Sustained weakness in Manufacturing and Auto verticals
Tariff uncertainty and client spending cuts continue to pressure the Manufacturing vertical, which declined 4% YoY.
TECHM / Q1-FY26 / risks
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Material risks this quarter
high
Hi-Tech vertical headwinds from semiconductor client restructuring
A key semiconductor client implemented sharp budget cuts and workforce reductions, causing a 3.3% YoY decline in Hi-Tech.
Revenue growth may not materialize as expected
Despite strong deal wins, revenue momentum has lagged; management's expectation of improvement from Q2 may be delayed if macro worsens.
Margin target dependent on growth assumptions
CFO acknowledged that the FY27 margin target of 15% assumes a certain growth trajectory; if growth disappoints, margins may be revisited.