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TMT vertical revenue attrition
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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).
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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.
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Order Book
$401.8M
+122.9% QoQ
All-time high order book, including a mega deal win.
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.
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Guidance and risk preview
Management does not see a degrowth quarter in Q1 FY27, though geopolitical uncertainty makes prediction difficult.
Top TMT client is insourcing and cutting costs, leading to continued revenue decline; management budgeted for no growth from this account.
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