embedded with our products and in a way in which purple fabric can coexist with, which is what it is when we say emac.ai, it’s emac and.ai. The.ai is purple fabric embedded with our suite and that makes us uniquely positioned to the change that’s taking place in the market on all of the products. All the products are looking for AI to embed itself in it. So I think fundamentally, that’s the interest we are seeing, which is quite unique from everybody else.
Rahul Jain
Interesting. And as Arunji mentioned about scaling up the budget on marketing from INR100 crore or INR230 crore, all moving to INR30 crore kind of a run-rate. So is there a — I don’t want to get into an outlook kind of a question, but more importantly, if you could gauge — since we’re seeing this kind of a scale-up on spend, so is it safer to assume the monetization scale-up should also start later part of the year meaningfully for us to raising the spend criteria for us on marketing?
Arun Jain
Yeah. So I think Rahul, just of all, you understand that opportunities are there in reimagination customer, which is enterprise GPT and then enterprise products, which is all the relationship managers, the how you design the product, compare the product with enterprise Knowledge garden then you have enterprise operations, operations, which is completely operational, whether it’s a customer onboarding operation, loan origination operation, trade operations. So we are having opportunities in that area and compliance area that. So therefore reimagination, business impact AI, all have a list of opportunities. Obviously, INR130 crore is a number we are looking for incremental investment. We are looking around AI should generate close to INR200 crores revenue by end-of-the year cumulatively from all the sectors where we are having insurance, we are having a APX, CPX, which is a area we have wealth as a area, we have a GRC as an area and we have a new line-of-business which is coming up over here.
Manish Maakan
Yeah, thanks for that input. So of course, we have seen how expansive the product has been in terms of leveraging the data gardens. Does that also open up some kind of a consulting opportunity or we would like to play through a product only or it would be consulting plus product.
Arun Jain
Manish, would you answer the consulting approach you are taking now?
Manish Maakan
Thanks, Arun. No, we will be extending out consulting where we’re looking at business impact created and actually be looking at target operating models and efficiency, operational efficiencies, what AI can provide. We onboarding number of senior folks next week. I’ll wait till then, but we’ll have a — shortly an announcement on the consulting side.
Arun Jain
Yeah are including consulting, not in just AI consulting but industry consulting.
Rahul Jain
I appreciate it. And last one from my side it’s a numerical, I’m afraid, but so the platform revenue if we see has grown significantly in this quarter. If you could share the organic part and the CI part and is there any seasonality to the CI run-rate, if we could understand that.
Manish Maakan
Thank you. Some portion came from credit one, so this revenue has gone up because of credit one. So credit one was expected to grow. So that’s the reason mainly for that. It’s sustainable.
Rahul Jain
So what you’re essentially saying is the current run-rate is what we should take as a base and there’s not much seasonality from that point-of-view. Whatever we grow will grow from this base.
Manish Maakan
That’s right.
Rahul Jain
Thank you so much.
Praveen Malik
Thank you, Rahul. Thanks for the question. Next we have Mr Sushhovan Naik from Rathi Securities., please unmute yourself, you are there.
Sushovan Nayak
Yeah, is my voice audible?
Praveen Malik
Yeah. Please go on.
Sushovan Nayak
Yeah. Thank you. Thank you for the opportunity. Just a quick question — two questions. One is on the working capital. This is for Vasuda ma’am. Just wanted to understand what exactly is the GEM receivable contribution? And you have a significant non-current receivables of almost INR200 crores, which was there in Q4. If you could throw some light on that? That was one. And the other was what exactly has contributed to the significant change in the currency mix? These are my two questions versus last quarter.
Vasudha Subramaniam
So I believe we would have picked-up this non-current receivables from the annual report, perhaps, so that is nothing but the contractually not due cases. So as far the accounting principles, we are supposed to reflect the contractually not due receivables under the non-current receivables. So that’s what it is. And the other question that you asked is on the GEM. Generally, we do not report the customer-wise receivables anywhere. And so that’s anyway, it’s quite a significant number and that number is also reducing gradually is what we would say. And there are plans to liquidate that completely and that’s one of the reasons like for the increasing DSO and you would see good improvements — good improvements in the quarters to come.
Sushovan Nayak
I’m sorry, just the reason I asked this question is because in this presentation, I think you have just mentioned TSOs including GM and without GM. So that was the basic reason why I just asked the question.
Vasudha Subramaniam
So yes, yes. So we would like to specifically highlight that the higher GSO — DSOs on account of GEM receivables included in that and that’s why we wanted to separate it out and show it. And in addition to that, there are other global macro reasons as to why we could not liquidate quickly and there are some delays in the collections and so which anyway our account management team is working very hard to, you know, collect it at the earliest possible. The other reason is there are many projects which are running on a milestone basis. So as soon as we complete the milestone is spot, we can raise the invoice to the customer and get it collected. So there are multiple reasons for the.
Sushovan Nayak
Sure. Thank you. And on the change in the currency mix other than the C1 acquisition, is there something else because UK has significantly reduced and US has significantly increased from a currency mix standpoint.
Vasudha Subramaniam
There is a significant increase in perhaps the CAD and that is the reason you are seeing some, you know the consequential impact in UK and US. Otherwise, whatever we’ve been generating for GBP and USD, it’s all the same in quantum absolute numbers.
Sushovan Nayak
Okay, because what I see is 29% of UK has — of GBP has become 14% now, while USD33% has become 45% now.
Vasudha Subramaniam
And the CAD would have increased. Okay, okay. Okay. The CAD is from 16 bit. Yeah. CAD is separately shown as 13 percentage here. Yeah. Yeah. Okay. Thanks. Yeah.
Arun Jain
Then next we have some kind of contracts are denominated in dollar, but they are operating from different countries. So that makes the 45% USD. It’s not a US — US business, it’s a USD denominated business.
Sushovan Nayak
Understood. Thank you. Okay. Thanks.
Praveen Malik
Thanks, Johan. Next we have Mr Keshav Surreka. MR. Keshav Surreka from Nivesha.
Keshav Sureka
Yeah, so thanks for the opportunity and as I can see that you have added five new locals in India. So from May presentation, there were top nine banks and now I can see that there are 14 of them. So if you could talk about those deals like what kind of deals that you have won from India? And subsequently like in future, like are we expecting any more deals to come from India and any major deals that is going to happen in this geography.
Arun Jain
Okay. Ramnan is the right person to tell you, but this five deals are in the space, few deals are in the space of DTC digital commerce in the retail area and the commerce area. They are not all banking deals, which is reported from India. So these five deals have — two or three deals are in banking and two or three deals are in commerce area.
Manish Maakan
Additionally, we were showing top-10, now we’re showing top 15, we’re showing how the width of our coverage across these markets is growing.
Arun Jain
Okay. Yeah, top 14 out of 15, so that’s the coverage which is. Okay. So Manish, you want to highlight it?
Manish Maakan
Yeah. You will see we were showing top-10 banks out of each of these markets as we’ve gone deep. Now we’re looking at top 15, top-20, top-30. So we’re expanding those space and showing you how deep we are entrenched in this market. It’s about now growing these accounts and growing deep in them.
Keshav Sureka
Like how do you see Indian market as a growth like to your business?
Arun Jain
The Indian market is a very active market and we are participating now in as Indian market as and with purple fabric, it’s a very, very potent market.
Praveen Malik
Okay, thank you. Keshav. Next we have Mr Kamar Bhak from Oman Investment. Amar. Hi, please unmute yourself.
Unidentified Participant
Am I audible?
Praveen Malik
Yeah. Please go on.
Unidentified Participant
Yes. See these two new products, which has been now fully in-force and ready to provide the incremental revenue for the company. Just trying to understand this revenue model, will it be coming at the time of implementation itself or there will be outcome-based revenue modeling or it is after implementation, there will be some AMC related revenue as well. How the revenue lifecycle is with this to purple fabric as well as this AI., how it is going to provide the revenue in one stream or different stream of revenue?
Arun Jain
Manish, you would like to take it up?
Manish Maakan
Yeah, sure. Now so Purple Fabric, let’s start with Purple Fabric. It’s a — it’s a mix of initial revenue, small implementation, long-tail as you scale, minimum commitment on certain volumes and then impact business impact base. So this will bring in that trigger of a lot of variable. On emac.ai also, we’re moving to a lot more variable revenue and the consulting piece, which we are looking at launching, this will be a business impact created how we can help a bank move from point A to point B on their revenues, on their costs and that’s where we’re building out.
Banesh Prabhu
So I’ll just — I’ll just add a little more texture to the deals on both Purple Fabric. I think the customers normally are paying in different ways. Some of them — they’re all subscription driven. Some of them are paying for the platform itself. Some of them are paying because that platform is bringing them saved. So most of them we have a minimum subscription amount for most of our Purple Fabric implementations, we have a minimum subscription amount they pay, which is the cost of us operating, running and licensing our platform to them. The balance is then driven on outcome related of improving their either cost reductions or doing greater volumes on the platform. And therefore, some of them we charge by AI sort of volumes or agents and some others we charge the whole platform. And wherever it is embedded into our products, we also charge similarly for the usage of that — of the AI element of that of that license.
Unidentified Participant
Okay. So if my understanding is correct, that means there is a part of the revenue, which is a kind of an annuity-based. That means once I have a customer who got — who take my product, the part of the revenue, either it is AMC or license-based or the platform-based, it will keep on continuing till the customer is using and probably part of it is a one-time expenditure at the time of implementation itself.
And now you are also adding that there is something depending on the output based. So if our customer is able to achieve certain efficiency level out of using our product, there will be kind of a profit-sharing or some kind of a fixed kind of an things we’ll be getting by the company. I’m just trying to understand how longevity of this, if I get a customer today, how long I will be able to monetize for that particular customer.
Banesh Prabhu
So the subscription deals that we do range from three to five years and they are like you said, an annuity with a minimum volume, which grows as the volume grows. So there is a volume pricing. There is a separate implementation cost. Very often for certain projects, we do pilots and there is normally a charge on the pilots. And then when we implement, we start with implementing the subscription, which is normally runs, like I said, for three to five years thereafter. And on-top of it, there are several change requests that keep coming on upgrading the platform along those three to five years.
Arun Jain
Good. So it’s annual contract. So let me just say the even cost is a pilot cost. A2 revenue is an implementation. A3 revenue is a subscription, subscription-based on percentage of, let’s say, 30 basis-point on the insurance premium paid or per transaction basis, $12 per transaction or $99 per work packet produced like per complaint resolution. Those are my transaction-based pricing. This is my A3 pricing, which is based on subscription or transaction. Third is my platform licensing, which is on annualized basis, which is also subscription-based licensing, which is the A4 licensing, which is based on number of cores my AI platform will be used.
So number of cores the way Oracle sells the number of core-based license, we have a similar policy of number of cores for platform-based outsourcing. So there are four different models of pricing. Since your first time, I think in intellect intellector, I’ll tell you there is a license pricing, which is a fifth model of pricing and long-term license with AMC, AMC is a six revenue streams. So these are the six different type of revenue streams in the company.
Unidentified Participant
So if you implement product with one particular company, all those six streams will be activated over a period of time. So as and when we are adding the new customer to our new platform for this, this will compound over a period of time.
Arun Jain
That’s right. That’s the value of the business like us. It may not be all the six for all each customer, there’ll be three-for-one customer, two-for-one customer. So that will vary, but it’s a compounding — compounding will happen. All the profit gets compounded. And that’s why we have 18% revenue growth and 27% profit growth. So that’s an important point that company is coming to that lever where profit growth is higher than the revenue growth. So it’s not a linear model.
Unidentified Participant
Okay. And then in that particular model itself, there is a kind of an operating leverage is also built on because as the product gets matured, the expenditure towards the product will not be as bigger compared to the revenue-generating capacity of this particular product. So there is a compounding from that side, there is a compounding from the margin side as well.
Arun Jain
Exactly, exactly. And that’s what I think the value of the product companies are.
Unidentified Participant
Okay. Just a second and probably the last one, I’ll not take time. Just to understand the second part of it, is there is a lumpiness in this kind of business as well, that means in some quarter suddenly there is an revenue built-up or in some certain quarter because what I understanding, there is a kind of a consistency and a longevity of the product is quite high. But if I look at just quarter-on-quarter, I can see as a huge lumpiness in the — in the revenue things. How it’s happening, is?
Arun Jain
It’s happening because this product business, each license can be as high as $7 million. So $7 million license happens extra in particular quarter or not happening in particular quarter can give the lumpiness to the business. So on LTM basis, it’s a good way for you as an investor to look at LTM as a metrics for looking at it rather than quarterly numbers.
Unidentified Participant
Okay. And if I may allow the last one, please. In respect of this US as a market, I can see your — your main still US and normally for the IT companies, users is a very big market. So-far Intellect is able to manage the maximum amount of revenue outside the US market. If I consider the US dollar denomination is a separate thing, but the business coming from the US is not that big compared to other IT companies. Now we all know that’s a huge market for a product like yours. So how as a company we’re approaching to build that particular pie into our business because probably the margin there comparatively better what we understood from other ID product-related companies.
Arun Jain
There are not too many product companies from India who is getting revenue from USS market. Intellect will be still better than that. Margins are almost equal in US, Canada, Europe are similar in nature. We are seeing the margin in UK and Europe is still better than US margins from that perspective. We have approached our strategy to go to Europe first, Canada next and US next. That is our strategy roadmap items. So now this quarter, we are announcing this financial year opened with the three deals in US so now we’ll be expanding US portfolio.
Unidentified Participant
Thank you very much. I may be rejoining the queue. Thank you.
Praveen Malik
Thanks, Amar. Next we have Mr Mihir Manohar from Kamlin Asset Management. Mihir.
Mihir Manohar
Yeah, hi, thanks for giving the opportunity and congratulations on good set of numbers. Sir, wanted to understand on Palantir, C3 and Purple Fabric, you mentioned that these are the three enterprise-grade AIs. Any color, any feedback from clients from industry analysts as to how is the competitive positioning placed of Purple Fabric vis-a-vis in C3 and you know some color around as to in which areas who is strong and how will the things eventually pan-out?
Arun Jain
Beautiful question for understanding the market. Is a company which started in 2005. So it’s a 20-year-old company in AI space. It started from Government of US and for commerce, so their major revenue come from government. And after 2018, they started moving out of government and start looking at the commercial sector and they are using their old platform foundry to support it. So it means they have a legacy large foundry platform, which is built on AI technologies available in 2010, 2012. Intellect has started investing into AI in 2016, C3 also investing around the same time. But we launched Purple Fabric as a platform only in 2025 after understanding what the pain of the implementation of AI.
When you look at it, four elements which are differentiating AI in Intellect is enterprise Knowledge garden is a first value proposition, which intellect is a first time trademarked that along with Data Lake, you need enterprise knowledge garden because most of enterprise is a knowledge, which is the — which resides in enterprise and we have a technology to vectorize that knowledge in a garden and nurture the garden so that customer can use data from Data Lake and knowledge from garden. And this will make expertise for the organization. So this is very, very unique, which is not provided by C3.
And second is, we don’t talk about agents. We believe the business impact can only happen from the experts. Agent can solve the smaller problem like executive can solve like call-center problem they can solve. But expert, if you want to look at trade finance or wealth, you need experts there to solve the problem. So we have an agent orchestration system with a dialog built into it, which creates immense value in digital expert methodology. Most of the company in the world, both of the C3 are agentic. They announced more than agents only. We believe it’s a business of experts, which is different. The third differentiation is we allow — it’s open technology. We allow any LLM to be used.
We believe LLM costs are coming down. We should not lockdown with a particular LLM. So we provide our customers the ability to benchmark LLM, select appropriately and this is not given by any of the mic players right now. So these are the three core differentiation besides the enterprise governance, which all three of us are giving, enterprise governance, entitlements, all three of us are giving. So enterprise governance, we are maybe equal, but on an EKG digital expert and LLM, we are differentiated.
Banesh Prabhu
I think just to add to that, Arun, the talking to clients in Europe and now we have a few large banks, I think the orchestration of the flow-through EKG through the digital workforce and to set-up a digital workforce, which is really multiple agents, multiple digital experts. I think the ability to do that easily and govern because the clients who come to us are finding they cannot scale and some of them are using the competition we’re talking about and they would like to scale. And I think the governance part of managing multiple workforces, I think we are better-positioned in some sense and we are also more flexible and easy to consume those services compared to you know, their models. So that’s the feedback we’re getting and we’re obviously learning along the way here.
Mihir Manohar
Sure, understood. So is there any — any more color around as to people are looking to replace or change their C3 and side of offerings to our side of offerings?
Banesh Prabhu
I think they are — different people are coming with different — sorry, go-ahead.
Arun Jain
I’m saying it’s just coexistence here. We are not replacing right now. I think we are too young a player to fight that battle. It’s a $300 billion company. So we will be just even if you take a 10% market-share, it will be good for us.
Mihir Manohar
Understood. Sure. Second question was the investment INR100 crore to INR130 crores. So the INR30 crores will be incremental, right, which will be having a hit to the P&L in FY ’26.
Arun Jain
All of them will be hit to the P&L in-market we cannot capitalize any of this investment, but we still manage the margins to the level of what we are looking between 20% 25% margin will still manage within that margin in-spite of investments. But INR130 crores is a hardcore investment.
Mihir Manohar
Understood. Sure. And just last question was on the DSO. I mean on a Q-o-Q as well as Y-o-Y basis, even excluding GEM, there is a good jump-in DSO. So how should we see this normalizing happening and why this jump has been there.
Arun Jain
It keep on fluctuating. Last quarter was very good, we could be able to collect a lot of money. This quarter is bad. So this quarter-on-quarter, this is the transactional items, which when the project goes live, suddenly the large money comes in, it’s a milestone-based payment. So I think that now you have seen the company from last three years. We should not be too much worried about DSOs.
Mihir Manohar
Understood. Sure. That’s it from my side. Thanks me here.
Praveen Malik
Thanks for the question. Then next we have Mr Rohit from iThought PMS. Rohit, unmute yourself and ask the question. Rohit are you there hello Rohit.
Rohit Balakrishnan
Yes sir am I audible here.
Praveen Malik
Yeah please go on.
Rohit Balakrishnan
Yeah, good evening, everybody. Sir, thank you for the opportunity. Sir, a few questions. So one was the US Destiny deals that we’ve won, one in Canada, one in US. So if you can share some more color in terms of who were competing with and I mean, how long was the engagement? And in terms of this, would you feel that this is sort of a very important inflection point for you to get into get more deals in the US if you can share that first. And then I have two more questions.
Arun Jain
Manish.
Manish Maakan
Thank you. No, very good question. I think it’s the strength of our technology,, not AI architecture, what Arunoun has been talking about. We clearly beat number of the existing players fair and square. You go down deep into the architecture, the purity of architecture just stands up on itself. And then the strength of the wholesale banking, our industry aligned solutions and our payments platform, which is again being rated by all analysts now in the leaders class. So all of that is getting demonstrated. You had the who’s who of all the key co-banking payments and liquidity players in each of these wins. So this is a good start for us. Liquidity, we have been — we are market leaders. Payments also now amongst the top two most times and the power of our co-banking, what we have demonstrated in Europe, the strength of that is now very evident as we break-through in US.
Rajesh Saxena
So I can just add, Manish. I think from a core banking perspective, for us to get a Tier-1 client to get the corporate DDA deal in US is a great achievement because from a US perspective, regulatory requirements are very steep, especially on the DDA part, which has state requirements and Fed requirements. And without a reference site, we were able to win this deal. This just goes and shows the power of our architecture as well as our relationships that we have built over the last many years with some of these Tier-1 clients.
Rohit Balakrishnan
Are you disclosing the size of the deals, sir, in terms of what is the size? Like $30 million, $40 million or less than that.
Manish Maakan
The Canadian deal is very large. I’m not getting into numbers. This is the Phase-1, there’s multi-phases of it, and this will be — this will be very, very large. I just stay at that right.
Rohit Balakrishnan
Okay. Sir, the second question was again, so if I’ve been following the company for a long-time and being invested for around five years now. So I think, generally, I understand of course that I mean we have been investing much ahead of the curve for a lot of things and I think this whether it is or purple fabric is a culmination of that. So while you said, Arun, sir, that this year also, you will be investing around INR130 crores, of which 10 has been done, but just maybe looking beyond FY ’26, looking beyond FY ’26, our understanding and I think you have also mentioned it many times that generally margins can be even upwards of 25% or could be even higher than that. So when do you see Intellect sort of getting into that trajectory? I’m not asking this quarter, next quarter. I’m just trying to understand when as we outsiders sort of should sort of start expecting that to happen.
Again, not specific quarter or any, but just maybe I would like to hear from you like what — how are you viewing this because of course, there are big — these are big opportunities. So I understand what you are trying — what you all are trying to do, not looking at immediate quarters, but just would love to understand from you.
Arun Jain
So I think the way we design the business is to keep the growth back at around 20%. We achieved 15%, we achieved 14%, but we designed the business for 20% growth year-on-year. So that’s the first principle. Second principle is we are 20% is pegging the business for, from design perspective, but economic condition may be different, customer condition may be different, we may — but margin will be close to 30% growth. So if I look at it, one is to 1.5 is a difference between revenue growth and a profit growth as a number. If you’re looking from a three-year perspective window, achieving INR4,000 crore revenue and INR1,000 crore margin is what we are looking to design the company for. So from your investment bagging, a PBT of INR1,000 crore and a INR4,000 crore as a top-line number in three years’ time is very much possible. It’s not a guidance, but this is what we are striving for?
Rohit Balakrishnan
Got it. That is helpful. And sir, just two small bits. So of the pipeline that you mentioned 9,000, which is active, would — would you be able to broadly share what would be US of that? That was one. And second, sir, we have consolidated C1 acquisition. Has that also led to some kind of a margin drag in this quarter and in this financial year also will that be there?
Arun Jain
Yeah. So the acquisition has obviously the — on its own, it’s profitable, but not as much profitable as overall other businesses. So that has a percentage margin dip maybe there from this perspective. But as the acquisition, it has given a huge amount of acceleration in-market. Rajesh can brief you about this.
Rajesh Saxena
Yeah. So I think — sorry, should I?
Arun Jain
Yeah.
Rajesh Saxena
So I think we announced this acquisition in March and along with this acquisition, let me just summarize for the investors, we got about 170 new customers, 140 people came along with this. And I think our first — first-quarter, our results have been better than what we expected. And both from a culture perspective, from a sales perspective and from a relationship perspective, our business is growing. And as we get into a totally new segment of these 150-odd credit unions, we are seeing a lot of new opportunities which are opening up. We are looking at not only — so this acquisition is from a digital engagement platform perspective, but we are now seeing opportunities coming up in core banking opportunities coming up in lending, opportunities coming up in commercial banking and payment.
So I think we are seeing this opportunity — this C1 acquisition has a good — it’s still early days, but as a good acquisition to really significantly improve our footsteps in Canadian market and get that client base and the cross-sell and the upsell opportunities that we are seeing those — it is still early days are good opportunities that we are seeing. So from that perspective, it’s a very good acquisition.
Rohit Balakrishnan
And sorry, just small clarification on this. So when you are now looking at C1, do you look at them separately in terms of as an operation and-or are you like fully consolidating in terms — I mean the way — I mean, numbers is one thing, but just from your own lens, the reason why I’m asking is, is there is — I mean as you take-over as you sort of integrate, how do you see the margins of that business or you look at everything together.
Arun Jain
And it, we look at a merger means merger, it’s a culture merger, it’s a people merger, it’s a thinking merger and we don’t separate that.
Rajesh Saxena
Yeah. And we have done this significantly over the last quarter, Dohit. So it’s now of one Intellect operations.
Manish Maakan
And it’s a strategic intent of — it’s given us access to 150 plus banks in the market where we have plenty of other cross-sell opportunities, it also gives us the competence of running a large-scale cloud SaaS business, which we can extend out. So it has a lot of strategic decisions behind why we went into this acquisition other than it brought us a certain revenue. It’s the scale which we will get-in the market. In Canada, we are becoming a dominant force.
Rohit Balakrishnan
So did this acquisition also help in clinching the deal that you do?
Manish Maakan
No, it adds up to the Canadians start feeling very comfortable our size of operation. Our intent is it’s like we calling this is as one of our three home markets. India is the home market, the UK is a home market, Canada is now becoming that home market and the intent is to scale each one of these to 100 million business in near-future. So it’s on the right path.
Rajesh Saxena
Yeah. If I can just add to that, Manish. I think the — another piece — another important piece that we got is about 140 odd Canadian employees who came along with this deal. And I think that would significant help us as we go along in implementing these deals that we are winning. So it’s like a Canadian team has now got that critical mass, right, that we can — we should be able to implement better and that gives the confidence to the clients as they look at us for large deals.
Rohit Balakrishnan
Got it. Thank you very much and all the very best.
Praveen Malik
Yeah. Thanks, Rohit. Next we have Aditya Trivedi from Capital.?
Aditya Trivedi
Yeah. So the question I have is, is there a roadmap for expanding Purple Fabrics adoption beyond BFSI into sectors say like manufacturing or retail, where we could see AI-driven workflow automation and procurement optimization also critical or is Purple Fabric’s architecture and components restricted to BFSI? What I’m trying to understand is there could be an — could there be an expansion in TAM for Purple Fabric?
Arun Jain
Yes. Yes, Aditya. We are expanding already to procurement and e-commerce solutions DTC business that is already there. Besides that, we are looking some partners in other sectors to expand into pharma sector or a retail sector. So we are looking partners in that area.
Banesh Prabhu
We have some pipeline in the non-BFSI, we are already working more.
Aditya Trivedi
Okay. As of now, what are the top three AI-driven business impact use cases being deployed using purple fabric.
Arun Jain
Yeah. So yeah, we answered this question earlier. So it’s the same-area which we are talking about. So we have just only five minutes, we are running time. So it’s a — if you have some other question?
Aditya Trivedi
No, that’s it from my end. Thank you, sir.
Praveen Malik
Thank you. And should we take another two, three questions like that.
Arun Jain
Yeah. So how many are waiting?
Praveen Malik
Maybe around four.
Arun Jain
Just take all the four and let’s close it out.
Praveen Malik
Okay next we have Jyoti Singh from Arihant Capital.
Jyoti Singh
Yeah, thank you for the opportunity, sir. So I just wanted to understand like you discuss about the Canada thing. So what’s our expectation to have a growth in that area after Capital One acquisition? And also another thing that on the license linked revenue that our expectation 60% over the next two to three years. So if you can update on that side, how it is moving? And then new direct to corporate platform like GPX, CPX and APX, how are they expected to contribute to growth by ’28, 2029.
Arun Jain
Let’s not look at independently, Caran market will grow. Manish has mentioned it’s a home market like $100 million market in next few years. Similarly, APX, GPX, we cannot quantify individually for each market. So they are early start business. So the way we look at our strategy of intellect design arena because Arena, first GTB expanded the market-share, then GCP expanded the market-share, now AI is expanding the market-share. DTC is in an incubation stage. So that will take another three years for contributing substantially to the Internet. So it takes five years for the incubation to start generating a big number. So to sustain the product company revenue year-on-year and to create a pipeline, you need those kind of investment upfront.
Jyoti Singh
Thank you.
Praveen Malik
Thanks,. Next, we have Srinivasu K from TIA.
Srinivasu Kedarasetti
Hi, sir. Am I audible?
Praveen Malik
Yeah. Yeah. Please go on.
Srinivasu Kedarasetti
Thanks for the opportunity, sir. Congratulations for the solid set of Q1 numbers.. My question is with the new AI lasts coming that you said regulatory is very tight, how Purple Fabric is guaranteeing the governance and explainability in those markets? Are you pursuing any certifications to accelerate this?
Arun Jain
There is no certification available, but we have a full traceability — auditability and which is being — that’s why we have won the client in Europe. Europe there is the largest wealth bank is using our Purple Fabic platform and they have certified their own risk department has done it. So there is no formal risk department worldwide to say this is traceable. It’s about the company to do their — this department to do it. But we have all the ethical traceability, dialoguing, cushioning, all are recorded for ensuring that the responses of AI is — and we tell the AI agent tells whether the accuracy is 92%, 98%, 97%. So we have built-up very, very solid enterprise governance module into it.
Banesh Prabhu
And to add to it, the digital experts, everything they do is audit trail just like a human would do. So that is clearly available as part of the process where you are able to see how the digital export works in collaboration with the human.
Srinivasu Kedarasetti
Okay, thank you for that. And the follow-up to the previous one who asked about the projects beyond BFSI sector, what are the likely ticket sizes in those? Is it similar to mid-tire bank kind of deals or is it smaller?
Arun Jain
As of now, we are just — we are saying as a platform, it can go out. We have to look at with partners how the deals will work-out, how the consulting company or the SI companies will take this platform to the non-BFSI sector is still to be valued. But for the large non-BFS client, the deal value will not be different because pricing is based on number of cores being consumed for the platform. So core consumed by bank and core consumed by non non-bank should be similar.
Srinivasu Kedarasetti
Okay. So when you say system integrators, like as on-Q1, how many SI partners are already selling this purple fabric platform? What share of this year’s PF revenue will come through then?
Arun Jain
It’s too early to tell you the numbers. We have more than we are having — we engaged more than five SIs working on it right now and it’s increasing.
Srinivasu Kedarasetti
Okay, sir. And my last question is, out of INR11,300 crore funnel that is — that looks very impressive, what kind of win rates and cycle — sales cycles are you modeling to reach this INR800 crore quarterly rate? How much INR800 crore quarterly run-rate?
Arun Jain
Yeah, INR800 crore we — that’s a good point you raised. It takes every four-quarter we increased INR100 crores. So now we have reached INR700 crores, INR800 crores in next two, 3/4, we should reach INR800 crores.
Srinivasu Kedarasetti
Okay, sir. Thank you.
Praveen Malik
Thanks, Srini. Next, we have Sameer Dosani from ICICI Group.
Sameer Dosani
Yeah, thanks for the opportunity. Basically, how to think about your acceptability of products, especially andai products which are AI-powered in the US — in the regulated markets like US, Europe, so any thoughts on that?
Arun Jain
What’s the question?
Sameer Dosani
Basically how to think about acceptability of AI-powered products because there is a lot of security concerns and in regulated markets, especially industries like banks, which is pretty regulated. So any thoughts around how is it getting more-and-more accepted? Is there some security concern which is impacting you.
Arun Jain
No, I think every bank in US is using AI for some reason or the other. So it’s very well-accepted right now. It’s a question of what kind of use-case they are using. Some of them are using for call-center, some of them are using for some operational processes. So most of the banks are using it. The question is whether that initiative is scalable or not. Is it a platform-based or particular use-case based? What Intellect is offering is a platform-based scalable operation within the enterprise where every employee can use our same platform and every manager can build their own agent and experts to deliver better value in operational process and reimagine the process. So that’s our differentiation we are doing. But acceptance of AI in advanced market is already there. Everybody has put the processes in-place.
Sameer Dosani
Okay. Thanks.
Praveen Malik
Thanks. Thanks, Amit. Next we have Pravesh Kuchar from Capital.
Pravesh Kochar
Hi, thank you for taking my question. I just want to understand if you could bring together what you talk about the experts rather than the agents into sort of the procurement product that you’re selling to some of the non-BFSI customers. Thank you.
Arun Jain
Yeah. So in procurement area, there are lot of digital experts which are there in the area of vendor management, vendor qualification, vendor due-diligence, we have experts which are there, the price parity agents are there. And some of the documentation which is required for procurement in terms of tender or RFPs, which is a large RFP analysis which is there. We have a digital experts in that area in procurement space.
Banesh Prabhu
Traction comparisons, everything are done through digital agents for procurement.
Pravesh Kochar
And how is the knowledge garden created for these kind of use cases?
Arun Jain
Knowledge Garden is about the policies of the company, all the process of the company. So whenever the comparison is done, Knowledge Garden is forcing, all the policies, processes, best practices, customer knowledge garden, talent knowledge garden is a part of the enterprise Knowledge garden. So it consists of product knowledge garden, talent knowledge garden, customer knowledge garden, policies and process knowledge garden. And whenever you are writing any use-case, you need to say that whether we are complying to the policies what company has for procurement or for any other action, whether it’s human-related policies of employee, Knowledge garden is a baseline for where the — all the knowledge emerges.
Pravesh Kochar
And should we think about the value-creation target in the non-BFSI, this procurement scenario as well at that 4x to 5x level that you talk about or is it different in this scenario?
Arun Jain
What is 4x to 5x, sorry?
Pravesh Kochar
Like the cost-savings that you can have versus the traditional method that they might be using for doing this process.
Arun Jain
It will be 20%. I think the savings as of now is not fully quantified. First of all, it’s effectiveness, which is more counted in our customer when you’re talking about it’s like GEM, the Phase-1 of GEM we identified the transparency and speed at which you can do the procurement. At Stage 2, you start looking at the cost saves, which can be in the range of 8% to 15% cost, say, from an absolute procurement price. But that comes in the Phase-2. Phase-1 is efficacy and transparency.
Pravesh Kochar
Understood. Thank you and all the best.
Praveen Malik
Okay. Thank you. Yeah. Two are there, I think Puranik is hand down again. Okay. Okay. There is one repeat is there in case you want to take it first again. Puranik was there, but I think it’s lift.
Sushovan Nayak
Yeah. Okay. Puranik you are there you are there no I think they put down his hand look like then is again there Mac from Anandrati just complete it and then close it please unmute yourself I hope my voice is audible. Yeah. Sir, just one question, sir, on the Palantir thing that you had mentioned. So Palantir, as you mentioned was first into US defense, got into enterprise AI and then gradually it’s getting into BFSI. While the way you are going or evolving is you have been very, very strong in BFSI and you are gradually moving towards the enterprise. In the process enterprise AI is what I mean. So which is non-BFSI. So in the process of this, do you believe or do you envisage that may cannibalize into you? And you obviously did mention that is being so big, it will be very difficult for you to cannibalize into palantee, right? So just wanted to get your thoughts on this evolution as such.
Arun Jain
And what is the exact question, whether it will be difficult competition to palantee obviously will be.
Sushovan Nayak
So the other way around is what I was basically referring to getting into the BFSI part of the AI business, right, because they are starting to get into that is what was.
Arun Jain
The market is too big to showman? We are not looking 100% market-share. We are looking 10% market-share good enough for us. Okay. Can coexist. Three-player market can coexist. Three-player market is a very good market to coexist where we can compete win and fight it out. Remaining in a top three in AI enterprise space is a great celebration for Intellect.
Sushovan Nayak
Sure, sir. Thank you. That answers the question.
Praveen Malik
Okay. Thanks,. And I think has left. But the last one, one more is there around. Tushar Varma from Big Short. Can I take it?
Arun Jain
Okay.
Praveen Malik
Last one. Tushar Varma from Big investment. Tushar, are you there?
Unidentified Participant
Hello, sir, am I audible?
Praveen Malik
Yeah. Yeah, yeah. Please go on.
Unidentified Participant
Thanks for the opportunity. I just need one clarity on your guidance like you said the AI-based revenue by end of this year will be around INR200 crore. So is this — is this from this new AI purple fabric only or it will include some other AI revenue as well? And is this INR100 crore is for the whole year or it will be a per quarter figure?
Arun Jain
No, it’s a full whole year. All — everything is purple fabric. Every AI is purple fabric. There’s no other thing called AI.
Unidentified Participant
Okay, okay, sir. Thank you so much.
Praveen Malik
Okay. Thank you. Thank you, Tusharp. Harun, with this, we can we close it?
Arun Jain
Yeah, we’ll just close it. Yeah. Yeah.
Praveen Malik
Thank you everybody for joining us today. In case you have any other questions, please write to us and you’ll be replied on the same. Thank you.