Order Book
$401.8M
+122.9% QoQ
All-time high order book, including a mega deal win.
ZENSARTECHNOLOGIES
Information Technology
15 Apr 2026
Zensar Technologies Ltd — Q4 FY26
Zensar reported Q4 FY26 revenue of $158.4M (1% YoY, -1.3% QoQ) and full-year PAT of $87.2M (+13.6% YoY).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Utilization Rate
84.3%
+80bps QoQ
Improved utilization driven by operational rigor.
Voluntary Attrition
9.8%
+0bps QoQ
Fifth consecutive quarter below 10%, industry-leading retention.
Client Experience Index
Top Quartile
+470bps YoY
Highest ever score, moving up within top quartile of industry.
Management Guidance
Q1 FY27 growth quarter expected
Management does not see a degrowth quarter in Q1 FY27, though geopolitical uncertainty makes prediction difficult.
revenueMid-teens EBITDA margin for FY27
CFO reiterated mid-teens margin guidance for FY27, with possible quarterly variations due to large deal transition costs.
marginsLarge deal ramp-up: full revenue from Q3 FY27
Mega deal revenue will start in Q1, but full-fledged revenue expected from Q3 FY27; transition costs will pressure margins in H1.
revenueHealthcare & Life Sciences flat in FY27
After 8.6% growth in FY26, management expects HLS revenue to remain at least flat in FY27 due to account consolidation.
growthKey Risks
TMT vertical revenue attrition
Top TMT client is insourcing and cutting costs, leading to continued revenue decline; management budgeted for no growth from this account.
high · management_commentaryLarge deal transition cost overrun
Transition costs for the mega deal will increase in Q1 and Q2, pressuring margins; exact cost magnitude not disclosed.
medium · analyst_questionIncreased competitive intensity from tier-1 firms
Tier-1 companies are bidding for deals they previously ignored, compressing pricing and win rates for mid-tier firms like Zensar.
medium · management_commentaryAI deflation impact on services pricing
While management downplays direct deflation, AI is repurposing spend from existing engagements, creating pressure on renewals and pricing.
medium · data_observationNotable 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.