Date: October 23, 2026

Financial Results (Standalone & Consolidated)

Revenue Performance

  • Q2 FY27 Revenue: $652.2 million (₹61,708 million)
  • YoY Growth: +40.1% ($465.5 million in Q2 FY26)
  • QoQ Growth: +10.1% ($592.2 million in Q1 FY27)
  • Organic Constant Currency growth: 3.8% QoQ
  • QoQ CC Revenue Growth: 10.9%

Profitability Metrics

  • EBIT: $104.1 million (₹9,847 million)
  • EBIT Margin: 16.0%
  • EBIT YoY Growth: +53.0%
  • EBIT QoQ Growth: +10.1%
  • EBITDA: $127.0 million (₹12,697 million)
  • EBITDA Margin: 20.6%
  • PAT: $62.2 million (₹5,881 million)
  • PAT YoY Growth: +42.7%
  • PAT QoQ Growth: +11.9%
  • PAT Margin: 9.5%
  • EPS: ₹13.3
  • EPS YoY Growth: +18.3%
  • EPS QoQ Growth: +7.5%
  • Effective Tax Rate: 24.3%

Margin Analysis

  • Gross Margin: 34.1% (vs 34.3% in Q1 FY27, 34.5% in Q2 FY26)
  • SG&A to Revenue: 13.5% (vs 13.9% in Q1 FY27, 15.6% in Q2 FY26)
  • EBIT Margin expansion: +134 bps YoY
  • EBITDA Margin expansion: +168 bps YoY

Exceptional Items

  • Exceptional items of ₹557 million (1.3% QoQ increase)
  • Included integration related expenses for Encora

Cash Flow Highlights

  • Operating Cash Flow: $56.0 million
  • Free Cash Flow: $53.8 million
  • FCF/PAT: 89% (vs 86% in Q2 FY26)
  • Capital Expenditure (Net): $2.2 million

Business Mix (% of Revenue)

Vertical Mix

  • Banking and Financial Services (BFS): 25.3%
  • Insurance: 12.8%
  • Travel, Transportation and Hospitality (TTH): 20.2%
  • Healthcare & HiTech: 17.6%
  • Government outside India: 6.5%
  • Others (Retail, Energy & Utilities, Manufacturing): 17.5%

Horizontal Mix

  • AI-led Engineering: 48.9%
  • Intelligent Automation: 6.9%
  • Data and Integration: 21.2%
  • Cloud: 15.6%
  • Business Process Management (BPM): 7.3%

Geographic Mix

  • Americas: 63.1%
  • EMEA: 24.6%
  • Rest of World: 12.3%

Delivery Mix (IT Revenue Only)

  • Onsite: 49.5%
  • Offshore: 50.5%

Project Type Mix

  • Fixed Price: 40.5%
  • Time & Material: 59.5%

Order Intake, Pipeline & Client Quality

Order Metrics

  • Fresh Order Intake: $1,040 million
  • Executable Order Book over Next 12 Months: $2,378 million
  • Order Intake by Geography:
  • Americas: $455 million
  • EMEA: $485 million
  • Rest of World: $101 million

Client Metrics

  • Repeat Business: 95.5%
  • Client Concentration:
  • Top 5: 18.1% of revenue
  • Top 10: 26.4% of revenue
  • New Clients Added: 6 (Americas: 5, EMEA: 1)
  • Client Count by Size:
  • >$100M: 1 client
  • $50-100M: 4 clients
  • $20-50M: 13 clients
  • $10-20M: 34 clients
  • $5-10M: 49 clients
  • $1-5M: 271 clients
  • Total: 372 clients

People Data

Headcount

  • Total Headcount: 47,365
  • Billable Personnel: 44,652
  • IT Billable: 34,628
  • BPS Billable: 10,024
  • Sales and Marketing: 673
  • Others: 2,040
  • Net adds YoY: +1,137

Productivity & Attrition

  • Revenue per Billable Headcount: $69,852 (annual basis)
  • Utilization (incl. trainees): 82.4%
  • Attrition Rate (LTM, ex-BPS): 10.4%

Balance Sheet Highlights (September 30, 2026)

Assets (INR Mn)

  • Cash and Cash Equivalent: ₹18,217 million ($190.1 million)
  • Debtors: ₹41,751 million
  • Unbilled Revenue (Net): ₹26,041 million
  • Goodwill: ₹165,354 million
  • Intangible Assets (acquired business): ₹56,036 million
  • Fixed Assets: ₹14,579 million

Liabilities & Equity (INR Mn)

  • Net Worth: ₹225,367 million
  • Equity: ₹886 million
  • Reserves & Surplus: ₹222,730 million
  • Non-Controlling Interest: ₹1,751 million
  • Borrowings: ₹56,457 million ($589 million)
  • Deferred Tax Liability: ₹10,252 million
  • Lease Liabilities: ₹3,806 million

Working Capital

  • Days Sales Outstanding (DSO): 65 days
  • DSO Unbilled: 26 days
  • DSO Contract Asset: 19 days
  • Total DSO: 110 days

Guidance Update

  • FY27 consolidated EBIT margin guidance upgraded from 15.5% to 16.0%

Other Financial Data

Forex & Hedging

  • Hedge Gain/(Loss): ₹(971) million
  • Hedge Position:
  • USD: $123 million at average rate of 91.7
  • GBP: £23 million at average rate of 122.3
  • Euro: €1 million at average rate of 109.5
  • INR/USD Rates:
  • Period Closing Rate: 95.8
  • Period Average Rate: 94.6

Interest & Other Income

  • Net Interest Expense: ₹(836) million
  • Interest Income: ₹244 million
  • Interest Expense: ₹(1,080) million
  • Discounting income on long term customer contracts: ₹90 million
  • Income from Mortgage Business: ₹39 million

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified