AvenuesAI Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript AvenuesAI Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
AvenuesAI reported consolidated revenue from operations of INR8,116 crores for FY26, up 103% year-on-year, with net revenue rising 15% to INR603 crores and profit after tax growing 58% to INR332 crores. Management described a strategic shift from a payments company into what it called an AI-first financial infrastructure and transaction intelligence platform, citing embedded finance, lending partnerships with Online PSB Loans and Ratnaafin, and international expansion into the United States as FY27 priorities. Management also discussed the Rediff confidential DRHP filing, the XDuce investment in the US, and answered questions on AI adoption, transaction routing, and merchant growth.
Numbers mentioned
Revenue from operations: INR8,116 crores (FY26)
p. 7
“On a consolidated basis, revenue from operations for financial year '26 increased to INR8,116 crores compared to INR3,923 crores in FY '25, representing strong year-on-year growth of 103%.”
Sunil Bhagat, page 7 of the filed PDF · View the filing
Net revenue: INR603 crores (FY26)
p. 7
“Our net revenue on a consolidated basis for FY '26 increased 15% year-over-year to INR603 crores as compared to INR526 crores in FY '25.”
Sunil Bhagat, page 7 of the filed PDF · View the filing
Profit after tax: INR332 crores (FY26)
p. 7
“Our consolidated profit after tax for FY '26 increased 58% year-on-year to INR332 crores as against INR209 crores in FY '25.”
Sunil Bhagat, page 7 of the filed PDF · View the filing
Revenue from operations: INR2,490 crores (Q4 FY26)
p. 7
“Coming to quarter 4 of FY '26. Our revenue from operations stood at INR2,490 crores, reflecting strong growth of 115% year-on-year and 5% sequential growth.”
Sunil Bhagat, page 7 of the filed PDF · View the filing
Net revenue: INR149 crores (Q4 FY26)
p. 7
“Our quarter 4 net revenue grew 11% year-on-year to INR149 crores.”
Sunil Bhagat, page 7 of the filed PDF · View the filing
Adjusted PAT: INR95 crores (Q4 FY26)
p. 7
“Our quarterly adjusted PAT grew strongly by 90% yearon-year to INR95 crores.”
Sunil Bhagat, page 7 of the filed PDF · View the filing
Stake in Ratnaafin: up to 2.5%
p. 8
“Ratnaafin is the first one that we've opened up, where we've taken up, up to 2.5%.”
Vishal Mehta, page 8 of the filed PDF · View the filing
Stake in XDuce: 20%
p. 17
“Yes. So we have not acquired. We've taken 20% in XDuce.”
Vishal Mehta, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 profitability — similar to past years · FY27
stated as an aspiration by Vishal Mehta
p. 10
“I think that it's reasonable to assume that it will be similar to what we have seen in the past years FY '27 should be.”
Vishal Mehta, page 10 of the filed PDF · View the filing
Formal guidance — first quarter call
stated firmly by Vishal Mehta
p. 10
“But we'll give guidance in the first quarter call for the full year.”
Vishal Mehta, page 10 of the filed PDF · View the filing
Consolidated margins — similar numbers or maybe slightly higher · FY27
stated conditionally by Vishal Mehta
p. 11
“But yes, we believe the margins should continue. I mean, in terms of consolidated basis, we should continue seeing similar numbers or maybe slightly higher, which will guide you at the end of first quarter.”
Vishal Mehta, page 11 of the filed PDF · View the filing
US expansion focus — FY27
stated firmly by Vishal Mehta
p. 18
“This year, we will pick up U.S. because of the macroeconomic risk in Middle East.”
Vishal Mehta, page 18 of the filed PDF · View the filing
FY27 strategic priorities — ecosystem integration, AI deployment and deeper merchant monetization · FY27
stated as an aspiration by Vishwas Patel
p. 6
“FY '27 will therefore be a year of ecosystem integration, AI deployment and deeper merchant monetization across payments, communications and embedded financial services.”
Vishwas Patel, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it will not lend from its own balance sheet, instead taking minority stakes in NBFCs like Ratnaafin, and that TPV growth is driven by merchant wins and platform customization such as the form builder and hospitality reservation systems.
Answered by Vishal Mehta
Asked by Rahul Jain: What is driving TPV growth and what is the balance sheet exposure strategy for lending?
p. 8
“We are not going to put our balance sheet for lending. The strategy that we've applied is that we will work with NBFC companies to be able to open up our ecosystem, and that strategy will continue to percolate.”
Vishal Mehta, page 8 of the filed PDF · View the filing
Management said the platform business is flat to slightly higher rather than degrowing, and confirmed a confidential DRHP has been filed for Rediff but declined to share further details due to regulatory compliance.
Answered by Vishal Mehta
Asked by Amish Kanani: Why is the e-commerce/platform business degrowing and what is the status of the Rediff DRHP/IPO?
p. 10
“You have questions around Rediff, yes, we have filed a confidential DRHP. Given the regulatory compliances, we are not able to share anything additional at this time.”
Vishal Mehta, page 10 of the filed PDF · View the filing
Management said AI is embedded across nearly all transaction processing and fraud checks rather than being a separate line item.
Answered by Vishal Mehta
Asked by Shrinagesh B.: How much of current transaction routing is AI-assisted versus rule-engine based?
p. 12
“I can tell you for sure that practically in all different areas of payments, we are using AI.”
Vishal Mehta, page 12 of the filed PDF · View the filing
Management acknowledged AI revenue is currently immaterial to the P&L but said it would consider more disclosure, and described internal risk metrics like fraud detection and response times.
Answered by Vishal Mehta
Asked by Sanjay Malik: Can the company disclose specific AI-related revenue and risk management metrics?
p. 14
“We do have specific AI revenue as well, which from a size of the P&L is not material, but we think that there's a lot more potential in that.”
Vishal Mehta, page 14 of the filed PDF · View the filing
Management said control of the agent and the customer's intent remains with the merchant and customer respectively, with AvenuesAI acting as an infrastructure and framework provider.
Answered by Vishal Mehta
Asked by Anita Bajaj: As AI agents execute commerce autonomously, does control shift from merchants to orchestration platforms like AvenuesAI?
p. 15
“But so the customer control is always with the customer. It is never with the agent because the intent comes from the customer.”
Vishal Mehta, page 15 of the filed PDF · View the filing
Management said XDuce operates independently with its own capital allocation decisions, that AI enterprise adoption has been slower than expected, and that US expansion is now being prioritized this year.
Answered by Vishal Mehta
Asked by Ayushi: What is the status of the XDuce investment and its alignment with stated objectives, and why has international revenue not reached the 30% target?
p. 19
“I think that's an incorrect statement. We don't participate in the Board of XDuce and we don't allocate the funds.”
Vishal Mehta, page 19 of the filed PDF · View the filing
Risks flagged
Margin pressure in the payment gateway business
p. 11
“We are in the payment gateway business is somewhat -- there is margin pressure.”
Vishal Mehta, page 11 of the filed PDF · View the filing
Costs are front-loaded due to AI investments, delaying near-term profitability gains
p. 9
“Quite a few of other costs are front loaded, specifically some of the investments that we're making in the AI setup and also, the opportunities that are there in front of us.”
Vishal Mehta, page 9 of the filed PDF · View the filing
Slower than expected enterprise adoption of AI
p. 17
“But you'll see a number of reports out there saying that the enterprise adoption of AI has been very, very slow.”
Vishal Mehta, page 17 of the filed PDF · View the filing
Macroeconomic risk in the Middle East affecting geographic focus
p. 18
“This year, we will pick up U.S. because of the macroeconomic risk in Middle East.”
Vishal Mehta, page 18 of the filed PDF · View the filing
Security vulnerabilities and evolving AI frameworks creating operational risk
p. 14
“I think that this exposure that comes in is about a small vulnerability in a piece of software, which was not patched, which was not even known, that risk is now becoming significantly more and something that we have to keep on reviewing and looking at.”
Vishal Mehta, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.