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Key Conference Call Highlights

* Deep Global BFSI Expertise: With 30 years of expertise across 62 countries and 500+ clients, the company possesses a specialised domain depth which, it believes competitors cannot easily replicate

* Enterprise-Grade AI Accuracy: Management emphasised that standard LLMs often yield only ~76% accuracy, which is insufficient for core banking processes. Through its research, INDA claims to achieve 94-95% accuracy for production-grade enterprise AI

* Focus on eMACH.ai Monetisation: After a three-year phase of infrastructure creation, the company is entering a three-year monetisation phase for its eMACH.ai platform, which now features 700 microservices

* Deal Wins: Overall deal momentum remained steady, with 15 new deals signed, including 2 Destiny deals. For FY26, the company signed 59 new deals, including 21 Destiny deals. ARR crossed INR 12,470 Mn, up 11.5% QoQ and 43.3% YoY. The deal pipeline increased 18.2% YoY to INR 121 Bn

* Pricing: For AI platform deals (primarily Purple Fabric), pricing currently starts at USD 0.25-0.5 Mn, with a strategic goal to scale to up USD 3-5 Mn, similar to Salesforce's platform sales model

* Purple Fabric Emerging as a Differentiator: The Purple Fabric AI platform is now competing with Palantir Technologies in financial services, with AI revenue reaching INR 160 Cr and an order book exceeding USD 50 Mn

* Strong Leadership Across Banking Segments: The company holds leadership positions in wholesale banking (over INR1,500 Cr revenue), consumer banking (over INR 1,000 Cr) and wealth, capital markets, and insurance (over INR 500 Cr)

* Americas Becoming a Key Growth Driver: Following the Central 1 acquisition, the Americas now contribute 27% of revenue, reflecting successful geographic diversification

* AI-First Transformation Across Portfolio: Core banking, lending, and wealth management products are now positioned as AI-first offering, combining eMACH composability with Purple Fabric intelligence to drive scalable platform-led growth

* Strategic Shift Toward Subscription Revenue: The management's focus is on increasing subscription revenue due to its long-term nature, though it will not forgo license revenue from large customers

* Building a Strong IP Moat: The company is building an IP moat and has filed numerous patents (100 last year, 125 overall with 9 granted) to differentiate its innovation and prevent competitors from leveraging disruptive technology

* Opportunistic Acquisition Strategy: The company is open to low-cost acquisitions of companies with 30-year-old product sets so as to gain market access in Europe, the US or Australia, replacing its offering with the eMACH stack, similar to the Central 1 acquisition, rather than competing with the latest technologies

* Healthy Shareholder Returns: The board recommended a final dividend of INR 4 per share along with a special dividend of INR 3 per share

* Outlook on Margin: The management aims to maintain EBITDA margin (incl. other income) between 20% and 25%, noting that investments in sales or R&D capacity can cause temporary margin drops that typically recover in two quarters

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