Earnings intelligence for Indian equities

AI-led productivity may cannibalize traditional services revenue before AI revenue fully offsets the decline.

FY26 constant-currency revenue declined 2.4%, and an analyst flagged a 5-6 percentage point growth gap versus the closest competitor.

SG&A may stay structurally elevated because partnership, recruitment, training, and new-business investments are now flowing through the cost base.

Management framed geopolitical impact as limited to Middle East and travel/transportation, but acknowledged secondary supply-chain disruption could broaden the hit.