Transcript of Earnings Conference Call for the quarter and half year ended September 30, 2026.

November 11, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Company Code No.: 539807 Company Symbol: CCAVENUE Dear Sir/Madam, Sub: Transcript of Earnings Conference Call for the quarter and half year ended September 30, 2026 In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Investor/Analyst conference call on financial performance of the Company for the quarter and half year ended September 30, 2026 conducted on Friday, November 06, 2026, after the meeting of Board of Directors, for your information and records. This transcript is also available on the website of the Company i.e. www.avenuesai.com. We request you to kindly take the same on your records. Thanking you, Yours faithfully, For AvenuesAI Limited (Formerly known as Infibeam Avenues Limited) Shyamal Trivedi Sr. Vice President & Company Secretary Encl.: As above AvenuesAI Limited (Formerly known as Infibeam Avenues Limited) Regd. Office: 28th Floor, GIFT Two Building, Block No. 56, Road-5C, Zone-5, GIFT CITY, Gandhinagar – 382 050, Gujarat, India CIN: L64203GJ2010PLC061366 Tel: +91 79 67772204 | Fax: +91 79 67772205 | Email: ir@avenuesai.com | Website: www.avenuesai.com “ AvenuesAI Limited Q2 FY2027 Earnings Conference Call” November 06, 2026 MANAGEMENT: MR. VISHAL MEHTA – CHAIRMAN AND MANAGING DIRECTOR – AVENUESAI LIMITED MR. VISHWAS PATEL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – AVENUESAI LIMITED MR. SUNIL BHAGAT – CHIEF FINANCIAL OFFICER – AVENUESAI LIMITED MR. B. RAVI – INDEPENDENT CONSULTANT AND ADVISOR CORPORATE AND FINANCIAL STRATEGY – AVENUESAI LIMITED MODERATOR: MR. RAJAT GUPTA—GO INDIA ADVISORS LLP Page 1 of 17 AvenuesAI Limited November 06, 2026 Moderator: Ladies and gentlemen, good day and welcome to AvenuesAI Limited Q2 FY2027 Earnings Conference Call hosted by Go India Advisors. As a reminder, all participant lines will be 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 this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rajat Gupta from Go India Advisors. Thank you, and over to you, sir. Rajat Gupta: Yeah, thank you, Hooda. Good evening, everyone, and welcome to AvenuesAI Limited earnings call to discuss the Q2 FY2027 results. We have on the call with us today Mr. Vishal Mehta, Chairman and Managing Director, Mr. Vishwas Patel, Managing Director and Chief Executive Officer, Mr. Sunil Bhagat, Chief Financial Officer, and Mr. B. Ravi, who is advising AvenuesAI on corporate and financial strategy as an independent consultant. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. I now request Mr. Vishal Mehta to take us through the company's business outlook and financial highlights, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir. Vishal Mehta: Thank you, Rajat, and very good afternoon to everyone. Happy Dhanteras. Thank you for joining us in the AvenuesAI second quarter and first half FY2027 earnings call. I am pleased to share our performance and, more importantly, our perspectives on how the next phase of AvenuesAI's growth is expected to unfold. Let me start with a thought. Over the years, we have built an infrastructure to process payments. Our next opportunity is to create significantly greater value from the millions of digital interactions that happen on a weekly basis that this infrastructure enables. This is the transformation underway at AvenuesAI. We are evolving from a payments technology company into an AI-first fintech infrastructure company, which combines payments, enterprise digital platforms, and transaction intelligence. Our first half results provide a very strong foundation for this journey. I will now invite Vishwas Patel, our Managing Director and CEO, to take us through the business performance and key developments, followed by Sunil Bhagat, our CFO, who will present the financial highlights. Vishwas, over to you. Vishwas Patel: Thank you, Vishal. For the first half of FY2027, our consolidated revenue from operations increased 71% year-on-year to INR5,560 crores . Our operating EBITDA, excluding other income, increased 19% to INR199 crores . Our consolidated profit after tax grew 24% to INR156 crores . In the second quarter, our revenue grew 47% year-on-year to INR2,879 crores , while profit after tax increased 6% to INR72 crores . These results demonstrate the growing scale of our business and our ability to generate profits while continuing to invest in our future. I want to emphasize something important. Our ambition Page 2 of 17 AvenuesAI Limited November 06, 2026 is not simply to process more transactions. It is to generate greater value from every merchant relationship, every enterprise relationship, and every technology capability that we have built. That is where we see the next phase of opportunity. Let me turn on to our payments business. During the second quarter, our total payments processing volume increased 19% sequentially to INR1.77 lakh crores . This is an important development demonstrating continued growth in transactions throughput across our payment infrastructure. Our net take rate during the quarter was 5.06 basis points, reflecting a competitive pricing strategy. We recognize that investors closely monitor take rates and margins. Our approach is deliberate. We are prioritizing transaction scale, merchant relationships, and long-term competitiveness while continuing to evaluate the economics of the business. An equally important part of our merchant strategy is settlement efficiency. We have been focusing on accelerating settlement cycles so that the merchants can receive their funds faster. This strengthens the merchant experience and can improve their working capital efficiency. Faster settlements can also create timing-related working capital requirements for our business. We believe that a combination of competitive pricing, reliable infrastructure, and efficient settlements can help us build stronger and more enduring relationships. Scale alone is not sufficient. The opportunity ahead is to use our established merchant relationships to introduce additional services and improve the value we generate from our infrastructure. Today, we primarily monetize the processing of payments. Tomorrow, we want to build additional revenue opportunities around the enterprise technology, merchant intelligence, digital services, AI-enabled financial workflows. We believe the payments business is not the end of the opportunity. It is a foundation on which we can build several additional businesses. Let us now discuss Rediff, which is one of our most important strategic priorities. We believe Rediff has the potential to become much more than a traditional internet and communications business. Our vision is to develop a connected digital ecosystem, bringing together enterprise communications, commerce, payments, and other technology services. RediffOne provides an opportunity to deepen our relationship with enterprises through digital communications and commerce solutions, while RediffPay is intended to expand our participation in consumer payments and create additional digital engagement opportunities. CCAvenue, in turn, provides established payment infrastructure that can support this broader ecosystem. The strategic advantage is that there are complementary capabilities. An enterprise using communication services may also require commerce and payment solutions. A merchant using payment infra [Showing first 8,000 characters — download PDF for full document]