1. Strategic logos program - $5 million relationship size per strategic logo On track - At the Q2 FY26 call, management set an aspirational target of US$5 million relationship size per strategic logo. In Q2 FY26, 13 of 19 strategic logos added over four quarters hit the target; by Q4 FY26, \~50% of strategic wins over the past eight quarters converted into relationships exceeding $5 million.
2. Healthcare BPaaS deal - $50 million+ ACV, 24-month phased transition Missed - At the Q4 FY25 call, management announced a five-year healthcare BPaaS deal from a mid-market North American health plan with ACV well over US$50 million, with 4 lines of business transitioning over 24 months. The engagement was terminated in Q1 FY27 with a one-time exceptional charge of ₹35.7 crore (₹27.1 crore net of tax), a \~1%-1.5% Q1 revenue impact, and the account still delivering over US$5 million of annual revenue.
3. FY27 tax rate - 20%-22%, revised to 22%-24% On track - At the Q4 FY26 call, the CFO guided an FY27 effective tax rate of 20%-22%; at Q1 FY27 this was revised to 22%-24% following the move to the new Indian tax regime. The Q1 FY27 tax rate was around 23%, within the revised range, with the full-year horizon not yet reached.
4. FY27 EBIT margin - 12.25%-12.75% On track - At the Q4 FY26 call, management guided FY27 EBIT margin of 12.25%-12.75%, reaffirmed unchanged at Q1 FY27. Q1 FY27 EBIT margin was 12.4%, within the guided range, with the full-year horizon not yet reached.
5. FY27 revenue growth - 10%-13% constant currency On track - At the Q4 FY26 call, management guided FY27 constant currency revenue growth of 10%-13%, reaffirmed unchanged at Q1 FY27. Q1 FY27 constant currency growth was 12.3% YoY, within the guided range, with the full-year horizon not yet reached.
6. Pastdue Credit Solutions acquisition - close in Q1 FY26 Partial - At the Q1 FY26 call, management said the PDC acquisition was subject to FCA approval and expected to close in the current quarter (Q1 FY26); at Q2 FY26 the approval was still awaited and called "imminent". Regulatory approval was received during Q3 FY26, with ₹220 crore paid and the business consolidated that quarter - two quarters later than targeted.
7. FY26 tax rate - 19%-21% Delivered - At the Q4 FY25 call, management guided an FY26 effective tax rate of 19%-21%. The FY26 effective tax rate came in at 20.6%, within the guided range.
8. FY26 EBIT margin - 11.25%-12% Delivered - At the Q4 FY25 call, management guided FY26 EBIT margin of 11.25%-12%, raised to 11.5%-12% at Q3 FY26. FY26 EBIT margin was 11.7%, within the final guided range.
9. FY26 revenue growth - 12%-15% initial, revised through the year Delivered - At the Q4 FY25 call, management guided FY26 constant currency revenue growth of 12%-15%, raised to 13%-15% at Q1 FY26 and to 13%-14% organic (14.5%-15.5% including acquisitions) at Q3 FY26. FY26 revenue was ₹9,556 crore with constant currency growth of 13.6%, within the final organic range.
10. QBSS acquisition integration - completed in Q1 FY25 Delivered - At the Q4 FY24 call, management planned to integrate QBSS during Q1 FY25, funded through internal accruals, with the deal expected to be margin and EPS accretive. Integration was completed during Q1 FY25 itself, with ₹200 crore cash consideration paid and a first joint deal win plus two additional transactions closed in the quarter.
11. Medium-term EBIT margin expansion - 50-75 bps per year On track - At the Q4 FY24 call, management expected EBIT margin expansion of 50-75 bps per year over the medium term (3-4 years), reiterated through Q1 FY27 with a roadmap to 14%-15% EBIT margins by FY28. FY26 delivered roughly 74 bps of expansion, at the higher end of the range, and Q1 FY27 EBIT margin was 12.4%, up 110 bps YoY.
12. $1 billion exit revenue run-rate - by FY26 Delivered - At the Q4 FY24 call, management aimed for a US$1 billion exit revenue run-rate by FY26 on an organic basis, reiterated at Q1 FY25 and Q2 FY25. The company achieved the US$1 billion annualized run-rate in Q4 FY25, four quarters ahead of the aspirational goal.
13. FY25 EBIT margin - 11%-12% Delivered - At the Q4 FY24 call, management guided FY25 EBIT margin of 11%-12%, revised to 11%-11.5% at Q2 FY25 and reiterated at Q3 FY25. FY25 EBIT margin excluding one-offs was 11.1%, within the final guided range.
14. FY25 revenue growth - 10%-13% initial, raised through the year Delivered - At the Q4 FY24 call, management guided FY25 constant currency revenue growth of 10%-13%, raised to 11.5%-13.5% at Q1 FY25, to 19.5%-20.5% including Ascensos (14.5%-15.5% organic) at Q2 FY25, and to 21.8%-22.3% at Q3 FY25. FY25 revenue was ₹7,980 crore with constant currency growth of 22.6%, above the final guided band.
15. Top client contract extension - 10 years, margin and EPS accretive On track - At the Q1 FY24 call, management stated the top client contract was extended for another 10 years, with the deal expected to be margin accretive and EPS accretive starting that year. The extension was confirmed in Q4 FY24; no explicit disclosure of margin or EPS accretion from the deal is present in our record.
16. EdTech deal - $15-$18 million annual revenue, go live Q3 FY24 On track - At the Q1 FY24 call, management estimated the strategic EdTech deal would add $15-$18 million in annual revenue, going live in Q3 and ramping up by Q4 FY24, latest by Q1 FY25. The ETS engagement went live in Q2 FY24 and ramped through H2 FY24, with the first global capability center for the EdTech vertical live in October 2023; no explicit confirmation of the $15-$18 million revenue achievement is in our record.
17. FY24 tax rate - 18%-20% Delivered - At the Q4 FY23 call, management guided an FY24 tax rate of 18%-20%. The FY24 effective tax rate came in at 18.3%, within the guided range.
18. FY24 operating margin - 11%-12% Delivered - At the Q4 FY23 call, management guided FY24 operating margin of 11%-12%, revised to 11%-11.5% at Q2 FY24 and to the lower end of that band at Q3 FY24. FY24 EBIT margin was 11.1% (11% adjusted for a one-time charge), within the final guided range.
19. FY24 revenue growth - 2%-5% constant currency Delivered - At the Q4 FY23 call, management guided FY24 constant currency revenue growth of 2%-5%, revised to 0%-2% at Q2 FY24 and narrowed to 0.5%-1.5% at Q3 FY24. FY24 revenue was ₹6,336.2 crore with constant currency growth of 1.1%, within the final guided range.
20. ARSI margins reaching company parity - by end of FY23 Missed - At the Q4 FY22 call, management expected ARSI margins to come closer to overall company margin by end of FY23 via cost synergies, reiterated at Q1 FY23. Q3 FY23 noted a variable consideration write-back related to acquisitions, and Q4 FY23 noted no earnout payout was made because targets were not achieved; no positive evidence of margin parity exists in our record.
21. FY23 capex - $8-$9 million Missed - At the Q4 FY22 call, management guided FY23 capex at around $8-$9 million, mostly technology-side; at Q1 FY23 capex was expected range-bound at ₹65-68 crore per quarter. FY23 capex came in at ₹51.4 crore, roughly $6.5 million equivalent, below the guided range.
22. FY23 tax rate - 18%-20% Delivered - At the Q4 FY22 call, management guided the FY23 tax rate within 18%-20%, reiterated at Q1 FY23, then revised to 17%-19% at Q2 FY23. The FY23 tax rate came in at \~16.5%, below even the revised guided ceiling.
23. FY23 ex-mortgage and ex-acquisition growth - 16%-19% Delivered - At the Q1 FY23 call, management guided FY23 ex-mortgage and ex-acquisition growth of 16%-19% in constant currency, revised to 12%-15% at Q2 FY23 and 12.5%-14.5% at Q3 FY23. BFS portfolio ex-mortgage grew 18.3% organic constant currency in FY23, above the final guided range; no company-level figure is separately disclosed.
24. Mortgage FY23 revenue - $125-$135 million Missed - At the Q4 FY22 call, management modeled mortgage revenue at $125-$135 million for full year FY23; at Q2 FY23 mortgage degrowth of \~55% for the fiscal was flagged. FY23 mortgage revenue came in at $92-93 million, below the original target.
25. FY23 operating margin - 10.5%-11% initially, revised to 9%-9.5% Delivered - At the Q4 FY22 call, management guided FY23 operating margins of 10.5%-11%, revised to 10%-10.5% at Q1 FY23, down to 9%-9.5% at Q2 FY23, and narrowed to 9.25%-9.5% at Q3 FY23. FY23 operating margin was 9.4% (₹563.3 crore), within the final guided range.
26. FY23 revenue growth - 7-10% company level Delivered - At the Q4 FY22 call, management guided FY23 revenue growth of 7%-10% at company level including \~6% full-year impact from the ARSI and Stonehill acquisitions, lowered to 2%-4% at Q1 FY23, -2% to 0% at Q2 FY23, and -2% to -1% at Q3 FY23. FY23 revenue was ₹6,022.3 crore, with degrowth of 1.1% in constant currency, above the latest guided range.