Financial Performance Highlights

Quarterly Comparison (₹ in Crores)

| Metric | Q1 FY26 | Q4 FY26 | Q1 FY27 | QoQ Change | YoY Change |

| Revenue | 143.9 | 154.7 | 150.3 | ↓ 2.8% | ↑ 4.4% |

| EBITDA | 36.6 | 43.7 | 41.4 | ↓ 5.3% | ↑ 13.1% |

| EBITDA % | 25.4% | 28.2% | 27.5% | -71 bps | +212 bps |

| PAT | 14.9 | 28.9 | 18.1 | ↓ 37.3% | ↑ 21.7% |

| PAT % | 10.3% | 18.7% | 12.1% | -661 bps | +171 bps |

| Operating Cash Flow (OCF) | 20.1 | 45.3 | 33.1 | ↓ 26.9% | ↑ 65.1% |

| OCF to EBITDA Conversion | 54.9% | 103.8% | 80.2% | - | - |

| Cash & Liquid Funds | 158.4 | 147.7 | 160.5 | ↑ 12.8 | ↑ 2.1 |

| DSO (days) | 87 | 70 | 77 | ↑ 7 days | ↓ 10 days |

Income Statement Details (₹ in Crores)

| Expense Line Item | Q1 FY26 | Q4 FY26 | Q1 FY27 | QoQ Change | YoY Change |

| Employee Benefits Expense | 84.2 | 83.7 | 82.7 | ↓ 1.2% | ↓ 1.8% |

| Other Expenses | 23.2 | 27.4 | 26.3 | ↓ 3.9% | ↑ 13.4% |

| Depreciation & Amortization | 13.4 | 15.9 | 16.0 | ↑ 0.9% | ↑ 19.5% |

| Finance Cost | 1.9 | 2.7 | 3.7 | ↑ 38.6% | ↑ 93.7% |

| Other Income | -2.9 | -2.2 | -3.1 | ↑ 39.3% | ↑ 4.1% |

| Exceptional Items | 0.0 | 3.8 | 0.0 | - | - |

| Tax | 9.3 | -5.4 | 6.5 | -221.3% | -29.4% |

| Adjusted PAT | 14.9 | 32.7 | 18.1 | - | - |

| Adjusted PAT Margin % | 10.3% | 21.1% | 12.1% | -906 bps | +171 bps |

| EPS (in ₹) | 9.8 | 19.0 | 11.9 | ↓ 37.3% | ↑ 21.7% |

Segment Performance

Revenue Breakdown (₹ in Crores)

| Segment | Q1 FY26 | Mix | Q4 FY26 | Mix | Q1 FY27 | Mix |

| BPM | 107.6 | 74.8% | 110.4 | 71.4% | 109.7 | 73.0% |

| Tech & Digital | 36.3 | 25.2% | 44.3 | 28.6% | 40.6 | 27.0% |

| Total | 143.9 | 100% | 154.7 | 100% | 150.3 | 100% |

Segment Margin Performance

| Segment | Q1 FY26 (₹ Cr) | Margin % | Q4 FY26 (₹ Cr) | Margin % | Q1 FY27 (₹ Cr) | Margin % | QoQ Change | YoY Change |

| BPM | 14.9 | 13.8% | 15.0 | 13.6% | 13.1 | 11.9% | ↓ 12.6% | ↓ 12.1% |

| Tech & Digital | 15.8 | 43.5% | 19.5 | 44.0% | 17.4 | 42.9% | ↓ 10.6% | ↑ 10.4% |

| Total | 30.7 | 21.3% | 34.5 | 22.3% | 30.5 | 20.3% | ↓ 11.5% | ↓ 0.6% |

Note: Segment Margin excludes unallocated corporate cost

Business Highlights

  • Tech & Digital segment secured ₹7.3 Cr from 11 new logos, with 65.3% representing International/Multi-country payroll opportunities
  • BPM segment revenue stood at ₹38 Cr
  • International revenue contribution: 69% of total revenue (₹103.4 Cr)
  • Domestic revenue: 31% of total revenue (₹46.9 Cr)
  • Industry mix: BFSI (42%), Healthcare (19%), MEU [Manufacturing, Energy and Utility] (13%), CMT [Communication Media & Telecom] (10%), Others (11%), FGT [Fast Growth Tech] (5%)
  • BPM's international mix rose to 81% in Q1 FY27
  • Company deployed surplus cash into short-term investment instruments, increasing investments by ₹12 Cr in Q1 FY27
  • DSO improvement of 10 days YoY attributed to improved collections
  • PAT performance affected by tax reversal in Q4 FY26
  • OCF lower due to one-time income tax refund received in Q4 FY26