• Revenue growth outlook: Consolidated revenue stands at around ₹1,900 crore and is projected to grow approximately 40% to reach ₹2,600–2,700 crore next year, aided by synergies from recent acquisitions.
• Segment margin profile: The SaaS segment delivers gross margins exceeding 95% and program fees maintain strong profitability, whereas the lower-margin Propel business is utilized as an essential entry point to cross-sell multiple products to corporate clients.
• Propel margin sustainability: Propel margins have moderated from historical 10–11% levels due to rising volumes, competitive pricing actions, and quarter-lagged merchant commissions, with management considering a 6% to 7% margin fully sustainable.