Questions across 36 calls

Amit Chandra

HDFC Securities

Tata Elxsi Limited

Tata Elxsi Limited · 2026-07-14

Yes, thanks for the opportunity. So my question is on the increased investments that we have been doing. So if you can elaborate a bit more on what are the investments around? So these are mostly like platform inves tments or you're spending more on R&D or is it more related to client-specific engagements that we have? As you said, we are investing more in subcontracting, investing more in onsite and is it fair to say that the new deals that we are taking, they are like initially low margin deals?

Okay. And in the transportation vertical, obviously OEM is now 78% of the automotive revenue. So like within the OEM bucket, how are you seeing the top client and the non-top client moving? And also if you're seeing some softness in some of the OEM accounts, especially what is happening in the European region? So if you can provide the commentary on what is happening with the OEMs?

Tata Elxsi Limited CC-Jul26.pdf · 2026-07-14

Yes, thanks for the opportunity. So my question is on the increased investments that we have been doing. So if you can elaborate a bit more on what are the investments around? So these are mostly like platform inves tments or you're spending more on R&D or is it more related to client-specific engagements that we have? As you said, we are investing more in subcontracting, investing more in onsite and is it fair to say that the new deals that we are taking, they are like initially low margin deals?

Okay. And in the transportation vertical, obviously OEM is now 78% of the automotive revenue. So like within the OEM bucket, how are you seeing the top client and the non-top client moving? And also if you're seeing some softness in some of the OEM accounts, especially what is happening in the European region? So if you can provide the commentary on what is happening with the OEMs?

Tata Elxsi Limited CC-Apr26.pdf · 2026-04-21

Hi, thanks for the opportunity. My question is on the transportation vertical. Obviously, we have seen a good recovery there. And now it's stabilized also. And you mentioned in the PPT that 77% is from the OEMs. So, if you can share some more light in terms of how the Tier 1 portfolio has been doing and how most of the recovery is from the OEM portfolio, and how the Tier 1 portfolio has stabilized. And also, in terms of the overall spending or the recovery that we have seen from transportation, is it only from the top client recovery and the ramp-up of deals that we have won, or is it higher spending across the OEMs, both in the US and the European geography? So how is the mix, and what is the confidence that we move to a double -digit growth there in the transportation vertical?

Okay. And as you mentioned from the AI side that the adoption of AI, especially in transportation OEMs, is less versus the other verticals, but are we also seeing -- in terms of the impact of renewals when the contracts come for renewals -- AI-led deflationary impact or higher discounts that the OEM clients are asking in terms of the AI benefits? Or obviously in terms of the higher spend related to AI, it's not seen, but are we seeing the impact on the cost side or in terms of higher discounts in terms of renewals?

Tata Elxsi Limited CC-Jan26.pdf · 2026-01-13

Yes sir, thanks for the opportunity. So my question is on the transportation vertical. Obviously, we have seen very healthy recovery. But in this recovery, have all the deals that we have won fully ramped up? Or we can see some there more ramp-up in the coming quarters? And also in terms of the top OEMs in the Europe and the U.S. region, how are you seeing the spending patterns in terms of recovery, in terms of their discretionary spends and in terms of decision-making? And if you can provide some colour on that, how this has changed from maybe a quarter back?

In terms of the OEM commentaries and the spend s in these specific areas, and in terms of the decision-making how are you seeing in this quarter versus what it has been 6 months back?

Sonata Software Limited

Sonata Software Limited CC-May26.pdf · 2026-05-11

Sir thanks for the opportunity. So my first question is in the continuation of what the earlier participant asked. So last year, last few quarters, there were few client -specific issues, specifically in the retail, also in healthcare and largely in the BFSI vertical that we are facing that impacted the growth. For the full year, FY2026, BFSI was the vertical which had the maximum damage and we have seen some stability there. So, if you can elaborate more on how we are planning to scale up the BFSI and also you mentioned about the sub verticals within BFSI. So, which subverticals are we focusing and we also had some tail winds in the BFSI vertical. So, how to look at the growth coming back in the BFSI and is it also coming from existing clients or we are hunting for new clients in the vertical?

Sir we have seen TMT coming back in this quarter and obviously it has been the strength of Sonata. How are we seeing this spending from the topline there? if you can give some picture in the sense that, how do you see spending coming back there or the AI led benefits that, all the pass through is now behind or we can see, some increased spends or some increased engagement with the top client in the TMT vertical?

Sonata Software Limited CC-Feb26.pdf · 2026-02-06

Sir, thanks for the opportunity. Sir my question is on the continuation and clarification on the retail softness in specific clients that you said. In BFSI, we saw that one specific client issue impacted our revenues heavily in terms of if I see YoY, it is a 60% decline, 15 million kind of a drop from a single client. So is it fair to assume that all the decline is from a single client or is it we are seeing in a specific-like BSFI, is it other clients also where we saw this?

Yes, thanks for the opportunity. I do not know if you have heard my last question, but just some clarification on the retail manufacturing vertical. Obviously, you mentioned that we have seen a ramp up of some deals there and obviously, you have absorbed the impact of the ramp down in one of the clients there. So if you can just assure us that the ramp down there will be not as severe as what we saw in the BFSI because in BFSI the ramp down has been very severe and there has been no huge reliance on like one c lient. So in terms of concentration, how the concentration is there in the retail vertical? So that is the first question and secondly, in terms of the utilization, obviously, we have scale up the margins we have off shored, and we are running at almost like, like peak numbers in terms of utilizations. So what is the view there, in terms of, able to operate at such high utilization levels? What is the view there?

Sonata Software Limited CC-Jun25.pdf · 2025-07-30

Yes. Thanks for the opportunity. So, my question is on continuation to the TMT vertical. So, is it right to assume that most of the incremental revenue that we are seeing on the TMT is coming from the large deal ramp-up? And if I see Dynamics that has been on a declining phase and about X of the large deal, and obviously the TMT vertical. And also, in terms of the deals that we have announced, if I see the TCV number that we report the book -to-bill, that is indicating a flat Y - o-Y kind of a TCV number. So, how to read that? So, this is the first question.

Okay. And sir, secondly, on the BFSI vertical, obviously, you said that there is a specific client issue and headwind there. But if I see the last 2 quarters, the BFSI revenue is down by around 35%, 36%. And also you mentioned that I assume that this client is from the Quant acquisition. And in terms of the renewed earnout deal that we had with Quant, that assumes that the Quant targets are being met. So, how to read this? On one side, the top client for Quant is declining ; and on one side, we are renewing the earnouts target for Quant if you can explain that.

Sonata Software Limited CC-Mar25.pdf · 2025-05-07

So, my first question is on the large deal win that you had. So, if you can provide some more color in terms of the client from which we have won this deal. It's a net new spend for that client. And also, is there any rebadging element involved in this deal? Also, can we see some margin impact associated with a typical large deal? Because in other large deals also, we had some margin impact or initial investment that actually goes into. So, how to read the margins in conjunction with the ramp -up of this deal? And also, you can comment in terms of the pipeline. Are we having such large deals in the pipeline? And how is the pipeline looking?

Yes. And then my second question is on the ram -down that we had with the top client. So whether the ram -down was more broad -based or it was with a specific program that had an impact? And in terms of the recovery that we are anticipating in this large client, so is it based on the confidence that we have some new er engagements or we are working on certain n ewer projects with that client or is it just an assumption that the worst is over and maybe it will recover from here?

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-May26.pdf · 2026-05-11

My first question is on the increase in the UCC that we have seen. So, for the full year, it's up by 64% and very heartening to see this. But obviously, it is because of onboarding of some of the discount brokers, non -discount brokers. So, is it fair to assume that the increase in the UCC is in the base o r we can see furthermore participation in term s of more retail clients coming and trading on to the commodities because in terms of number of people trading, we are at 35% of what it is there in equities. So… and what is driving such a steep expansion in terms of the people who are trading on the commodities? Is it only the volatility or you see some active participation across -- or it is more like broad-based?

Okay. And ma'am, my second question is in terms of the product pipeline. Obviously, you have mentioned last time also that we are -- we will be launching some of the metal contracts. So, where we are in terms of the launch of some new products, which can further diversify our volume contribution? Plus, in terms of the index options scaling up, is it only the FPIs not being allowed into non - cash settled commodities-- is the only bottleneck there or is there some other things which is stopping the index options to scale up? And secondly, there was an article in the newspapers, which talked about some weekly contracts also being considered in the index side. Like , wanted your views on that?

Multi Commodity Exchange of India Limited CC-Feb26.pdf · 2026-01-27

Very strong numbers, ma'am and congratulations to the whole team for this. My first question is on the volume uptick that we have seen. So obviously, every month, we are seeing a new high. And obviously, in terms of the mix also, it has been fairly distributed wherein both the energy contracts, and the bullion contracts are contributing. But from here on, we also mentioned that we're also focusing on the metals contract as well because as we see some decline in the volatility, we want the portfolio to be more diversified. Obviously, it has been, but the strategy in terms of increasing volumes on the metals contract. So, what's the update there? And also, in terms of the indices and the index options, we have launched, but we are seeing very, very minimal traction there. Obviously, we had some challenges there in terms of participation. But any update there where we are in terms of the index option side?

Okay. And ma'am, on the question of the participation in terms of the credit UCCs that we have seen a very sharp increase. Obviously, this is because of onboarding of new members. But in this quarter, we have seen the full 3 - month impact of the new member, which has been added. And also, in terms of the overall TAM because if you see on the other exchanges, equity exchanges, this number is almost 5x higher in terms of the people who are trading on options. So how do we see this? And also, in terms of the newer people who are coming and trading on MCX, these are mostly retail HNIs. Any like profiling if you can share? Because in terms of the mix, we are not seeing the FPI or the institutional participation increasing, only the client and th e others. So, the mix has been fairly stable. So, is it only because of the volatility these people have come in and traded? And how do you see the stickiness of these people in the longer term?

Multi Commodity Exchange of India Limited CC-Nov25.pdf · 2025-11-07

My first question is on the rise that we have seen in the Bullion options. This rise has come particularly after the change in the expiry from bimonthly to monthly and also a lot of volatility in the underlying prices. So how do I attribute this to -- is it because of -- only because of the price volatility? Or is it because of the change in expiry? And also, what is the sustainability of this? Plus, in terms of the normalized premium to notional, how do we see the premium to notional for the gold and silver contracts? Plus, in terms of the participation, how has the participation in these new contracts been different from the earlier like crude and natural gas contracts that we have?

In terms of the participation, how it has been different because it's more retail driven or it's more prop or who are participating in these option contracts? Is it very different from what we have in the past?

Multi Commodity Exchange of India Limited CC-Jun25.pdf · 2025-08-04

Yes, thanks for the opportunity. So, my first question is on the uptick that we have seen on the bullion options. So, post the launch, it has now become 46% of the notional turnover. But in terms of premium, it is only 18%. So, I understand we have like lower premium notional here. But how do you see this thing evolving in terms of the contribution for going higher in terms of premium as well? And also, how do you see this in terms of the cannibalization that we can have here to the futures volume as well because futures, there is a significantly large contribution from bullion as well. So, this is the first question?

Okay. And sir, in the continuation to this, what kind of tweaks are required in terms of the existing products for both gold and silver in terms of margins and in terms of specification so that we get more retail participation? And how the participation ha s changed in terms of the newer product that has been launched after the monthly expiry? Is it more retail heavy, or we are seeing a mix of both -- the similar mix that we had for other products in options?

Multi Commodity Exchange of India Limited CC-Mar25.pdf · 2025-05-09

My first question is in terms of the product launches. So in the last call also, we have indicated that we are in track to launch the index options and the weekly expiry options. So where actually we are in terms of the journey in terms of launching, if you can give some time lines or some clarity on that? And also if you can throw some light on -- in terms of the launch of the electricity futures contract and what could be the incremental volume opportunity that you see from this contract?

Okay. And ma'am, we have significantly increased our investments in terms of tech enablement. And also can we relate it to our preparedness for the co -location or enabling HF trading on the platform. And also these new launches also require a lot of newer investments that is what is reflecting in terms of our tech cost -- so if you can throw more color on that? And secondly, my next question would be that we have seen the increasing contribution of the bullion contracts in the options segment, which is now 25% of the notional volume and only 9% in terms of the premium contribution. So any reason you can attribute why the gold premiums or in terms of the premium to notional ratio of gold contracts are actually lower than the overall premium to notional ratio of MCX despite gold being a monthly contract. So if you can provide some clarity on that?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Feb26.pdf · 2026-02-02

So my question is on the annual issuer charges. Obviously, on a Y-o-Y basis, we are seeing very strong growth here. And it has been a function of the higher additions and the rising folios. So, if you can give the number of folios because you used to give. So, what has been the exact number of folios, if you can give that number? And also it has also been helped by the unlisted companies addition but seeing the change in regulation that has happened 1st of December, where the definition of not so small companies have been changed? So, in that context, how do you see the unlisted addition on behaving because that basically shortens the definition or in terms of scope? So like we are adding around 2,000 companies in the quarter. Can we see a significant dip there in terms of the unlisted additions? This is my first question?

Okay. So, the folio number is set, obviously, will happen 31st of March. But with the number o f IPOs coming in because this has been a heavy IPO. So, it is expected that maybe this folio nu mber reset can be a higher number versus what we have seen last year because

Central Depository Services (India) Limited CC-Aug25.pdf · 2025-07-28

Yes, sir. Thanks for the opportunity. So, my question is on the annual issuer charges. So, obviously, we have seen a very sharp jump in the annual issuer charges both on sequential and YOY basis. So, if you can explain now what could be the reason for such a sharp jump here? Is it only increase in the number of retail participants and the folios or is it also because of the unlisted revenue if you can provide some breakup there? And how do we see that like moving because we have been accelerating on that front? So, that is my first question. Second would be on the online data drive which is the KYC revenue. This is the third quarter where we are seeing sequential decline and the second quarter we are seeing ROI decline. And, what is causing this and is there any measures we are taking to correct this? And if you can give the mix between the KYC creation and such and what is exactly causing the decline here? Thank you.

Okay. My last question would be on the cost side. Obviously, you have mentioned about the increase that we have seen in the employee benefit expenses. But from an overall perspective, based on what this new SEBI regulation suggests, where are we in the journey in terms of the over vamp of our cost structure? Is it we are going to see similar kind of investments going further into employee? Or are we like invested and we see a steady rise from here in terms of employee benefit expenses? So, I just want to understand in terms of where we are in the journey in terms of the overall that we are doing in terms of the overall heavy structuring that we are doing internally. And secondly, on the tax rate for this quarter has been on the higher side, if you can explain that. Thank you.

Central Depository Services (India) Limited CC-Mar25.pdf · 2025-05-05

So, first question is on the KYC revenue. Obviously, there has been a fall in the last 2 quarters, and it is because of the market slowdown and slowdown of the account charges. But if you see our account numbers, it has been increasing over the last 2 quarters. So in the KYC charges, if you can provide some color in terms of what has led to that steep fall? Is it such as it had come down considerably? Or is it because of any other being in terms of discounts being given to the brokers in this? Or if you can provide some breakup of this, fetch versus account opening in the online data charges?

Okay. So, in terms of the fall, like what I was trying to understand is, is it more from the fetch activity that because as far as my understanding goes, fetch was 70%, 80% of the overall revenue. So, has that come down significantly in terms of the mix?

Indiamart Intermesh Limited

Indiamart Intermesh Limited CC-Jan26.pdf · 2026-01-20

Most of questions have been answered. But just to get a clarity. You mentioned about the addition thing has been stable, but despite of that, we have seen the increase in the collections, which was pretty strong. So is it that the existing customers are opting for more like multiyear packages and expanding their existing packages to move from the regional to more wider packages? So that is also leading to kind of collections growth despite the additions being muted? So this is one. And then also in terms of the ARPU, is it now th at company is getting tuned to more like milking the existing customers or enhancing the value for the existing customers only? Or how to see the overall strategy here?

And in some of the calls, you mentioned that change in attrition in the Silver monthly or annual bucket might lead to increase in the collections. So is it fair to assume that, say, like if the attrition level comes to normali sed level maybe in the next one or two quarters, maybe we can see 5-6% more increase in terms of the collections growth from the current 14% to maybe 17 - 18%, which we were seeing two years back when the attrition was normalised? So is the maths still similar? And the second question is that obviously, you mentioned about the sales thing that we have been trying to do and in terms of training. So apart from the sales, another very important aspect is the technology because from that, we have obviously, it is getting upgraded. But do you think that the platform needs a very severe upgrade in terms of way the things are handled in terms of business inquiries or in terms of the interaction it is having with the buyers and the sellers that upgrade?

Indiamart Intermesh Limited CC-Mar25.pdf · 2025-04-29

Thanks for the opportunity. Sir, my first question is on the collections growth that has slowed down. Obviously, we have done slightly better in this quarter, but I'm saying from an overall year perspective, the collections have slowed down. So maybe you mentioned that obviously churn is one of the reasons for the slow growth in collections. But is it also because of the platinum and the gold customers are opting for more single-year kind of renewals versus like multi-year earlier? And also if you can share what percentage of your top-1 % and top-10 % custom ers are going for single year versus multiyear in this year versus last year?

So saying that the number of customers who were opting for a three year versus one year remains same. There is no change in that, right?

BLS International Services Limited

BLS International Services Limited CC-Jun25.pdf · 2025-08-06

Yes, thanks for the opportunity. So, my first question is on the strong Y-o-Y growth that we have seen, if you can break down that into what would be organic and what would be inorganic in that. So, 44% Y-o-Y, if you can break that down into organic and inorganic growth? And also secondly, the margin expansion that we have seen is also a function of acquiring the higher margin iDATA business. So, the EBITDA margin also, if you can break down? And also, if you can explain the fundamental reason behind what led to the margin expansion, specifically by shifting into the self-run model versus the partnership model? And what are the advantages of self-run versus partnership? But in terms of the self-run model, what kind of assets that we own, how many offices we have across, which are owned, and which are rented, if you can give some clarification on that?

So, how many offices you must have acquired or taken over in that process? And what, so if you just can explain the commercials, how it worked earlier versus now, because the margin expansion because of that has been pretty strong and we are not able to understand exactly how the commercials have been working there, so I know we have done a good job here, but just for clarification, if we can understand that?

Zensar Technologies Limited

Zensar Technologies Limited CC-Mar25.pdf · 2025-04-25

Sir, my question is on the strong TCV number that you've reported. Obviously, the third quarter of strong TCV. So, in this number, was there any impact of any macro changes that started to happen at the end of March? And in terms of how we're progressing in April, you said that if we maintain this kind of TCV number, then obviously, our growth number would be like better than what we did last year. So, in terms of TCVs, if you can also indicate how is the pipeline looking in terms of large deals? And like what part of the pipeline is AI related?

Okay. And on the AI part, what part of the pipeline or deal TCV is linked to AI -related initiatives?