Hinduja Global Solutions Ltd

Good evening, ladies and gentlemen, a very warm welcome to the Q3 and nine 9M FY2026 Earnings Call of Hinduja Global Solutions Limited.

From the Senior Management, we have with us today Mr. Venkatesh Korla, Global Chief Executive Officer, HGS; Mr. Vynsley Fernandes, Whole Time Director, HGS and CEO of NXTDIGITAL Media Business; and Mr. Mahesh Kumar Nutalapati, Global Chief Financial Officer.

As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touch-tone phone.

Please note this conference is being recorded. I now hand the conference over to Mr. Anand Venugopal from Adfactors PR. Thank you, and over to you, sir.

Thank you, Steve. Good evening, everyone. We welcome you to the Q3 and 9M FY 2026 Earnings Call of Hinduja Global Solutions Limited.

Before we begin, I would like to highlight that some of the statements made during today's call may be forward-looking in nature. These statements involve risks and uncertainties, including those related to the company's future financial and operational performance. Additionally, in the unlikely event of a call drop during the conference, we will reconnect the call at the earliest opportunity.

I now invite Venkatesh Sir to deliver the opening remarks. Over to you, sir.

Good evening, everyone. Thank you for joining us. I am Venkatesh Korla - Global CEO of HGS. I want to make sure you can all hear me.

Before I walk you through my presentation in detail, I would like to emphasize that as an organization, we are currently in a transformation phase. Our focus today is on staying disciplined in execution, prioritizing profitability, and delivery levers, while continuing to aggressively invest in capabilities we believe will drive stronger growth and enhance organizational agility.

Let me start with the numbers on the slide, which is on Slide #4:

For Q3 FY2026, HGS reported total income of Rs. 1,192.2 crores. Operating revenue was Rs.

1,075.4 crores and total EBITDA stood at Rs. 133.7 crores, resulting in an EBITDA margin of 11.2% for the quarter.

For the nine months ended FY2026, total income was Rs. 3,602.4 crores. Operating revenue came in at Rs. 3,222.7 crores, with total EBITDA of Rs. 451.4 crores and an EBITDA margin of 12.5%.

Now on Slide #5, which is Management Commentary:

On the market environment, what we are seeing remains consistent with the signals from many enterprises, a subdued macro backdrop and elongated decision cycles, especially for larger deals.

We are seeing a number of proof-of-concept engagements move into pilot stages, with clients testing the waters, and we believe the coming year will see increased activity as these pilots convert into enterprise-grade implementations.

During the quarter, volume ramp-downs in a couple of large accounts also moderated overall revenue growth. This was largely driven by vendor diversification by these customers and certain in-house transitions, where they chose to internalize some work. Importantly, the impact is account-specific rather than structural and does not reflect any fundamental change in our business.

Given this operating context, our near-term priority is clear: margin expansion over top-line acceleration. We are driving this through productivity, delivery rigor, disciplined cost management, and the internal application of automation to enhance transparency and agility.

We are not over-interpreting the performance. We are staying pragmatic—controlling what we can, keeping execution tight, and maintaining funnel momentum.

Moving to the next slide—growth drivers and AI momentum. Let me turn to what is encouraging for us in terms of future signings and solution momentum.

In Q3, we added 21 new logos in Digital Operations and Technology Services, making it one of our strongest quarters for new signings. These wins are expected to support growth in the next fiscal year as they move from the early stages to scaled delivery. Typically, it takes about a year to reach scale, realize the full revenue potential from these customers, and establish strong, trust-based relationships. The number of new logos we have signed significantly enhances our future growth potential.

Our sales pipeline remains robust, led by Digital Operations and Technology Services. We are

seeing traction in new verticals such as education, as well as public sector interest in Canada. At the same time, there is growing client appetite for AI-infused solutions across customer experience in BFSI, healthcare operations, and back-office transformation.

What is changing is not just the level of interest, but also the nature of engagement. There is a clear shift from AI proof-of-concept work to proof-of-value pilots. We are currently running multiple programs spanning automation, Agent AI, agent assist, and generative AI-based solutions, all focused on measurable outcomes.

Finally, we are positioning HGS Agent X as our default delivery platform. The intent is simple: every new customer experience opportunity should leverage one or more capabilities of HGS Agent X so that we can standardize delivery, compound learning across programs, and drive higher margins for us while delivering better value for our customers.

Next, I am on HGS accelerator solutions and partnerships:

With that context, let me share a quick view of how we are accelerating solutions and partnerships. We are leveraging the Agent X framework to build repeatable solution assets.

We have developed eight new solutions across BFSI, healthcare, retail, and consumer products and goods, including AMLens—our anti-money laundering solution—Interaction Intelligence, and the Healthcare Caseworker, with several more under development.

We are also leaning into co-innovation with our clients, with four programs currently in progress.

The objective is to move faster from a strong idea to a usable, referenceable solution that can be scaled across customers.

Our Global Partnerships and Solutions team is focused on embedding intelligent experience principles into client engagements, making the work more outcome-led and repeatable. At the same time, we continue to explore partnerships selectively—not for their own sake, but to drive strategic value.

As an example, we are among a select group of vendors globally to have achieved Microsoft Fabric Feature Partner status.

The platform is now structured as a 15-module framework, with 21 AI assistants already supporting 4.5 million minutes of voice interactions and close to 3 million minutes of digital interactions.

We are also deliberately targeting mid-market clients with verticalized, AI-led solutions and packaged faster-to-value offerings.

One of the solutions that has seen significant success is HGS Interaction Intelligence, which is

covered on the next slide. It is an AI-powered customer engagement solution and, along with AMLens—one of our recent launches forms a key part of our expanding portfolio.

The solution is designed to make quality and coaching continuous and data-led. It provides customized dashboards for sales, QA, training, and operations, along with real-time QA powered by machine learning and large language models that deliver instant feedback on interactions.

It also generates 80+ actionable insights—including sentiment, call drivers, topics, and pitch analysis—and can automatically detect risk, non-compliance, and churn signals. Importantly, it is built with enterprise-grade safeguards, including personally identifiable information masking and encryption, as well as multilingual support.

For example, one client that adopted Interaction Intelligence moved from reviewing just 1% of its calls to 25% for the same cost. At the same time, the review cycle was reduced from one month for that 1% sample to under one day for 25% of calls. This represents a significant improvement in agility and value creation for the customer.

Similarly, HGS AMLens—built on explainable AI for anti-money laundering investigations—is focused on accelerating AML case resolution while improving speed, accuracy, and compliance confidence for financial institutions. It is anchored on three pillars: speed through smart case resolution, accuracy through precision risk detection, and compliance through dashboards and audit trails that keep decisions transparent and review-ready.

Stepping back, the common thread across these solutions reflects how we operationalize Intelligent Experience, or IX. In our experience, many AI initiatives stall not because the technology is insufficient, but because organizations lead with technology—launching proof-of- concepts and pilots without redesigning the underlying processes or linking intelligence to execution.

At HGS, our deep process management capability allows us to focus on Intelligent Experience rather than AI as a front-end layer. IX is about connecting context, data, and fulfillment so that

the experience continues even after the interaction ends. Whether it is proactively rebooking an airline passenger or guiding patients through their healthcare journeys with timely, contextual communication, the emphasis is on anticipation and follow-through.

This is why we are not pursuing AI for experimentation. We are productizing capabilities that consistently improve outcomes—shorter cycle times, higher quality, stronger compliance, better customer results, and improved agent experience—with the right guardrails in place.

From an IX standpoint, this means embedding intelligence directly into workflows and combining AI, data, and human judgment in ways that are observable, explainable, scalable, and ethical. It is a disciplined approach that helps clients move from proof-of-concept to proof-of-value with measurable operational and experience impact.

You will hear more about our IX journey over the coming months. Importantly, this creates value for us through margin expansion and for our clients through greater agility, higher value per dollar spent, improved accuracy, and more personalized customer interactions.

With that, I will now hand it over to my colleague Vyns to talk about the Digital Media business. Vyns, please go ahead.

Thanks, Venk. Good evening, everyone, and thank you for taking the time on a Friday evening to join us as we share our Q3 performance and the way forward.

I am currently on Slide 11, which covers the management commentary on the Digital Media business. As you know, broadband has been our sunrise sector for some time, and we continue to invest behind it. Over the last couple of investor calls, we spoke about the key strategic initiatives we were undertaking to generate positive traction, and I am pleased to share that these initiatives are now delivering results.

The enterprise business under CelerityX has recorded key wins in Q3, and the broadband vertical remains firmly on a growth path. This journey is only just beginning, given that broadband is now a critical part of everyday life for retail customers, enterprises, and small and medium businesses alike.

On the DTV front, where we operate as the largest independent cable platform through our Headend-in-the-Sky platform, NXTDIGITAL, the industry continues to undergo structural transformation. Our focus here is on subscriber retention through innovative products and solutions, along with strong cost optimization. This is reflected in the 3A strategy - Analytics, Automation, and Artificial Intelligence which we are driving in alignment with the broader HGS vision.

Moving to Slide 12, this provides an update on CelerityX. We are very encouraged by the progress in the enterprise business, where we have leveraged our installed capacity and onboarded five new prestigious logos in Q3. Importantly, the transition from a retail-led model at ONEOTT

Intertainment to an enterprise-led business has validated our enterprise sales capability across government, public sector, and private sector clients.

From Q4 onwards, the business is shifting from a volume-led to a value-led approach. Our focus is on significantly increasing revenue per customer within the existing base by offering differentiated services, while continuing to add new clients selectively.

Under Mission Bharat, we had committed to connecting 100 new towns between Q3 and the next financial year. I am pleased to share that we have already connected 50 new Tier-3 towns. These are markets where connectivity has historically been a challenge, but where customers are willing to pay for high-quality service. We have rolled out operations in about 15 of these towns, contributing approximately 25,000 subscribers in Q3. This is only Phase One and continues to scale.

Moving to Slide 13 on KPIs, this is an important section for analysts and investors as it reflects the underlying health of the business. If you compare the customer mix between Q3 FY25 and Q3 FY26, you will see a clear migration from lower-bandwidth plans to higher-bandwidth packs. The 10–30 Mbps segment has reduced from 28% to 21%, while the 101–200 Mbps segment has increased from about 6% to 9%.

This reflects successful upselling, improved quality of service, and network maturity. It also creates a strong foundation for future ARPU growth, as expanding value within the existing base is significantly more cost-efficient than acquiring new customers.

On Slide 14, which covers the key performance indicators for the Media business, these are metrics we track on a daily basis. Monthly churn in the linear television business remains below 2%, which is a significant achievement in an industry facing structural headwinds. ARPU has been maintained at Rs. 122 year-on-year.

Broadband continues to be a strong success story. Franchisee 90-day churn has reduced significantly, reflecting improved service quality and network stability.

In terms of revenue mix, we had indicated our intent to reduce dependence on strategic alliance partners and increase the share of organic enterprise revenue. Today, 46% of our revenue comes from organic and enterprise business, with enterprise alone contributing about 14%.

Another important KPI is the subscriber tenure mix. Over 32% of our customers are now on plans of three months or longer. This improves revenue visibility, reduces churn risk, and strengthens operating leverage.

We have also been quietly improving operational efficiency. Bulk bandwidth cost as a percentage of revenue has reduced to 35% this quarter, compared to industry levels of 38–40%.

Coming to the 3A strategy as a business accelerator, the industry is undergoing rapid change, with

customers moving online, increased OTT consumption, evolving devices, and future technologies such as satellite broadband and direct-to-device services. Our response is to innovate while keeping the customer at the center of everything we do.

In Artificial Intelligence, our technology teams are working on capabilities such as self-healing networks that can automatically reroute traffic during disruptions, demand forecasting, and smarter customer recommendations, including bandwidth surges for live events and bundled service offerings.

In Automation, the focus is on frictionless digital workflows and seamless customer engagement.

In Analytics, we are leveraging our scale—close to 5 million connected homes—to drive deep segmentation and hyperlocal service intelligence. This allows us to monitor and improve service quality at a micro-market level and move toward true operational analytics.

While the digital television industry continues to face headwinds, the combination of broadband growth, enterprise innovation, and the natural convergence between DTV and broadband customers gives us confidence that the business is on the right track.

Thank you for your time and patience. With that, I will hand it over to my colleague Mahesh Kumar, our Global CFO. Mahesh, over to you.

Before getting into the numbers, let me spend a couple of minutes setting the context for the quarter. This has been a period of sharper focus for us, with an emphasis on disciplined execution and clear priorities. Our approach during the quarter was to ensure stability in the business in a volatile macroeconomic environment. As highlighted earlier, this was a softer quarter from a top- line perspective, driven largely by account-specific volume ramp-downs and elongated client decision cycles, particularly in a few large engagements. Importantly, these impacts are tactical and client-specific rather than structural. We continue to see healthy new client additions and a strong pipeline, as Venk mentioned earlier while discussing the new logos won during the quarter.

From a margin and profitability standpoint, our focus this year has been on resilience and discipline while continuing to build the pipeline. The sequential margin moderation in Q3, which I will touch upon shortly, reflects temporary volume softness and the one-time impact of cost optimization initiatives undertaken during the period. These were partially offset by productivity gains and delivery optimization. As volumes normalize and cost initiatives begin to yield benefits, we expect operating leverage to play out more meaningfully.

With that context, let me move to Slide 17.

Revenue for the quarter stood at Rs. 1,075.4 crores, down 1.4% sequentially and up 1.1% year-

on-year. Depreciation for the quarter was Rs. 123.3 crores compared to Rs. 118.2 crores sequentially, and it declined from Rs. 137.5 crores on a year-on-year basis.

We recorded a one-time impact of Rs. 4.5 crores during the quarter arising from the implementation of India’s new labour codes. This reflects statutory employee benefit adjustments and has been presented as an exceptional item in the financial statements. We expect the ongoing impact to be limited, with no change to our long-term margin or growth outlook.

Profit before tax for the quarter stood at a loss of Rs. 41 crores compared to a profit of Rs. 14.1 crores in the previous quarter and a profit of Rs. 41.3 crores in the corresponding period last year.

Tax for the quarter was Rs. 15.1 crores versus Rs. 12.9 crores in the previous quarter and Rs. 49.9 crores in the corresponding period last year.

During the quarter, we recorded profit from discontinued operations of Rs. 90.5 crores net of tax.

As disclosed in the notes, through a transfer and assignment agreement, the company assigned a third-party liability without recourse for a consideration of USD 8.965 million and recognized a corresponding gain of USD 8.9 million. This liability relates to a period prior to the sale of the healthcare services business, which was completed on January 5, 2022, and is therefore presented under discontinued operations.

Total PAT for the quarter, including continuing and discontinued operations, stood at Rs. 34.4 crores compared to a loss of Rs. 27 crores in the previous quarter and a loss of Rs. 8.6 crores in the corresponding period last year.

Total EBITDA for the quarter was Rs. 133.7 crores, down approximately 170 basis points sequentially and 780 basis points year-on-year.

Moving to Slide 18, which covers the nine months ended December 31, 2025:

Revenue from operations stood at Rs. 3,222.7 crores compared to Rs. 3,243.1 crores, a marginal decline of 0.6%. After considering the exceptional item of Rs. 4.5 crores relating to the new labour codes, PBT stood at a loss of Rs. 81.6 crores compared to a profit of Rs. 43.6 crores in the corresponding period last year.

Tax for the nine-month period was Rs. 47.9 crores versus Rs. 72.5 crores last year. PAT from discontinued operations was Rs. 148 crores compared to Rs. 218.5 crores in the corresponding period.

Total PAT, including continuing and discontinued operations, stood at Rs. 18.5 crores compared to Rs. 102.4 crores last year. Total EBITDA was Rs. 451.4 crores compared to Rs. 532.6 crores in the corresponding period.

Moving to Slide 19, our balance sheet remains strong with a net worth of Rs. 8,206.5 crores. We

continue to maintain healthy liquidity, disciplined capital allocation, and stable working capital metrics. The gross treasury balance was approximately Rs. 6,429 crores against debt of Rs. 1,202 crores, resulting in a net treasury balance of Rs. 5,227 crores.

On Slide 20, revenue by source shows CX operations contributing 55% of total revenue, while Digital and Media services account for 45%. From a vertical perspective, Technology, Media, and Telecom remains the largest at 50%, followed by BFSI at 18%, Consumer and Retail at 16%, and Healthcare, Life Sciences, and others at 7%. Public sector revenue remains stable, primarily from the UK and Canada, consistent with prior quarters.

Slide 21 shows revenue by origination and delivery. India accounted for 39% of total revenue origination, the US 28%, the UK 14%, and Canada, Australia, and others 20%. From a delivery standpoint, 42% was delivered from India, 26% from the US and Canada combined, 14% from the Philippines, and 17% from the UK and others.

On Slide 22, client concentration remains well diversified. Our top client accounts for 6.4% of revenue, the top five for 18.8%, and the top ten for 28.4%. DSO levels remain well controlled, reflecting tight collection discipline despite the macro environment, and we continue to fund growth initiatives through internal accruals.

Let me reiterate two key points. First, our investments in Agentic AI platforms and proprietary solutions are moving from the investment phase to commercialization. While there is some near- term margin absorption as we scale these capabilities, we are seeing early revenue traction and a strong client pipeline, which gives us confidence in medium-term margin accretion.

Second, while macro uncertainty and client caution may persist in the near term, our pipeline quality, AI-led differentiation, and disciplined financial execution position us well for gradual improvement in growth and margins. Our priority remains sustainable and profitable growth, with continued focus on productivity, cost management, and capital allocation efficiency.

With that, I will hand it back to the moderator. Thank you.

Thank you very much sir. We will now begin the question-and-answer session. Our first question comes from the line of Prisha Shah with Family Office. Please go ahead.

Thank you. I have a couple of questions. First, could you share any measurable productivity or margin improvements driven by AI-infused delivery that you mentioned earlier?

Sure, I will take that question. We are already seeing measurable benefits. In delivery locations that are onshore such as the US, Canada, and the UK, particularly in the US and Canada, we have seen margin improvements in the range of 15% to 20%.

For offshore delivery, the margin improvement is currently around 10%.

Thank you. I have a follow-up on the same. Interaction Intelligence offers real-time QA with 80- plus insights — how are clients responding to the outcome-based pricing model linked to these AI-led capabilities?

We are seeing good interest. There is a lot of discussion around outcome-based pricing, but when it comes to the procurement stage, not every client is ready to adopt it immediately.

For example, with Interaction Intelligence, pricing is currently linked to transaction volumes—in this case, the number of call minutes processed through the platform.

We are seeing traction, but it is still at an early stage.

Just one more question, sir. AMLens delivers about a 75% reduction in case analysis time and nearly 60% fewer false positives. Are you seeing strong adoption in the BFSI segment, and can this scale into a SaaS-style offering over time?

We are not positioning this as a pure SaaS offering. Instead, we see it as a service-led model— essentially software combined with process, or “process-as-a-service”—where the platform is bundled with anti-money laundering investigators to deliver an end-to-end outcome for the client.

We have already received industry recognition for the solution and have a few clients live on the platform, where we are seeing strong value realization.

The next step is to continue testing and scaling this in the market, and we believe there will be meaningful demand from the banking sector for this offering.

Thank you, sir. That answers my question. All the best. I will join back the queue.

Thank you. The next question comes from the line of Shruti Sharma. Please go ahead.

Thank you for the opportunity. I have a couple of questions. You added 21 new logos in Digital Operations and Technology Services in Q3, making it your strongest signing quarter. How do these wins support your FY27 growth aspirations?

I would prefer not to give a specific forward-looking outlook, but I can share how this has played out for us historically. Typically, both Technology Services and Digital Operations engagements begin as relatively small projects, where the initial focus is on establishing trust and demonstrating proof of value for the client.

Once that is achieved, these relationships tend to scale meaningfully. With an existing footprint, our win rates for subsequent deals almost double compared to the first engagement, and the deal cycle also becomes shorter.

Based on this pattern, over the next couple of years we expect these clients to contribute significantly higher revenue than at the entry stage. That gives us confidence that the strong logo additions this quarter will support our growth initiatives in the coming fiscal periods.

That is great, sir. And secondly, digital and media services now contribute around 45% of operating revenue. So, how do you see this mix evolving over the next two to three years? Mahesh, will you take that question?

Vyns, you want to take that up? And then I can pitch in from an overall perspective.

Mahesh you explain from an overall perspective. I think that would be better.

As I mentioned earlier from an outlook perspective, we are clearly working toward a change in our revenue mix, with Digital being one of the key levers. AI-led differentiation is a central part of that strategy.

Today, Media and Digital together contribute about 45% of our revenue. Based on the traction we are seeing from the new logos and the pipeline, we believe this mix can progressively improve, with Digital driving an incremental 5% to 10% shift over time.

This is not formal forward-looking guidance and there is no specific timeline attached to it, but it reflects the direction in which we see the portfolio evolving as these engagements scale.

Got it, sir. And lastly, sir, with a strong traction in Canada public sector and education, is the client base structurally diversifying?

Yes, the client base is structurally diversifying. Historically, our public sector exposure was largely concentrated in the UK. We are now adding meaningful public sector clients in Canada, and as we continue to demonstrate value there, we are seeing further diversification of the portfolio.

In the past, we had higher customer concentration, as Mahesh highlighted. With the addition of new logos, that concentration risk is steadily reducing.

Got it. That answers my question. Thank you so much.

Thank you. Ms. Shruti, does that answer your question? Yes, sir. Yes.

Yes. Thank you. The next question comes from the line of Hina Parekh, an individual investor. Please go ahead.

Hello. I have a couple of questions. First, with Mission Bharat operationalizing more than 50 Tier- 3 towns and adding approximately 25,000 subscribers, do you see this becoming a meaningful

rural growth engine going forward? Hi Hina, good to speak with you again.

In our strategy presentation at the end of Q2, we spoke about the significant untapped opportunity within India. One of the core philosophies of not just Hinduja Global Solutions, but the broader Hinduja Group, is digital inclusion. That is the reason we launched our Headend-in- the-Sky platform as early as 2015 in locations such as Tawang, Pulwama and parts of Arunachal Pradesh.

We see a very similar opportunity here. Our approach is based on partnership for growth—we work with local entrepreneurs in these towns who want to become digital service partners and create a meaningful impact in their communities.

We believe the ‘100 cities, 100 towns’ plan has the potential to scale well beyond the initial 100 locations and become a structural growth driver for us. There are three key reasons for this.

First, these markets have historically had limited access to high-quality connectivity, and that plays a critical role in driving demand.

Second, customers in these regions have not always experienced consistent, high service quality, so when we enter with a strong network and reliable service, the response is very positive.

Third, these towns become part of our larger hub-and-spoke network. This improves operating leverage—our costs do not rise exponentially as we expand, which supports margin improvement.

So overall, you are absolutely right—this is expected to become a key growth engine for us going forward. It also creates a foundation similar to what we built in the digital television business in its early years.

We are fully aligned with that direction. I hope that answers your question, Hina.

Thank you so much. One last question. If you look three years ahead, what does a scaled HGS look like in terms of revenue mix, margins, AI contribution, anything on that? Mahesh, would you like to take that?

I can take that. First, I would not like to make a forward-looking statement, but from a strategic standpoint, we are clearly moving toward becoming an AI-led Digital Operations company.

Our focus is on delivering Intelligent Experiences—AI-enabled, contextual, and personalized interactions—combined with what we call Intelligent Operations, which is proactive, post- interaction fulfillment.

In that model, HGS plays the role of a transformation partner to our clients, helping them become more efficient, more effective, and more personalized in how they engage with their customers.

We do this by using AI to drive context, by augmenting our teams to deliver the best possible interaction, and by enabling proactive, outcome-led fulfillment.

That is the direction in which we see the business evolving, with a significant portion of our operations increasingly driven by the combination of AI and human capability. Thank you so much and all the very best.

Thank you. Thank you. The next question comes from the line of Harshal Patil, an individual investor. Please go ahead.

Hello, thanks for the opportunity. I have just a few questions. With productive and delivery rigor being emphasized, can you share the early indicators of operating leverage as volumes RAM?

Thanks for the question. What we are seeing particularly in the contact center and CX environment is a meaningful reduction in the time it takes to ramp up operations. From hiring to training to achieving full productivity, the cycle time has reduced by roughly 30% to 40%. That directly translates into margin improvement.

The second impact is on management leverage. While spans have remained stable or improved slightly, team leaders and managers are now able to spend significantly more time on coaching and performance enhancement rather than supervision. That is driving higher service quality and better productivity.

Third, once agents reach steady-state productivity, we are able to deliver continuous, real-time micro-training through our Interaction Intelligence platform. With AI-led listen-mode and automated quality insights, managers receive immediate, actionable feedback and can coach their teams far more effectively.

So overall, the benefit is not just in productivity and cost efficiency, it is also in improved quality of service and better customer outcomes. I hope that answers your question.

Yes, sure. Okay. Also, you mentioned the elongated decision cycles in large deals. Are you seeing like early signs of recovery as we approach FY’27?

We continue to see elongated decision cycles, and there has not been a dramatic change on that front. From an HGS-specific perspective, there is some improvement with the newer clients we have onboarded—Since we establish trust and demonstrate value, the decision cycle tends to shorten.

However, at an industry level, the environment remains influenced by macroeconomic

uncertainty. In addition, the pace of technology innovation is also leading to a degree of decision hesitation, as clients evaluate multiple options before committing.

We expect this dynamic to persist in the near term, and it may take another year or so before we see a meaningful normalization.

Okay. Thank you so much. I will get back in the queue.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for their closing comments.

Thank you, everyone, for joining the call. I truly appreciate you taking the time on a Friday evening and spending time with us, listening to our outlook and where we are going as a company and what we have done so far, and appreciate all your support. Enjoy the weekend.

I echo Venk’s sentiments and sincerely appreciate all of you joining us over the weekend. As Venk highlighted—and as reflected in the questions—we are clearly seeing positive momentum as a group. We remain confident in the direction we have outlined and hope to share further progress when we report our Q4 results.

With that, thank you very much, and Mahesh, over to you.

Thanks, Vyns. Thanks, Venk. Thank you, everyone, for taking the time out on a Friday evening and going through our presentations. Thank you, everyone, and have a nice weekend ahead.

Thank you. On behalf of Hinduja Global Solutions Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

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