Event Details

Type of Event: Q1 FY27 Earnings Conference Call

Date and Time: 5:30 PM IST, July 28, 2026

Management Participants:

  • Mr. Angan Guha, Chief Executive Officer & Managing Director
  • Mr. Chandrasekar Thyagarajan, Chief Financial Officer
  • Mr. Abhinandan Singh, Head - Investor Relations

Purpose: Discussion of quarterly results for Q1 FY27 and business outlook

Compliance Statement: The company included standard forward-looking statement disclaimers and noted that anything said about the company's outlook could be considered forward-looking statements involving significant uncertainty. The transcript was filed pursuant to Regulation 30 of SEBI LODR Regulations.

Financial Highlights

Revenue Performance:

  • Constant currency growth: 0.3% QoQ
  • Dollar terms: Flattish QoQ at $145.2 million
  • Rupee terms: 2.3% QoQ growth to INR1,379.4 crore
  • Year-on-year growth: 7.4% in rupee terms

Profitability:

  • EBITDA margin: 16.1% (normalized without one-off items)
  • EBITDA: INR222 crore, up 40.3% YoY
  • PAT: $16.9 million or INR161 crore
  • Basic non-annualized EPS: INR5.72 per share
  • Effective tax rate: 29.4% for Q1, expected to be 29-30% for FY27

Deal Signings:

  • TCV signings: $168.7 million, up 20% YoY
  • Includes several AI-led engagements across verticals

Balance Sheet & Cash Flow:

  • Collections: $163.1 million for the quarter
  • DSO: Improved to 55 days
  • Cash and cash equivalents: INR2,878.6 crore, up 9% QoQ and 26% YoY
  • OCF to EBITDA: 108%

Business Updates

Vertical Performance:

  • Sequential growth in BFSI and LSS verticals
  • Softness in Manufacturing and Energy & Utilities verticals
  • Manufacturing weakness expected to continue for some time
  • E&U expected to turn around from Q3 onwards

AI Initiatives:

  • Selected as strategic AI partner for leading US financial services player
  • Multi-year AI-led transformation deal with European banking group
  • Gen AI-powered solutions for pharmacovigilance operations with global pharma/medtech company
  • Over a quarter of code generated through agentic AI tools
  • Cogito AI platform demonstrated to 15+ clients

Operational Updates:

  • Sales team expansion planned with substantial increase over next few months
  • Active accounts: Approximately 213 (rationalization complete)
  • Focus on growing existing relationships while expanding to new clients

Capital Allocation:

  • Strong cash position provides ability for judicious investments
  • Board considering organic/inorganic growth opportunities
  • Inorganic initiatives would be capability-based if pursued

Forward-Looking Statements

Growth Outlook: Management expressed confidence in sustaining momentum, expecting H1 deal signings to be much better than last year's H1. The company is focused on delivering sequential organic growth.

Margin Guidance: Wage hikes effective July 1 expected to have 170-200 bps impact, with approximately half impacting Q2 margins. Company aims to maintain margins at or about 15% through productivity improvements.

Additional Notes

Attachments: The filing included the complete earnings call transcript.

Availability: The transcript is available on the company's website under Quarterly Reports → Earnings Call → Transcript.

No UPSI Disclosure: The company did not indicate that any unpublished price sensitive information was shared during the call.