Financial Highlights

Revenue Performance

  • Q2FY27 revenue: $166.2 million (₹15,852 million)
  • Sequential constant currency growth: 4.1%
  • Quarterly QoQ growth in INR terms: 5.1%
  • Year-over-Year growth in INR terms: 11.5%

Profitability Metrics

  • EBITDA: $26.2 million (₹2,497 million), representing 15.8% of revenue
  • QoQ EBITDA margin improvement: 120 basis points
  • EBIT: $22.3 million (₹2,128 million), 13.4% of revenue
  • PAT: $20.0 million (₹1,902 million), 12.0% of revenue

Geographic Performance (Constant Currency)

  • US region: QoQ growth 4.5%, YoY growth 2.5%
  • Europe region: QoQ growth 1.3%, YoY growth 0.3%
  • Africa region: QoQ growth 6.7%, YoY growth 2.2%

Vertical Performance (Constant Currency)

  • Banking and Financial Services: QoQ growth 7.1%, YoY growth 17.1%
  • Healthcare and Life Sciences: QoQ growth 2.4%, YoY decline 9.9%
  • Manufacturing and Consumer Services: QoQ growth 2.9%, YoY decline 0.1%
  • Telecommunication, Media and Technology: QoQ decline 2.2%, YoY decline 21.6%

Management Commentary

CEO Manish Tandon stated that focused investments in strategic priorities delivered tangible results with 4.1% constant currency growth supported by healthy volume momentum across all focus geographies. AI-influenced deals represent 36% of the Q2FY27 order book, demonstrating growing client confidence in AI-led capabilities.

CFO Pulkit Bhandari highlighted the EBITDA margin improvement to 15.8% (120 bps sequential increase) and maintained robust balance sheet enabling strategic investments. The demand environment is supported by continued investments in AI & digital modernization, with next phase growth favoring organizations that combine AI capabilities, domain expertise, and secure execution.

Significant Wins in Q2FY27

Six significant AI project wins across various industries:

  • AI-native product modernization for a leading enterprise software provider
  • AI-driven inventory optimization for a leading book distributor
  • AI-led procurement and supply chain transformation for a leading global mining company
  • Agentic AI workflows for Change and Release Management transformation for a global wealth management firm
  • Deployment of proprietary ZenseAI.Guidewire for a leading insurance provider
  • AI-powered itinerary planning platform for a leading travel technology provider

Awards and Recognitions

Analyst Recognitions (Everest Group)

  • Major Contender and Star Performer in Life and Annuity Insurance IT Services
  • Major Contender in Quality Engineering Services for AI Applications and Systems
  • Major Contender in Cybersecurity Services
  • Aspirant in Pharmaceutical R&D IT Services
  • Aspirant in Retail Digital Services

Industry Awards

  • 'AI-Led Digital Transformation Services Company of the Year' at GCC Leadership Conclave 2026
  • Brandon Hall Excellence Award for 'Best Learning Strategy' for AI-First Transformation Program
  • Recognized among India's Most Inclusive Workplaces by Avtar & Seramount in Best Companies for Women in India and Exemplars of Inclusion categories

Operational Metrics

Service Offering Mix (% of Revenue)

  • Digital Application Services: 78.5% (from 77.4% in Q1)
  • Application Services: 27.8%
  • Enterprise Application (SaaS): 11.7%
  • Products & Platforms: 28.2%
  • Data Engineering and Analytics: 10.8%
  • Cloud Infrastructure and Security: 21.5%

Client Metrics

  • Number of million dollar clients (LTM): 86 ($1M+), 34 ($5M+), 18 ($10M+), 7 ($20M+)
  • Revenue concentration: Top 5 clients 25.0%, Top 10 clients 38.5%, Top 20 clients 56.2%
  • Number of active clients: 181 (from 177 in Q1)

Headcount and Utilization

  • Total headcount: 12,320 (significant increase from 11,342 in Q1)
  • Technical - Onsite: 2,041; Technical - Offshore: 9,361
  • Utilization (excluding trainees): 87.6% (from 85.1% in Q1)
  • Women employees: 32.7% (from 30.7% in Q1)
  • Voluntary Attrition (LTM): 9.3% (from 9.6% in Q1)

Financial Position

  • Cash and bank balances: $110.4 million
  • Investments: $187.0 million
  • Total cash and investments: $297.3 million
  • Debt: $0
  • Total Outstanding Hedges: $70.8 million
  • Accounts receivables: 77 days total (42 days billed, 35 days unbilled)

ESG Goals

Environmental

  • Net-zero greenhouse gas emissions across value chain by FY45
  • 50% reduction in Energy Performance Index by FY30 from FY19 baseline
  • 70% renewable energy share by FY30
  • Zero waste to landfills status in FY27
  • Maintain water positivity status

Social

  • Sustain Happiness Index Score ≥82
  • 32% women associates by FY27
  • Reach 225,000 lives through community development initiatives by FY30
  • 80 annual average hours of upskilling/reskilling per associate by FY30

Governance

  • ≥95% Code of Conduct training compliance
  • Assess all suppliers based on sustainable procurement criteria by FY30
  • Sustain BitSight rating ≥740

Stock Information

  • Share Price (September 30, 2026): ₹422/share
  • Market Capitalization: ₹9,613 crores
  • Face Value: ₹2/share
  • Listed on BSE (code: 504067) and NSE (code: ZENSARTECH)