Dear Shareholders,
Every enduring institution reaches defining moments that validate years of patient investment, disciplined execution and unwavering conviction. I believe FY26 represents one such moment in your Company’s journey.
FY26 – A Year of Strong Execution
Your Company’s delivered a Total Income of ₹3,161 Crore, representing 23% year-on-year growth, while License-Linked Revenue grew by 34%, reflecting increasing customer confidence in your Company’s intellectual property-led business model. EBITDA crossed ₹700 Crore, demonstrating our ability to balance sustained investments in innovation with disciplined operational execution. At the same time, our cash and investments strengthened to ₹1,257 Crore, while maintaining a debt-free balance sheet, providing the financial flexibility to continue investing in future growth.
Beyond the numbers, the quality of our growth has been particularly encouraging. During FY26, 59 financial institutions selected Intellect as their transformation partner, and 91 global financial institutions successfully went live on our platforms, reflecting growing confidence in our differentiated technology platforms, deep domain expertise and long-term strategic vision. We also continued to expand platform-led engagements, with customers increasingly adopting multiple Intellect solutions to support broader enterprise transformation programmes rather than isolated technology initiatives. This evolution from product adoption to platform partnerships reinforces the resilience of our business model and creates stronger, longer-term customer relationships.
Our financial performance is not simply the outcome of another successful year. It reflects years of investment in intellectual property, disciplined capital allocation, customer-centric innovation and execution excellence. More importantly, it demonstrates that our strategy continues to create enduring value for customers while strengthening your Company’s long-term fundamentals. As we look ahead, we remain committed to maintaining this balance- investing boldly in the future while preserving the financial discipline that has characterised Intellect’s journey.
Positioned for Growth Across Global Markets
Markets evolve at different speeds, shaped by economic cycles, regulation and technology adoption. Our strategy has been to build a diversified global franchise that participates in multiple transformation cycles while remaining resilient to regional economic and geopolitical shifts.
Today, Intellect has a strong presence across the United States, Canada, Europe, APAC, India & South Asia, and The Middle East and Africa. This balanced geographic portfolio enables us to invest where long-term opportunities are strongest while reducing dependence on any single market.
The United States and Canada remain among the world’s largest financial technology markets. During FY26, we strengthened your Company’s position through strategic customer engagements and growth through the Digital Banking business acquired from Central 1, significantly expanding our presence in Canada and reinforcing our long-term North American growth strategy. The US and Canada business accounts for 27% of your Company’s revenue, underscoring the strength of our diversified global business and the increasing contribution of North America to our long-term growth.
Europe continues to offer significant opportunities as financial institutions modernise their technology landscapes to meet evolving regulatory, open finance and operational resilience requirements. Our long-standing customer relationships continue to support broader platform adoption across the region.
The Middle East and Africa remains one of the fastest growing banking transformation markets, driven by national digital agendas, economic diversification and sustained investments in next-generation financial infrastructure.
Across APAC, India & South Asia, and The Middle East and Africa digital public infrastructure, real-time payments, and rapid technology adoption are accelerating the shift towards intelligent, composable, and cloud-native banking platforms. India continues to demonstrate how digital infrastructure can drive financial inclusion and innovation at scale.
Our diversified market strategy enables Intellect to adapt to changing market conditions, capture opportunities across geographies and build sustainable long-term growth.
AI-First Banking: The Next Structural Shift
AI represents one of the most significant structural shifts in the history of banking. Its true potential lies not in automating isolated tasks, but in fundamentally transforming how financial institutions make decisions, manage risk, serve customers and create long-term value.
At Intellect, our journey with AI began nearly a decade ago with the conviction that intelligence would eventually become intrinsic to enterprise banking platforms. Guided by Design Thinking and strengthened through First Principles Thinking, these long-term investments have culminated in our vision of AI-First Banking.
AI-First Banking is about redesigning banking architecture so that intelligence becomes inherent in the platform itself, enabling contextual decision-making, intelligent automation, and highly personalised customer experiences while maintaining the governance, resilience, and trust expected of mission-critical financial systems.
Our AI-First Banking vision is powered by more than 550 domain-aware agents spanning lending, payments, treasury, trade finance, wealth, insurance and customer servicing. Together, they bring deep financial services knowledge into enterprise workflows, enabling institutions to embed intelligence where it creates the greatest business impact.
We believe the convergence of intelligence, platforms and trust will shape the future of banking. AI-First Banking reflects years of disciplined investment and positions your Company to support financial institutions as they navigate the next era of banking transformation.
The eMACH.ai Phenomenon
Three years ago, we introduced eMACH.ai as the world’s most comprehensive, composable, and intelligent Open Finance platform. Since then, we have systematically expanded our cloud-native architecture, processing capabilities, and global market presence. Today, with over 700 microservices, 3,061 APIs, and 942 events, eMACH.ai has evolved into one of the richest financial technology ecosystems in the industry.
Today, eMACH.ai has evolved into a comprehensive AI-First banking and financial services portfolio spanning Wholesale Banking, Consumer Banking, Wealth, Capital Markets and Insurance.
Across Wholesale Banking, the platform powers Corporate Core Banking, Commercial Loan Origination and Management, Corporate Cards, Corporate Banking Exchange (CBX), Liquidity Management, Payments, Receivables & Collections, Virtual Accounts Management, Escrow Deposits, Trade Finance and Supply Chain Finance.
Within Consumer Banking, it enables Consumer Core Banking, Islamic Banking, AI Digital Banking, Retail and Commercial Lending, Consumer Cards, Collections Management, Digital Engagement for Consumers and SMEs, and Treasury.
Across Wealth, Capital Markets and Insurance, the portfolio delivers Wealth Management, Financial Advisor, Brokerage, Custody, Fund Accounting, Registrar & Transfer Agency, together with AI-powered insurance solutions including Xponent, Magic Submission, Magic Placement and Risk Analyst. Together, these platforms enable financial institutions to modernise the entire banking lifecycle on a unified, composable architecture.
FY26 marked a significant milestone in your Company’s global expansion as we established eMACH.ai’s presence in the United States with landmark strategic wins across Core Banking, Payments, and Liquidity Management. Two Tier-1 institutions selected Intellect platforms to anchor large-scale transformation agendas, validating both our future-proof architecture and our capability to handle enterprise-scale business complexity. Increasingly, we are witnessing an architectural multiplier effect where customers adopt multiple products across a common eMACH.ai fabric, creating compounding opportunities for long-term value creation.
Purple Fabric: Democratising Business Impact AI
During FY25, I shared with you the launch of Purple Fabric, our Open Business Impact AI platform. While the technology foundations were firmly established, the last fiscal year was primarily a year of market education, ecosystem building and demonstrating how enterprises can harness AI to create measurable business impact.
Throughout the year, we conducted masterclasses, executive workshops, boot camps and value discovery engagements across global markets, helping business and technology leaders move beyond the prevailing narrative of AI experimentation towards a deeper understanding of enterprise-wide transformation. Our objective was simple: to demonstrate that AI should not be viewed merely as a productivity tool but as a strategic capability capable of reshaping business models, decision-making, and operational outcomes. Purple Fabric combines domain intelligence, orchestration, governance, explainability and execution into a unified Business Impact AI platform. During the year, we expanded Purple Fabric beyond core banking operations into enterprise enablement functions such as Technology Services, Human Resources and Enterprise Security, while continuing to strengthen its domain-aware financial services capabilities.
Most importantly, we helped shift the enterprise AI conversation from experimentation to business outcomes. Across customer engagements and value discovery programmes, Purple Fabric demonstrated how domain-aware intelligence, when combined with governance frameworks, enterprise controls and business context, can move beyond productivity gains to create measurable business impact.
We believe the market is now approaching an inflexion point. As enterprises move from pilots and experimentation towards scaled deployment, the need for governed, explainable, and outcome-driven AI platforms will become increasingly critical. Purple Fabric was designed precisely for this moment. While our journey has only begun, we remain confident that the platform represents one of the most significant long-term opportunities for value creation for your Company.
Growth by Design
As shareholders, many of you evaluate our trajectory through the lens of growth, profitability, and near-term financial performance. While these remain critical indicators, I believe it is equally vital to understand the proprietary thinking systems that shape your Company’s long-term journey.
Over the years, our operational approach has evolved through four complementary disciplines: Design Thinking, First Principles Thinking, Framework Thinking, and Systems Thinking. Together, these formal frameworks help us simplify structural complexity, identify hidden patterns, anticipate tectonic market shifts, and build highly scalable architectures for the future. They also shape our long-term commitment to research and innovation, reflected in sustained investments in R&D, intellectual property creation, patent development, and the continuous evolution of our platforms. Today, our innovation portfolio spans more than 125 patent filings across AI, composable architecture, banking, wealth, and insurance domains, establishing a strong moat for future differentiation.
These unique thinking systems shape not only our products but also our investment philosophy, giving us the structural conviction to invest early in cloud-native technologies, AI, and advanced innovation programmes well ahead of market cycles. FY26 represents the inflexion point at which years of disciplined investments in research, product engineering, and intellectual property are beginning to lay the foundation for our next phase of predictable and profitable growth.
Holistic Business Growth
While we continue to build highly differentiated technologies and platforms, we remain equally committed to creating broader societal impact. We believe long-term value creation extends beyond financial performance to encompass the positive impact we have on our people, customers, communities, and the broader ecosystem.
Initiatives such as Mission Samriddhi, Ullas, and School of Design Thinking reflect our enduring commitment to nurturing talent, fostering experiential learning, encouraging open innovation, and creating opportunities that contribute to inclusive, sustainable growth. As we scale our business globally, we remain intensely focused on building an institution that creates enduring value for all stakeholders.
As shareholders, you have been vital partners in your Company’s journey of structural transformation. Your continued trust has enabled us to invest ahead of market cycles, build high-moat intellectual property, and construct the foundations for long-term value creation.
I wish to record my deep appreciation and gratitude to our board members, leadership teams, associates, shareholders, customers, partners, bankers, and well-wishers for their continued trust and confidence. The future presents a larger canvas than ever before as we enter a world where intelligence becomes foundational infrastructure, and we look forward to creating many more stories of impact and transformation.
