• AI pricing impact: Per-individual pricing may increase, but overall project deal sizes are expected to compress due to AI-driven productivity gains.
• Order book composition: Following a $430 million order booking quarter, new deals from both existing and new clients increased to over 50% of total bookings, up from around 35%.
• BFSI growth engine: BFSI accounts for nearly half of total revenue and grew even excluding mega deals, positioning it as the primary growth driver for the current year and parts of next year.
• Top client expansion: Focused account farming expanded the $10 million-plus client base from 15 to 19 and $1 million-plus clients to 89, with concentration risk monitored across top individual clients rather than by vertical.