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Birlasoft Margin Trend — Quarter by Quarter

Birlasoft's EBITDA margin moved from 12.4% in Q1 FY26 to 18.5% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2618.5%+30 bps
Q3 FY2618.2%+212 bps
Q1 FY2612.4%—

What management said about ebitda margin

G

Q4 FY26 · Steady-state EBITDA margin above 15%

CFO reiterated that sustainable EBITDA margin is expected to be upward of 15%, with current elevated levels eroding due to investments and productivity pass-throughs.

G

Q3 FY26 · Sustainable EBITDA margin of ~15%

Steady-state EBITDA margin expected to be around 15% excluding one-off benefits and forex tailwinds, factoring in investments and pricing pressure.

G

Q1 FY26 · EBITDA margin to remain around 13% for FY26

Management aims to keep EBITDA margins in the 12.6%-13.1% range for the full year, similar to last year's 13%.