Network People Services Technologies Limited (NSE: NPST) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Suman Kawatra
Analysts:
Unidentified Participant
Harshil Ghanshyani — Analyst
Akshay — Analyst
Nishant Joshi — Analyst
Sandeep Agarwal — Analyst
Ashish Agarwal — Analyst
Hardik Gandhi — Analyst
Saurabh Sadhwani — Analyst
Nishant Joshi — Analyst
Shubham Thorat — Analyst
Nitin Guptan — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Network People Services Technologies Limited Q3 FY26 results conference call hosted by Kirin Advisors Private Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on the Touchstone phone. I now hand the conference over to Mr. Harshal Gyansiani from Career Advisors Private Limited. Thank you. And over to you, sir.
Harshil Ghanshyani — Analyst
Thank you. On behalf of Kirin Advisors, I would like to extend a warm welcome to everyone joining the Q3 accredited 6. We are pleased to have with us today the esteemed Senior Management, Mr. Deepak Santa, Chairman and Managing Director, Mr. Ashut Shagarwal, Joint Management Director and Ms. Shavita, Executive Director. The call is scheduled for 40 to 50 minutes. To ensure that everyone has the opportunity to participate, we kindly request that each participant limit their questions to two. Hence this will help the management address as many queries as possible within the time chain. If you are unable to address any questions during the call, please feel free reach out researchadvisoradvisors.com we will be happy to coordinate with the management team and arrange further discussions.
We appreciate your understanding and cooperation. We look forward to an engaging and productive call. Now I hand over the call to Mr. Deepak Sen Thakur. Over to you sir.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Hi. Thank you. Thank you. Good evening everyone. Once again, thank you for joining. You see, we are nearing the last quarter of the financial year and to be honest, we are approaching with a very revised business growth and trajectory now compared to last year. All the efforts taken till date on business revamp is visible every quarter when we publish the result. It was during this quarter last year in Q3FY25 that we face an unexpected debt in our payment platform. This impacted not just the growth but even the investor confidence. For last one year we have worked relentlessly to improve from the lowest where we were to the high where we can.
I know that although slightly short of the anticipated growth target, but we have done our best to bring consistency in growth earnings. This will have far reaching cumulative impact in the organization growth story. While we had a focused approach towards domestic market for the large accounts, we added a team and redesigned products for mid to small accounts as well. On a parallel note, we introduced an independent team for international market. We have received really good response for the initial outreach and we are confident that NPSC will be able to scale high even in the global aspiration it will in fact happen as early as next two quarters.
Although we had one deal from Nigeria last year, but there will be multiple which we’ll start seeing in next two quarters. Our product fitment and market understanding is much clearer and we believe it is in demand as per the early estimates. To be honest, the payment platform opportunity has taken a hit in last couple of quarters which is time consuming to revise. This is majorly due to reduced paying capacity for our customer and a shift in merchant profile towards banks than the aggregator. Good part is we are present in both the target audience. We can capture this shift as early as possible.
It will start reflecting in next two quarters. At the same time we are introducing new products and services lines in payment platform to ensure additional revenue source that can add to our P and L as committed to upgrade Evoke 3.0 in my last call we have added PPI through our partner bank and cracked our first use case with an ERP solution provider. We anticipate that this line will start adding revenue from the Q1 next year. On the other hand our offline payment have grown by 60% on a quarter and we believe adding this line has given new revenue stream which is much stronger with yearly upward cumulative impact.
We talked about AI as early as Q1 this year that you know we intend to launch this. This has taken a good shape. Our AI based risk engine is also showing a good traction and we believe that you know it will start contributing to revenue in the next two quarters for sure and from the multiple streams for sure. All of these efforts will have 10 minute cumulative impact in the revenue streams of organization for the coming financial year. We continue to strengthen our position as a leading digital banking and FinTech Infra company. I’m pleased to report that Q3FY26 now you see last year there was a dip so you can see the impact that Q3FY26 our total income is 57.17 crore which is 17.46% jump from 48.67 crore last quarter but 145% increase year on year against the quarter 3FY25 which is a huge jump.
Well the trajectory was driven by strong execution across payment infra risk management and bank led digital platform. Our operational efficiency even remains higher wherein EBITDA has increased to 18.74 crore which is 20% jump over previous quarter whereas it is 118% jump against year on year which was about 8.59 crore last year. Our PAT also increased to about 11.5 crore which is 17.28% increase as against 9.8 Q2 and 124% jump as against Q3 last year. This profitability translates into significant shareholder value. With our diluted eps climbing to 5.92 marking 35% QoQ growth and 137% year on year growth.
Well, the results are here to discuss with you guys. I’ll hand over the call for the questions. However, there is one point I would like to address regarding the monitoring agency report on GPA General Corporate Purpose. The monitoring agency has flagged about 3.18 crore utilized under General Corporate purpose. As a technical classification observation here we want to clarify that these funds were used strictly for operational expenses primarily office and employee salaries. In the ordinary course of business, there has been no diversion or misutilization of funds. The observation relates only to disclosure granularity, not substance. Importantly, the monitoring agency has confirmed that it does not observe any major deviation in overall utilization of proceeds.
From a governance standpoint. We remain fully compliant with CBI CDR regulation and continue to uphold very high standard of transparency and capital discipline. I think this update has already been. If I may not be wrong, I think it might have been updated on the NSE already by mscs. I’ll leave it to you now for Q and A. You can take it up.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. And also limit your question to two per participant. If you have a follow up question, you may rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Akshay from AK Investment.
Please go ahead.
Akshay — Analyst
Hello. Hi. Sir. Congratulations on the great set of recovery. Sir, my first question is about revenue. This quarter we have achieved the revenue of 56 year. But we have stated earlier that we are anticipating the best quarter which was previously September 2024. 67 crore. So we fell short by 14 crore this quarter compared to our anticipation. So what led to this? And also if you can put some light on EBITDA margin. Because despite the higher growth in revenue our ebitda margin is less 300 to 400 basis point. So going ahead, what will be the trajectory of EBITDA margin and also the growth rate?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Thanks. Thanks Akshay. So yeah, first of all regret that you know, that number hasn’t come as it was expected. To be honest, we have a very strong tail of funnel that we are working on. And then. And during that time when we revised the entire payment platform, we knew that things will turn up. And accordingly the numbers were calculated. There are certain spillover which is gone to the next quarter. That is one of the main reasons why this has happened. Because you see right now almost 85, 90% of our business comes from TST wherein the sales cycle is longer and due to which it happens that if you are not able to close in a certain quarter, it moves to the next.
It’s not that the business has been lost, it is just that it has moved to next. So that is one of the reasons. Second, like I said, when it comes to your business where 90%, 85, 90% is all TSPs, then for sure the margins in such kind of business changes. So what we are trying to do is we are also trying to bring in SaaS and subscription model in this particular business. So there is all round effort which is going on where in payment platform we are launching new revenue stream and in TXP we are launching SaaS and subscription based model wherein the cost of delivery and the execution timeline is much much shorter.
And that is where the EBITDA margin and the overall profitability improves in the business. So that is well in target. That’s why when I started the call I gave you a clarity on, you know, the anticipated growth on the payment which has taken time and secondly the overall revival of the business not just from the large account, even from the mid to small accounts which is purely SaaS and subscription based.
Akshay — Analyst
Okay, very nice. And my second question is about your. In the presentation you have stated that NPSP won’t to grow 2x the industry led by 2030. So how should we see this statement and what type of growth and also the margins and going forward beyond the FY26 can we assume? And also there is one more thing that recently due to the AI news and all these things, all the ICE stocks are falling. So what does it mean? What does that news mean for our types of business? An opportunity or threat for us.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
I think very easy to understand. We are not in the maturity curve, we are in the growth curve of the industry. So if the industry is growing at 100 then those who are in the maturity curve, they may be growing somewhere around that. But those who are in growth curve who are still capturing market, creating new product line, adding new business streams and then going global. So for us 2x is a conservative approach. I would say if you are sitting at growth trajectory and inventing new and new products and solutions. So for sure by 2030 growing double than the industry trend is something.
Which is not just what I am saying but it is what the growth journey in the. In the cartoon sales. So we will definitely make that happen. That’s not a big deal. In fact, if you compare even today on the trend that we are achieving for last one year versus the overall industry standard, you will always find us little ahead of the curve. Secondly, we are not into services business where the revenue source is purely providing manpower. And that is where the AI has an impact. In fact we are designing the solutions and products. So what happens in this case is our efficiency and our delivery capability improves due to AI.
It is about adopting, it is about changing the way we deliver and it is about using AI for better customer satisfaction. So all our product designs are now being considered around AI. Our developers have started adopting AI policy. We have a very strong recommendation coming from board as in how AI policy the security around a good use of the solution is taken care and how as an organization we can improve efficiency and bring more profitability. So in fact this is good for the product offering. And obviously when it comes to services we should try to.
You know, if it is 50 days job and it is done in 10 days then we have to ensure that we actually bill the customer in the right areas. So it’s only upward from here.
Akshay — Analyst
Okay? Okay. Understood sir. And sir, last one question is how much of our revenue is fixed pure subscription based and how much of our revenue is transaction volume based.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Transition volume based revenue. If I consider from TSC as well I would say that almost 40% odd would be would be subscription and transition volume. Okay. Okay.
Akshay — Analyst
Thank you sir. And all the best for the future.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Thanks. Thanks.
operator
Thank you. The next question is from the line of Nishan Joshi from Equisense Advisors Private Limited. Please go ahead.
Nishant Joshi — Analyst
Sir, I have two queries. First of all, how would you like to comment about the Banking Connect means how that business is growing and incoming time period say 15, 18 months contribution it can make to the top 10 in percentage terms.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Banking Connect is. I just call Banking Connect as a UPI movement for internal banking. And I’ll give credit to my, you know product organization where they identify the opportunity first. And we are one of the first TSP to launch the Banking Connect. And we have already two clients executed and a lengthy list lined up. So the opportunity here is all the banks who are on Internet banking will be requiring a banking Danette. So the scale is 2000 odd banks right now. So even if 10 odd banks are in CUG 1015 odd we still see that this particular segment is open for next two years to that year.
However, it’s the revenue from Banking Connect cannot be equal to the revenue in UPI because it is way too mature in terms of how UPI was brought in earlier and how Banking Connect as a refined product will be coming. I would say that this will become a major contributor in revenue and I cannot give a percentage number right now but I can say that just at a very high level it can be as much as 10 to 15% of my TSP business in over a year’s time. But it will be very strong subscription based revenue that I see in Banking Connect.
Okay sir, thank you. The second query regarding the receivables level.
Nishant Joshi — Analyst
Have company seen any improvement in the receivable realization because of it last quarter?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
That is in fact whatever we have presented that is already going on. So yes, there is an improvement as and when it is going whenever there are timelines for it, these are realized.
Nishant Joshi — Analyst
Okay, so thank you.
operator
Thank you. The next question is from the line of Sandeep Agarwal from Naribi Investment. Please go ahead.
Sandeep Agarwal — Analyst
Hello. Thanks for the opportunity. I have two questions. The first one as you mentioned that your TSP business is of course 80 to 90% of our total revenue. Hello. Yeah, so can you package it from the license, the mix in the license fee and the recurring nature of revenue?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
I think license and fast both are recurring for us because I just don’t get license along with the license turny nature wherein manpower change request, everything is provided. But I can say contractually when I break it. I would say that at least 7 out of 10 in this particular business comes through a license contract and the rest comes through subscription. Now this will change in next year. It will completely reverse because contractually when it comes to SaaS based resume the ticket size may be smaller but the number of contract is higher.
Sandeep Agarwal — Analyst
Okay, so. Our bank, our partners bank. Should I just want to know the revenue from the government incentive as a paper use we get. I just want to know the. The mix of government incentive in our. Income TSP or tsc.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
TSP is where we provide the digital payment software to banks and you know, so there is no correlation. There is no correlation with. Yeah, this is part of the payment platform.
Sandeep Agarwal — Analyst
Okay.
operator
Then may we request you to please rejoin the queue?
Sandeep Agarwal — Analyst
I. I can continue with this question? Yeah, please continue. Yeah, so okay.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Which is only 10% of our mix.
Sandeep Agarwal — Analyst
Yeah. Okay, thank you.
operator
Okay, thank you. The next question is from the line of Suman Kavitra from Texan Consultants. Please go ahead.
Suman Kawatra
Yeah, hello. I believe you had raised some money to Tata Mutual Fund recently. What are, what are your plans for utilization of that? Number one and number two, I understand India is far ahead in these lines of operations. So are some other countries approaching you for starting this business in those countries?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Great set of questions. Very first, you know, so the funds from Tata will be purely used for the inorganic growth. See that in our segment, is there a consolidation of possible, if at all there is a consolidation possible. Does it contribute for my quick scale, does it contribute to my, you know, overall organization numbers and what kind of accounts, what kind of areas it can contribute, which is maybe, you know, out of my reach or something, which I was missing completely.
So there are a lot of evaluations and thought process around the inorganic opportunity that is coming across to the organization. So that’s the area where we’ll be investing and the investment will happen in multiple areas, not just one alone. It will be in payments. We will definitely look at the opportunity around rec tech. That’s a very, very strong area. And then further, how do we see the opportunity around payment platform? So we are looking at all three verticals that we have. Tsp, payment platform and the rectech. Apart from this, when it comes to global, until we did not create a dedicated international focused approach, we were not aware about the product segment, we were not aware about the overall opportunity.
But now we are very sure that whatever we have built here as a very focused requirement in several regions. It is Middle east, it is Africa, it is, it is Central Asia and even Latin America. Central America. So there is a lot of opportunity there. We are seeing good traction and there are a lot of conversations going on. I cannot tell you where it has reached and you know when it will get close. But like I said earlier, in next six months we should be able to see the light of the day.
Suman Kawatra
Okay. And the international engagement and also your acquisition, whatever organic or inorganic, I hope should be over in three months.
Six months.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
So I’ll, I’ll, I’ll need board approval to answer that number around inorganic, but for sure, six months. I can definitely talk about the new opportunities in the dashing market that’s, that will happen. Okay.
Suman Kawatra
Okay. I mean, and are you generally thinking of getting some guidance for the next. Maybe quarter year or something?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
No, sir, I would, I would not take a step right now. Will definitely work out. And then we can give the number later. Okay, thank you. That’s all. All right, thanks.
Unidentified Participant
Thank you. The next question is from the line of Sunila Verwals, an individual investor. Please go ahead.
Unidentified Participant
Hi Deepak, this is Sunil. I have a couple of questions regarding, you know, if you, if I see that your ninth month margins for FY26, you know, have gone down to 29% from 35%. So do you have, do you see that the margins going back to, you know, same level or closer to that or you, you, it will be around this current margin. The margin will, I mean, so we have already identified this. Okay. So either the margin remains as is or to improve it you have to add SaaS, subscription and TPAAs. And that is what we have been doing.
Plus the global market also comes with a higher margin. So all these layers, when added, it will only improve margin from there and it will be even higher than the benchmark that you mentioned. Because what I can see if you see your, you know, your cost, operation costs have gone up to 40% from 24%. Right?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
There have been cost pressures. So that’s why these margin pressures are there. So how do you want to address that? Majorly, because we are delivering the TSP solution, TSP projects now. And when we, when you do a global project or when you do a project in the subscription model, you do not continue to invest the same cost. And that is the reason why your non linear growth will start coming into picture. So the same set of products when goes to multiple, you know, multiple markets or multiple customers, then you don’t incur the same cost. And that is the reason why I believe that whatever I have mentioned now as and when I was saying that, you know, RedTech will hit the revenue in Q1, your global will hit the revenue next six months.
So all of these will have a cumulative impact. And there the anticipated cost versus the revenue, that ratio will change completely. So it will be nonlinear in that case. And any thoughts on, you know, what, what is the kind of growth you are expecting for the next year? Let’s hold this for Q4. I think that will be better bit early. Okay. And okay, so maybe next year is early, but Q4, I think almost, you know, half of the time is over for Q4. What, what kind of growth you’re expecting for Q4? We are maintaining the same consistency.
I mean we’re maintaining what we maintain the entire financial year. So we’ll be, it will be upward, should be upward. Maybe we are yet to, yeah, we are yet to Factor this spillover and then we are yet to see anything that does not get closed by 31st March. So these are few factors that we have to build in. But yes, you can say that there is a. There is definitely an upward growth that you will find. Okay, and how is rectac planning for. For you? Basically is it being offered as a package or it is being offered as a separate.
This thing, you know, it’s a separate revenue stream for you. Separate revenue stream now because there are some good demand coming in from banks and it will be an enterprise solution creating a subscription revenue and you know, pay per use platform.
operator
Sorry to interrupt you. Mr. Agrawal may be requested to please rejoin the queue sir. Thank you. The next question is from the line of Ashish Agarwal, an individual investor. Please go ahead.
Ashish Agarwal — Analyst
Hello. Am I audible?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Yeah. Yes.
Ashish Agarwal — Analyst
So only thing is while you’re not giving guidance, the Overall conversation on Softmind looks little less confident on delivery from a Q4 perspective. Given that what we see currently it’s 40, 53 verses, 40, 47 what we had delivered in Q2. And therefore when we see that there are 13, 14 crores which got spilled over Q4 at least we should be able to give some guidance. Right? Because otherwise there is a lot of ambiguity from a near term growth perspective.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
No, actually there were two questions. He asked me about next year’s guidance to which I said you can stay, you can hold it for Q4 and for Q4 I said we’ll continue to have the similar growth trajectory. Whatever we have given for this year, I’ve already cleared that. The year you take the entire year’s growth trend. That is what you can expect in Q4 minimum. But we are yet to close 31st March, it can be affordable. So I just sold him back. You can take it as a poor.
Ashish Agarwal — Analyst
Okay, just saying for the sake of say March 2025 we did 173 crores on top line. Right. And what would be the trajectory for FY26 which is only Q4. I’m asking. So probably FY26. What should be the top line number that we should target?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
We have. I have given you a revenue growth quarter on quarter between 15 to 20%. If, if you can see that this financial year, that is what we discussed. That is not showing a growth versus FY25 in FY26. If we tackle that 20% growth on December numbers, Probably so just 10 crores you are saying over and above 53 that we have delivered. So there are like I said There is lower and there are additional businesses this quarter as well. So all that taken together the growth will be only afford. But if you ask me to give you the exact number for Q4 right now that will be difficult for me but I can definitely say that it will be only higher than. It will be only higher than whatever we have given so far. Last con call we only gave a guidance that this would be the best quarter and therefore I was seeking more guidance here given that we could not meet those numbers. Second question is the deviation part, is it a error, clinical error at our part given that this is amount of 3 odd growth and should not happen in a company like ours when we are talking about so many things in corporate governance while we say that it is not substantial but such issues just raises a lot of lag. Honestly we were completely surprised when it came yesterday. Ashish, you want to take this off? Actually Hi, this is Ashish. This is regarding the general corporate purpose and as for the cbicdr, we have given the guidance also on that field before this call. This is as for the CV idea, general corporate protest is any excesses that is related to the business and they have not specified any particular hats on that part. So as per they they are. They were supposed to get the heads from our side so. But as for the sale there, they have not mentioned any expense related to the business is covered under the purpose that we have clarified to them also.
Ashish Agarwal — Analyst
Got it. Okay. Okay, thank you.
operator
Thank you. The next question is from the line of Hardik Gandhi from HPMG shares and securities. Please go ahead.
Hardik Gandhi — Analyst
Hello. So congratulations on a set of numbers. A little disappointed where we couldn’t meet our target with what we mentioned. But overall, keeping the past aside, let’s talk about the future. Right. So from the terms of deployment of the new capital, you mentioned that the inorganic growth which you’re targeting or planning in the next two quarters and other than that, what are the immediate steps which we are seeing from a company point that we can see to achieve in at least the Q4, Q1, Q2 it can be new customer additions, it can be monetization of our regtech products or anything just to help us understand where the growth will come from, how much it will contribute.
Just to answer on those ends.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Yeah, that would be great. Great. So I’ll take a focus time here. You know we are very positive and very confident in how this is turning out. Basically it has a tremendous cumulative impact on the overall business. Whatever we are doing right now, I will break it in multiple areas. One, when it comes to tsp, we are expecting multiple accounts in next six months, multiple new accounts. The funnel is very, very strong. And why this is because six months back we took the, you know, decision about breaking the entire TSP into small, mid, large size businesses or else we couldn’t have, you know, achieved multiple numbers with the same lens.
And that has helped. So we have two focused teams. One is purely on large accounts, second one is purely on mid to small accounts. You will start seeing the announcements very soon and you will see multiple announcements in Q4. So before we end the financial year there will be multiple news coming up. You should look up to that. Secondly, the business model which was, which was majorly licensed based. So there are few organizations which probably focuses on licensed approach. The second one is where they focus on the substitution approach. It is very difficult to marry both.
So we took almost a year after whatever happened last Q3. So we took a year but we were able to break it into two. And today we have a, we have a night cost weight hosted solution on which all of our products are live and we have started adding new customers to it. So we will start getting subscription based revenue coming through the hosted model as well. So now this will start coming in Q4 itself so we don’t have to wait for next six months. The execution is already aligned and we see these getting declared very soon.
So as and when the news will come in, you can start counting the accounts as well. In fact, I think last, I don’t know if it was submitted in nse we added three to four accounts already. Yeah. So second is our payment platform business. While we see that whatever we launched in paying for payment aggregators, we are now moving beyond payment aggregators as well. We are going to the merchant segment. We have redesigned the product there. Very soon we will announce a big deal there. Secondly, PPI, which is again on the issuing side, there’s a 10x growth in per transition revenue.
When we do that there also we not only launched the solution, we also got the first account. So that also will happen in Q4 Q1 itself. And then when it comes to lending platform as a service, we are in a very early stage discussion with some of the banks to launch this particular platform over the QR based solution which we have built for last two years. So that is another upward journey that we see coming in next six months. That’s on the payment platform. So tremendous line of revenue coming here. Third, when it comes to rectech, initially rectech was core to payment platform only.
But then when we started Presenting this solution as part of payment platform to multiple banks and multiple partners. There was a demand specifically for the rec tech solution only and then there was certain RFPs which have recently come which calls out the exact requirement of what we have built. That brought a lot of confidence in us to pull this out, create an enterprise version and launch a separate revenue stream altogether. So RedTech for sure will contribute a good amount of revenue in coming six months. So whatever I mentioned in last three, four minutes, these are all new streams of revenue adding to the organization.
Now I have not taken global whereas we are currently engaged with discussions almost around 10 to 11 countries now. These are all, you know, additional upward trends which we see for the organization. So that’s, that’s from you know, overall business understanding where we are right now.
Hardik Gandhi — Analyst
Right. Can I just to follow up on this just on the international business where see the last we spoke we discussed about grabbing the all the low hanging fruit and getting as much as in. In from the international standpoint because this, this is already established in India and this just needs to be replicated abroad. Right. So from that, from that perspective I’m pretty sure there must be other players as well. So I’m just thinking of what could go wrong because right now all we are seeing a lot of green shoots, right. And the last year something came out of nowhere and just ruined the whole, the whole game for us.
Right. So just thinking on the signal lines that what could go wrong in terms of competition, in terms of regulatory approvals or. I. I don’t know from your, from.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Your point last year, last year we were just growing in a single thread and that is the reason why everything that I’ve discussed are four to five different threads. Okay. And in fact the, the rectang solution was created based on our experience and today entire industry wants it. What I would say is that you know, whatever we have built as a funnel when we go test in the market, wherever there is a demand we see people taking it up and that we continue to invest wherever we see there is a challenge or it’s way too early.
I don’t want to name couple of them because it’s an industry product but it’s the two of them which did not have much demand. We invested but then we kept it on hold. Now although we have invested there but now that is on hold and we are not investing further. So such kind of maturity we can see right now in the organization while we just moved from SME board to main board. The kind of guidance, the kind of people who are now you know who are now taking decisions, getting added in the. In the profiles in the organization.
That is really helpful I believe.
operator
Sorry to interrupt you. Mr. Gandhi may be requested to please rejoin the queue. We have participants waiting for the turn.
Hardik Gandhi — Analyst
Sure, sure. I’ll just join. Thank you.
operator
Yeah, thanks. The next question is from the line of Saurabh Sandhwani from Sahasra Capital. Please go ahead.
Saurabh Sadhwani — Analyst
Hi Deepak. I just had two queries. One was could you, could you please describe the HSM contract that you have won? Who is the contract for and what, what kind of revenues are you expecting from it? Is it a subscription? Is it license?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
It is license based revenue with support per annum annual maintenance contract. This is. I think the queue is already there. So this is for NPCI basically. And what will happen is whenever there is an incremental orders it will only add to us. I mean it will only add to the revenue. Secondly, why this was significant is, is the requirement of HSM across BFSI and our experience in going to the central body, doing this, getting it executed.
So it gives us strength to get this into multiple banks and multiple regulated entities wherever the requirement is. So that’s the significance. So yeah, one time license and the annual maintenance contract. And this is the first kind of contract that you have won, right? This is the first time that everyone. Yeah, we initially did it with someone but that never worked. Almost three years back. But this is much stronger and larger. Okay, and our second thing was you said that the current split between license and SaaS is like 7 to 3, 70, 30. And you said that it would reverse for the next year from.
From the next year. How will that happen? So like I said, there was a contradiction in the question. License was. Whoever asked that question, we thought that license is one time and, and subscription is recurring but license also has recurring because it’s not just license. Along with that comes maintenance, manpower, change request, all of that. We are into end to end solution provisioning. So I gave the split contractually how it exists right now. So because we have, we now have an entry into mid to small size banks as well. So when you see contractually the number of banks in those areas are much larger in count versus the banks in large to mid size category.
So the demand for subscription based will be much higher compared to the license based. If these are like four, five deals a year, the other is like 50, 60 days a year. That’s why I said by the time we finish a year it will be completely the other side. We’ll have more contracts in subscription Versus the. Okay, and one last thing. On the prepaid instrument side, are you also going to acquire customers for this or are you only the technology platform provider? We have no intention to be on the B2C side. We are empowering our system and the issuance region which is sponsored, which is again powered by a bank to the ecosystem which is fintech, ERP aggregators, all of them.
What we did in upi, we want to do the same in PPI but on the issuing side. So right from card issuance to transaction processing capability, that will happen to us but this will not be, this will not be on license model. This will be purely on transaction model. Okay.
Saurabh Sadhwani — Analyst
All right. Thank you. Thank you people. Sure.
operator
Thank you. The next question is from the line of Akshay from AK Investment. Please go ahead sir.
Unidentified Participant
Actually all my answer questions has been answered. Thank you so much.
operator
Thank you. The next question is from the line of Sriram Anil Shah, an individual investor. Please go ahead. Hello sir.
Unidentified Participant
Congratulation on a good set of a number. Thank you. Despite environment in revenue and business fundamental, the market valuation has not reflected the same it. What key factor should long term investor track to gain confidence in future value creation?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
I think it’s just about bringing back the confidence. What has happened is, which is my honestly I may have a different set of analysis versus the others. The comparison between H1 to H1 was very, was not something which was comfortable at all from last year to this year. But now that you will see the numbers in Q3 and then the next quarter and then the next quarter you will see a complete upward trend and that is where all these statistics, all the numbers will fall in place.
So I believe that will bring a very, very strong confidence about the consistency. So our focus is how do we bring consistency and how do we bring more and more non linear opportunity in the organization. And that is the reason why we were able to, we have spread into global market as well and you know, multiple products in the same line of business. So I believe these are very strong fundamentals for any investor to bring back their confidence in, you know, in picking up whatever we have built so far. Okay sir, and second question is from management perspective what are the key business metrics or milestone that the market may be waiting for before fully reflecting the company performance, its valuation.
You keep tracking the kind of orders and the kind of, you know, new launches that you’re bringing in because everything will depend on the answer which I gave earlier was whether the organization is launching the product lines, whether the organization is picking up new Orders whether the organization is able to go global. So these are all set of questions. If you are able to see that regularly, I think you will get your, you know, trends. Okay sir.
Unidentified Participant
Thank you.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Thanks.
operator
Thank you. The next question is from the line of Nishant Joshi from Equisense Advisors. Please go ahead.
Nishant Joshi — Analyst
Only one query. How do you see Evok4Business evolving over next few quarters? And what type of partnership do we have with this Infinity Info Way limited. I just want to know how it. Can contribute in our top line over the coming quarters.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
So one of the ERP partner is Infinite Infoway. So just to give you an idea, all the education institutes, wherever they have the presence, we will be able to provide them a very strong prepaid story wherein all the expenses around the prepaid for these cash spend in these institutes will happen through our system. So that’s the overall collaboration. So with this we see a lot of growth around this segment plus the new verticals which we will launch. And as this multiplies then with the growth of the erp, we also see our growth and then multiplying this in the other areas, multiplying this with other partners as well.
So that is the overall growth strategy here. And like I said, I think when it comes to revenue because this issuance, I don’t think you know this will be anything less than you know, 8x to 9x versus what we have been generating in UPI. So that’s a very big revenue jump for ticket. So I just want to know the.
Nishant Joshi — Analyst
Timeline in which we foresee that it turns out to be big numbers.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Q1. I will target Q4 but we see that in Q1.
Nishant Joshi — Analyst
Okay. Okay, thank you.
operator
Thank you. The next question is from the line of Sajal Gupta from SC Securities. Please go ahead.
Unidentified Participant
Yes, good evening, Deepak. And a good set of numbers. And I just got logged out so I don’t know whether that question has been asked or not. But as I see now, the company is diversifying and entering into new areas like you know, Global is I think going to be a big sector for you going forward. Plus your expect and, and the number of banks which you have added now in the current year from what it was last year. So the revenue stream seems to be, you know, on an upward trajectory. Definitely. But as you said, I think I just got blocked out at the some generals and asking you on the revenue guidance which you said should be the same trajectory as it was for my last year.
So if I go on the last year numbers from 128 to 173. I think it was your top line which was 35% odd. Revenue jump is the same revenue jump which we see in the current year from the existing numbers. Or is it we wait for the. That is my question to you right now. Can we expect a 35% revenue jump from the last year numbers?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
See revenue jump will definitely be. I mean when, when he was actually calculating, he was, he was calculating at the. The quarter on quarter number. So what I was trying to say.
So. So the revenue jump will be year on year in a similar trend. What we have done so far, it will not be necessary. That is what I think. Okay. Okay. Okay. So basically what we have seen in March 24 to March 25, the same trajectory should follow for the current year. Also India following the same pattern. Yes. Okay. Okay. Absolutely. And. And how many banks have we added in this year as compared to what we were in last year? To be honest, we might have added Nothing less than 10 banks maybe so far. But we are at a very large stage of several deals right now.
So by this year end we may. We will definitely have much larger numbers in this growth factor which would be your biggest growth contributor to the company. Now which section of your product line will contribute maximum to the company? So I believe in terms of revenue, TSP will continue to add larger revenue share because that’s way too mature and that’s where multiple funnels have been created. And when it comes to DPAs, it will start contributing in a quarter or two. That also bring a lot of revenue there. Pay per use model around rectech also will start contributing numbers.
So I believe all of these will equally flow in three quarters. But right now CSC sees lot of business growth because it not only has license but also a subscription based model. And then at the same time TPAS has multiple revenue sources. So that will also, you know, add a good revenue growth. But when we compare the number, TSP will be number one, then TPAs and then Rectech. That’s how it will happen.
operator
Sorry to interrupt. May we request Mr. Gupta to please rejoin the queue? We have other participants waiting for the tone. Thank you. The next question is from the line of Shubham Thorat from Perpetual Capital Advisors. Please go ahead.
Shubham Thorat — Analyst
Hi. Thank you for the opportunity. Am I audible?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Yeah.
Shubham Thorat — Analyst
I’m a little new to the company so. Thank you. Bear with me. Firstly, I wanted to know if you could provide an update on the UPI volume trends and any comments on the direction there. Second part you mentioned that we have added around 10 banks in this year. So how do you expect it to contribute to the incremental volumes going forward?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
The UK trend is, you already know that we cross 20 billion transition barrier per month and it is only upward 21 billion and so on. So it’s not stopping anywhere. What’s important is to see what are the other channels where the interchange is higher and that is getting added in upi. So the number of mandates getting created in upi, that’s a meaty revenue source. Your credit card get issued and getting added in upi, that’s a meaty source. So that’s really strong. And recently when the budget came around, the 26, 27 budget and Indian government allocated 2000 crore to incentivize low value UPI and rupee card P2M transactions, that is also I would say a revenue source which actually takes away certain load on the cost.
So these are areas that gets attached to the overall, you know, revenue generation stream in UPI. So that’s one. Secondly when I say 10 banks I count these across my all products and you know, solutions. So there will be a bank which will add revenue in offline wherein every single offline solution will give me a monthly recurring income. Then there is a bank which is giving me monthly recurring revenue. Then there is a bank which gives me per transaction revenue. So all of that taken together ultimately adds to the overall C and L in either of the vertical.
So we have TSP within TSP, we have license in SaaS, we added account in both of these. We have Rectech deal going on right now. And when it comes to you know, sound boxes that is also where we have got a good deal that we tracked this year. So it will have a recurring as well as license impact.
Shubham Thorat — Analyst
Understood. My final question is you mentioned that we have a few products in the AI I think with leveraging the AI and that is expected to contribute into revenue. So could you please provide some more details on what are we looking to build exactly in that space?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
It’s a risk intelligence decision platform which is AI based. And this is two years of effort in building this particular solution. We have been able to arrive at a predictive fraud analytics. So this particular system will become a watch list for any fraud which may happen in future. And the accuracy for this particular system is way about 90% tremendous potential wherein every single institute, every single regulated entity, wherever there is a fraud possibility, they need AI based monitoring, they need AI based fraud prediction basis which they can control the losses, they can control the overall damage to the reputation.
That’s why this becomes a very, very Critical application in banks, aggregators and wherever there is financial transition. That’s the use case we are trying to solve.
operator
Thank you. The next question is from the line of Suman Kavatra from Texan Consultants. Please go ahead.
Unidentified Participant
Yeah, thanks. I’ve come again. You see, you have mentioned you have a very strong funnel in the next six months, one year. Can I assume you will keep on growing quarter on quarter for the next three years as you are growing in the initial years?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Yes, our aspiration is to grow even more than that. So like I said, there is all a cumulative impact. Someday all of these verticals, when it gives a very, very strong community impact for sure the trajectory will be much higher than what we were doing last one year or even more than that initially.
Right. Thanks. That’s all. Thanks.
operator
Thank you. The next question is from the line of Abhishek Kajal, an individual investor. Please go ahead.
Unidentified Participant
Congratulations on the great set of members. So I just have one question. Have you added any cooperative banks via corporations? Cosmos, like we had added Cosmos sometime back. Is there something happening there?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
We. I have already shared that we added two private sector bank and one small and one corporate bank. Okay, thank you. I’m actually joining it. So yeah, we’ll share the presentation and it is available in public forum.
Unidentified Participant
Okay, thank you so much.
operator
Okay, thank you. The next question is from the line of Nitin Guptan, individual investor. Please go ahead.
Nitin Guptan — Analyst
Thank you for the opportunity. Am I audible? Yeah, yeah. So how much was the spillover?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
If you can quantify that, it was in the range of almost about 10 plus.
Nitin Guptan — Analyst
Okay. And I think are we confident enough for hitting our all time high quarter. Or even crossing it in the Q4. Itself of the chip?
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
The trend for sure shows the same. Yeah, definitely do that. Yeah.
Nitin Guptan — Analyst
Okay, thanks for the confirmation. So rest of the questions have already been answered. So thank you.
operator
Thank you ladies and gentlemen. Due to time constraints, that was the last question for today. I would now like to hand the conference over to Mr. Hershel Vanseani for closing comments. Please go ahead. Your line is unmuted.
Harshil Ghanshyani — Analyst
Yes. Thank you everyone for joining the conference call of NPSC Limited. If you have any queries, you can write us@researchadvisors.com Once again, thank you everyone for joining the conference for.
operator
Thank you on behalf of Kirin Advisors Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.
Deepak Chand Thakur — Co-founder and Chairman and Managing Director
Thank you.