Newgen delivered FY26 revenue of INR 1,574cr, up 6% YoY, a modest number weighed down by weak large-deal closures in India and geopolitical disruptions in the Middle East/West Asia. The key drivers such as (1) subscription revenue, up 24% YoY to INR 525cr (2) SaaS specifically up 36% and (3) annuity revenues now comprise 62% of total revenue versus 56%YoY that is structurally improving the earnings visibility. US grew 17% and APAC 14%, which was partly offsetting India/EMEA softness. Adjusted PAT came in at INR 334cr, up 6% YoY excluding INR 42cr of one-time labor code and legal provisions; and the reported PAT...