Key Takeaways from Our Q3FY26 Earnings Call: Driving Sustainable Profits Through AI Efficiency and Expansion

We have reported our third consecutive profitable quarter, driven by strong monetisation, higher payments GMV, merchant subscriptions, and distribution of financial services revenue in Q3 FY2026, reinforcing the strength of our business model. Our AI-led opportunities continue to drive profitable growth and improve margins, further building the foundation for sustained long-term expansion.

During our recent earnings call, our Founder and CEO Vijay Shekhar Sharma, and President and Group CFO Madhur Deora shared key insights into our operating performance, highlighting the central role of AI across business functions and our roadmap for future growth.

Sustained Momentum Across Merchant and Consumer Ecosystems

Starting our Q3FY26 Earnings call, our Founder and CEO said, “It’s been over a year since we’ve been steadily building momentum. We continue to dominate the merchant ecosystem and have now started to scale meaningfully on the consumer side as well.”

Speaking about the consumer market share, he mentioned, “We strongly believe the market is ours to win, with merchants remaining our core strength and foundation.”

He also added, “Expanding mobile payments into the hinterlands of India was challenging, but now it is well established and users are also willing to pay for subscriptions because of the value proposition.”

Resilient Business Model and Free Cash Flow Focus

Speaking on our business model, our founder said, “We are certain that we will not need PIDF in our business model. We will offset through subscription, and cross sell of financial services.”

Putting the focus on generating free cash flow, he added, “Every replica of our business model is a proof of our business model. And as you can see that every quarter, our cost optimisations are continuing. We are more sure than ever of generating high growth and high margin. And we are focussed on generating free cash flow.”

AI-Led Productivity and Operating Efficiency

Speaking on AI-led productivity and operating efficiency, Vijay mentioned: “On the consumer side, we’re investing with confidence because we now have clear monetisation capability. We’ve learned what works, and we’re scaling from there. At the same time, we’re also thinking deeply about how AI can play a role in improving efficiency and productivity.”

Echoing this focus, our Group CFO highlighted the impact of AI on internal operations. “We’re constantly working on productivity. AI has helped tremendously in non-marketing and non-sales areas. Overall, we’re very happy with our current cost structure, our focus right now is not on marketing, but on productivity,” he said.

Strengthening the Merchant Network and Expansion Plans

Highlighting the company’s strong momentum in merchant acquisition, Madhur said, “We’re doing very well on the merchant acquisition side. Our base is clearly superior in quality, with higher engagement and stronger overall performance metrics.”

He added that we continue to deepen the quality and scale of our merchant ecosystem. “On the merchant side, we are doing very well on the acquiring side. And we are further strengthening the quality and depth of our merchant network,” he said.

Looking ahead, he noted that we remain focused on our merchant-led strategy, with plans to expand its reach further. “Our focus continues to remain on the merchant-side business, where we’ve already done strong foundational work across the areas we’re living in today. Over the next 3-6 months, we plan to extend our international partnerships too,” added our Group CFO.

This quarter’s performance reflects disciplined execution, strong product fundamentals, and a clear vision fueled by AI innovation. As we continue to scale financial services, enhance merchant offerings, and explore international expansion, AI remains at the center of our growth trajectory.