Stockrabit · Analysts
Questions across 84 calls

Sandeep Shah

Equirus Securities

L&T Technology Services Limited

L&T Technology Services Limited CC-Sep25.pdf · 2025-10-17
Yes. Thanks for the opportunity. Amit, you also mentioned in your opening remarks in the US reindustrialization is an emerging opportunity. So, why am I asking a question because some parts of the tariff-related announcement are still changing period after period. So, in this kind of a scenario, clients are in decisive mode. So, I just wanted to understand the nature of this demand, especially in the US
Thanks for the detailed answer. Helpful. Just a couple of follow-ups. In terms of Intelliswift, you mentioned that the margins have gone up. Is it the revenue trajectory also moving up on a QoQ basis?

LTM Limited

LTM Limited CC-Sep25.pdf · 2025-10-16
Congratulations on a very strong execution, both on revenue and EBIT margin. Venu, first question is, if I look at the top 5 client bucket, the growth seems slightly tapered. And related question is, looking at the top 2 clients, one in high tech and one being BFSI, do you foresee any long term concern as these clients may face a hurdle in terms of your overall growth journey for medium to long term?
Okay. And just a related question. Last time for the BFSI growth prospects, you were sounding slightly cautious. So is the outlook remain same or you become slightly more positive? And looking at your deal wins and some support from the pass through sales, it even looks like the second half growth momentum could be better. And the last question in terms of EBIT margin, there is a significant improvement. So where we are currently in the near term, where could be the trajectory? And in the medium to longer term, can we go to high teens? We are already at 16. Can it be even higher teens in the next three to four years?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-10-16
Jayesh, just wanted to understand, in your guidanc e assumption for the second half, are you also expecting further lower pass-through, the third-party item sales? Because in the first half, it has been 7.4% versus 8.2% for the whole year last y ear. And generally, Q3 sees seasonal strength on the third-party items. So this time, you believe it could not show the strength, and it could be further down from 7.4% in the 1H versus what you expect in 2H?
And second, just the follow-up. In terms of seasonal softness, which is reflecting in your 2H implied guidance, what was the urgency to deploy 8,000 net additions in the employee side? Can you explain the high recruitment versus seasonal softness in the 2H?
Infosys Limited CC-Sep25.pdf · 2025-10-16
Jayesh, just wanted to understand, in your guidanc e assumption for the second half, are you also expecting further lower pass-through, the third-party item sales? Because in the first half, it has been 7.4% versus 8.2% for the whole year last y ear. And generally, Q3 sees seasonal strength on the third-party items. So this time, you believe it could not show the strength, and it could be further down from 7.4% in the 1H versus what you expect in 2H?
And second, just the follow-up. In terms of seasonal softness, which is reflecting in your 2H implied guidance, what was the urgency to deploy 8,000 net additions in the employee side? Can you explain the high recruitment versus seasonal softness in the 2H?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-07-23
Yeah. Thanks for the opportunity and congratulati ons on a very solid quarter. Salil, wanted to understand the commentary about vendor consolidation deals, it has been bullish, not by just you or others. And it seems that INFY is winning higher share versus some of the peers. So, considering that, and this may continue going forward, one can assume that TCV can continue to remain healthier in the coming quarter as well because vendor consolidation deals are larger in size? External Document © 2025 Infosys Limited 18
Okay. Fair enough. What will change for clients to start spending on discretionary apart from improving macro? Any discussion with the clients implies or gives you any hope for green shoots possible on the discretionary side, may not be near term, but maybe by the fag end of FY26?
Infosys Limited CC-Jul25.pdf · 2025-07-23
Yeah. Thanks for the opportunity and congratulati ons on a very solid quarter. Salil, wanted to understand the commentary about vendor consolidation deals, it has been bullish, not by just you or others. And it seems that INFY is winning higher share versus some of the peers. So, considering that, and this may continue going forward, one can assume that TCV can continue to remain healthier in the coming quarter as well because vendor consolidation deals are larger in size? External Document © 2025 Infosys Limited 18
Okay. Fair enough. What will change for clients to start spending on discretionary apart from improving macro? Any discussion with the clients implies or gives you any hope for green shoots possible on the discretionary side, may not be near term, but maybe by the fag end of FY26?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-04-17
Yes. Thanks for the opportunity. Salil, just wanted to understand in this uncertain macro environment, if discretionary spend is difficult to predict whether -- but at the same time, clients may not postpone their AI-related investment. So is it fair to as sume client may start in terms of going doubling down on the outsourcing cost takeout kind of deals? Whet her same is coming into your discussion and is it fair to assume that the deal pipeline could improve on the cost takeout and the mega deals could be a part of the deal wins entering FY'26 as well?
Okay. And Jayesh or Salil, whoever can answer this, whether it is fair to assume the seasonality of 1H better than 2H may continue even in FY'26? What are your guidance assumptions for the same? External Document © 2025 Infosys Limited 20 So typically, our 2H is softer because you hav e furloughs, you have lower working and calendar days, etc., etc., so that part of the seasonality wi ll remain. As we see today, I do not expect that seasonality to change. But beyond that, in an uncertain environment like this, it is very difficult to predict how the quarters will look like. As I said earlier, at the bottom and the higher end of the guidance, we have factored various scenarios and depending on how that will play out, we will have to see how the quarters progress. But overall, we do not see a significant change in seasonality beyond the uncertainty.
Infosys Limited CC-Mar25.pdf · 2025-04-17
Yes. Thanks for the opportunity. Salil, just wanted to understand in this uncertain macro environment, if discretionary spend is difficult to predict whether -- but at the same time, clients may not postpone their AI-related investment. So is it fair to as sume client may start in terms of going doubling down on the outsourcing cost takeout kind of deals? Whet her same is coming into your discussion and is it fair to assume that the deal pipeline could improve on the cost takeout and the mega deals could be a part of the deal wins entering FY'26 as well?
Okay. And Jayesh or Salil, whoever can answer this, whether it is fair to assume the seasonality of 1H better than 2H may continue even in FY'26? What are your guidance assumptions for the same? External Document © 2025 Infosys Limited 20 So typically, our 2H is softer because you hav e furloughs, you have lower working and calendar days, etc., etc., so that part of the seasonality wi ll remain. As we see today, I do not expect that seasonality to change. But beyond that, in an uncertain environment like this, it is very difficult to predict how the quarters will look like. As I said earlier, at the bottom and the higher end of the guidance, we have factored various scenarios and depending on how that will play out, we will have to see how the quarters progress. But overall, we do not see a significant change in seasonality beyond the uncertainty.

HCL Technologies Limited

HCL Technologies Limited CC-Sep25.pdf · 2025-10-13
Yes, thanks for the opportunity. CVK, in one of the replies of the AI impact on the different horizontals, you called out it will take another 2 -3 years, because there are new things which need to be done before AI can be scaled up by enterprises like mode rnization and other stuff. So, in that scenario, is it fair to assume that in the next 2-3 years, AI can be additive in terms of demand rather than deflating? And the second question is on EBIT margin. This year, we have a lot of one-offs. So, why we are still not seeing that the next year we can be back to 18%-19% EBIT margin? What holds you back to commit that? Because we are doing better in terms of margin even in this quarter, including one -offs?

BIRLASOFT LIMITED

BIRLASOFT LIMITED CC-Jun25.pdf · 2025-08-07
Yes, thanks for the opportunity. And then in terms of whatever you explained till now, it looks like even after two-and-a-half years of effort in terms of turning around the ship and the Birlasoft growth profile, it still looks like our restructuring and turnaround efforts are undergoing. So what is not executing as per your plan? Is it more to do with the capability gaps? Is it more to do with the execution aggression, or do you believe it's more to do with the macro headwinds which is impacting us?
Okay but Angan, sorry to stress on this, in the review process, we should be having some amount of lead indicators about these things happening in the next 1 quarter, 2 quarter s, or 3 quarters. So why the execution is more on the reactive approach rather than a proactive approach? Because the way you are explaining , it looks like second half could also be a diffi cult period for us in terms of growth?
BIRLASOFT LIMITED CC-Mar25.pdf · 2025-05-29
Yes. Thanks for the opportunity. Angan, the question is more strategic. So I think you joined 2 years back, and we have already done a significant amount of restructuring in terms of churning the leadership, investing in capabilities, expanding partnership. But the revenue growth has been really marginal over the last 2 years, if I compare FY '25 with FY '23. So in your analysis and post-mortem, what is going correct and what is going wrong? And how do we plan to change? Because I think leadership churn has already happened in the last 2 years. So is it more industry specific? Or is it more Birlasoft specific where correction still needs to be done in a significant fashion going forward to avoid such a year ahead , because FY '25 has been one of the weakest year for Birlasoft?
Yes. Just a related question. If I look at the deal TCV, this year in terms of both total as well as new business has not been that great, though Q4 has been really good. So don't you believe we need to be proactive in terms of, (a) increasing the deal pipeline; (b) in terms of converting the pipeline into deal wins which will help us in terms of compensating a leakage in the existing book. So are we doing any restructuring in terms of creation of large deal pipeline, converting pipeline into deal wins and to actually avoid such unforeseen circumstances?

KPIT Technologies Limited

KPIT Technologies Limited CC-Mar25.pdf · 2025-04-28
Sir, just wanted to understand your comments indicate some growth slowness in the first half with expectation of pickup in the second half. So just wanted to understand the first half growth on a Q-on-Q basis, you believe because of macro pressure, it could be even negative or you believe it could be marginally positive with growth momentum to pick up in the second half?
Okay. Okay. And second, in terms of these kind of a difficult macro situation, maintaining margins could be a difficult task for the industry. So how do you see the FY 2026 EBITDA margin versus FY '25?

Cyient Limited

Cyient Limited CC-Jun25.pdf · 2025-07-24
Just one observation. There has been a significant reclassification. So looking at the PPT and Annexure, we are unable to compare the performance, especially on DET, which is a core business as per the earlier definition. So we would have liked at least for the next 4 quarters, we could have continued with the presentation in the old format as well, because both on DET, including semiconductor, it looks like there is a big decline as well, and there is a big decline in the EBIT margin, because DET, Semiconductor revenue has declined, Semiconductor has posted a loss. This is not fully reflected in the current new reclassification. I do agree the strategic plans are different. But how to look at Semiconductor as a business on a going forward basis? Will it continue? Any estimate in terms of at a segment level, what kind of losses it can generate in this year and when you expect that turnaround? And second, within the new classification DET-wise, can you give us some clarity in terms of growth prospects as per new subsegments of DET?

Zensar Technologies Limited

Zensar Technologies Limited CC-Jun25.pdf · 2025-07-22
Congratulations again on the execution in difficult times. So, just within TMT, is it the top client that has also contributed to the growth and what has driven? Is it the earlier areas which we used to target as higher budget, or are we mining that client in terms of entering into new area? So, I just wanted some clarity.
And any progress in terms of large deal ? I do believe we have done well in the second half of the last financial year. And in one of the analyst meets, you said we are targeting for one large deal every quarter. So, can you give some color in terms of closure, if any, in this quarter? And how is the pipeline looking on the large deal, both on Q-on-Q and Y-o-Y?
Zensar Technologies Limited CC-Mar25.pdf · 2025-04-25
Congrats on a good execution in a difficult macro. Just wanted to understand, looking at the volatile macro and higher macro concern because of tariff, Manish, if you look at portfolio mix, we have concentration in manufacturing and consumer, which is 27% and Healthcare and Life Sciences is 10%. So roughly one third or slightly higher as a percentage to any other portfolio may have a direct impact of the tariff -related issue or other measures announced by the U.S. administration. So, are you worried in terms of growth entering FY 2026? Or you believe the order book, which has been really great in this year will help us to navigate these challenges?
Very helpful. Manish, last conference call, you also called out if there are no major macro headwinds, we may aspire to grow at double digit or close to double digit. That aspiration remains because macro headwinds has gone up. So is there a new outlook or aspiration target you want to disclose?

Tech Mahindra Limited

Tech Mahindra Limited CC-Jun25.pdf · 2025-07-16
Thanks for the opportunity and congrats on good execution, especially on margins. Just, Mohit, in terms of the earlier reply, you said this year we may be at industry average growth. So, if I just do the math, it looks like for closure to around 2% to 3% growth in a constant currency. 1% to 2% kind of a growth, we may require 2% to 3% compounded Q -on-Q growth in the next 3 quarters. So, are we believing this kind of a momentum may start immediately or it is based on some hope and converting pipeline into deal wins and it could be back-ended growth?
So, Mohit, do you expect this year could be a positive growth or a flattish growth? I agree, we don't give guidance. But are we aspiring to have a positive growth?
Tech Mahindra Limited CC-Dec24.pdf · 2025-01-17
The first question is kudos for a consistent increase in a new business deal, TCV wins despite being selective. So, based on the investment, the pipeline of the orders, and improvement in client sentiment as highlighted some of your peers, one can expect this journey of uptick on a Q -on-Q basis may continue which helps us to commit FY27 being a better year.
And just a related question, this increase of TCV wins in this quarter, can you throw some highlight in terms of nature of deal wins? Is it more cost take out vendor consolidation or some small size discretionary transformational deals are also coming into the bag?

Netweb Technologies India Limited

Netweb Technologies India Limited CC-Mar25.pdf · 2025-05-05
Thanks for the opportunity and c ongratulations on a great show. Just on the Skylus.ai, the product, the solution which we have launched for the GPU -based architecture, can you throw some light in terms of this is a first -of-its-kind of product or there are competitors who have already launched these kind of products?
Okay. And just a follow -up with the compute innovation on the rise through DeepSeek announcement as well as some other announcement from the U.S., is it the decision -making from the client in terms of spending on the hardware, opex, capex to implement the AI architecture is getting delayed because they are -- may be also confused in terms of the cost of the operation, whether to put it now or may defer it by 3 months to 6 months or 1 year?

MphasiS Limited

MphasiS Limited CC-Mar25.pdf · 2025-04-25
Congrats on a good execution in a difficult macro. Just wanted to understand, Nitin, is there any large client-specific issue in any of the verticals when you are entering and FY 2026 outside of macro issues?
Perfect. And just we are also entering 1QFY26 with a very healthy order intake, which was similar when we entered 4Q FY25. So, if I'm not wrong, you are trying to say the growth momentum of 4Q FY25 can be sustained in 1Q and 2Q, is it the right way of looking at it?