Xelpmoc Design and Tech Limited ($XELPMOC)

Ladies and gentlemen, good day, and welcome to the Xelpmoc Design and Tech Limited Q4 and FY '26 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I would now hand the conference over to Mr. Ravi Udeshi from E&Y. Thank you, and over to you, sir.

Thank you, Muskan. Good evening to all of you, and welcome you to the Q4 and FY '26 Earnings Conference Call of Xelpmoc Design and Tech Limited. We have sent you the press release, investor presentation and the same has also been uploaded on the Xelpmoc website as well as on the stock exchange. In case anyone does not have a copy of the same, please do write to us to discuss the results and the outlook for the future going forward. We have with us today the top management of Xelpmoc represented by Mr. Sandipan Chattopadhyay, Managing Director and CEO; Mr. Srinivas Koora, Whole-Time Director and CFO; and Mr. Jaison Jose, Whole-Time Director. Before we start the call, I would just like to remind you that the safe harbor clause applies. With that said, I now hand over the call to Mr. Srinivas Koora. Over to you, sir.

Thank you, Ravi. Good evening, everyone, and welcome to Xelpmoc's earnings call for Q4 and FY '26. I hope you and your family are doing well. We are still seeing challenges in the startup sector due to volatility in the funding within the emerging technology sector. As mentioned in our previous call, we are maintaining our focus on the corporate segment, especially on the product and other in-house solutions. Our consolidated operating revenue for the quarter was recorded INR 10.8 million for Q4 FY '26 as compared to INR 7.1 million in Q4 FY '25 and INR 11.2 million in Q3 FY '26. We are seeing interest from corporate clients for the products and services and the solutions that we are building. However, the conversation is expected to take some time and we expect our revenues to gradually start getting traction over the next few quarters. Operating EBITDA adjusted for the quarter was negative INR 15.6 million as compared to negative INR 15.3 million in Q4 FY '25 and negative INR 14.9 million in Q3 FY '26. Net loss for the quarter was INR 17.8 million, partially due to INR 2.4 million of ISO expenditure. This in comparison to a net loss of about INR 18.4 million in Q4 FY '25 and net loss of INR 20 million in Q3 FY '26. Regarding the change in revenue, I would like to state that the 100% of our revenue is from the corporate segment. We expect that this focus on corporate segment and focus on data science will enable us to increase our revenues. Our team size is about 63 including employees, interns, consultants as compared to 59 in Q3 FY '26. Till date, we have served 65 clients. The fair value of our investments in portfolio companies stood approximately INR 726.8 million as of 31st March 2026. As compared to INR 631.8 million as on 31st March 2025. I will discuss the portfolio of companies in detail now. Mivisa is a cutting-edge commotion AI platform, designed to provide real-time assistance and analytics on the customer agent interaction. New features as a pheno-based voice-to-text region that delivers industry-leading accuracy along with the prebuild AI model tailored for multiple industries. It's hybrid architecture, combining edge and cloud technology ensure secure and real-time data processing enabled total workflow automation and mixed language understanding. We hope currently has contracted ARR of INR 1 billion. It accounts for Tata Motors, Canara, HSBC and broking and Pine Labs among the top clients. Recently, it signed a multimillion dollar contract in the Tata Motors with significant with greater acceptance of its products. It has also onboarded HDFC as 1 of its clients during this quarter. Coming to our next startup, only operates across 2 dynamic business verticals. First, it adds a video commerce marketplace dedicated lifestyle products; and second, it as SaaS operating Rave.awhich provides interactive shoppable videos and live commerce solutions, like to as Tcore components, the Shopper boot social role and the social media publishing and reporting. Currently, it is hedging an impressive USD 4.1 million ARR with 245 brands utilize the platform and operating at an EBITDA positive status. It has notably enterprise clients, which are industry leaders such as Henkel, area, Samsonite, Titan, Decathlon, Unilever, et cetera, and with many more global brands in the pipeline. Our next data pencil, a Bombadier start-up that has been at the forefront of creator economy since it's established in 2007. Pencil is dedicated to empowering writers by providing innovative tools that enables them to create, enhance and monetize the stories. Recently, they launched AI generated polosupport by the grant from Google India which is now like additionally pencil has produced samples of AI-generated books in multiple languages, including English, Marathi, Hindi and many more. We have signed a USD 950,000 service deal with a leading organization for a period of 36 months. Its revenue for January to March '26 was INR 320 lakhs. Our next startup, the Star and innovative learning as a service platform dedicated to driving organizational excellence for individuals of oil tenders. Recently PSM has secured in new clients, including 7-Eleven, Cognizant a Xa sales work. It has recorded a revenue of INR 3.5 crores in FY '26. The company has also enhances platform by introducing new features designed to elevate the poach partner experience and improving client discovery process. Our next startup is stores. It stores is a unique discovery platform designed to support parents through their printing general from conception to age 16 with the help of LemoKFP-and developed a machine learning platform that analyzes over 100 data points from its users. The primary target audience consists of first-time parents age 25 to 34, who make up 75% of platform traffic with the 45% accident has successfully monetized its content through brand partnership and subscription revenue and has been improved monetization. Thanks to long-term brand collaboration and extended reach to tie to across the region. It has recorded a revenue of INR 201 lakhs in FY '26. Coming to our next start-up. Bio. by me, the ventures to do in the business of investing and mentoring start-ups. It start-up investment include Zooba, a white label loan platform for homebuyers in partnership with Delta developers and financial institutions. The leadership team at Zoom got money with its extensive expertise as successfully integrated with the leading PSU banks and the advanced discussion major real estate developers, positioning the company for a significant growth in the digital lending space. Also, Zoom has surpassed INR 300 crores inventory value plus project. Further Zhu became the first home loan platform in India to complete the core banking integration with ICICI Bank and sanction scale up by 3.75x over the same period, and they expect it to follow the same traction with other PSUs. BioVia increased its investment commitment on our support and IIT Hyderabad we not developing India's first in reinforce fully resource implant platform investing INR 4 crores, again, is the initially planned INR of 2 crores for a 10% combined day. The valuation has increased 2.5x to INR 100 crores within just 5 months of Bioinvestment. And they also signed an MOU with Manipal Group for clinical trials, onboarded 4 institutions along with their principal instigators and CRO partners. and is now moving towards CDSCO license in the near term. Biome is actively evaluating and planning strategic investment in super agent and Agentic UI layer remaining enterprise work. As you all know, typically, Xelpmoc engagers startups at an incorporation stage, prefunding stage or pre-revenue stage. Most of our start-ups have just begun generating revenue are still in cash burn. However, a few of our startups such as Mero, Mobi, pension PSM, KSP are performing well while others are still working to secure their next round of funding. Consequently, they are concentrating on increasing revenue and maintaining a conservative cost structure. The start-up ecosystem continues to experience significant challenges, and we are focusing on scaling up wells on products and services. Our emphasis on revenue generation in the corporate sector, particularly in data science, artificial intelligence and machine learning as we aim to develop our own in-house products. At this time, we are not looking to onboard new start-ups unless we encounter exceptionally some good opportunities. We are committed to achieving EBITDA profitable as soon as possible. The new products that we are building should help us to reach them. A key highlight for the year has been development of do X, which is a new taro Extract and our genetic AI platform for document processing and analytics and the successful launch of relying our agentic platform. We are seeing a good traction in both the products, which will enable us to unlock new revenue streams in the enterprise segment going forward. And throughout the year, we have actively enhanced and transformation for artificial antigens, leveraging our deep expertise in data science and machine learning. These capabilities have allowed us to address immediate operational challenges while also building scalable future-ready solutions for our clients. As we enter the new financial year, we are well positioned to deepen client engagement, expand our product footprint and continue delivering a long-term sustainable value to all of our stakeholders. With this, now I request to open the floor for question and answers.

[Operator Instructions] The first question is from the line of Siddharth Shah, an individual investor.

Good evening, everyone. First of all, we are really working hard to take this company to great heights. I can sense that from a speech. I understand there can be many concerns regarding fundings and all that you already told. My question to the management is can you people provide FY '27 targets for X-ray customers or like customers and the time line to achieve consolidated EBITDA breakeven.

Yes. Thank you very much for your question. But as you know, that we will not be able to disclose any future numbers. Yes, what we could say is what we are doing on the Dorette from the product front and on the relation we give you a brief background, exactly what we are doing on the Dakota and Jason will give you a brief background what exactly we are doing on relying.

Just taking on the Dakota part. So yes, there has been a lot of hard work put in, but -- market product fit and being adopted by the market. But these are long cycles because there's a lot of confusion at AI as a whole and all. However, the salient features of our product, which I want to highlight on right? From day 1, we relied a lot on local compute and specific private knowledge, which should not get exposed or data exchange and all should not being secured. . And those are the kind of solutions which we feel now the market is fully realizing are important for their own sanity and for their own security part of it apart from the extra specialization that happens with the expert knowledge being localized, the chance of what is called and a common problem of hallucination or putting guardrails against things of nature, which should not go out in a corporate communication. It's 1 thing when you have a kind of a senseless answer coming in from an AI system, which you are using for personal use it's quite a different thing when the corporate communication is sort of made by such bad instant this call kind of misdemer in terms of the extent to which the communication is done? Those things are being dividends, I may say, in terms of the acceptance, but these are all parts. We have secured some contracts. Obviously, the revenues are shown in the tread 100% from corporate. And these have shown that, that adoption is taken after a lot of signed check in the POC stage because the bunkering is building in all drastic time. And in more complicated the case, which we are attempting, the larger organization. These things are slightly more delayed in terms of POC. There's a lot of uncertainty in the market, which we have to navigate through. establish ourselves and do it. But I think until now, things look more positive, and we have had some early wins -- in the next 2, 3 quarters, Jason, would you like to rely?

Surely, so we announced last outstandings are platforms for base. Just the next to market blackhole enables upgradation operator case typically, you're looking at operators -- Comcast while we look to also sincere -- at the last quarter, we, we've launched the 2 operators to 1 in about 10 -- and as we move into this quarter to monetize even reasonably large million of rental funder management I understand. On 1 open continue to be the best of our second, and we have a couple of operators that are out -- we're also launching operations with a couple of atonecifically in -- as the aging -- and we can go live.

Sorry to interrupt your line is not clear.

I can hear...

A little bit better, sir, go ahead.

Yes. Okay. So we have seniority customers that are also in onboarded being at or 500-odd retention during this quarter. Obviously, these are really long sales cycles and also standard on the -- is predicted last in position of very interesting from what's happened during this quarter and also that environment year part of realized now we a very large part of India being supported -- so there seems an outlook for us in the last quarter Also, we have some run out of our inventory that add to the reform from operators in the home -- how about would we be happy to share more numbers with you about this I rely on the platform you said is this meeting in -- and I'm sure that as a sales this year we see the full run of the opportunity.

Hello, Mr. Siddhart. Does that answer your question.

Yes, it's does.

[Operator Instructions] The next question is from the line of Wei Fernandes, an individual investor.

Yes. Sorry, sorry, Jason, I cannot hear the answer very clearly. As to summarize the developments in the just over the last year, I couldn't follow what your answer.

Am I audible now? Is it better?

Yes, Jaison, this is much better. this will be clear, yes. Please go ahead.

Okay. So in summary, we've come out of sales in Q1, and we've rely as a platform for operators in the elder care or the tease, we're essentially looking to empowering players who are essentially assisted living senior living or home care operators in that space while we look to also connect other ecosystem players like distills or, let's say, insurance companies so on and so forth. As launching the first -- as launching with the first few users in the assisted living space, most of these that are in the western part of India. We've met product market fit. We currently have a couple of hundred resident under management, we seniors under management across 6 centers in the West. And our pipeline is a few x times of those for the coming quarter. So assisted has been the fastest uptake while we also have operators that will onboard rely platform. So these are operators in Senior living is in real estate meet Eldercare ecosystem. We have a couple of deployments that are currently at late stage of negotiation, which should convert in the next couple of weeks, and we should be able to enjoy them during this quarter in the coming quarters. It's a really exciting time for us to take senior living into our senior living stack also into the market. Finally, we have a couple of products that are coming out of our inventory as well that will only augment this platform, this is for the third part of the pie, which is for the operator in the home care segment. Again, Celis not a single product. It's a platform that operators can plug in and use and safely handle data, especially in the context of how PDPA is going to be enforced in the next 18 months. So are we that product market fit, I think we will see the numbers also being recognized in our financials in the next quarter as well so that's a little bit about what I have said. I hope this kind of summarizes where we are on the line.

Yes. Thanks, Jason. I think that summarizes that actually have been following the development over the last few years. So it's quite nice to see finally coming to petition. I just wanted to understand just from a stable state point of view, what do you expect in terms of revenues, let's say, once we basic quarter, you are not asking for any guidance, but just in terms of contracts which you are looking at, are these large contracts? Or are they small players?

Yes. So the way that the ecosystem operates today is that you have a lot of mid-market players typically, so I can't share -- I don't think I'm allowed to share forward-looking numbers, but let me say with you that the market is categorized with at 1 end of the spectrum, you have the extremely large enterprise operators. These are the ones that typically have a few thousand resets under management or a few thousand workforce in the management. But a very large part of the segment is today in the range of about 150 to 200 doses under management. 4 to 6 centers. This is when I talk from an assisted level point of view. From a senior living point of view, you have real estate projects or projects that start at a minimum of 150 people, 150 apartments and walk to a few thousand is. So that's really the spectrum. And then always a multiple, but primarily we land -- on the subscription, I mean, the enteron subscription on a core apartment or per bed under management kind of model, which is again a SaaS based. So operators pay us on a per bed per month and these contracts are typically a in a minimum 2 years. So it's a difficult B2B kind of clear. Just to give you a little bit of an overview of how we're looking at this.

[Operator Instructions] The next question is from the line of Govind an Individual Investor.

Yes, First of all, thanks a lot for the management to give us a holistic overview about what is happening. So I just wanted to understand during the last conference call, there was a discussion about multiple POCs, which were happening for the data science and AI business. And that time, it was discussed that these kind of POCs would take about 3 to 4 months. So I wanted to understand what is the outcome of those POCs and how many of those POCs have closed into orders? And what is the future road map looking like in terms of getting business from new logos? And what is the data science and AI market looking like? If you could throw some light on that, it will be great.

So we discussed last time that these are like 3 to 4, and I just had told that they are taking slightly more time, but good to say that some of the smaller projects, I think we have been able to convert 1 or 2 of them. They are just small proof of concept converted to monetization and all. Some extensions on some of the earlier projects we have done with these new things out there. That's happening. And many of the projects are ending the period because 3 to 4 months from a ton, we have started a baby of them during the last quarter. . Some of them will -- are getting onto this quarter, and we expect some of this. But what happens is after the POC success, it still takes some time for them to ratify, clarify and adopt it into a viral product for them. So that's a process that's also in place for some of the projects. That's the rough stage that we are in at right this point.

Okay. So is there any -- I mean is it possible to share in terms of, for example, out of 5 POCs 2 have been monetized or 3. I'm just trying to understand how the...

I don't know. I leave that Srini to answer if whatever is answerable on that .

We have done -- as we speak, we must have done close to about 2 to 3 are going on. But yes, as Saiban rightly said, that from POC to order booking, it is taking some time. And yes, we are looking at onboarding new logos and especially working on this even though the product is sector agnostic, we are deeply trying to work first to start within the BFI segment, real estate and more specifically in the area of compliances. .

[Operator Instructions] The next question is from the line of Sacha Shah, Individual Investor.

Many long-term shareholders have remained invested through significant market cycles. And looking ahead, what are the 3 most important milestones management believes could help the -- could help bridge the gap between the company's market valuation and the underlying value in resins business and portfolio. If Sandipan sir can answer this, it will also help all the shareholders who are sitting since couple of years waiting for the moment. that yes, we are on a breakeven or something like that. I mean this will really help because the -- I think sir can really answer this well, looking at the developments, which is going on in the company.

See, we have always said that we are a counter-chaging thing and the parts that we are taking in are hard problems, and it will take time. And I'm really thankful for a kind of a cult following, we have among our shareholders who have held on very resilient on that part. Now as you know, the business has different aspects to it. I think that the kind of portfolio value growth that you have seen. And right at the beginning, we had said we expect 3 to 4 big successes. I'm not saying that anything is assured yet because of the short cycle, our own vintage stand our start-ups are also similar vintage and bearing parts and the kind of problems we are solving there are long gestation ones. They're not typical quick pitch fox or they are very interimisolutions, and it takes time. For example, we had patients for 7 years. In the last 3 years, we have seen solution. And as you are aware, we actually proved the success of portfolio model by taking partial exit in Meu and I'm sure this will continue on an upturn for some of our portfolios in the near future. That's part one, where I think we are doing it. And I also feel that that's our DNA this is a bad phase and we will pay to the phase. But we will obviously keep our eyes and ears glued for startups. I think the maximum value will still come from those, and we will take it up again. in the next 1, 2 years once the cycle comes back to normal, we can have a rate. But that said, the kind of part we took of building in stealth, using the bad times as a way to focus our energies on building a product for us, which has a longer multiplication factor as much as any of our start-ups do. And the kind of traction we are seeing also more importantly, the thesis we took that edge computing, privacy, local intelligence, these will be important factors going forward, which was a bit contrary and, let's say, a year back when everyone was just thinking that building wrappers around legacy models or standard enterprise models would work. I think time has sort of took testimony to our hypothesis. And in the last 1 year -- 1 month or so, it has actually accelerated to show our hypothesis of the techno-commercial viability of such solutions. So when we are making solutions which are localized, a lot of these token costs and all are not considered. There are hardware costs surely. But they are not at the mercy of price increases. They are deployable and you have control firstly. And secondly, these are not black box solutions. These are understandable, not that everyone is looking to millions of lines of code, which you have taken from open source or the research teams and changed at the parts which were critical, but it does give us a ride that when things are looking stock, you can go down to the last line of code, if you so wish to, that choice exists, and we built a solution, which embraced and sort of accentuated those rights which we felt would be important going forward. We should not go blind. I think that will pay dividends over time. And we are already seeing a grading respect coming in the market or holding on to the hypothesis. So that would grow and the initial parts that we have done, it's not just the POC or 1 project and all. cardinality is something market should look at, I completely accept, but as a technologist, the places where we have been able to put our products in place our products. I think are a very good convergence of actual power of what the defense can do. And that essentially has its own multiply in terms of getting further business. That's our current situation. And I think the long wait I would say the first part of going into startups, probably overarching some mix stacks we did about going in development projects thinking it will be easy, which we went wrong. And now finally settling into this rhythm of kind of balanced risk playing to our core strengths, I think we have found our model, and that would pay off in time, much shorter duration than what patients we guys have waited for, that's my current reading and honest reading.

For giving a detailed idea about my question. I'm really thankful to you.

Anytime. I have always said that one thing you will get is proper governance and complete clarity. We will tell what we are doing and do what we tell. There will be nothing in between these 2 aspects. .

Yes. The question just came because I'm also an investor since 3 years, and I pursue a lot. For me, when I find any company in equity markets, I first of all, look at the ethics and governance of a promoter and I think you are -- and the entire team is doing a wonderful job. I understand it is taking some time...

We are doing hard things. We didn't go for that part. We believe in value, and that is also intrinsic. That's a double-digit sort, right? We are not market savvy to ride a wave and do it. We are deep hypothesis people who have a fundamental thing. Sometimes these things do take time. But also if something bill has to happen, it can only happen through this method. That's the firm belief we have.

The next question is from the line of Punit, an Individual Investor.

So my question is, we had about 100 less employees when we had a turnover of INR 14 crores. And now we have about 50-odd employees. So to get to INR 14 crores and upwards of that, will we need to recruit 100-plus people or you think we can do it to the team of 50 people.

That's it. Srini, go ahead.

So Punit, just to answer your query. See, right now, we cannot exactly correlate number of people versus revenue. The reason being a lot of people are also working on product. For example, when we talk about Trillian we talk about topics which was like a new Aptara extract, et cetera, what we have been developing. Lot of people are working on this particular product, but still the revenues are yet to kick in those products. So once you start seeing revenues in those products, then the correlation will be completely different. .

Okay. And sir, if you attack we had accepted that we need to boost the sales team So have we done some hiring in that aspect?

So again, just to answer you, what we are doing right for instance at those products at the use stage. We have not yet hired any salespeople within the company. But what we are doing is we are having a contractual agreement with a couple of GTM companies. So what happens is we both work together so they can get us the business and we can have some sort of revenue share. We are working with a couple of GBM companies. .

Got it. All right. And sir, what would be our runway available?

So right now, runway is available for close to about 10 to 12 months. .

The next question is from the line of Rene Fernandez, Individual Investor.

My question is to Mr. Sandipan. I just wanted an update on signal -- what is the progress on that company? But I think there was some note in recurrent financials. I just wondered -- it is operational.

It is operational and -- but we have been finding it very hard to sell, which we have given a note of that the EdTech sector and anything which sounds like an automated pros, there's awareness on that part. We are trying to have some, you may say, flank products being done, which probably would be looking at corporate training, steel development, et cetera, which probably has a faster need riding on some of the inroads we have built through the other projects, we find some opportunities which may exploit the usage of those products. Plus, there are a lot of -- I mean sitting inventory, which are probably deployable in other situations alongside do Extra and all, so we are exploring those opportunities. But at the same time, we are also -- we have a clear belief that what we have built is needed. There is confusion about whether AI is doable, whether it will be used by keeps to copy homework and schools don't want to take a rush step forward. But our thing was not that it was more of an advisory. It was more of have been building for a bit to know what exactly and why they're learning it. I think as AI propagates contradictorily, that's the only skill kids would need and the product would find its value once people realize that the silos of information we are making in the education system will not work. And the current education system can't be changed. So products like we've built in signal will actually become more important once this realization comes but unfortunately, it's got in the Malian, it tick flagships going down on different routes has not helped our cause, but we are on it on that part. But it has taken much more time than we thought it had some headwinds in different aspects and probably some things that we could have done earlier instead of sticking to our hypothesis, looking for adjacent markets that we have started doing now for sure.

All right. And 1 last question. I think I have been a very long-term investor in Desmond I think my initial investment was because of the start-up model which you had I think unforthink that has to be the focus of the...

We still going to yield dividends. So that holding is still increasing. So don't worry about that, and we'll...

But I mean your start-up success has been phenomenal in terms of the percentage of satoswhich are actually changed the revenue -- so I just wanted to understand since you mentioned that you might go back to, let's say, a couple of years, I may be a little early in this question, but I just want to understand, is that the objective of the company...

That is going to be the overarching objective of the company as long as it exists. That's our DNA. Ultimately, we have product makers. There are certain products we can take to market ourselves. there are certain products where we have the expertise to build but not take to market, where we want to work with phasing in terpenes. Now the model we are going for in terms of financial implications is not sustainable for us. But given the value we bring to the table, I'm sure that on some of these things fusion and the environment gets healthier, people will do it at no cost burden on us, which we were taking for some of the start-ups, but just still as equal partner, maybe we will not get such healthy equities like we used to get because we used to also on our cash in that. But a little less equity, a little less risk and that's probably the sweet point and we will reach it.

The next question is from the line of Ranaa individual Investor.

So my question actually is many of the investors have been long-term investors. They have been holding the stock for a long time. just with respect to getting more clarity on this, I had -- my question is into 2 parts. My first question is in terms of -- because 1 of the 3 business model is start-up -- investment in startups. So is it possible to talk about what is the current valuation of those start-ups, for example?

I think Srini just gave a summary of that at the beginning of the part, I think Srini can tell that altogether.

Yes. So right now, as we speak, the total value of the start-up is about INR 72.6 crores with an investment of about close to INR 80 lakhs. .

Okay. Okay. Great. Great. So that is one. My second question was with respect to -- as Mr. Sandipan was mentioning that there are two, if I can call it, 2 lines of business. One is the start-up part. And second is the regular data science, AI kind of approach, which Almas taking. So I wanted to understand, if you look at the next maybe 3 years, then how -- how do you look at these -- both these things shaping up. Maybe if you look at data science and AI, maybe we can have a bifurcation with respect to government business and enterprise business, but if you look at the overall thing, how do you see the business shaping up? What kind of growth do you anticipate? And where do you see more growth coming? And how do you think the overall numbers are going to stack up, if you could just help us to understand that it will be great.

So very difficult to answer this question in terms of comparative percentage is not, but I can tell you what I see. We have not really engaged in the start-up economy consistently or importantly, for the last 1, 2 years. Even if we start today, it's a 6- to 7-month lead time to get a suitable start-up onloaded. and that will take -- given the stage we get in, that should ideally take in some of our experience 3 to 4 years. So in the horizon you are doing the new start-ups that we onboard unless we get lucky and then semi-state startup, which we get an immediate kind of a side ride-on, which is unlikely, they will not -- the new start-up things will not come and sort of affect that company, given your time horizon. But the older start-ups, I do believe some of them have reached maturity, and they are still on continual growth. Some of them are actually an inflection points, and they may see sports going up. Remember, our valuations are conservative. It doesn't ride on optimism, it actually rides on a particular transaction done in terms of value in, so there will be a rise in absolute terms, given the quantum that we already have in hand, it is likely that the growth there would be there -- because there is no cost to right now anymore, right? It's a free ride that we are getting in terms of returns. At the same time, the product and all, I do think we'll continuously keep on investing. -- in the next 2, 3 years to stay concurrent. That's a key part of this business. You were not done ever with a product like this, you decon constantly building but your own thing is that is more for market coverage increasing and with green signals in terms of getting profits into it. So I think profitability and all will come and the growth would start. Hopefully, there will be enough from the growth to put into better product development at a faster pace and get even larger market share. That is the way we would go forward.

Just the correction, fair market value is about INR 72.67 crores. It's not INR 79 crores as stated. I hope that answers you.

[Operator Instructions] As there are no further questions from the participants. I will now hand the conference over to the management for closing comments. Over to you, sir.

Thank you, everyone, for joining us for today's conference call. In case if you have any further queries, please do write to us, we will do our best on a best of word basis to answer your queries. Thank you, and please take care.

Thank you. On behalf of Xelpmoc Design and Tech Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.