Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue $107.3mn, +2.4% q-q CC; EBITDA margin 14.4%, down 100 bps q-q; PAT Rs 105.7 Cr, 10.3% margin - UK revenue +4.1% q-q; Financial Services +16%; Healthcare lagged due to project delays, expected to improve in H2 - North America order backlog +50% y-y; strong AI deal momentum with 45% of orders AI-related - AI deals range $0.5-5mn; AI productivity deals have lower margins; AI transformation deals 40-50%+ gross margin - Margin drop due to salary hikes, ESOPs (190 bps), and mix shift to low-margin UK projects; medium-term margin recovery of 160 bps targeted - Order backlog softness due to delayed project starts in US and UK; large $100mn+ deals in pipeline - Healthcare softness in UK due to contract timing gaps; expected rebound in Q3/Q4 - Energy & Utilities vertical entered via UK public-sector-like frameworks; 3 frameworks won - Subcon cost steady at ~20%; short-term increase possible due to UK localization/security demands - North America growth expected to rebound in H2FY27; Healthcare & Life Sciences remain key verticals - AI revenue contribution to be disclosed from next quarter onward - Average order tenure: UK-Europe ~3 years; North America 18-24 months - Project business share increased from 40% to 44-45%, mostly fixed bid contracts - Net cash Rs 582.7 Cr after dividend and loan repayment; DSO improved to 74 days - Management confident FY27 will outperform FY26 despite geopolitical uncertainties