The Company: Cards Remain Largest as Other Services More Than Double

The Company kept cards manufactured and trade as its largest revenue line in Fiscal 2026, generating Rs 759.521 crore, or 57.2% of revenue from contracts with customers. Other services reached Rs 150.389 crore, rising 129.3% from Rs 65.583 crore in Fiscal 2024, although cards remained far larger than every other disclosed line.

What did The Company’s cards and other-services revenue mix show?

The Company reported Rs 1,326.753 crore of revenue from contracts with customers in Fiscal 2026 through its sole reportable segment, Payment and Identity Solutions. A reportable segment is the accounting category used for segment disclosure. Cards manufactured and trade generated Rs 759.521 crore, exceeding the next two largest lines, tax stamps, holograms, thermal and radio-frequency identification, or RFID, products at Rs 180.131 crore and other services at Rs 150.389 crore.

The Fiscal 2026 mix was primarily product-based, although services represented a larger share than in Fiscal 2024. Sale of products totalled Rs 1,126.422 crore, or 84.9% of Fiscal 2026 revenue, while sale of services totalled Rs 200.331 crore, or 15.1%. In Fiscal 2024, products were Rs 1,026.424 crore, or 82.3% of Rs 1,247.522 crore total revenue, and services were Rs 151.258 crore, or 12.1%.

Why did cards remain The Company’s largest revenue stream?

Cards remained The Company’s largest revenue stream because cards manufactured and trade generated Rs 759.521 crore in Fiscal 2026, up from Rs 733.484 crore in Fiscal 2025. The line represented 57.2% of Fiscal 2026 revenue from contracts with customers, compared with 58.4% in Fiscal 2025 and 59.6% in Fiscal 2024, retaining first place despite a lower share of the mix.

Card revenue was Rs 15.821 crore, or 2.1%, higher in Fiscal 2026 than the Rs 743.700 crore reported in Fiscal 2024. Total revenue increased by Rs 79.231 crore over the same three reported fiscal years, from Rs 1,247.522 crore to Rs 1,326.753 crore. The card line declined by Rs 10.216 crore in Fiscal 2025 before increasing by Rs 26.037 crore in Fiscal 2026.

The scale gap was still substantial in Fiscal 2026: card revenue was more than four times the Rs 180.131 crore recorded for tax stamps, holograms, thermal and RFID products. Cards would remain the largest disclosed stream if their revenue stays above every other product and service category. The Company does not provide a revenue forecast by category.

Which revenue lines changed most from Fiscal 2024 to Fiscal 2026?

Other services recorded the largest increase among the disclosed service lines, adding Rs 84.806 crore from Fiscal 2024 to Fiscal 2026. Revenue under this category rose from Rs 65.583 crore in Fiscal 2024 to Rs 134.219 crore in Fiscal 2025 and Rs 150.389 crore in Fiscal 2026, an increase of 129.3%. The disclosure labels this category as “Others” within sale of services and does not identify the underlying services separately.

Other products also rose, increasing by Rs 38.975 crore from Rs 26.876 crore in Fiscal 2024 to Rs 65.851 crore in Fiscal 2026. In contrast, personalization of cards declined in both subsequent years, falling from Rs 85.675 crore in Fiscal 2024 to Rs 54.865 crore in Fiscal 2025 and Rs 49.942 crore in Fiscal 2026. The Fiscal 2024-to-Fiscal 2026 reduction was Rs 35.733 crore, or 41.7%.

Tax stamps, holograms, thermal and RFID products followed a different pattern. Fiscal 2026 revenue of Rs 180.131 crore was Rs 21.619 crore above Fiscal 2025, but Rs 35.931 crore below Fiscal 2024. Decode books, collaterals and identity cards increased from Rs 109.626 crore in Fiscal 2024 to Rs 120.919 crore in Fiscal 2026, showing that the revenue mix changed through differing movements across the six disclosed lines.

How concentrated is The Company’s Payment and Identity Solutions revenue?

The Company reports one Payment and Identity Solutions segment but discloses six product and service revenue lines. In Fiscal 2026, cards, tax stamps and related products, and other services together generated Rs 1,090.041 crore, equal to 82.2% of Rs 1,326.753 crore in revenue from contracts with customers. The segment therefore includes several separately disclosed revenue activities rather than one product or service line.

Customer concentration is a separate measure from the product-and-service breakdown. The Company’s top 10 customers accounted for 58.67% of revenue from operations in Fiscal 2026, compared with 60.98% in Fiscal 2025 and 62.51% in Fiscal 2024. The Fiscal 2026 share was 3.84 percentage points below Fiscal 2024, but more than half of revenue from operations remained attributable to 10 customers.

The disaggregated table uses revenue from contracts with customers, whereas the customer measure uses revenue from operations. The Company states that loss of key customers, or a reduction in revenue from them, may adversely affect its business, financial condition and results of operations. Continued card sales and further growth in other services therefore depend partly on sales to this identified customer base.

What could affect The Company’s future revenue mix?

The Company states that it has not announced and does not expect to announce new business segments in the near future other than in the normal course of business. It also stated that no circumstances had arisen after March 31, 2026 that materially and adversely affected, or were likely to affect, its operations, profitability, asset values or ability to pay material liabilities within the following 12 months.

The disclosed operating risk relevant to the revenue mix is under-utilisation of manufacturing facilities, personalization bureaus and printing facilities. The filing identifies such under-utilisation as a risk that could adversely affect business, results of operations and financial condition. This applies to the Rs 759.521 crore cards manufactured and trade line and the Rs 49.942 crore personalization-of-cards line reported in Fiscal 2026.

The Company also states that, apart from matters described in its risk factors and specified sections of the prospectus, it knows of no factors expected to have a material adverse effect on revenue or income from continuing operations. That disclosure is not a forecast. Subsequent category-level revenue disclosures will show whether other services can extend the Rs 16.170 crore increase recorded in Fiscal 2026 and whether cards retain their leading position.

Conclusion

The Company’s Fiscal 2026 revenue remained anchored in cards, which generated Rs 759.521 crore and exceeded every other disclosed line. However, total revenue rose by Rs 79.231 crore between Fiscal 2024 and Fiscal 2026, while other services added Rs 84.806 crore and other products added Rs 38.975 crore, changing the composition within Payment and Identity Solutions.

The disclosed matters to watch are customer concentration, with the top 10 customers contributing 58.67% of Fiscal 2026 revenue from operations, and utilisation of manufacturing, personalization and printing facilities. The Company has disclosed no planned new business segment in the near future and no material adverse development after March 31, 2026, making future revenue disclosures by line the direct evidence of whether the shift toward other services continues.