Avenuesai Ltd — Q3 FY26
Avenues AI delivered a strong Q3 FY26, with consolidated gross revenue surging 122% YoY to ₹2,381 crore, driven by higher payment volumes and enterprise merchant growth.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Is the analyst's sizing of Pay Central's TAM correct?
Asked by Mo Jen, Dr. Chria
Management agreed TAM is large but did not confirm or correct the analyst's specific sizing.
no specific TAM validationqualitative only
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Question
I tried to size pay central's opportunity by looking at India's retail digital payment... is this the right way to think about pay centers addressable market and adoption?
Vishal (management)
You're right India is the largest real-time payment market... the way we think about it internally is that... that intelligence layer will command a few bips of that flow which is enormous.
Answered
High priority
What is the blended take rate for Pay Central?
Asked by Mo Jen, Dr. Chria
Management gave a specific range (low single-digit bips) and confirmed it is additive.
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Question
Is it possible for you to tell the blended take rate which we can get from this opportunity itself or it's very initial stage?
Vishal (management)
Very low single-digit bips across all the transaction volume is what the opportunity holds out to become... it'll just add up into the margins and the bips.
Answered
Medium priority
Will the offline PA license help the AI strategy?
Asked by Dashil Pandya, Fentress Capital
Management clearly explained how offline payments integrate with AI strategy.
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Question
Should we view offline as a meaningful to your AI or through this higher transaction density richer merchant level database will see something better.
Vishal (management)
When the agent comes in in the offline payments... it can decide what option to use as a payment routing... turns every offline payment transaction into a decision engine.
Partial answer
Medium priority
How many merchants onboarded on Rediff One and activity levels?
Asked by Prana Mashualla, Dalat
Management gave a merchant count but no active transaction or adoption metrics.
no exact active transaction numbersqualitative only
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Question
How many merchants have we onboarded on the rediff one... shifted to that platform and how is the activity in terms of active transaction and adoption?
Vishal (management)
More than 20,000 plus merchants already on the ready fund system... the number of users of that is magnitude of that number much much larger.
Answered
Medium priority
What is the timeline for onboarding more merchants to Rediff One?
Asked by Prana Mashualla, Dalat
Management provided a specific target range and timeline.
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Question
What be the typical timeline that you might be looking at in terms of onboarding more larger number of customers?
Vishal (management)
Reasonable number to go after for the next 12 to 18 months is at least high single digit to double digit percentage of our base.
Answered
High priority
What led to the guidance upgrade? Any one-off revenue?
Asked by Prana Mashualla, Dalat
Management explained the upgrade was due to sustained performance, not one-offs.
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Question
What led to this guidance upgrade? Is there some one-off revenue or something that we are expecting in a segment?
Vishal (management)
We've reached the guidance that we had given for this year in FI26. So the upgrade is really a combination of our capacity to actually monetize... we don't see this as a one-off.
Answered
Medium priority
Can you share CC Avenue TPV?
Asked by Prana Mashualla, Dalat
Management directed to a slide with the data, effectively answering.
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Question
We usually used to share transaction processing value for various of our platforms. Just on the CC avenues TPV that's possible.
Vishal (management)
If you look at the slide number 15, you would see that the value.
Evasive
High priority
How much of the 9% payment failure reduction is structural vs model-driven?
Asked by De Sanchetti, Mana Finance
Management acknowledged the question but said they haven't done the analysis.
no quantificationdeferred
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Question
You mentioned AI reduced payment failures by 9% in Q3. How much of this improvement is structural and embedded versus a model specific gain that could plateau?
Rashu (management)
We haven't quantified that yet... to quantify how much of that success rate improvement is from structural changes versus model changes is not an exercise we have undertaken.
Evasive
Medium priority
What % of revenue comes from customers embedded in Rediff One?
Asked by De Sanchetti, Mana Finance
Management discussed switching costs qualitatively but did not provide the requested percentage.
no percentage givenqualitative only
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Question
What percentage of revenue today comes from customers where payment compliance and workflows are all embedded inside read one making switching operational infeasible.
Vishal (management)
Once you offer more than one service the switching cost somewhat exponentially goes higher... but we haven't quantified that percentage.
Evasive
Medium priority
How do you prevent complexity from diluting focus?
Asked by Vani Chanda, Alis Financial Partners
Management did not describe any concrete measures to prevent complexity.
no specific framework mentionedreframed as natural integration
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Question
How do you prevent organization and product complexity from diluting focus before the flywheel economics fully kick in?
Vishal (management)
These are all related areas and that somewhat completes our flywheel... the focus will continue being that.
Partial answer
Medium priority
What internal ROI guards exist on investments?
Asked by Vani Chanda, Alis Financial Partners
Management described philosophy but no concrete guardrails or metrics.
no specific metrics or thresholds given
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Question
What internal guards exist on the ROI in terms of our investments.
Vishal (management)
Our guardrails for ROI is not short-term thinking... we want to be an AI first payments business... we won't take up an initiative which won't improve our unit economics.
Answered
High priority
Why did EBITDA grow more than net revenue? Any one-offs?
Asked by Amish Kanani, Noise Investment Managers
Management explained the operating leverage and cost efficiencies driving EBITDA growth.
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Question
EBITDA has actually grown much more than the revenue in absolute terms. So if you can give us some sense of how is it that we could extract more profitability at EBITDA level more than even net revenue.
Vishal (management)
EBITDA is a percentage of net revenue... certain expenses have been more efficient... we have redeployed quite a bit... there will be hiring freeze on many potential areas that can be automated using agents.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Net revenue increased from ~130-140 cr to 148 cr | ₹148 cr | ₹2,381 cr | Understated vs filing |
| EBITDA is 82 crores | ₹82 cr | ₹98 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.