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Revenue
₹1,450 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Zensar reported Q4 FY26 revenue of $158.4M (1% YoY, -1.3% QoQ) and full-year PAT of $87.2M (+13.6% YoY). The quarter was impacted by a large deal closing in February, delaying revenue recognition, and continued pressure in TMT vertical. Order book hit an all-time high of $401.8M (+122.9% QoQ), driven by a mega deal win. Management guided for a growth quarter in Q1 FY27, but flagged margin pressure in H1 due to transition costs. AI adoption is a key differentiator, with 85% of workforce AI-certified. Risk: TMT client insourcing and cost cuts could further erode revenue.
Colored figures show movement against the previous available record.
Guidance to track
- Management does not see a degrowth quarter in Q1 FY27, though geopolitical uncertainty makes prediction difficult.
- CFO reiterated mid-teens margin guidance for FY27, with possible quarterly variations due to large deal transition costs.
- Mega deal revenue will start in Q1, but full-fledged revenue expected from Q3 FY27; transition costs will pressure margins in H1.
- After 8.6% growth in FY26, management expects HLS revenue to remain at least flat in FY27 due to account consolidation.
Risks flagged
- Top TMT client is insourcing and cutting costs, leading to continued revenue decline; management budgeted for no growth from this account.
- Transition costs for the mega deal will increase in Q1 and Q2, pressuring margins; exact cost magnitude not disclosed.
- Tier-1 companies are bidding for deals they previously ignored, compressing pricing and win rates for mid-tier firms like Zensar.
- While management downplays direct deflation, AI is repurposing spend from existing engagements, creating pressure on renewals and pricing.
Key quotes
- We are seeing tier ones competing for deals which a few months back they wouldn't even look at.
- Our FI27 performance will be contingent on our performance on our large deal. I won't even call it a large deal, it's a mega deal.
- We are not seeing yet that we were doing a project for $100 and now because of AI we have to do the same project at $70.
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