{"id":182154,"date":"2026-04-30T07:47:28","date_gmt":"2026-04-30T11:47:28","guid":{"rendered":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-newgen-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-30T07:47:28","modified_gmt":"2026-04-30T11:47:28","slug":"newgen-software-technologies-limited-newgen-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-newgen-q4-2026-earnings-call-transcript\/","title":{"rendered":"Newgen Software Technologies Limited (NEWGEN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Newgen Software Technologies Limited (NSE: NEWGEN) Q4 2026 Earnings Call dated Apr. 30, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

T. S. Varadarajan<\/strong> \u2014 Founder and Whole-time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Seema Nair<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the New Gen Software Technologies Limited Q4FY26 earnings conference call hosted by ICICI Securities 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 Stars then zero on your touchtone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Seema Nair from ICICI Securities Ltd. Thank you. And over to you ma’. Am.<\/p>\n

Seema Nair<\/strong> \u2014 Analyst<\/em><\/p>\n

Hi, good evening and welcome to the Q4FY26 earnings call of Mugen Software Technology. It’s my pleasure to introduce the senior management team of Nugent. We have with us today Mr. T.S. Varadrazan, Full Time Director, Mr. Virender Jeet, Chief Executive Officer, Mr. Tarun Nandwani, Chief Operating Officer, Mr. Arun Gupta, Chief Financial Officer<\/p>\n

T. S. Varadarajan<\/strong> \u2014 Founder and Whole-time Director<\/em><\/p>\n

And Ms. Dipti Mehra Chud, Head of Investor Relations. I now hand over the call to Ms. Dipti for further proceedings. Thank you. And over to you Dipti.<\/p>\n

Seema Nair<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you so much Seema. Good afternoon everyone and welcome to the Q4FY26 results of the company. Before we move on to the discussion, let me highlight that this call may contain certain forward looking statements concerning Nugent’s future business prospects and profitability which are subject to a number of risks and uncertainties and the actual results could materially vary from the forward looking statements. Past performance may not be indicative of future performance. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect or update any forward looking statement made from time to time by or on behalf of the company.<\/p>\n

For further details you may please refer to the Investor Relations section of our website. I would now hand over to Mr. Varad Rajan for presentation of the results which will be followed by the Q and A by the management. Thank you.<\/p>\n

T. S. Varadarajan<\/strong> \u2014 Founder and Whole-time Director<\/em><\/p>\n

Good afternoon everyone and thank you for joining us today. We are pleased to report our results for full year and quarter four of FY26. In FY26 we recorded a revenue growth of 6% YoY to reach 1574 crores. Despite the uncertain market conditions, the quality of our revenue mix continues to improve materially driven by expansion in subscription based revenues. Our subscription revenue grew by 24% Yui to reach 525 crores. Specifically, the SaaS component grew by 36% worldwide. This provides us with significantly better visibility for future revenues in the form of increased deferred revenues.<\/p>\n

Our annuity revenues were at 968 crores comprising 62% of total revenues which is up from 56% in the FY25. This depicts a structurally positive transition to more predictable subscription led revenues that improve revenue visibility. Moving to geographic specific highlights Our business model continues to be well diversified across geographies with each geography meaningfully contributing to our growth. US Geography continue to grow record healthy transition and witnessed revenue growth of 17% yoy for the full year in Q4.<\/p>\n

Specifically US revenues were at 106 crores growing at 20% y. Our consistent wins during the year opened the door to broader regional adoption. APAC bureaucracy witnessed revenue growth of 14% y for the full year. India and EMEA continue to be the largest contributors to revenues. However, the large deal closures continue to be slower in these regions as customers take time to evaluate their technology strategies and due to the geopolitical uncertainty. India geography revenue growth has been muted due to low license revenues and customers holding off on making decisions particularly on large deals in the Emiag geography.<\/p>\n

Revenue growth of performance has faced headwinds by geopolitical uncertainty in the West Asia, especially towards the end of the financial year. This has led to delays in large deal closures. The collection from the region have also been slower on that account which has in turn affected the overall dso. Over the course of the year we added a total of 47 new customer logos. At the same time we deepened relationship with the existing clients. The number of Customers with billing over 5 crore grew from 87 in FY25 to 101 in FY26 reflecting strong valid share expansion.<\/p>\n

Our key wins particularly in this quarter include providing retail loan origination solution to a leading bank in Malaysia. The aggregate order value of RM 6.75 million entered into an agreement with a leading insurance company in Illinois US for policy binding solution with an order value of $1.6 million. Executed an agreement with a leading bank in Kuwait for corporate finance origination solution, retail finance origination solution and customer communication management system. The aggregate value of this order is $2.2 million.<\/p>\n

Supply, installation and implementation of the new Gen1 digital transformation platform for an insurance company in the Caribbean. Again the aggregate value is $1.5 million. Building a tax compliance system for a large and recruited government organization based in UA UAE. The aggregate value of the agreement is AED 5.3 million. Coming to our products, the NuGen1 platform continue to unify content, processes and communication into an orchestration layer where intelligence is embedded into how enterprises operate with the trust, governance and control building.<\/p>\n

Continuing with the focus on innovation, Nugent has filed five 12 patents during this year and has been granted two patents in the same period. Overall as of date we have 67 patent filings and 25 patent grants. Our NuGentone platform helps in creating a agent that leverage customer approved data to deliver explainable and evidence based model. These agents are safeguarded by the business rules and continuous monitoring to ensure reliable performance. By embedding agent AI directly into its low code fabric, Nugent One enables organizations to move beyond process execution toward autonomous policy safe decision making.<\/p>\n

During the year we have continued with our focus on selling higher journey led deal in banking and insurance, especially in the insurance vertical. We have successfully added customers for our policy administration system offerings especially in the mature markets. It gives us immense pride to share that for the second consecutive year Nugent has been certified as a great place to work. It reflects the strength, consistency and shared values of the culture we have built together. Our global workforce numbers approximately 4300 professionals.<\/p>\n

Throughout the year we have worked on our employee AI upskilling program to build and scale a cohort AI skilled talent within the organization. We have also added senior leadership talent to strengthen go to market corporate and innovation capabilities on profits and margin. Despite uncertainties, we have maintained our operational profitability through optimization in costs. Profit after tax for FY26 was rupees 301 crore impacted by exceptional item excluding one time statutory impact of new labor codes and provision for legal claim to the extent of 42 crores.<\/p>\n

If these exceptional items are excluded, the adjusted profit of the tax would have been 334 crores reflecting a good growth of 6% yoy instead of negative growth as reflected in the books of account which is incorporating exceptional items. The adjusted net margins are at 21.3%. We are accelerating AI led engineering, automation and operational efficiencies across our delivery and product teams. We continue to prudently invest in R and D and sales and market initiatives. During the year we have invested nearly 8.5% of our revenues on R and D initiatives and around 22% of revenues on the various sales and marketing activities.<\/p>\n

On the balance sheet front we witnessed robust cash flow generation with our net cash generated from operating activities for the year at 302 crores we have declared a dividend of rupees six per share. Q4 revenue was at 457 crores versus 430 crores in Q4FY25 which is up from up 5.3%. Y the Q4 SaaS component grew at 44%. Yui underscoring the momentum in our cloud and subscription based revenues. Our deal pipeline continues to remain strong. Our order bookings have scaled and deferred revenue streams have strengthened.<\/p>\n

All these are providing improved visibility into FY27. While we remain mindful of the broader market condition, we are confident in our ability to continue delivering value to our customers and shareholders. Thank you. And we are now open for Q and A.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Seema Nayak who from ICICI Securities Limited. Please go ahead.<\/p>\n

Seema Nair<\/strong><\/p>\n

Am I audible? Yes, yes<\/p>\n

Operator<\/strong><\/p>\n

Ma’. Am. Please go ahead.<\/p>\n

Seema Nair<\/strong><\/p>\n

Hi, thanks for taking my question. So apart from Middle east, are you seeing any broader weakness in BSSI demand and how is nbsp demand looking in India? And my second question is employee cost<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Is at a multi year low. So what exactly is driving that?<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you. Thank you for asking that. So you’re right. I think Middle east also we didn’t see too much of weakness but we saw disruption in terms of towards the more critical quarters of which are very important for our business towards the end of Q4. So that was a kind of a disruption. But on the business or funnel or in terms of building cases, I don’t see there is too much of disruption over a longer period of time. Still we continue that we see strong traction both in Saudi, Kuwait, UAE for our business on the India front.<\/p>\n

You know I think NBFCs we have, as we said rapidly as we have covered a lot of public sector banks and banks, the larger segment of NBFCs, we are doing a lot of work on that segment and that seems to be one of our growth drivers. Apart from seeing some challenges in areas of personal finance or something where there is kind of a slow movement. All other areas which are important in NBCs, we are seeing a growth out there. Having said that, in India we had a very Strong pipeline built over two years on account of large public sector deals.<\/p>\n

And we see there is still a challenge in terms of getting the larger deals out of the larger banks. But typically the momentum of business in terms of acquiring more logos or More deals in NBFCs, we are not seeing too much of a challenge. The other part of your question about the employee cost, I think there are a couple of things driving that overall I think there is an operational efficiency coming in as part of the scale. But also this year if you look at most of the revenue streams which have grown are not service related.<\/p>\n

So need of hiring more aggressively was not there. We also have started seeing the early advantages of getting AI based engineering practices built in our system. We had an optimization of roughly around 7% in our manpower numbers for the year and I think that trend I think may continue slowly for a few years. We continue still hire aggressively from campuses because we still need a lot of people to work on to support the growth. But as of now, both in terms of what you call slower demand in the implementation revenue stream as well as what the AI advantages are bringing onto the table are helping us optimize the employee cost.<\/p>\n

Yeah, thanks. And all of you, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Meat Virani from MNS Investments. Please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

All right, so I’m audible.<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, yeah.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay. So my first question on the side of large deal conversion as we have discussed in earlier conference that you mentioned earlier that delay in large deal conversion but Q4 we have seen strong revenue growth almost so can you help me to quantify how much of these growth was driven by conversion of earlier delay last week and whether these closure timelines have normalized or not?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yes, I’m not sure I got the but I’ll try to explain what I understood from the question is so the large deal conversions for last two years if you look at which have helped predominantly the license sale in our part of if you look at multiple segments of our revenue, our licenses for previous two years have grown at a compounded rate of more than 30 40% year on year. This year since we have not been able to get the deal momentum of large deals at the same size and especially which we are on the backdrop of larger deals coming in Indian public sector or some of the larger accounts in Saudi Arabia.<\/p>\n

Those things we are finding there is a slow take in terms of decision making process out there and there are multiple reasons about the decision making process. Some are to do with the challenges which are in the economy but also some are in terms of the uncertainty around the AI or taking more time to evaluate whether what people are buying as right value for the enterprise. So there is overall slowdown in terms of larger deal momentum across all businesses that we are seeing broadly. I don’t see, I don’t know exactly does it get completely settled.<\/p>\n

But what we have in our control is we have pivoted to getting into more mid sized deals and are trying to explain that. And you see as part of that this year I think our deal momentum has been good. In fact, between your new logos and existing logos we have got substantial amount of deals and they have added to large license but it has not been at the same rate. So does that answer your question or you have meant something else?<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yes, I got it.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, ladies and gentlemen, you may press Star and one to ask a question. Our next question comes from the line of rahul Jain of Dollar Capital. Please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yeah, okay.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Ra, before you go ahead, may I request you to use your handset please.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

I am on handset. Is this fine?<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yeah, yeah. Thanks for the opportunity. So I know so far what I could gather is that the challenge that we are seeing is mostly on the large deal sizes. But in the perspective of how we are seeing the market today in terms of deal sizes or in general spending behavior, how we plan to try to meet the objective on the growth side and what should be the aspiration for us with this kind of a macro that we are in for FY27 or maybe on a medium term basis, what should be the growth band that we should be operating at?<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you for the question. So yeah, I’ll just break it in couple of things. So one is in terms of looking at market today, I think there is an element of uncertainty in the various pockets of market. We are still not very sure about how Middle east is going to behave in the first quarter and second quarter. We are not. We are still unsure about some of the larger deals which have got pushed out, whether they are going to be decided. Having said that, the applicability of what we have in terms of product solutions technology is quite wide.<\/p>\n

We are continuously expanding new solution areas in existing verticals. We are also expanding into newer Geos and new markets which we have not. So we are slightly focusing on going wide this year. While we had challenges in India and Middle east on the revenue front, but we still had very substantial deals coming in those markets. But they didn’t match the license revenue of the last year. But overall if you look at deals, we almost did the same number of deals out there. In the meantime, we have also added a lot of customer bases in the newer markets.<\/p>\n

I think APAC has shown strong momentum. We have also opened markets in Australia and UK where more deals have come in. Most of these deals are subscription deals. So the revenues will start figuring in future quarters. So for us, we think we are very strongly believe in the kind of product innovation and the vertical journeys we have. We have a very, very wide market. Though we may have momentary challenges in one market that does not change the overall growth story of the country, our company. We are very hopeful that we should be able to push back our growth very fast.<\/p>\n

In the intermediate time. You may have a region or some other regions having challenges for a moment. But overall applicability of our products to wider market to total the growth of total addressable markets. We are also thinking that the whole AI is going to give us a next generation of push for enterprise content management. Our customer communication products, our insurance path systems have got early successes. We have got in that area. So we are, you know, if you ask, we are completely optimistic and hopeful.<\/p>\n

In this kind of an environment, projecting a number for next year may not be advisable. I think we’ll just wait for one or two quarters till we are getting a much more better interest of what’s happening in the market.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yes, thanks for the color. And I can understand we are in a very uncertain scenario. So it is very difficult. But we’ve been facing this challenge for a couple of quarters. So we have been working on this aspect that you know where the problems are, what could be the potential mitigation step and all that. So with that things keeping in mind, is it like at least a double digit growth is something we should be ensuring or do you think it is so tougher right now to give any ballpark number would be difficult.<\/p>\n

Seema Nair<\/strong><\/p>\n

So anytime we do any growth which is lesser than our historical growth, we are quite disappointed. So our plan never factor single digit growth or muted revenue. The other problem is, as you’re rightly pointing out, last three, four quarters. The way we see the problem is we had a very high license jerky revenue base in our revenue streams. Some of that has been already rationalized. The business in control, the deferred revenue and what we call the subscription base has grown up. So inherently the business has some amount of compounding of growth with even lesser challenges.<\/p>\n

This year we should be able to probably put up a growth number. I would try to hold my horses to claim what Is that number especially depending on what has happened just in the last quarter. We were even thinking of doing much better numbers last year. But I think the last one month surprised us. Depending on what in our major markets we could not just even move anything. So I think just give us one more quarter. I think by the end of the next quarter we should be able to have a much more clear picture.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yes, thank you so much. Just last bit on margin, if I could ask, since we are of the view that the growth could be the tricky and we’ll keep watching out on that front. So do you think this year we could see a little bit of optimization on margin or you think last year margin are the best indicator to see for this year?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah. So you’re right and I think last year you will see that there’s a lot of work which has happened on the margin front since the growth did not sustain but the margins were quite optimized and with the muted growth we are able to maintain margins generally we are always in the upfront investment zone. I think this year we are already at roughly around 21% net margins. I think these are quite healthy. I think we would like to still as a business focus on the top line and grow while being conscious about not going overboard on spend this year so that the margins don’t get any seriously impacted.<\/p>\n

So I would think our net picture at the end of the year may be similar, but it will entirely. So if we hit a growth which is in higher teens, we may have expansion of margin for that year. But if it is on a lower team, we may have. We should be maintaining similar margins.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Sure. And I would just request management to consider maybe buyback kind of an option given that the pricing has been very attractive. Generally the capital in the business requirement in the capital beyond working capital is very minimal. So a meaningful allocation. There could be a good opportunity for company to reduce the equity bill and help the investor to, you know, boost up the earnings. Thank you.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you. Thank you for the suggestion. We’ll surely take it to all things that will be.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Aditi from ICICI securities Ltd. Please go ahead.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you for taking my question. Congratulations on good execution. My first question is on the Middle east geography. So<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Are we seeing any delays in new deal closures due to ongoing conflict in Middle East?<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you. Yeah, absolutely. I think we had a serious impact last quarter and we hope what has happened is, you know, all turmoil after some time the business starts like in Covid. People work around that so we are seeing already that happening. Some amount of decision making movement is going to progress. Some amount of travel has still opened up though there are still lot of challenges. So there is an improvement. If it does not deteriorate, we should be able to solve some of those problems in Q1 and Q2.<\/p>\n

But if it deteriorates further, then it’s very uncertain to say what happens right now.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, got it. Can you give a color on how the order book has shaped up growth in order book for FY26?<\/p>\n

Seema Nair<\/strong><\/p>\n

Overall order book at the end of the year compared to last year has grown by around 13% 1 3. Okay, okay.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

And so out of this some part must have already been converted to revenue.<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, yeah. So we are saying, we are comparing Apple to Apple. So last year also some part would have been converted to revenue. This is the residual. At the end of the day, whatever we book for the whole year with us is whatever we look for this whole year, last year.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, got it, thank you. And my last question is on. We have seen a healthy growth momentum in APAC and us. Do you expect that momentum to continue based on the pipeline? Based on how your pipeline is shaping up?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, I think we’re optimistic about it. And though I think APAC is a smaller territory so it switches between high growth periods and lesser growth periods. US the growth is based on some lot of subscription deals acquired over multiple years. So there’s not too much of jerkiness. But yes, I think both of those have performed well for us in this uncertain time. We think that next year most of the GEO should perform for us.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, and what is working well for us in the us?<\/p>\n

Seema Nair<\/strong><\/p>\n

I think what we are seeing in the US there are two areas which we invested in. One is typically going to the larger accounts over last two, three years. So insurance has opened well in that space for us and we are doing lot of journey led cases in insurance. Also we got some very good wins in our ECM led banking cases. These are two things which are shown more positive results. And this I think also some of that has translated in the revenue in last two quarters which were even previously booked.<\/p>\n

And if we continue to book strong this year, we should be able to maintain the growth momentum. Okay, got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Shweta Jain from answer. Before you go ahead, a reminder to all the participants. You may press star and one to ask a question.<\/p>\n

Seema Nair<\/strong><\/p>\n

Hi sir. Yeah, thanks for giving this opportunity. So my first question was around the annuity reading. Would you be able to Give the breakup between SAS, ATS, AMC and support revenue for FY26. You said it’s 62%<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

But if you could break that down for me.<\/p>\n

Seema Nair<\/strong><\/p>\n

Okay, I won’t have that. It’s going to be too difficult mathematically. But we would send the data to you.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay. And Also sir, in Q4, you know what I understand this was 58% in Q4,<\/p>\n

Seema Nair<\/strong><\/p>\n

FY26, and in Q3 this was 62%. So you know, this has come off little bit this quarter. So just wanted some sense on you. How do you see this annuity revenue moving ahead in, you know, in next three, four quarters? Do you think this can again come up like just, just<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Your guidance over the annual revenue? How do you see this going ahead?<\/p>\n

Seema Nair<\/strong><\/p>\n

So Swetha, usually we tell investors to look at the annual numbers rather than look at the quarterly numbers of overall revenues compared to 56% last year. Because there are licenses in certain quarters which could lead to lowering the percentages of annuity. So I request that if you look at the overall annual numbers, that will be more meaningful. And out of the overall 52%, about 12% is Saskra, 21% is ABS, AMC and about 28% is support.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, understood. And also with respect to the India growth, you know, we’ve<\/p>\n

Seema Nair<\/strong><\/p>\n

Degrown<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

In past two quarters. So how do you see this growth coming back? You know, by then do we see this growth kind of, you know,<\/p>\n

Seema Nair<\/strong><\/p>\n

Or<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Maybe the degrowth stabilizing in India and how do we see the Indian market? For us,<\/p>\n

Seema Nair<\/strong><\/p>\n

I think one of the, if you look at overall the reason for degrowth is the sharp fall in the large license revenue.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

So in<\/p>\n

Seema Nair<\/strong><\/p>\n

India we like more than 20, 30% fall in the license revenue. And if you look at all other streams are growing organically for this year, we’re on a much smaller base of license revenue compared to last year. So in fact just maintaining the performance of last year will still reflect in the growth this year.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay,<\/p>\n

Seema Nair<\/strong><\/p>\n

So we do have that India should, I think the worst in India is over in terms of numbers and we should be able to bring in a growth year this year.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, understood. So and just one bookkeeping question, sir. Our trade receivables have increased compared to last year. So just wanted some sense from you, you know, how do we see this? You know,<\/p>\n

Seema Nair<\/strong><\/p>\n

So we have this problem in two dimensions. One is typically our ability to collect in EMEA over last one month has drastically affected the EMEA trade receivables. But also we have some challenges in APEC which are More operational. I think they should get stabilized again. I think this year we’ll take an aggressive target to reduce the trade receivable<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Aggressively<\/p>\n

Seema Nair<\/strong><\/p>\n

And try to come back to the normal track.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, but do we see any provisioning coming on account of these in coming quarters or like we are okay with it?<\/p>\n

Seema Nair<\/strong><\/p>\n

No, I think this is automatically factored in the ECL norms on that. But trade receivables, you know, will not have any direct correlation with provisioning. Provisioning will be built as per the ECL norms on that. Right now whatever has been is only a delayed in payments. There is nothing, nothing to have payments at risk.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Basically. I think when we are talking about ECL basically it is an estimated credit loss model basically based on last 12\/4 collection trend accordingly. We provide as per the accounting standard and we are continuously doing that. So that risk is kind of taken care in the books is concerned.<\/p>\n

Seema Nair<\/strong><\/p>\n

Okay, okay. And so just one last question. It’s more to do with the industry and then maybe you know, even to. To us with the whole AI thing is what I understand, you know, as the companies shift from effort based billing to the outcome based billing, you know that’s where the shift is going to happen. And interim period there will be impact somewhere in the revenues, in the margins and you know where the companies that shift will happen, you know the margin somewhere will stabilize say over a certain period of time, say eight or 12 quarters.<\/p>\n

So that’s where the industries will shift, the companies will shift. How do we see that happening for us with the whole AI thing? And you know, how does that shift happen for us and where do we you know, see see<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Us as, as the company and just just wanted some sense from you around this.<\/p>\n

Seema Nair<\/strong><\/p>\n

I think the challenge is, I think the conversation right now is going on two friends. One is about what is happening to the service industry and service pricing models. Our business is still decoupled from that, still in solution, solution and product based,<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Product based.<\/p>\n

Seema Nair<\/strong><\/p>\n

There are already multiple models of product pricing already factored in,<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Right? From consumption<\/p>\n

Seema Nair<\/strong><\/p>\n

To usage to any other model which is linked to the business. So there is going to be an evolution and also in product pricing. So that’s another challenge in terms of will it be more in. Because when AI becomes central to the use cases then AI based consumption has to be factored in the product based pricing. This is which all product companies are grappling with right now. We are also coming with more models working along with customers which are the more acceptable pricing which is more transparent to them.<\/p>\n

So our challenges will be more lying in the product pricing model that different than service pricing models. But your point is well taken and I think already a lot of work, a lot of work is happening along with. So what we work on is generally, you know, as we are operating out of multiple countries and I think customers also tend to define what are the most suitable pricing models in those jewels for those segments and verticals. So slightly we have a tendency to lag on pricing so that first is to solve the customer’s problem, then also to work out the right pricing model within so that it can be used out there.<\/p>\n

So I don’t, I don’t have a really a great technical answer for that, but I think I would go with my customers and work out a pricing model which will suit both us as well as the customers.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Right. Okay, sir, thank you. Thank you so much. I appreciate this.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Dixit Doshi with Whitestone Financial Advisors Private Limited. Please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yeah, thanks for the opportunity. So, couple of questions. I’m slightly new to the company, so one of the basic question I wanted to understand was so we have a in annuity revenue, we have a SaaS, ATS, AMC and a support. So where do you record this subscription revenue in this three segments?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, so Dixit, this is part of the SaaS where we recognize the subscription. So as you’re rightly saying that some of the customers take the whole SaaS service which we are providing as part of almost consumption and some only realize the license is part of SaaS as is typically subscription based licensing. So, so today SaaS has both subscription based licensing and the cloud revenue.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay. And some of the subscription revenue also recorded in any other segment,<\/p>\n

Seema Nair<\/strong><\/p>\n

One over one which is the ATS is typically the annuity fee on the license, which is a subscription based. But we call it typically at. The industry calls it ats, so we call it ats. It is typically having the same, same margin profile as license because there’s no service attached to it. But you know, and the support is typically more about extended ATSs where people are deployed for the customer and that’s how it’s treated as annuity.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay. And so just correct me if I’m wrong. So basically what in the previous let’s say when we do a license, so when, when we sold the license, the revenue is in the sale of product and during the implementation it is in the implementation segment and then the it is linked and then over the years we’ll get the ANC and support charges and if Somebody is not taking the license and going for a cloud or a SaaS Avenue. Then everything comes to the fest revenue. Is it right?<\/p>\n

Seema Nair<\/strong><\/p>\n

Perfect. The explained it better than I could.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, so AMC support and implementation is basically link with the growth in the one time license. And so let’s say over last one, over last one year our sale of license revenue slightly slow down. So do you expect the AMC support implementation also to slow down over medium term?<\/p>\n

Seema Nair<\/strong><\/p>\n

So this is what the issue is. Sale of license has got a subsequent sales of implementation. So more deals we do, more implementation we do. So there is a direct correlation between both sale of license or sale of subscription to implementation. But ATS has a more compounding effect which is a multi area effect. So ATS is not only about what you did that year, you also did last to last year.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

And<\/p>\n

Seema Nair<\/strong><\/p>\n

So either way it does not slow down it goes. It can go at a more accelerated pace or lesser pace because it’s always compounded. It is not<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Your<\/p>\n

Seema Nair<\/strong><\/p>\n

Observation about the two factors which is about the implementation partially linked license. Because if you don’t make more deals, you won’t have more implementation. But the ATS is big decoupled. And similarly support also is to do more with more customers go live, they end up consuming higher ATS and support.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

So I would call for<\/p>\n

Seema Nair<\/strong><\/p>\n

More direct correlation is with implementation and much lesser correlation with ATS and support.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, and ATS AMC and support is usually for how much tenure.<\/p>\n

Seema Nair<\/strong><\/p>\n

So generally lifetime for ATS is kind of an insurance over the license. Because in enterprises you don’t use unsupported versions.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, yes,<\/p>\n

Seema Nair<\/strong><\/p>\n

But support support varies. It can start small and grow bigger or sometime also it could have a fluctuation of lesser continuation or more adding more people.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, got it. And second question is. So usually in our previous calls we have mentioned that due to the closure of deals, typically our Q3 and Q4 more particularly is seasonally better in terms of revenue. But let’s say in future, over next two, three years, when your FAS revenue and AMC revenues become the most more bigger part of the revenue does this seasonality will come down or even those segments have a seasonality.<\/p>\n

Seema Nair<\/strong><\/p>\n

So see, naturally it should come down irrespective of what we do. Because as the annuity keeps on compounding, the seasonality falls. The last three years it has still come down, but has not come down at the pace we expected. Because lot of last three year growth was based on the license growth, sale of license growth. So the compounding which happened in terms of annual fees and downstream revenues were not at the same pace as the license group. So if the license growth is muted compared to subscription growth, then this will happen faster.<\/p>\n

Otherwise it will happen at a slower rate. Either way, it’s happening because, you know, we are now reached a 62% kind of annual fee. It can reach all the way up to 75, 80% of the annual revenues.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, okay. And one last question. So I do understand it slightly less, but you know, there are a lot of talks about the Claude mitos and it’s mainly for the banks and we do a large business with the banks. So if you can help us understand whether it will. It can impact us or it can benefit us because it’s. We will have to check the, you know, the vulnerabilities of all our software. And also if you can just help us understand something over there,<\/p>\n

Seema Nair<\/strong><\/p>\n

See the impact of MISOs in terms of vulnerabilities and you know, when it’s going to be available to the rest of the world for really solving those vulnerabilities is a different question. But what’s happening? Clearly there is a huge interest across all our existing customer implementations to invest more aggressively in securing the systems. All these initiatives right now are not being talked in the business language in terms of orders. This is more about supporting each and making sure that things don’t go wrong.<\/p>\n

But you’re right, I do anticipate that downstream it will, you know, accelerate the process of upgrading systems. It will accelerate the process of modernizing applications so that the risk you eliminate, which should impact in terms of our downstream revenues coming from accounts. But right now it is more about, you know, in a firefighting mode, helping our customers and making sure that the maximum number of risks are eliminated.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, understood. Thank you. That’s it for myself.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, a reminder to all the participants, you may press star N1 to ask a question. The next question comes from me with MNS Investments. Please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

All right, so coming back. So am I audible? Yeah. All right. Yes,<\/p>\n

Operator<\/strong><\/p>\n

Sir.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

All right, so the company have a strong cash generation. And how are you planning to use the for business expansion or especially in areas like SaaS AI audio market? Can you elaborate on it?<\/p>\n

Seema Nair<\/strong><\/p>\n

So I think the purpose of the company so far is to make sure that we are able to accelerate growth. So all the cash expansion or whatever is needed typically will help us either to organically grow or inorganically grow. So the whole aim right now is to make sure that the growth acceleration happens out there.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

All right, so any plan we have for inorganic growth Apart from our business.<\/p>\n

Seema Nair<\/strong><\/p>\n

Yes, we are looking at multiple options typically to make sure that go to markets can be accelerated in mature markets and also in certain, certain areas of product, complementary technologies in various areas. But nothing is right in the stage which is more final and concrete. And once if you have things like that, we’ll surely come and communicate back.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

All right,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, you may press Star and one to ask a question. Ladies and gentlemen, if you wish to ask a question, please press star and 1. Our next question comes from the line of Jalaj from prescient. Please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Hello.<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah,<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Thanks for the opportunity. So I had a few sets of questions. So my first question was with regards to the license, as we see the discussions with the clients and the pipeline, the order book, should we believe that we have reached to a tough in terms of the bottom in terms of the license revenue and incrementally we should have growth from here? Or we still believe that because the Middle east and the demand in India is still to pick up or the newer NBS and banks have to come up with new deals.<\/p>\n

So it will take longer time.<\/p>\n

Seema Nair<\/strong><\/p>\n

So what I will say what is going to happen that if the business starts behaving better in India and Middle east we have used. We can agree that we have reached the bottom of the license and we should be able to do better. But if the business momentum or growth starts coming more from more mature markets, then we’ll still sell more licenses. But they may be in the form of subscription or SaaS based revenues. So it depends on what Jio start performing. But overall, if you look at addition of the SaaS and license in all years, we’ll end up growing.<\/p>\n

That’s the whole idea. Because we always end up making more deals than what we did last year. So some of the composition of those deals change and they may not reflect in the same year. So I’m hoping this year also looking at both what we sell in license and what we sell as subscription licenses, we should be able to do better than any previous year.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Got it. But as we see the discussions with clients, has there been any sensible change in the momentum or discussions as we stand today? If you were to compare it a quarter back or two quarters back,<\/p>\n

Seema Nair<\/strong><\/p>\n

Not much. I wouldn’t say like that. I see. I think the industries we are working in are always very hungry for modernization or transformation of their businesses. It’s only that when the, you know what you call when the or work about taking decisions about those deals, those we think that is Getting more impacted. The conversations are always in the market, the interest is always in the market. Sometimes just that final go ahead takes more time or there’s more challenges within the enterprise to go ahead with at that time.<\/p>\n

So those are more challenges. I don’t see any difference in the client conversation happening as of today about changing priorities or reducing their spend on it or something.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Got it, got it. That exchange rate. And sir, my second question was with regards to the margins and specifically on the people costs. So we see that on a year, on year basis the people cost has been flattish. So is it largely explained by the productivity, AI related productivity or partially. Have you alluded to the lower license leading to a lower implementation headcount or implementation requirement? Is that being driven by that? And maybe a headcount comparison on YOY would help us to substantiate that.<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, so we have roughly around 6% reduction in headcount Y and Y and that’s an organic reduction. While we have in all our years added around 400 campuses people in this year we’re going ahead with adding three to 400 campus people. But most, as I rightly said, you know, we have. There is a transformation happening in the engineering processes and there are benefits about AI which are coming and creeping into the system that should help us to keep on improving margins and delivering faster. So you will see some amount of efficiency on that front also coming in this year.<\/p>\n

And we have invested very aggressively on the AI. Today almost 80% of all our people have access to all kind of technologies and AI agents so that they can work on that. And the whole process of engineering is getting transformed slowly. And I do think those benefits will keep on continuing for a few more years as the full transformation and full advantage of that transformation comes.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Got it, Got it. And sir, my last question would be the client discussions which you are having for let’s assume a relatively matured client in banking because of AI disruption as such are the decision making getting delayed per se because they are not themselves sure of the what sort of architecture would it be? Because every now and then new models are coming and some of the new introduction is happening. So is it partially or you’re seeing the discussions getting postponed because of that.<\/p>\n

Seema Nair<\/strong><\/p>\n

So what is happening? That we deal skills a lot with businesses across all places in our customer segments. Businesses are still focused on their business outcomes and they are expecting AI as one of the enablers to provide better value in that. So all the use cases you are selling today have a strong component of AI helping the customer in achieving their business goals. The problems we are talking about cases which have started in isolation, AI projects and AI POCs which have been completed over two years but don’t know what next to do on that.<\/p>\n

Those are some of the things which are creating disruptions about such AI led cases. Typically if you look at core business cases about modernization, digital lending, account organizations, the problem is not about AI out there. The problem is how can you use AI to provide better advantage, better behavior in those systems. So those are still being considered and AI evaluations are becoming important part and integral part of evaluating those systems.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Understood? Understood. That makes. Thank you Mr.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all participants, you may press star and one to ask question. The next question comes from Raja Kumar Vaidyanathan from RK Investments. Please go ahead. But may I request that you use your handset so your audio is slightly more filtered. Sir?<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yeah, can you hear me now?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. This is better. Thank you. Yeah,<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Thanks for the opportunity. The first question is on the license model. You know as we know that the Genii agents are now kind of performing some discrete business tasks autonomously in any of the businesses. So I just want to know are we new gen is moving out from perfect license to the agentic work unit pricing model?<\/p>\n

Seema Nair<\/strong><\/p>\n

I think you know this is what there is a discourse happening globally that also has companies are facing a challenge and all software licenses have to have a consumption based pricing. We are working as I think if you have in the call previously we spoke in detail about this. So what’s happening in enterprises? We are keeping our pricing models close to the business outcomes which we deliver. And now what’s happening a lot of there’s an agency or what you call the token cost coming to all business use cases and we are trying to price that as part of that this we are working in closely with customers to evolve what is the right pricing model.<\/p>\n

So it’s not. So we assume that the company determines pricing model. It’s also the buyer who is buying them. It should be transparent. So right now this is a conversation going on. I think you will get better answers about this maybe in six, seven, eight months down the line when more, more transformation would happen. Till that time we are working with our clients to come up with the most right pricing which is AI agents plus tokens plus our business value and then how we package it together.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay so but as of now it’s in the headwind for us.<\/p>\n

Seema Nair<\/strong><\/p>\n

No, no, I think pricing is the least amount of advantage. I think the headwinds are around more about decision Making what’s happening in markets about economic per mile. So those are price pricing is not.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, okay, got it. Yeah. So the next question is a housekeeping question. So I see your deferred revenue has gone up from almost 220, 220 to almost 300 crores this quarter. So what is driving that? Because generally deferred revenue will be your subscription or AMC revenue. So that should be backed up by license.<\/p>\n

Seema Nair<\/strong><\/p>\n

Exactly. So basically the more of the Skype spike which has come in has come in the revenue streams which are slightly in terms of back ended, they are not realized upfront. So any orders which have come as part of subscription license sale head to the deferred level. Any large ATS renewal contracts which have come in of licenses sold over previous years have added to the deferred revenue. So which gives us a better insight going into the next year. So. So all deferred revenue is not an outcome of a license revenue.<\/p>\n

So deferred revenues are also coming part of renewal agreements and ATS and of sale of subscription or cloud based licenses.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay. But there is a substantial jump. So what is causing the jump?<\/p>\n

Seema Nair<\/strong><\/p>\n

It is the growth in business in growth in business in Australia, growth in business in UK and US because out there the growth is also reflected in the deferred more of growth in deferred revenue.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, okay, got it. Like<\/p>\n

Seema Nair<\/strong><\/p>\n

India and Middle east are predominantly licensed based businesses. So they don’t contribute to the deferred revenue. But all other markets contribute to the referral.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, got it. And just continuing on that agency model. So just want to know what kind of mode Unusion has because now with all these open source agents, you know they can build the company, can build their own basic workforce. Right. So. So what do you think is the most medium hacks in the new AI world?<\/p>\n

Seema Nair<\/strong><\/p>\n

I think you can go to our website also in that. So what? What Basically if you look at what at the core what Nugent does is we have got broadly three platforms but predominantly two are the most relevant ones. We are an enterprise store for content. So one, we are looking at the whole interest in AI and using enterprise knowledge along with agents and LLMs. You need a very strong records management, content management governance process and also an extension of this content management into getting the rags implemented, getting knowledge graphs implemented, super server product out there which really helps customers to go and implement LLMs.<\/p>\n

The second part of our product is where we do the journeys journey orchestration. So we are today orchestrating between current core systems, business services and enterprise workflows. So what’s happening with AgentIQ. AgentIQ is helping customer into automate further workflows or automatic human activities. So we are still looking at ourselves as an orchestration platform which orchestrates between systems of records, agents, non human entities and existing business processes. So a lot of industries which we are dealing with are regulated industries.<\/p>\n

So you can’t let an agent lose to reject the loan or approve a loan. So you still need flexibility, you need in terms of transparency in decision making tie up with the core system. You need to talk to hundreds of government services. So we are the ones who do that even for the digital journeys. So we are excited. We are coming with a product roadmap about really where a customer does not have to really go out. Right from agent builders to orchestration of agency’s workflow, whether it’s deterministic or non deterministic we are having products for that.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay,<\/p>\n

Seema Nair<\/strong><\/p>\n

So in short this AI is not a kind of a headwind. No, no. I think at least I. I think this is, I think lot is being talked about that AI is the only tool now with the industry will book. That’s not the challenge. We are looking at AI as an opportunity to accelerate growth.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, got it sir, thank you so much. All the best.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, our last question for the day comes from the line of Sumuk from Corman Capital. Please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Hi team. Am I audible?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Yeah, so I’m not sure if this question is already answered but my question is. So did you see any revenue deflationary impact of some AI like clients asking you to pass on the productivity that you’re getting from AI and also like what part of your business is coming from the discretionary it spends. If you want to categorize it that way. Just trying to understand like if the budget tightens right at the client and so what part of your revenue is at risk from that point of view?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, I think what’s going to happen since globally enterprises have to invest aggressively in AI so some amount of budget has to come from run the business or business as usual. So there is going to be some pressure across the globe in terms of optimizing some services which are running as is. So we are still into a product solution based. So our streams like license sales, subscription sale, ATS have very little impact. Similarly implementations are negotiated for a short period of time. They have impact.<\/p>\n

So our streams like what are typically renewals in support or ATS since we are not really into large projects like we don’t have hundreds of people Working anywhere. We have very technical teams to solve critical business problems. So we may see some amount of pressure coming in those areas. But as of now, we are not estimating more than 2,3% impact on these two revenue streams for this year in that area.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, so these streams contribute. How much do your revenue, sir, and where do you see these two streams contribute?<\/p>\n

Seema Nair<\/strong><\/p>\n

Up to around 40% of our revenue.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

So this 40%, sorry, 2, 3% discretion is on this. 40%?<\/p>\n

Seema Nair<\/strong><\/p>\n

Yeah, I think it’s difficult to estimate, but this is what we are factoring right now, depending on what conversation going on. But at the end of the day here, you may see that these streams have grown further because we are still selling to newer customers and doing new projects.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

Okay, and so where don’t you see AI impact at all in your service?<\/p>\n

Seema Nair<\/strong><\/p>\n

No, I think AI impact is in all areas of businesses. But I’m saying some impacts are positive. Some impacts are about change of how we are doing job and some impacts are optimization of costs which in some areas which were sold at cost X may be on a now a delta reduced cost of that X, but collectively we look it as a net positive for the company.<\/p>\n

T. S. Varadarajan<\/strong><\/p>\n

That was my question. So thank you.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. That was the last question for today. I now hand the conference over to Ms. Dipti, head of investor relations for closing comments.<\/p>\n

Seema Nair<\/strong><\/p>\n

Thank you so much for your participation, everyone. For any further queries, you can connect with me or go to the website of the company. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of ICICI securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Newgen Software Technologies Limited (NSE: NEWGEN) Q4 2026 Earnings Call dated Apr. 30, 2026 Corporate Participants: T. S. Varadarajan \u2014 Founder and Whole-time Director Analysts: Seema Nair \u2014 Analyst Presentation: Operator Ladies and gentlemen, good […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128927,"url":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182154,"position":0},"title":"Newgen Software Technologies Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 5, 2022","format":false,"excerpt":"https:\/\/youtu.be\/KGCQVEOvYGQ Key highlights from Newgen Software Technologies Limited (NEWGEN) Q4 FY22 Earnings Concall Management Update: NEWGEN said that of the 530-odd customers, 38 customers witnessed billing of over INR5 crores in FY22 compared to 26 customers in FY21. Q&A Highlights: Sarang Sanil from RW Investment asked about the GSI percentage\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":138726,"url":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":182154,"position":1},"title":"Newgen Software Technologies Limited Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"January 18, 2023","format":false,"excerpt":"Key highlights from Newgen Software Technologies Limited (NEWGEN) Q3 FY23 Earnings Concall Management Update: [00:03:37] NEWGEN said it is seeing increased adoption of subscription based business model, with the company\u2019s overall subscription revenue growing 37% YoY. [00:09:44] The company said that FY23 is marked by the continuing impact of elevated\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":131560,"url":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":182154,"position":2},"title":"Newgen Software Technologies Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"July 22, 2022","format":false,"excerpt":"https:\/\/youtu.be\/le4H1ngVL68 Key highlights from Newgen Software Technologies Limited (NEWGEN) Q1 FY23 Earnings Concall Management Update: NEWGEN said it is increasingly seeing growth in cloud subscription business which grew by 33%. Cloud and subscription revenue put together have now reached 38% of total revenue. This shift, the company said, is expected\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":126436,"url":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-q3-fy22-earnings-conference-call-summary\/","url_meta":{"origin":182154,"position":3},"title":"Newgen Software Technologies Limited Q3 FY22 Earnings Conference Call Summary","author":"Praveen","date":"January 19, 2022","format":false,"excerpt":"https:\/\/www.youtube.com\/watch?v=lMWFAFWJzS0 Key highlights from Newgen Software Technologies Limited (NEWGEN) Q3 FY22 Earnings Concall Management Update: NEWGEN commented that it saw acceleration in business from existing customers and healthy operating margins. The company\u2019s subscription revenue continues to be the strongest component, seeing 20% growth YoY. Q&A Highlights: Analyst Dipesh Mehta asked\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":154984,"url":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-q2-fy24-earnings-conference-call-insights\/","url_meta":{"origin":182154,"position":4},"title":"Newgen Software Technologies Limited Q2 FY24 Earnings Conference Call Insights","author":"Praveen","date":"October 17, 2023","format":false,"excerpt":"Key highlights from Newgen Software Technologies Limited (NEWGEN) Q2 FY24 Earnings Concall Revenue Growth Across Geographies Newgen witnessed robust 30% YoY revenue growth to INR293 crores in Q2 FY24. Strong growth seen in India region with 38% YoY growth; significant orders from public and private banks. EMEA region grew 34%\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":157776,"url":"https:\/\/alphastreet.com\/india\/newgen-software-technologies-limited-q3-fy24-earnings-conference-call-insights\/","url_meta":{"origin":182154,"position":5},"title":"Newgen Software Technologies Limited Q3 FY24 Earnings Conference Call Insights","author":"Praveen","date":"January 17, 2024","format":false,"excerpt":"Key highlights from Newgen Software Technologies Limited (NEWGEN) Q3 FY24 Earnings Concall Financial Performance Revenue at INR 324 crores, up 27% year-over-year. Profit after tax at INR 68 crores, up 45%. Healthy growth across geographies like India, EMEA, APAC, Americas. Annuity revenues comprise 59% of total at INR 191 crores.\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182154"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}