• Revenue mix shift: Payment cards currently account for approximately 85% of revenue and exports contribute 7–8%, with management aiming to transition the domestic-to-export revenue split to 65:35.
• Payment card outlook: Management expects Indian credit card and metal card volumes to grow at CAGRs of 36% and 47% respectively, with metal cards delivering more than 25 times the realization of traditional cards.
• IPO capex deployment: Out of the ₹320 crore fresh issue, ₹238 crore is allocated to purchase machinery for metal cards, IoT solutions, and export expansion, targeting an asset turnover of 7–8x and ₹1,000–₹1,500 crore in incremental revenue.
• Working capital cycle: The company maintains a normalized working capital cycle of 70 days (55 days inventory, 45 days receivables, and 30 days payables), alongside an expected EBITDA-to-cash conversion rate of 50–55%.