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Pricing pressure on renewals
View Risks →BIRLASOFT LIMITED — Q3 FY26
Birlasoft reported a stable Q3 FY26 with revenue of ₹1,347.5 crore (+0.3% CC QoQ) and EBITDA margin expansion of 212 bps QoQ to 18.2%, driven by revenue quality improvement, cost optimization, and one-off benefits.
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Birlasoft reported a stable Q3 FY26 with revenue of ₹1,347.5 crore (+0.3% CC QoQ) and EBITDA margin expansion of 212 bps QoQ to 18.2%, driven by revenue quality improvement, cost optimization, and one-off benefits. TCV surged 89% QoQ to $202 million, with 46% from new engagements, including AI-led deals in BFSI and manufacturing. However, revenue growth remains tepid due to furloughs and softness in manufacturing and life sciences. Management guided for sustainable EBITDA margins of ~15% (excluding one-offs) and expects Q4 deal signings to exceed Q3. Key risks include pricing pressure in renewals, continued headwinds in manufacturing/ERP, and lower working days in Q4.
बिरलासॉफ्ट ने वित्त वर्ष 2026 की तीसरी तिमाही में स्थिर प्रदर्शन दिखाया। कंपनी की कमाई ₹1,347.5 करोड़ रही, जो पिछली तिमाही से 0.3% बढ़ी। मुनाफा बढ़ाने की क्षमता (EBITDA मार्जिन) 18.2% हो गई, जो पिछली तिमाही से 2.12% अधिक है। यह बेहतर कमाई, लागत में कटौती और एकमुश्त फायदों से हुआ। नए सौदों का मूल्य 89% बढ़कर 202 मिलियन डॉलर हो गया, जिसमें 46% नए ग्राहकों से आए। बैंकिंग और विनिर्माण में AI से जुड़े सौदे शामिल हैं। हालांकि, छुट्टियों और विनिर्माण व जीवन विज्ञान क्षेत्र में कमजोरी के कारण कमाई में बढ़ोतरी धीमी रही। प्रबंधन का कहना है कि स्थायी मुनाफा लगभग 15% रहेगा (एकमुश्त फायदे छोड़कर) और अगली तिमाही में और सौदे होने की उम्मीद है। जोखिमों में पुराने सौदों में कीमत दबाव, विनिर्माण में कमजोरी और कम काम के दिन शामिल हैं।
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TCV (Total Contract Value)
$202M
+89% QoQ
Total contract value for Q3, driven by two large deals that slipped from Q2.
DSO (Days Sales Outstanding)
54 days
-3 days QoQ
Improved collections; among the best in the industry.
Offshore Revenue Mix
Increased
+8pp QoQ
Shift to fixed-price/outcome-based deals drove offshore mix higher.
Million-Plus Clients
85
+7 QoQ
Increased from 78 in Q2, reflecting focus on high-potential accounts.
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Guidance and risk preview
Steady-state EBITDA margin expected to be around 15% excluding one-off benefits and forex tailwinds, factoring in investments and pricing pressure.
Renewals are expected at lower margins due to pricing pressure, which could compress overall margins.
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