1. OCF-to-EBITDA cash conversion in the 74-79% acceptable range Partial - At the Q1 FY27 call, the CFO indicated anything between 74% and 79% is an okay number from the company's angle. Q1 FY27 OCF-to-EBITDA was "close to 70%, a little more than 70%", below the range, though the CFO noted conversion has been higher than industry average for the last 2 years.
2. AI-native technology services company beginning 2026 On track - At the Q3 FY26 call, management committed company-wide to becoming an AI-native technology services company beginning 2026. In Q1 FY27, Zensar launched Agent Mesh, a platform for autonomous AI agents, with 25%+ productivity uplift, 44% of code AI-generated, and 85% of the workforce AI-certified.
3. Move up a quadrant in growth-performance every year toward quadrant 1 Pending - At the Q2 FY24 call, the CEO reiterated the analyst-meet goal to reach quadrant 1, moving up a quadrant every year, from the bottom quadrant. In FY25, Zensar ranked number four in industry performance and revenue growth in INR terms; no explicit quadrant ranking is disclosed in our record.
4. Acquire BridgeView Life Sciences, a Pennsylvania-based Life Sciences firm Delivered - At the Q1 FY25 call, Zensar announced it will acquire BridgeView Life Sciences, a technology and consulting company in the pharmaceutical commercial segment. By Q2 FY25, cash and cash equivalents were $255.0M post dividend payout and an acquisition; no BridgeView-specific integration or financial disclosure is in our record.
5. Rank in the top 25% of industry performers consistently Delivered - In the FY24 annual report, the stated objective was to rank in the top 25% of industry performers consistently. FY25 brought a number-four rank in industry performance and revenue growth in INR terms, and FY24 client satisfaction was in the top quartile, surpassing the industry median.
6. Double-digit revenue growth taken up as a challenge Missed - At the Q3 FY26 call, the CEO framed double-digit revenue growth as a challenge taken up by the team despite TMT not delivering, after refusing to commit to double-digit FY26 growth at Q1 FY26 and Q2 FY26. FY26 revenue was $643.7M, +3.1% YoY reported and +1.7% CC, +7.7% in INR; Q1 FY27 grew +8.9% YoY in INR.
7. Double-digit profit growth - "we are committed to doing that" Delivered - At the Q3 FY26 call, the CEO said, "We want to deliver double-digit profit growth. And we are committed to doing that". Q3 FY26 profit grew 18.2% YoY in dollar terms and 25.0% in rupee terms, FY26 PAT was $87.2M, +13.6% YoY, while Q1 FY27 PAT of 184 cr grew 0.99% YoY.
8. Healthcare to contribute disproportionately to top line Missed - At the Q3 FY24 call, management hoped Healthcare would contribute disproportionately to top line, up from 9-10% of revenues, with an analyst raising mid-teens contribution in two to three years. Healthcare & Life Sciences stayed near 10% - 9.5% in Q4 FY24, 10.6% in Q4 FY25, 10.5% in Q4 FY26 and 10.0% in Q1 FY27.
9. Scale acquisitions of $150-200M+ revenue assets Pending - At the Q1 FY27 call, management said it is actively looking at scale acquisitions, not tuck-ins, targeting scaled assets north of $200 million revenue or at least $150 million, with 2 or 3 such assets "even as we speak". No acquisition was announced or closed as of Q1 FY27 in our record; management said pricing is not absurd.
10. Mega deal revenues at full weight by Q3-Q4 FY27 On track - At the Q1 FY27 call, management said the mega deal ramp-up continues in Q2, with the full weight of revenues appearing in Q3-Q4 and margin expansion following from Q3 onwards. The $210 million mega deal started executing mid-February 2026; Q1 FY27 EBITDA margin contracted 150 bps sequentially on transition and early-stage execution.
11. Book-to-bill of 0.9 to 1.1x projected revenue On track - At the Q3 FY26 call, management stated comfort with bookings between 0.9x and 1.2x of quarterly revenues, and at Q1 FY27 reiterated a 0.9 to 1.1 times target, not lowered. Bookings ran 0.97x in Q2 FY26, 1.12 in Q3 FY26, $401.8M in Q4 FY26, then $149.2M in Q1 FY27, down 62.9% QoQ on a seasonally weak quarter.
12. Dividend payout ratio of 40-50% of consolidated profits Delivered - At the Q4 FY25 call, the Board materially increased the dividend payout ratio to 40% to 50% of consolidated profits, from 26% to 35% over the past 5 years. FY25 total dividend of INR 13 per share equalled 45% of consolidated PAT, within the range; Q3 FY26 interim dividend rose to INR 2.4 per share.
13. 1-2 large deal wins in FY25, then better in FY26 Delivered - At the Q1 FY25 call, management said it should convert 1 or 2 large deals in FY25, and at Q4 FY25 the CEO hoped FY26 would be better. Two large deals (\~$25 million definition) were signed in FY25, and Q4 FY26 closed the largest deal in Zensar's history - the $210 million mega deal executing from mid-February 2026.
14. Sequential quarter-on-quarter revenue growth every quarter Partial - At the Q4 FY24 call, CEO Manish Tandon reiterated his aspiration to grow revenue every single quarter, restated at Q1 FY25 and Q1 FY26. Sequential growth held through Q1 FY26 (+3.3% QoQ) but turned negative in Q4 FY25 (-0.1%), Q3 FY26 (-1.4%) and Q4 FY26 (-1.3%); Q1 FY27 was +0.7% QoQ.
15. Mid-teens EBITDA margin, 14-16% band, sustained Delivered - At the Q3 FY23 call, the CFO guided mid-teens (15%) EBITDA margin in three to four quarters, later quantified as a 14-16% normalized band and reiterated across FY25-FY27 guidance. Margins ran 17.8% in FY24, 15.5% in FY25 and 16.0% in FY26, with Q1 FY27 at 14.6% during large-deal transition.