Reported revenue stood at $152.2 million, down 5.3% q-o-q/6.9% y-o-y, in CC terms, missing our estimate of $160.1 million. EBITDA margin expanded ~119 bps q-o-q to 13.2%, beating our estimates of 12.6%. New deal wins TCV stood at $112 million, up 75% q-o-q/ 5% y-o-y. The management expects FY26 to be better than FY25 and aims to maintain ~13% margins while prioritizing growth over margin expansion in FY26.
OutlookWe maintain BUY with a revised PT of Rs. 480 (valued at 20xFY27E EPS). At CMP, the stock trades at 21.1/17.4x FY26/27E EPS.
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