The call ran from 3:59 PM to 5:06 PM IST (1 h 7 min).

Key takeaways

Q2 revenue rose 47% to ₹2,879 Cr, but PAT grew only 6% to ₹71.7 Cr. Take rate fell about 4% QoQ, and H1 operating cash flow was -₹192 Cr.

Highlights
Revenue growth	Q2 revenue +47% YoY to ₹2,879 Cr; H1 +71% to ₹5,560 Cr.
Margins	Take rate down ~4% QoQ to 5.06 bps; EBITDA margin ~3.4% vs ~4.9%.
Demand visibility	TPV up 19% QoQ to ₹1.77 lakh Cr; UPI MDR timing uncertain.
Management confidence	Balanced to optimistic; admits Q2 shortfall, reiterates FY27 guidance.

Growth

Q2 revenue +47% YoY; operating EBITDA +3% to ₹98.9 Cr (~3.4% margin), with growth driven by volume and take-rate compression.

Outlook

FY27 revenue guidance of ₹11,000–13,000 Cr reiterated; H1 revenue ₹5,560 Cr; EPS guidance ₹8.75–9.50, H1 ~₹4.5.

Risks

Take rate down ~4% QoQ to 5.06 bps; H1 operating cash flow -₹192 Cr; management admits Q2 net revenue growth fell short.

Last quarter's promises, checked

Partly delivered

FY27 revenue ₹11,000–13,000 Cr → H1 ₹5,560 Cr, FY not yet reported (= PARTIAL)
FY27 EPS ₹8.75–9.50 → H1 ~₹4.5, FY not yet reported (= PARTIAL)

Missed

EBITDA guardrail ~15%, stated as a floor not a target → Q2 EBITDA ~3.4% of revenue, gross basis, basis unstated on call (= MISS)
Build out net take rates → take rate -4% QoQ to 5.06 bps (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 6:09 PM IST. Open it on ALFA Filings ›