Ksolves India Limited — Call Transcript 2026

Jan 28, 2026

Date: January 28, 2026

To

Listing Compliance National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai – 400051	Listing Compliance The Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001.

Subject: Transcripts of Post Earnings Conference Call- Q3 & 9M FY’26.

Ref: Reg. 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BSE Scrip Code: 543599; NSE Symbol; KSOLVES; ISIN: INE0D6I01023

Dear Sir/Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the transcripts of Post Earnings Conference Call- Q3 & 9M FY26.

For Ksolves India Limited

MANISHA Digitally signed by MANISHA KIDE KIDE Date: 2026.01.28 12:44:49 +05'30'

Manisha Kide

Company Secretary & Compliance Officer

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“Ksolves India Limited

Q3 FY '26 Earnings Conference Call” January 20, 2026

– MANAGEMENT: MR. RATAN SRIVASTAVA CHAIRMAN AND

– MANAGING DIRECTOR KSOLVES INDIA LIMITED MR. UMANG SONI - CHIEF FINANCIAL OFFICER – KSOLVES INDIA LIMITED

– MR. MANISH GURNANI CHIEF TECHNICAL OFFICER – KSOLVES INDIA LIMITED

– MR. DARPAN AUDICHYA HEAD, BUSINESS – TRANSFORMATION AND CONSULTING KSOLVES INDIA LIMITED

– MODERATOR: MR. PRATIK JAGTAP ERNST & YOUNG LLP, INVESTOR RELATION

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Moderator:

Ladies and gentlemen, good day, and welcome to the Ksolves India Limited Q3 FY '26 Earnings Conference Call. As a reminder, all participant lines will remain 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 the operator by pressing star, then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Pratik Jagtap from Ernst & Young LLP, Investor Relations for opening remarks. Thank you, and over to you, Pratik.

Pratik Jagtap:

Thank you, Ryan. Welcome, everyone, and thanks for joining Ksolves' India Limited Q3 FY '26 Earnings Call. The results have been mailed to you along with the Investor Presentation, and it is also available at www.ksolves.com. In case anyone does not have the copy of Investor Presentation, please do write to us, and we will be happy to share it with you.

Joining us today from the management team, we have Ratan Srivastava, Chairman and Managing Director; Umang Soni, Chief Financial Officer; Manish Gurnani, Chief Technical Officer; Darpan Audichya, Head, Business Transformation and Consulting. We will begin with management's remarks covering the business update and quarterly performance highlights and then move on to the Q&A session.

Before we start, I would like to remind you that anything that is said on this call that reflects any outlook for the future, or which can be construed as a forward-looking statement must be viewed in conjunction with the risks and uncertainties that we face. These risks and uncertainties are included but not limited to what we have mentioned in the prospectus filed with the SEBI and subsequent Annual Report that you can find on our website.

Having said that, I will now hand over the call to Ratan sir. Over to you, sir.

Ratan Srivastava:

Thank you, Pratik. Welcome, and thank you, everyone, for joining our Q3 financial year '26 earnings call. Wish you all a Happy New Year.

As we closed the third quarter of FY '26, I'm pleased to say that we continue to build on the momentum stabilized in the first half of the year. We reported 6.6% Q-on-Q revenue growth and 12.2% year-on-year growth with EBITDA margin in line as guided at 32.4%.

Growth this quarter was primarily driven by stable execution across our core services portfolio, ramp-up of previous large deal wins and continued traction in overseas market. Notably, a large portion of this growth came from existing clients through wallet expansion, which reflects the strong client confidence and stickiness.

Over the last few quarters, we have been very clear about our priorities, the scalable growth, long-term capability building and disciplined capital allocation. Q3 reflects the execution of that strategy.

I'm pleased to share that our organization has been certified as a Great Place to Work effectively January 2026 to January 2027. This reflects the trust of our employees and the strong culture we continue to build, which support our growth and long-term success.

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From a business standpoint, demand across our core services offering remains healthy, particularly in ERP, cloud, data engineering, AI, Salesforce and enterprise transformation programs. Our pipeline remains healthy and strong demand visibility, especially in the U.S., UAE and Australia.

Our continued expansion in overseas market remains a key long-term growth lever, given the higher deal sizes, longer tenures and better wallet expansion opportunities these markets offer. The active pipeline give us good visibility for the next 2 quarters, supported by both new deal wins and deeper engagement with existing accounts.

We remain confident of achieving 20% year-on-year revenue growth in FY '26. Particularly, Agentic AI and GenAI is increasingly becoming embedded within larger transformation, mandates rather than being pursued as a stand-alone initiative. Our strategy is clear - embed AI across ERP, analytics and business workflows, thereby expanding deal scope and increasing engagement depth. Internally, we are leveraging AI for productivity gains and improved delivery efficiency.

While we continue to optimize its usage, we have not seen pricing pressure from clients. Instead clients are focused on improving output and accelerating ERP, cloud, data engineering and transformation programs with AI rather than negotiating lower rates. While this improved efficiency, may slightly impact on time and material engagements, it aligns with our strategy. Shift towards fixed cost are structured T&M engagements where we control resources and benefit directly from productivity gains. As seen during the Q4 FY '25 transition from T&M to fixed cost project, we will continue to prioritize these models as they support pricing discipline and long-term client value.

For 9-month FY '26, we reported revenue of INR119.6 crores, reflecting a strong growth of 14.9% year-on-year. EBITDA margin, however, declined to 29.9% from 37.8% in 9-month FY '25, and PAT margin dropped to 20.6% from 27.3% in the same period. This was primarily due to our international investment in strengthening leadership depth, enhancing brand visibility and building differentiated product and platform capabilities.As highlighted in our earlier calls, these investments were planned to strengthen the foundation for Ksolves' next phase growth. While they created temporarily margin softness, they are not structural cost additions and positions us well for the medium term. We did experience margin compression due to strategic investment in events and marketing, and some of these initiatives did not yield the expected outcome. However, we do not expect similar level of spending at the same intensity going forward.

As revenue, skills utilization remains healthy and overseas initiatives start to contribute more meaningful, we expect margins to move back towards normalized levels. We continue to maintain a medium-term EBITDA margin outlook of around 30%.

The benefit of our strategic investment, particularly in expanding our overseas presence and strengthening the capabilities are expected to translate into improved deal flow and better revenue transition over the coming quarters and into FY '27.

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As we move into the fourth quarter of the year, our focus remains on –

1. Deepening client relationship

2. Expanding wallet share

3. Improving execution efficiency

4. Building a strong pipeline for FY '27

There is no fundamental change in our strategy direction for the next 2-3 years. Our priorities remain consistent and well defined. We will continue to scale our core services business, deepen relationship with global clients and increase the share of large, long tenure engagements. At the same time, we will selectively scale our product in a calibrated manner.

Thank you. With this, I now hand over the floor to Umang to share financial highlights.

Umang Soni:

Okay. Thank you, Ratan, and good evening, everyone. I will briefly take you through the financial performance for the quarter ended 31st December 2025.

So, in Q3 FY '26, we reported revenue of INR42.3 crores, representing a growth of 6.6% Q-oQ and 12.2% Y-o-Y. The topline growth was driven by consistent execution across ongoing client engagement and incremental ramp-up of projects during the quarter.

Our EBITDA margin for the quarter stood at 32.4%, expanding by 194 basis points sequentially. This improvement was driven by operating leverage from revenue growth, better execution efficiency and the benefits of investments made in earlier quarters. Profit after tax for Q3 stood at INR9.8 crores, translating into PAT margin of 23.2%. Earnings per share for the quarter was INR4.13 compared to INR3.5 per share in Q3 FY '25.

Additionally, pursuant to the implementation of new labour code, gratuity expense is expected to increase. The impact is not material and will be recognized in Q4 without any changes to our EBITDA margin guidance.

Cash generation remains strong, and our balance sheet continues to be healthy with cash and cash equivalents of INR13 crores.

We still remain a net debt-free company. And in terms of cash utilization, our priority remains unchanged. We will continue to deploy capital in a disciplined manner towards growth initiatives such as selective hiring, capability enhancement, product improvement and strengthening our overseas footprint.

At the same time, we remain committed to shareholder returns. During the quarter, Board declared a third interim dividend of INR5 per share, taking the total dividend for the FY26 to INR11 per share. Further, considering the growth potential we see in Australia, the Board has approved the initiation of a wholly owned subsidiary to support growth and scale in that region.

Now, from a client concentration perspective, our top 5 clients and top 10 clients contributed 40% and 54% of our revenues, respectively, in 9 months FY '26. Approximately 78% of our revenues were derived from overseas customers, underscoring the increasing contribution of

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global markets. We continue to remain a diversified industry mix with telecom remaining our largest segment, while also serving a broad range of industries, including services, technology, BFSI, EduTech, retail, healthcare and manufacturing.

In terms of revenue by business, our IT Services segment contributed 97.4% to our revenue in the 9-month FY '26, while our Product segment contributed 2.6% to our revenue for the same period. As highlighted in our calls, IT Services continue to be the backbone of our revenue and profitability. The Product segment, though currently a small contributor, remains strategically important and being scaled in a disciplined manner.

As we enter into the fourth quarter of FY '26, we remain cautiously optimistic. Our focus continues to be on quality growth, margin discipline and strong cash generation. We are confident in our ability to sustain momentum while staying aligned with our long-term financial and strategic goals.

With this, I will now hand over the floor to the operator to open the session for questions. Thank you.

Moderator:

We take the first question from the line of Raghav from KamayaKya Wealth Management.

Raghav:

So, sir, my first question will be on the EBITDA margin. Like you said, we saw approximately 496 bps of downtrend in the EBITDA margin. I just wanted to understand what was the driver of this particular thing.

Umang Soni:

Sure. So Raghav, if you see on a Q-o-Q basis, the EBITDA has grown by 194 basis points. But year-on-year, there is a dip. And for 9-month FY '26, the dip was because from Q1 starting, we have invested a lot in attending events as a speaker, we have our booths there. And as compared to 9-month FY '25, where we attended a couple of events, this time during the 9 months, we have attended more than 10 events.

So that was a major chunk. And other chunk came due to ESOPs and senior hirings, which we have done and digital marketing and branding presence. So, this all were the contributors for the low EBITDA margin as compared to 9-month FY '25.

Raghav:

Right. Now, sir, my next question is on the data flow manager. First of all, sir, I just wanted to understand, going forward, what will be the company's outlook between the product and service part of the business as in for the next year, what percentage of product business are we targeting? First question.

And then a follow-up is I wanted to understand more on the DFM part, sir. What does it exactly do? What are its substitutes? What is the TAM of it? Who are the peers? And like is it also compatible in, let's say, Python along with this Apache NiFi?

Ratan Srivastava:

Okay. So first of all, our focus will be on services only, not product. Second, the technical answer, Manish, our CTO is online. Over to you, Manish. Try to cover it in 2, 3 minutes.

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Manish Gurnani:

Okay. Sure. Thank you, Ratan. All right. So, to answer that, see, DFM is a product which is built on top of open source Apache NiFi. If you talk about peers, the only peer that we have is, you can say, Cloudera, which is a very bigger, a very different company.

What we have brought with DFM is we have brought in capabilities which are not in Cloudera or in any other product. So that is why we are looking at DFM as a game changer for Apache NiFi operations. It works with Python. It works with Java. It can work with, what we call as, other technologies also.

Then, we already have onboarded customers onto DFM. And these are like big players. Some of them are in telecom, some of them are into retail. And they have been using DFM for quite a good amount of time, and that feedback is also coming to us, which is going into product and making it even better. Does that answer your question?

Raghav:

Yes, sir. I have some follow-ups. I'll join back in the queue.

Moderator:

We take the next question from the line of Apoorv, who is an Individual Investor.

Apoorv: I have a couple of questions. I will go one by one. So my first question is, there are a few examples which are put on the presentation, such as motor coil manufacturing, we have done some automation, similarly for pump manufacturing company and telecom operator.

So, my question is on the payment side, like do we get payment from these sort of automations or the work we have done? It's for one-time or we get the recurring revenue? Also, if it is the recurring revenue, then that revenue is based on the transaction based or it's a fixed amount of payment received every year?

Ratan Srivastava: So first of all, it is a one-time payment, and it is a fixed cost project based on the amount of the work we quote, and then, we charge them.

Apoorv: Got it. Got it. And sir, if I'm not wrong, like our 85% of revenue is recurring.

Ratan Srivastava: Yes.

Apoorv: Okay. Sir, my second question is on the DFM side. Like I remember that we got our first DFM customer, I think, in Q4 last year. So just wanted to know that how many clients do we have currently for DFM?

Ratan Srivastava:

We have two customers onboarded. Third is taking the trial. And three customers are in process to sign the NDA. All these customers are multimillion or billion company.

Apoorv: Got it. Sir, I just want to know how big can this DFM can go, like in terms of our revenue contribution, maybe a couple of years later down the line?

Ratan Srivastava:

I was planning that I will avoid this answer. But if we will be successful, if our luck will be with us, it will be big.

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Apoorv: Okay. If you can like mention some numbers may be like in terms of percentage of our revenue, like 5%, 10% of revenue would be coming from DFM?

Ratan Srivastava:

More than that, but everything depends on the luck. Product is something that many people develop, and many times, good product, excellent idea. But building a product is 10%, 90% is your luck and sales.

So, if things will work, then it will be big. If it will not -- that's why I did not mention anything about DFM in the PPT because we are still talking to the customers, and customer cycle is very long, cumbersome cycle because they are the decision-makers of multibillion or multimillion company. Anyway.

Apoorv: Sure, sir. Sir, like if you can mention the DFM revenue contribution in this quarter in Q3?

Ratan Srivastava: This quarter is very small. That's why I'm saying. You said that, what is your plan for next few years? So that's why I answered. Otherwise, if you will ask what is the current number or the next quarter number? then definitely, I would like to avoid this question. Next few years, it will be good if our luck will be with us.

Moderator: We take the next question from the line of Ankur Kumar from Alpha Capital. Ankur Kumar: Congrats for a good set of numbers in terms of recovery Q-o-Q. So, given you are saying 20% growth for this FY '26, that would mean another similar Q-o-Q growth in Q4. Are we bullish on that? And based on demand side, can you talk about something on FY '27 side? Can we expect similar or better growth in terms of 25% to 30% growth in FY '27, sir?

Ratan Srivastava: Okay. So, for next quarter, we have pipeline. And if anything will not happen with the world, we will beat the target 20%. And for the next year, Umang, you can answer this. Umang Soni: Sure. For next year, we'll provide the guidance later on, but we are still having a good pipeline and good visibility for next couple of quarters. But yes, definitely, we are having a good growth. Ankur Kumar: Okay. Sure, sir. And sir, on margin side, as in PBT, we have still returned 25% to 30%, but you talked about 30% coming in. And since there are no more events planned, so can you -- even...

Ratan Srivastava: Last time I said that 25%, I did 32%+. So same thing will happen. I would like to be conservative, but I don't want to give anything which may be risky. So, 25% to 30% - we have given the guideline. We would like to do better than this. But yes, between 25% to 30%, we are confident.

Ankur Kumar: But there is no big or any planned event coming, which will restrict us.

Ratan Srivastava: No, no planned event. Nothing. This is very small. Now, even in future, –at least for next 2, 3 years, you will not see those kinds of events which we have attended in last 2, 3 quarters, and which has impacted on EBITDA. So, we will attend the events, but very selected events, and we will go with a small booth and all. We will not spend huge money for the events.

Got it, sir. That's nice...

Ankur Kumar:

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Ratan Srivastava:

We should go event. We will go event, but as a visitor or as attendees. We will spend very small amount of the money for the events. Actually, it was a learning.

Ankur Kumar:

Sure, sir. And next question would be, a couple of IT companies and even banking companies have taken this labour law impact in their quarter this time. We haven't taken any impact. So, anything that doesn't impact us, sir, on labour law impact?

Ratan Srivastava:

Umang, you can answer this.

Umang Soni: Yes. So, as I stated, the impact is not material, and we are working on restructuring. So, it will not impact our EBITDA margin guidance for FY '26.

Ankur Kumar: Got it, sir. Nice to know that. And last question, and then, I'll fall back in the queue. I wanted to ask on the dividend policy. Again, this quarter, we have declared a nice dividend. Our dividend payout is also quite good compared to net profit. So, do we expect those similar trends to continue? How should we think about on those terms?

Umang Soni: Yes. See, we have a strong cash position, and we have a good profitability. So, we can reward the shareholders. And at the same time, we are also investing in leadership hiring, global expansion and branding initiatives. So, we are maintaining a balance between both growth and shareholder returns.

Ankur Kumar: Got it, sir. Actually, last question. Given our stock price has fallen quite a bit from the top, so any plans to consider buyback or even a promoter buying that will instil some confidence in the market?

Ratan Srivastava: No plan. I think we have given good numbers for the confidence. If it is not giving the confidence, then what I can do.

Moderator: We take the next question from the line of Kaustav Bubna from BMSPL Capital.

Kaustav Bubna: Again, it's more on the product side of the business. I understand you've got a lot of questions on this, but really wanted to understand when it comes to building a solution on top of an opensource platform like Apache NiFi, for the data flow product that we are building on top of Apache NiFi, I mean, what are the risks that could come up in the way in terms of competition that could derail this growth opportunity for us? That's the first question.

And the second question is what really is the aim of the company in terms of growing this products business? I mean, is it only going to be a product business, which is basically solutions on top of open-source platforms? And if that's the case, then why so? What opportunity is the company seeing to build on top of open-source platforms? What other open-source platforms are there? I mean, can you give us like a 5-year roadmap in terms of what this division can really build up into?

So let me answer first question. There was one threat only, which I was saying that Agentic AI, it was missing in our project. We have done a very good job in our product. But I was thinking

Ratan Srivastava:

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that if anyone will come up with the Agentic AI solution for this problem, then it can be a problem.

But today, we have launched the Agentic AI solution for DFM 2.0. If you will go on our website, www.ksolves.com, you will see there is a banner and which is inviting everyone for a webinar, which we are going to organize on 2nd Feb. Manish will speak there. And Manish will give the demo of DFM 2.0 upgraded with Agentic AI first ever, means first ever.

No one has this solution with Agentic AI. And then, I hope that you will be amazed. So, request you that join that webinar, then you will get the idea that what we have developed, and what is the future, you would be able to get it on your own. Can you repeat your second question again?

Kaustav Bubna:

I wanted to kind of understand a 5-year roadmap on how this products business of yours, which is adding solutions on top of open-source platforms will look like. So, like what other opensource platforms are you targeting? What other solutions are you targeting on the Apache NiFi platform?

Ratan Srivastava:

Okay. So, Apache NiFi is a product of Apache Foundation. Apache Foundation has multiple products, Apache NiFi, Apache Spark, Apache Kafka, Apache Cassandra. So, all these things are the open-source technology. And if you want to use for your business to use these technologies as an open source, you will have to do multiple things on your own. You will have to hire a big or large DevOps team. Very expensive.

So, I will start from the Cassandra. Cassandra is a NoSQL database. And then the company DataStax, they have created a product on the top of Cassandra, and they have solved majorly all the problems. And many businesses have started using services by DataStax who were using open-source Cassandra because everything was customized based on their requirement.

Same happened with the Kafka. Confluent company came into the picture. They customized the solution. They customized the Kafka open source, and they have developed an enterprise solution. And then businesses started using enterprise solution provided by Confluent rather than open-source Kafka.

So same thing happened with the Apache NiFi. We have developed a solution, which has solved so many problems of NiFi solutions, and we told to our leads or customers that it will decrease your cost up to 70%, 60%, 80%. Or in another word, you can say, increase the efficiency. We have given approximately 20 to 30 demos. Everyone has appreciated. But problem is that most of the time, we are not able to approach decision-makers.

Many times, the engineers are coming or people who are not decision-makers. Sometimes the engineers are also decision-makers, but most of the time we are not able to approach decisionmakers. So that's why I'm very conservative about DFM. It will take time. Word of mouth will work. Product is amazing.

And once people will start knowing about this product, definitely, the right people, the decisionmakers will approach us or we would be able to find them, but it will take time. Another thing is that do we have any threat? There is always threat if someone can build a solution better than

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this or something like this. But the most important thing is that building a solution is not a big thing.

When people use it, when test it, that is the actual testing. That is in software industry, we call it a beta testing. And we have done it for two customers. And it took more than 6 months. When we started beta testing, we found multiple issues. Then this product got stable.

So, building product is only 10%, as I said. Marketing, sales and testing is very important. And the last and most important thing is our luck. If luck will not be with us, we will not be successful.

So, I cannot give any number. We are working hard. We've worked hard, and we are very optimistic. But our major focus is at this moment because services is our bread-butter, so services is our major focus. I hope that I have given you the answer.

Kaustav Bubna:

Just one last clarification on your reply is with Agentic AI solution you've come up with, have you outsourced the Agentic AI? Or have you developed it in-house?

Ratan Srivastava: We have developed in-house, but detailed answer, Manish, you can give them. Manish, over to you.

Manish Gurnani:

Okay. Thanks. So yes, short answer is it is all in-house developed. But like Ratan said, right, this Agentic AI needs experience on the product itself. So, you need to know about NiFi before you can actually build some AI or then Agentic AI on top of that. So, we have that knowledge. That is why we were able to build it. Not that it can be just copied and someone else can build it easily. You get my point.

Because we have been working with NiFi and open-source technologies for long, we have that knowledge. We are the only company in India of our size to contribute to open source product of Apache NiFi. Nobody else does that. We have that level of capability. That is why we have been able to build this solution also. And that's why we are doing good also there.

Kaustav Bubna: So, you've not outsourced in a sense this Agentic AI like from these global companies like Google or Microsoft, etcetera. You haven't outsourced it from them. It's all in-house.

Ratan Srivastava: No, no. No, hold on. Two parts to this. The LLM is always coming out from one of these giants only, the LLM, the language model, that is coming from one of the giants only. See, we cannot build our own LLM. That is out of question. But using that LLM, the agent which understands the commands and then sends those commands and executes those commands, that is the agent part. That part has been done by us. So, we will still use, let's say, Gemini or OpenAI, but the agent that has been trained, that is developed by us.

Kaustav Bubna: Understood. That's exactly what I wanted to understand.

Ratan Srivastava: So, all the solutions, whoever is developing, whoever is developing, top MNCs, they are using LLMs provided by these top giants. No one has their own LLM.

Kaustav Bubna: Yes, yes. Fair enough. Exactly what I thought, sir. I just wanted to clarify that. Best of luck.

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Moderator:

We take the next question from the line of Rajesh Jain from RK Capital.

Rajesh Jain: So, I started tracking the company recently, and I have a few questions on your business model and especially on your Odoo practice. So how much of the revenue from Odoo comes from India? And what is the profile of your customers in Odoo? Like what kind of turnover and all they are having? And what do you feel the long-term prospects of Odoo in India and globally? And if you can share the recurring revenue potential from Odoo for the AMC part? Ratan Srivastava: Okay. So, first part of this question, Umang, you answer, then I will try to cover. How much percentage? Umang Soni: More than 80% of our revenue is coming from global clients in Odoo. And overall, it's 78%, but more than 80%, 85% is from the Odoo division that comes from overseas markets. Rajesh Jain: Sorry, more than 80%, 85% of overall revenue or the Odoo revenue comes from overseas market? Umang Soni: Odoo revenue. Rajesh Jain: Okay. No, no, I was asking that how much of the Odoo revenue is coming from India. Umang Soni: Okay. So let me again clarify it. Out of the total Odoo revenue, 80%, 85% comes from out of India, remaining 10%, 15% comes from India for Odoo. And we are not breaking it technologywise. If you ask that how much revenue we have done in Odoo, so it's more than 20% of our total revenue. But our services are mixed with other technologies as well. So, we are not tracking individually technology-wise revenues. But yes, Odoo is something which is more than 20%.

Rajesh Jain: And what kind of customer profile in India are opting for Odoo? Ratan Srivastava: Most of the time, these are the small companies, but the good thing is that they are the small, but revenue is many times recurring. Rajesh Jain: Okay. No. So their turnover will be typically like INR50 crores, INR100 crores or in what range of turnover those customers will be there? Ratan Srivastava: There are many, many customers, but most of the customers are above INR50 crores. I will not say that less than INR50 crores, but above INR50 crores many times. And many of them are even good brands also, INR5,000 crores company also, they are using Odoo.

Rajesh Jain: Okay. And what percentage of revenue can be recurring from Odoo? So, I believe the customers will be highly sticky. So, if you earn INR100 in the first year, like can you expect to earn 15%, 20% every year? Like what kind of recurrence can we expect?

Ratan Srivastava: Yes, yes. Yes. 10% to 15% approximately many times with the licenses or next module implementation or support or whatever, 10% to 15%.

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Rajesh Jain:

Okay. And sir, apart from Odoo and overall, in your business, so how are the business inquiries on the ground? And how many of the inquiries are moving to third stage, fourth stage and fifth stage? Like how are they advancing?

Ratan Srivastava:

Exact data, I do not have. But for Odoo, we are getting lots of inquiries. Many times, we leave the opportunity because of the budget issue because sometimes they are very small, so we leave them. But right percentage, I do not have. That I can find out, and if you will drop the e-mail, I will send it to you.

Rajesh Jain: Okay. No. So apart from Odoo, how are the other inquiries for your other services and products on the ground?

Ratan Srivastava: For Big Data , out of 10, 6 to 7 we convert. For Salesforce, the same ratio. For AI, the same ratio. The ratio is less for Odoo because many times very small customers come, and they don't have the right kind of a budget, so we leave them.

Rajesh Jain: Okay, sir. Understood. And sir, talking about your product, which you were very bullish on, the one of its kind product that you mentioned. So, what will be the revenue model from the product? Will it be SaaS-based or it will be onetime license or it will be like pay per use? And will it have a compulsory maintenance fee every year? So how are you planning the revenue model? And will there be customization opportunities in the product?

Ratan Srivastava:

Okay. So first of all, I'm not bullish for next quarter or next year. Please do not get confused. It is a long-term product, 2 years, 3 years, my vision is with that product. First thing. Second thing is that the revenue model is recurring. For first customer, we have charged $50,000, and that is the recurring. For second customer, we have charged approximately $10,000 to $20,000, between. I do not remember the exact number. It will be recurring.

Right now, we are in early stage. So, we are not charging anything for customization. But after getting enough number of customers, definitely, we will charge for the customization also. And that is our plan. We will generate revenue by selling the product. And at the same time, we will charge them for customization, increase the revenue for services.

Moderator:

We take the next question from the line of Raghav from KamayaKya Wealth Management.

Raghav: This is a follow-up question, sir. I just wanted to understand, you pretty much answered it, but just wanted to confirm, what is the average ticket size, like average bill value for this DFM? Like you said, INR50,000, is it on an average?

Ratan Srivastava:

As I said, at this moment, we are in an early stage, we are giving a huge discount to customers so that we can onboard as many as customers. Because there will be word of mouth only and only when customers will start using. So, as I said, that INR50,000, then INR16,000 or INR18,000, maybe next will be INR6,000 or maybe INR60,000.

So, we don't know because all type of customers are coming, small to medium to large. Problem is that the conversion cycle, and this product is something which can affect their business largely

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if it will not work as per their expectation. So, they are very cautious about taking decision. So that's why I'm saying again and again that most of the things will depend on luck.

Raghav:	Right. Fair enough, sir. Sir, my next question would be around the margins. So, I'm assuming
	we will have better margins in product as compared to the service. Is it a fair assumption?
Ratan Srivastava:	See, I would request you that, for product, we can discuss after 2, 3 quarters. Then I would be
	able to talk more about the revenue from the product side. I am very confident at this moment
	only about the services.
Raghav:	Right, right. And sir, just one last thing. Just wanted to understand the cost difference. I know
	it's a bit too early to give it a standard pricing, like INR50,000, INR12,000, INR16,000 if you
	are giving discounts because you are in an early stage. That's completely understandable. Just
	wanted to understand the pricing difference that you have among your peer who is offering the
	same service to the clients. Is it at par? Is it a bit at a cheaper cost? Or is it much at a premium
	side?
Ratan Srivastava:	Manish, if I say 7x to 8x, they are costly, and they have very less feature as compared to us, so
	is this the correct statement?
Manish Gurnani:	Easily.
Raghav:	So, 7x to 8x, they are costlier?
Ratan Srivastava:	They have a very less feature.
Raghav:	There was some unclarity, sir. 7 to 8x, our peers are more costly.
Manish Gurnani:	They are more expensive than us.
Ratan Srivastava:	See, as I said that, no one has this solution. If anyone has this solution, just 10% to 15% solution.
	And second thing that no one has Agentic AI.
Raghav:	Right. Okay, sir. And sir, lastly, when I ask...
Ratan Srivastava:	Give me one second because I talk too much about this product. I don't want to create any
	confusion. For product revenue, I do not have any idea for next few quarters. I would be able to
	speak more about the revenue and future of this DFM after 2, 3 quarters.
Raghav:	Understood, sir. All the best, sir.
Moderator:	We take the next question from the line of Ankur Kumar from Alpha Capital.
Ankur Kumar:	Sir, on the product side, you said you don't want to talk about revenue framework. So, can we
	talk about how much cost are we incurring on it right now? And on basis of quarterly run rate or
	yearly run rate, how much do we expect cost to come in?

Ratan Srivastava: In the product development?

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Ankur Kumar:

Yes. Product development as well as marketing, yes.

Ratan Srivastava: Very less. As compared to our sales, it is very less. Very less. It is not going to affect our EBITDA.

Ankur Kumar: So basically, this expense or losses will not impact the software side of the business. Ratan Srivastava: Yes. Yes, yes. Ankur Kumar: Got it, sir. And maybe last question would be on the service side, can you talk about demand environment given there are geographically things are a bit volatile in terms of U.S. tariff and all demand side issues? Can you talk about that, please?

Ratan Srivastava:

See, I'm listening this question, I think, for the last 7 to 8 quarters. And again, I will repeat, we are working on the niche technology. So, demand is not problem for us. Problem is supply. Good resources, finding good resources. But again, that problem we can solve in the next few quarters by using AI.

We are using AI for internally also. So, it is helping us to increase efficiency by not hiring too many resources. So, I hope that answer this. But this U.S. problem is not affecting the business. If we would have been in U.S., our engineers, suppose if we could have been engineers in the U.S., definitely. But I'm not sure, fortunately or unfortunately, we have offshore business only.

Moderator: We take the next question from the line of Rajesh Jain from RK Capital.

Rajesh Jain: Sir, I just wanted to understand so to what percentage of our customers are we able to cross-sell our services and products, like selling Salesforce solution to an Odoo customer or vice versa or any other service? Like are we mining our customers for cross-selling? And how successful we are at it?

Ratan Srivastava: Okay. Percentage exactly, maybe Umang can tell you, but it is huge. Many times, customers came for Odoo, they have given us opportunity for AI. Many times, customers came for Salesforce, then they have given us opportunity for Big Data. So cross-sell and upsell is very huge. But exact number, Umang, if you have one, then you can give; otherwise, can answer later on.

Umang Soni: No, as I told in my earlier answer that it's a blend of services most customers are taking. Suppose if someone is coming for products, then they are exploring services. In services, they are coming for Salesforce, then they are merging sometimes Big Data, Odoo or maybe other technologies as well, open source. So, it's a blend of everything.

Ratan Srivastava:

Many times, customers start from the small. I still remember one customer who is in our top 5 right now, that customer started 3 years before with 3, 4 resources, right, or maybe 5 resources. Right now, the annual number is approximately between INR25 crores to INR28 crores with that customer. This is one example. So, a company like us, they start from the small amount of the work with the good customers. This answer I have given multiple times, in every concall. When they see that we are able to deliver, they increase the work.

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Rajesh Jain:

Okay. And sir, last question, what is your total client base? Like how many customers you are serving from the smallest to the largest? What would be the number of clients, India and overseas combined?

Umang Soni: So, on services side, our clients would be around more than 200. Ratan Srivastava: Umang, I could not understand what is the question? Umang Soni: More than 200 active clients on services side. Ratan Srivastava: No, no. I think he has used large and small. Total customer. Umang Soni: Yes, total. Rajesh Jain: Yes, yes, I'm asking total, including very small customers, yes. 200 is the total number. Or you are cross-checking? Umang Soni: 200 plus. Ratan Srivastava: 200-plus is the number. But if I define your question, then question should be that 60% revenue is contributing by how many customers. Then, Umang, can you answer on this? 60%, 70% or 50%? Umang Soni: I would say, 15, 20 customers, which contribute around over 60% of our revenue. And these customers are mostly large enterprise clients only. Moderator: Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for their closing comments. Ratan Srivastava: So, thank you, everyone, for joining the call. And thank you, Pratik and Ryan for organizing this first Chorus Call. This was my first experience, but it went well. I was nervous because before this, I have always given a video call. So anyway, thank you. And today, we have received Best Place to Work award also, which I have already covered in my statement speech. And this is something which shows that we are not generating only the revenue, also we have a good working environment. We have happy employees also. So today, I'm very happy. I mean, it is something which is rewarding me that I'm doing good for my employees and in my operations. So, thank you and thank you to everyone for believing on us. And I hope that we will do better than this time in future. We will try our best. Okay. Thank you, everyone. Moderator: Thank you. On behalf of Ksolves India Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

Note: This transcript has been edited for readability and does not purport to be a verbatim record of the proceedings.

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