Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 11.5% y-y to INR 546.6 Cr; EBITDA rose 30% to INR 115.5 Cr with 21.1% margin (+301 bps y-y) - Digital Operations led growth with 15.6% revenue increase and 21.8% EBIT margin - Adjusted EBIT margin (ex-intangible amortization) was 18.2% in Q2; PAT grew 16.1% y-y to INR 73.4 Cr - US and Europe are key growth markets; AI-driven services contribute to ~55% of new opportunities - FY27 growth guidance maintained at high single digits (~9-9.5%); margin expected steady around 20% - Headcount stable at ~14-15k; growth driven by AI tools reducing proportional headcount increase - Top client concentration healthy with top 5 clients contributing 29% of revenue - Acquisition pipeline active but no finalized deals; organic growth expected ~10-12% CAGR over 3 years - R&D spend steady at INR 40-50 Cr, mainly in Digital Technologies segment - Annual wage hikes completed in Q1 FY27