Thank you very much. Good morning. Thanks for taking the call early in the day. We released our numbers yesterday. We would want to give some more color on how we are looking at the business and what we are doing in the business. We are going to keep this largely as a Q&A session, but what I felt was just appropriate. I give a little bit more in terms of what is happening in the market, what is happening in the field, give you more color on that one, and then get into specifics about the busines s and take some questions on that. The numbers are pretty much there in our yesterday’s release, so we will be repeating through on the numbers. As we have always said, our vision has been clear. We want to build the greatest Fintech coming out of India, being able to serve not just Southeast Asia, Asia, but also the larger global markets out there. As we mentioned, we operate in two large business lines. One is the digital infrastructure and the transactions business, and the second is what we do on the issuing and acquiring side. Within the digital infrastructure and transactions, there are three pa rts to our business. One is the offline business of ours, the offline and the online business. That basically is the infrastructure business, allows us to operate with large merchants. On top of that, we have our flow-related, transaction- related services, which is largely monetized by us, by the transaction, or by the value of the flow, which operates on that infrastructure and third is what we do Fintech infrastructure, both for banks and financial institutions, as well as merchants. So these are the thr ee lines within the digital infrastructure and the transactions business and then the last business, which is now almost about 30% of our revenues, is what we do on the issuing and acquiring side. We always believe that it is not just relevant for us to operate on being able to receive money, but also where money is held and where money is being sent out from that is going to be extremely important and that gets covered in what we do on the issuing and acquiring side of the business. As I mentioned, it is about 30% of our revenues. So this is the way in which we run our business. This is the way in which we run our financials out there. At the lowermost point is what we do in terms of the infrastructure and the distribution of infrastructure. As we have said, we have now reached almost about 2 million touch points that we operate in. We are making tremendous progress on the online side of the business. On the online side of the business, we are now present with the top three e-commerce companies, the top three quick-commerce companies with our payment gateway -based platform. On top of that, what we do is we really deliver services both for retailer and for banks and financial institutions. We announced a few days back what we are doing, for example, with the three petroleum companies and it is quite a complex solution that we have developed for the petroleum sector. We actually cover for loyalty-related services for the petroleum sector. We also deliver solutions for banks and financial institutions. So again, we do a lot of work with HDFC Bank and ICICI Bank, but we have been able to take this global where we are doing services for Emirates NBD, in Philippines we work very closely with GCash, so we deliver very sector -specific solutions on top of the infrastructure play that we do. The third layer out there is we deliver more services so that we bring customers into the banking institutions or to the retailers. That is where our affordability solutions delivers the loyalty-related products, the rewards, cashbacks, all of these services comes on the third layer and now what we have started to do is we have actually started to monetize on the basis of the data that we have collected out there, the marketing services that we can deliver on top of the infrastructure and the services that we have provided. We are continuing to invest heavily into this space. We just recently launched a product called SignalIQ where SignalIQ allows us to look at consumer data. We work very closely within the account aggregator framework on the basis of the data that we get ,on behalf of our partners, we are now delivering analytics -based solutions for better underwriting in the market. We actually have about eight clients with us, either in the pilot stage or fully contracted with us for this product called SignalIQ. I will talk later about the recent acquisition that we did around Shopflo which is in the online payments space, b ut if you see there is a very clear strategy-layout the infrastructure first, deliver solutions which are domain specific, get flow -based revenues going out there and as we collect more data, as we collect more information about our merchants and about their customers, we can deliver value to them and that is actually starting to come through in our financials. That is one of the reasons why we have been able to move from an infrastructure specific revenue model to transaction or flow - based revenue model and information-based revenue model. As I told you, that is what being reflected in the numbers. We came in with about 19% growth on the revenue side. On an adjusted EBITDA side, from somewhere around Rs.357 Crores of adjusted EBITDA, we have now delivered about Rs.559 Crores on adjusted EBI TDA. We made significant progress in terms of EBITDA margin. We made almost about 500 basis points improvement on the EBITDA margin side. Going into FY2027, we have not really given a very specific guidance in terms of EBITDA, but what we have done is we h ave given out a hard guidance when it comes to revenues. We think we will be able to grow at about 21% to 23.5% on a year -on-year basis as far as revenue is concerned. We have already shown how we see the flow through between revenue, contribution margin, and adjusted EBITDA in our business, so we definitely feel confident that we will be able to significantly improve our adjusted EBITDA going into FY2027 and obviously what that does is it converts into very strong PAT, PBT and we delivered about Rs.113 Crores as far as PAT is concerned. Another question which had been coming up all through the year had been around the operating cash flow. We had been at pains to explain to the street that this is a Company, which can deliver free cash flows, can deliver ver y, very strong operating cash flows in the business. I am glad to say that we delivered almost about Rs.676 Crores of cash flow in Q4 only. I am going to be the first one to tell you that this Rs.676 Crores should not be looked at on a standalone basis. You have got to look at what happened on a full year basis where we came in at about Rs.395 Crores of operating cash flow. We feel confident that we will improve on the cash flow in FY2027 in a very significant manner. So this is a Company which is giving enough weightage on everything, including operating cash flow and I am quite pleased with where we have come up as far as our financial is concerned. These are, again, numbers which are specific to Q4, but I wanted to throw some light on what are the underlying metrics which are there, which are leading for us to deliver to those financials. As I mentioned to you on a full year basis, we came in almost close to about $200 billion of payment volume. That is just a significant growth as far as GTV is concerned, but what that is telling me is across markets, we are winning. We are winning market share in the offline business, we are winning market share in the online business, we are winning significant portion of the flow-based transaction-based revenues in the industry. Again, as I told you, we are at about 2 million touch points today in the field but I also want to give a little bit more color. Look, I used to always tell my mother saying that, hey, when you go to a restaurant, you are not necessarily going to get to see Pine Labs because this is not the core sector that we want to go after. But honestly, if you actually go out into Mumbai, Delhi, and so me of the other metros, you are starting to see Pine Labs everywhere. You are getting to see Pine Labs at restaurants, you are getting to see Pine Labs at the petrol pumps, you are getting to see Pine Labs at merchants who have two or three stores. There i s a very significant change which is happening in the field. One, banks and financial institutions are clearly realizing that payments is a very, very unique proposition and they are calling PineLabs much more, but we are also getting to see our direct to merchant strategy payoff. We are getting to see an environment where competition is starting to back off out of this market because their requirements and their business models are quite different from where we are. So we are getting to see significant progress as far as on the field is concerned. In the last six months time, in segments of the business, we have actually been able to deliver almost 7% improvement in the unit economics in those markets. That is one. In the online space, we are making very good progress. We have actually now grown that business almost by 60% on a year -on-year basis. All the three quick -commerce companies, all the three e -commerce companies are today using Pine Labs as a platform. I see this going to be a very significant growt h area for us as we go forward. Just to throw a little bit more light in terms of the flow-based businesses, we continue to gain market share as far as affordability is concerned. We have increased the number of brands that we operate with. We are signing up more and more NBFC so that we can deliver credit at the point of purchase. We believe that NBFC is going to be a very significant play as you go forward. I just want to throw a little bit more light on this business. What merchants are telling us is that I do not want my platform partner, which is Pine Labs, be ing wedded to one NBFC. So we have not launched our NBFC, but what we are continuing to deliver is we are continuing to deliver more choices to the merchants as well as their consumers. So if a consumer is coming in with one NBFC as their “favored partner” or somebody who has already underwritten them, they will be able to deliver credit at the point of purchase, so the more the NBFCs, the more line of credits that we can avail and deliver at the point of purchase, more the brands where the subvention is possible. So it just becomes a very strong network play and that is something which continues to improve. As far as the issuing business is concerned, our issuing business has shown tremendous growth not just in India but also in global markets. Many new specific use cases are coming up, and these use cases are from wallets or rewards being an infrastructure play. We are actually seeing some very important steps being taken by Reserve Bank of India in the last few days, where RBI recognizes the fact that when you actually look at the various business models, PPI is a very important business model, both for the retail and the consumer, and they are actually streamlining the processes, streamlining the governance related to the prepaid business, and we absolutely appreciate all of that. We are also seeing a very big opportunity come up when it comes to employee b enefits. We will be launching an employee benefits program over the next few weeks and quarters. We think this is going to be an opportunity where we will be able to address a large number of both consumers and corporates. So on the issuing side of the business, I feel very comfortable that growth is sort of being taken care of. Internationally, and even just now as we speak, I am in Europe, but internationally, we are getting to see more conversations happening as far as our products are concerned. There a re two things which are happening significantly. One, the big boys of payments coming out of the US, and may that be a Stripe or Adyen, they are seeing a phenomenal opportunity in their home markets of the US. They are spending a lot more time in those markets but that does not mean the emerging markets do not require FinTech solutions. What we have delivered here in India and the tech stack that we have created for the Indian market is extremely relevant in, let us say, a Philippines or Vietnam, or for that matter, UAE. Just to give you one simple number out there, in the case of Philippines alone, which is our newest market, we have five clients today in Philippines. The largest Fintech app in Philippines is somebody called GCash and GCash is using us as t heir payments infrastructure layer. So you are getting to see very, very strong progress. We are getting dollar -based revenues when it comes to our international side of the business. You will see in our releases that we made very good progress in the year of FY2026 in the internation al markets. We see that continuing going into FY2027 too. I wanted to shed a little bit more light as far as AI is concerned. In our business, almost 89% of all new code, which has been written within Pine Labs over the last two quarters has been completely AI generated. Let that sink in. 89% of all new code has been written using AI. It does two things for us. One, it provides tremendous efficiency as we build for new products within the Company, but also when you look at legacy platforms that we had built, those legacy platforms are getting updated. Those legacy platforms are getting improved as we speak. We have been working very closely with Anthropic of the world, as Mythos is being released. We are one of the first guys to actually reach out to Anthropic to see what we can do, partner with them so that we can actually get the best use of products like Mythos but also we have gone ahead and signed up a partnership with OpenAI where we will be one of the first few design partners with OpenAI as we build out AI products in the local markets. The second piece whe re AI is playing a significant role is all our consumer-facing touchpoints has AI at the background, and we are incorporating that within our business model. And third, we are actually using AI to deliver significant solutions in the market. I wanted to show you some products and demos today. Just too early in the morning to try and go through two product demonstrations as all of us are ready to leave for office there so I decided to keep that away, but in Mumbai, over the next three days, there is a progra m which is being delivered by the Mumbai Tech Association we are actually going to talk about what we are doing when it comes to AI and agentic commerce. We have developed entire workflows, may that be around using UPI and agentic payments and deliver the transactions in the field. So we are completely ready in using AI and using agent led framework to deliver payment transactions. So we are doing three things. One is improving efficiency, improving code, improving new products and using AI. I am now going to stop and basically take questions related to our financials and also shed some more light in terms of how we are looking at the business and where we are seeing the opportunity in FY2027.
Jain that is a good question. We feel very confident about the hard guidance that we have given of 21% to 23.5%. We are already getting to see how the numbers are rolling in for Q1. Look, the way I am going to say this is when we actually went to IPO, the entire market asked us a question which says this Rs.5 Crores to Rs.6 Crores of PBT positive, which we had started to show in Q1 and Q2 of FY2026, people are asking us everything from, is this a fluke or is this a onetime kind of a number? We had great focus to try and explain to the market saying, this is a business which can run PBT positive, PAT positive for a long period of time and that is what we wanted to get right. As soon as we started to get right, there were questions around when Q3, when our cash flows turned negative, it says, is this truly a cash generating machine out there and we wanted to really get that explanation out to the street. We focused out there. I would have loved the growth to be 20% north when it comes to Q4 also. However, when you look at the full year basis, we came in at about 19%. Even H2, we came in with almost 20% to 21% as far as growth is concerned. I feel very confident in this hard guidance that we have given of about 21% to 23.5%. We have incorporated the softness that we have seen when it comes to the Middle East markets and also some of the softness that we saw on the airline part of the business. So we feel very confident about the 21% to 23.5% revenue guidance that we have given.