Stockrabit · Analysts
Questions across 68 calls

Manik Taneja

Axis Capital

BIRLASOFT LIMITED

BIRLASOFT LIMITED CC-Feb26.pdf · 2026-01-28
I had a couple of questions. The first question was for both Angan and Chandru. You have spoken about investments, and that is where you are essentially guiding for about 15% EBITDA margins on a sustainable basis. How should we be thinking about these investments? Because you have also called out for certain pricing or margin concessions that you have given to certain top customers. So, how much of that is just pricing or margin concession, and how much of it is investments around sales, solution, delivery, etc .? Would be great to get your thoughts on that one. That is question number one. The second question is specific to Q4. How should we be thinking about the lower number of working days? If you could just help us understand what is the exact number of lower number working days for Q4, and how does that impact you? Those are my questions for now.
And the second question was with regards to Q4, in terms of what is the exact number of lower number working days and how does that impact, what is that on headwinds?
BIRLASOFT LIMITED CC-Mar25.pdf · 2025-05-29
Thank you for the opportunity. While you clarified on the one-offs in Q4, and you were talking about the intent to essentially invest in your sales team to essentially open certain must -have accounts, in that backdrop, Angan, basically, just wanted to understand, should probably we be thinking about further dilution in margins in FY '26 from the current levels? That's question one. The second question was with regard to client metrics. Over the course of the last few years, you kept on cutting the long tail of your customer accounts and trying to focus on a smaller subset of customers. Now is that intent to essentially once again open certain must -have accounts, should we be thinking about an expansion in terms of the client base? How should we be thinking about it?
Okay. Okay. And if you could answer that question on margin outlook and I have another follow- up question as well.

LTM Limited

LTM Limited CC-Jan26.pdf · 2026-01-19
Yes. So just wanted to get your thoughts around the ramp up plans for some of the large deals that we have won over the course of last couple of quarters, both across media and entertainment and possibly some of the India-driven deals, and if you could help us understand how much of that growth in the current quarter was probably supported by the India driven deals.
And the second question was with regards to a segmental margin performance. If you could talk about what is driving the improvement in margins within the financial services vertical at a segmental level and also talk about how should we be thinking about margins in the high-tech vertical where margins have come off through the course of this year?
LTM Limited CC-Sep25.pdf · 2025-10-16
Hi, thank you for the opportunity and congratulations for the very steady performance that you have shown in the current quarter. You did allude to some pressure within your top customers, but given some of the large deal wins that we have won in the recent past and some of the pass-through revenues that typically tends to come through in second half, do you think the strength that we see in second half of FY2026 may be higher than what we have historically seen? That's question number one. The second question is with regards to wage hikes for your staff and also in terms of further gains from the Fit for Future program. How should we be thinking about them, both for the near term and the medium term? Thank you.
If we could talk about some of those margin tracks, Vipul, given historically we used to talk about some of the G&A rationalization when the merger happened. If you could help us understand what are those margin levers or the cost levers that you are working on in which you expect to essentially see more tangible benefits?

HCL Technologies Limited

Firstsource Solutions Limited

Firstsource Solutions Limited CC-Nov25.pdf · 2025-11-04
Hi. Thank you for the opportunity. Both the Healthcare segment and Diverse Industries over the course of time, I would say some of the dilution on Diverse Industries happened with the acquisition last year. Could you help us understand how is the cost opt imization program related to that acquired business going, given you also spoke about some growth challenges in general in Europe? The second question is with regards to the Healthcare segmental margins. Over there our margins have come up over the course of last 2, 3 years as you are investing in building up the payers business, and as the profile of the business moved away from the provider segment. Given now you have a footprint in almost 12 of the 15 top health plans, what's the roadmap for improvising the margin profile over here, given the kind of margins that some of our peers in this space make?
Thanks, Ritesh. The last question was just a clarification question for Dinesh. This particular asset for which we have reversed the contingent consideration table or the adjustment on that front, if you could help us understand which acquisition does it pertain to?
Firstsource Solutions Limited CC-Jun25.pdf · 2025-07-30
Hi, thank you for the opportunity. So, Ritesh, congratulations on the steady performance. I basically had a question with regards to some of the recent industry developments, wherein we have seen a few companies going private, some of them being acquired. And given we have also been acquisitive in the recent period, just wanted to get your thoughts with regards for M&A strategy. Would we always look at smaller tuck -in acquisitions or given the opportunity that we have in the international market, some of these assets are fairly cheap and given the multiples that we enjoy here in India, would love to get your thoughts on this one.
Sure. The second one, while you called out 37 margin levers, over the course of last 4 to 5 quarters, we have seen our onsite offshore mix improve rapidly. But the margin expansion has been limited. Some of it is on account of investments that we continue to make. Would love to get your thoughts as to what's the margin sensitivity to the onsite offshore mix in our business?

Zensar Technologies Limited

Zensar Technologies Limited CC-Nov25.pdf · 2025-10-31
Hi, thank you for the opportunity, Manish. Just wanted to prod you with regards to a weakness that we have seen in the Hi-tech vertical. If you could help us understand, is this some particular customer specific as has been the case over the course of last several years? Or this will be probably more broad-based, and especially given over the course of last 2-2.5 years, you have focused in terms of diversifying the presence in this industry segment. That's question number one. The second question is with regards to our performance in other verticals like Financial Services. If you could help us understand what are you seeing on the ground and how should we be thinking about possibly the furlough value? You did mention that the furlough impact will be much lesser, but it will be good to understand in terms of how you are thinking about furloughs compared to the July quarter, heading into the third quarter in the Hi-Tech world. Thanks.
Sure. And o ne last question with regards to our non -delivery workforce. We have seen a significant increase in the first half compared to last year. Is this some reclass issue or there is significant investment around sales and account management that you have probably stepped up to this first half of the year?
Zensar Technologies Limited CC-Jun25.pdf · 2025-07-22
Thank you for the opportunity and congratulations for the steady performance and heartening to see the sequential growth on the TMT side. Manish, basically, since the time you came on board, we have seen a steady increase in our on-site, in our offshore digital revenue delivery and while you have said that we don't plan for a particular number, but if you could help to understand as to how much room do you see in terms of further optimizing our offshore revenue delivery? That is question one. The second question was with regards to the sequential increase in subcontracting expenses that you have seen. If you could talk about what's driving that? And the third one is, we continue to maintain a very steady utilization rate while hiring numbers haven't gone anywhere. When should we probably be thinking about hiring, essentially catching up with the revenue growth? Those would be my three questions.
The third question was with regards to headcount. Basically, during the course of last several quarters we have just been optimizing our utilization , head count largely been unchanged or moved in a very small range and to start with revenue catch up with regards to our revenue growth.

Tata Technologies Limited

Tata Technologies Limited CC-Oct25.pdf · 2025-10-17
Hi. Thank you for the opportunity. I just wanted to get alternative inputs on a couple of things. You are saying that third quarter should probably be soft. Q4 is when you expect a sharp rebound. Just to understand if that comment essentially is on an org anic basis, or even you will probably close this acquisition and thereby that is supporting the revenue growth momentum? That is question number one. The second thing is if you could give us some qualitative sense in terms of our automotive vertical performance between anchor customers and external customers, how they may have done in the second quarter, and how should we be thinking about the prospects between these two segments on a go -forward basis?
Sure. Would it be possible for you to give us some sense on your double-digit aspiration that you had through a better part of this year, do you still think that is a possibility for FY26 or probably given the way we have performed and given your expectations for the third quarter, that expectation may not turn out to be true?

L&T Technology Services Limited

L&T Technology Services Limited CC-Sep25.pdf · 2025-10-17
Thank you for the opportunity. I wanted to check with you on a couple of things. First of all, on the Tech side, if you could break your commentary in terms of what are you seeing within your heritage portfolio, the Intelliswift portfolio and SWC? That's question number one. The second question is that through at the start of this year, you had supported certain strategic customers through certain price or volume discounts, and which have been a headwind to margins in the more recent quarters. You were expecting them to essentially go away from sometime in Q2 and thereby margins expected to improve. Are we on track on that? And the third one essentially is on wage hikes for the year, if you could give us your thoughts on the same. Thank you.
No, that's quite helpful. And just one clarification. Your outlook on margins probably will stay respective of the wage hike that is yet to essentially be decided upon. And will that probably be an incremental headwind for our margins in the near term?
L&T Technology Services Limited CC-Jul25.pdf · 2025-07-16
Hi, thank you for the opportunity. The first question was for Amit. Basically, some of your other peers seem to be slightly more positive with regard to the Automotive passenger vehicle demand while your commentary seems to be slightly more somber. If you could just talk about this customer-specific impact because of which you've seen a more muted performance? That is question number one. The second question is with regard to the margin outlook. And while we continue to retain the mid -16% EBIT margin target by Q4 FY27 or Q1 FY28, just wanted to understand if you could broadly talk about how we should be thinking about the scope for recovery across gross margins and SG&A on a go-forward basis?
Sure, that is helpful. The second question is for Amit. With regards to the strong pipeline that you spoke about and continuous pressure on the European OEM players, do you think probably not FY26, but sometime in FY27, we see a repeat of the kind of growt h that we saw in FY22 and FY23 in the Mobility segment?

Tata Elxsi Limited

Tata Elxsi Limited CC-Sep25.pdf · 2025-10-09
Manoj, the first question is once again on the automotive side. Given what you are seeing on the ground in terms of pipeline and your customer discussions, do you think we probably see a significant pickup in growth over the course of the next 4 to 6 quarters? And if you could give us some sense on when we can get back to the kind of growth that the industry, including you, enjoyed between FY '22 and '24? That's question number one. The second question is related to our margins. Could you help us understand the different moving parts on margins given currency and the point that you highlighted about our high offshore revenue mix as to what were the moving parts on margins? And how should we be thinking about wage hikes for the year? Those are my questions.
Sure. And with regards to this top customer where in you saw some delays in terms of projects during Q2. Are you beginning to see some normalcy emerge over there or probably this may remain some sort of near-term headwind?
Tata Elxsi Limited CC-Jun25.pdf · 2025-07-10
Manoj, I basically had 2 questions. The first question was with regards to the business outlook within the top single customer, which has continued to do very well and given some of the annual report disclosure that appears, you expect further growth in this account in FY '26. So, if you could clarify on that front? And then second question was with regards to the way our margins have shaped up through the course of recent quarters. While I do understand there is some element of limited revenue growth at play, how should we be thinking about spare capacity in the context of the fact that over the course of four of the last five quarters, your cut headcount and still your margins have been down. Do you now really think our margins can claw back to what we used to report in FY '23 or '24, or we might probably to adjust to a new normal in terms of margins?
Manoj, my question was more for the medium term. You used to operate at about 29%, 30% EBITDA margins. Do you think that’s the margin we should probably think about as the business improves not just in this year but beyond this year?

KPIT Technologies Limited

KPIT Technologies Limited CC-Jun25.pdf · 2025-07-30
I basically had some clarification questions with regards to our segmental margins. If you could talk about what's driving the quarterly volatility when it comes to segmental margins, especially when it comes to the European markets as well as the ROW Geography? And the second question is over the course of last couple of years, the 2 large events with Asian OEMs contributed to a significant part of our growth through FY '23 and '25.And when you spoke last quarter, you were simply expecting much more broad base growth in FY '26. Given the way things stand in your commentary regarding the deal closures in India, with MG and also your expectations on China. If you could talk about how you're thinking about the broader controls of growth across the 3 markets. Those w ould be my 2 questions.
So just to clarify -- sorry, just to clarify on this fixed price mode, is that translating into some near -term pressure on margins in certain geographies where you are seeing this move? And is this certain geography-specific move towards or engagement moving towards fixed rate?

MphasiS Limited

MphasiS Limited CC-Jun25.pdf · 2025-07-25
Hi. Thank you for the opportunity. I actually had a clarification question on the Logistics segment, while you talked about expectations of recovery from here on, there was some large transaction that you are chasing outside of the large customer or the top customer there. If you could talk about progress on that front? And the second qu estion is how should we be thinking while you alluded to the change in our hiring or the delivery models? But given some of the newer opportunities that we are essentially t rying to target to a combination of AI and the legacy modernization piece, should we probably be thinking about our utilization rates being sustainably better compared to what we've seen in the past? So that's the question.
Sure. Thank you.

Hexaware Technologies Limited

Hexaware Technologies Limited CC-Jun25.pdf · 2025-07-25
Thank you once again. Keech, if I recall correctly, last time when you shared an outlook, your outlook for the second half was driven by some of the deal wins that were already in the bag. While I do understand we've seen some delayed decision-making on both consolidation as well as smaller deals, are you also seeing slower ramp up from the deals that you've won in the past? That's question number one. The second question is that typically in some of these consolidation deals, we tend to see upfront investments, some margin giveaways. Do you think at some point in time this becomes a headwind in the foreseeable future as and when we close that? The third question was for Vikash in terms of both the hiring and the wage hike outlook for the year. Those would be my questions. The first one, the two bigger consolidation deals we won, I think they're largely going both as per plan. It's true that part of confidence or lot of confidence came from the fact that some were in bag, but certainly there is expectation of more wins, especially when you have such a solid pipeline. I think smaller, mid-size deals are still happening, and there will be continued growth as a consequence. But the bigger deals have got delayed. The expectation, what we'd said of accelerated growth in Q3 and bucking the trend in Q4 was a basis, assuming… We don't have to win all of them. One, maybe two. That's the first part. The second part, will some of these deals require some sacrifice in margins? If that is what it takes, we will happily do so. We're not quite at that point yet, but if that's what it comes to, we'll happily do so. Vikash, third question is for you.
Thank you. All the best for the future.

Wipro Limited

Wipro Limited CC-Jun25.pdf · 2025-07-17
Hi, thank you for the opportunity. And once again, congratulations on some of the internals that you've shown. I had a question with regards to some of the challenges that we have seen in Europe while the Phoenix large deal will help us and possibly, you're talking about a strong pipeline there. But if you could talk about some of the customer specific challenges that you've had in Europe over the course of last several quarters, are they largely behind us? That's question number one. The second thing is th at while we continue to essentially defend our business within our top customers, and it also reflects in the revenue performance within top customers, but our client metrics seem to essentially convey some sort of a weakness. If you could just elaborate a s to what may be causing that. Those will be the two questions.
I was also trying to probe you with regards to our client metrics performance.

Tech Mahindra Limited

Tech Mahindra Limited CC-Jun25.pdf · 2025-07-16
Hi, thank you for the opportunity. The first question was with regards to the way we have seen our subcontracting expenses come off and the relative gap that we used to have compared to peers and you have on this front. Now, since you expect a lot of your new deals to essentially start ramping up, do you think we once again see some increase in subcontracting on a go- forward basis? That's question number one. The second question was with regards to the point that you've been making about winni ng must-have accounts as well as making further inroads into some of your existing top clients. When should we start to see some of this reflect in terms of your client metrics because we see very limited progress across client buckets over the course of the last 5 to 6 quarters?
Sure, Rohit. I will just repeat that. My question was that we won almost 45 must-have accounts in FY'25. And even in the current quarter, Mohit has spoken about further gains over there. And you've also been talking about making further progress with regards to your existing top accounts. So, when should we see this percolate in terms of the progress on client metrics across buckets? Because practically over the course of the last 5 to 6 quarters, there's been limited change there.

SAGILITY LIMITED

SAGILITY LIMITED CC-Mar25.pdf · 2025-05-15
Hi, thank you for the opportunity. So, Ramesh, I want to get your thoughts on two things. Number one, we've been hearing from a number of insurance companies in the U.S. about challenges in certain parts of their portfolio because of the changes at the government level and the policy level. So given your well entrenched in some of your top customers, do you envisage any near term challenges in your customer portfolio in the foreseeable future? That's question number one. And the second question is with regards to this typical seasonality that we have in our business, how should we be thinking about, both near term revenue growth and margins in the backdrop of the typical seasonality of our revenue base?
Just to clarify, with the BroadPath acquisition, does that seasonality increase if you could talk about the revenue patterns for BroadPath?