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Revenue
₹1,075 Cr
verified against source
Revenue YoY
1.1%
reported change
EBITDA
₹133.7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hinduja Global Solutions reported a muted Q3 FY26 with operating revenue of ₹1,175.4 crore (+1.1% YoY) and EBITDA margin of 11.2%, down 780 bps YoY due to account-specific volume ramp-downs and one-time labor code costs. PAT from continuing operations was negative, but total PAT of ₹34.4 crore benefited from a discontinued operations gain. Management emphasized margin expansion over topline growth, citing 21 new logo wins in digital operations and tech services as a key future growth driver. AI-powered solutions like Interaction Intelligence and AML lens are gaining traction, with early margin improvements of 10-20% in AI-infused deliveries. The broadband vertical added 25,000 subscribers from 50 new tier-3 towns under Mission Bharat. Risks include elongated decision cycles for large deals and potential client diversification shifts. Guidance remains cautious; no specific numeric targets were provided.
Colored figures show movement against the previous available record.
Guidance to track
- Near-term priority is margin expansion through productivity, delivery rigor, and cost management, rather than chasing revenue growth.
- 21 new logos added in Q3 are expected to contribute meaningfully to revenue in FY27 as they scale over 1-2 years.
- AI investments in agentic AI and proprietary solutions are transitioning to revenue generation, with early client pull and margin accretion expected in medium term.
Risks flagged
- Macro uncertainty and client prudence continue to delay large deal closures, which could persist for another year.
- Revenue growth was moderated by ramp-downs in a couple of large accounts due to vendor diversification and in-house shifts, though management says these are tactical.
- Despite client interest in AI tools, many are not ready for outcome-based pricing, limiting near-term revenue model transformation.
Key quotes
- We are not trying to overinterpret the performance. We're saying practical control what we can control. Keep execution tight and keep the funnel moving.
- We are not pursuing AI for experimentation. We are productizing capabilities that improve outcomes consistently.
- The business is now migrating from volume to value. Each customer that we have we're looking at tripling our revenue per customer from the existing customer base.
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