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Max Financial Services to Raise ₹2,000 Cr via QIP for Axis Max Life Insurance Growth
Max Financial Services (MFSL) has approved a fundraise of up to ₹2,000 Crores through equity shares or other securities, primarily via a Qualified Institutional Placement (QIP). The capital is earmarked for its material subsidiary, Axis Max Life Insurance Limited, to support business expansion and general corporate purposes. To facilitate this, the Board also approved increasing the authorized share capital from ₹70 Crores to ₹75 Crores. This strategic move indicates aggressive growth plans for the insurance vertical, though it will result in equity dilution for existing shareholders.
Key Highlights
Board approved raising up to ₹2,000 Crores via QIP or other equity-based instruments.
Capital infusion aimed at supporting growth and expansion of subsidiary Axis Max Life Insurance Limited.
Authorized share capital to be increased from ₹70 Crores (35 Crore shares) to ₹75 Crores (37.5 Crore shares).
The fundraise and capital increase are subject to shareholder approval via a postal ballot.
💼 Action for Investors
Investors should monitor the QIP pricing and the subsequent capital deployment in the insurance subsidiary. While the dilution is significant, the growth capital for the core insurance business is a long-term positive signal.
Max Financial Services Board Approves ₹2,000 Crore Fundraise via QIP for Subsidiary Growth
Max Financial Services Limited (MFSL) has approved raising up to ₹2,000 Crores through the issuance of equity shares or other securities, primarily via a Qualified Institutional Placement (QIP). The capital is earmarked for its material subsidiary, Axis Max Life Insurance Limited, to fuel business growth and expansion. To facilitate this, the board also approved increasing the authorized share capital from ₹70 Crores to ₹75 Crores. This strategic move aims to strengthen the capital base of its core insurance operations and support long-term scaling.
Key Highlights
Board approved fundraising of up to ₹2,000 Crores through QIP or other equity-based instruments.
Proceeds will primarily fund the growth and expansion of subsidiary Axis Max Life Insurance Limited.
Authorized Share Capital to be increased from ₹70 Crores to ₹75 Crores, pending shareholder approval via postal ballot.
The fundraise is intended to meet funding requirements for business growth and general corporate purposes.
💼 Action for Investors
Investors should monitor the QIP pricing and the resulting equity dilution, as the capital will be used to scale the high-growth insurance business. The move is a positive indicator of the company's commitment to strengthening its core subsidiary's market position.
Max Financial Services to Raise Up to ₹2,000 Crore via QIP for Axis Max Life Expansion
The Board of Max Financial Services (MFSL) has approved a significant fundraise of up to ₹2,000 crores through the issuance of equity shares or other securities, likely via a Qualified Institutional Placement (QIP). The primary objective of this capital raise is to fund the growth and expansion plans of its material subsidiary, Axis Max Life Insurance Limited. To facilitate this, the company is also increasing its authorized share capital from ₹70 crore to ₹75 crore. While this move will lead to equity dilution, it provides the necessary capital for the insurance business to scale its operations.
Key Highlights
Approved raising funds up to ₹2,000 crores through QIP or other equity-based instruments.
Capital primarily intended to support business growth and expansion of subsidiary Axis Max Life Insurance Limited.
Authorized share capital increased from ₹70 crore (35 crore shares) to ₹75 crore (37.5 crore shares).
The fundraise and capital increase are subject to shareholder approval via a postal ballot process.
Trading window for designated persons to reopen on March 14, 2026, following the announcement.
💼 Action for Investors
Investors should monitor the QIP pricing and the identity of the institutional investors, as this will determine the extent of dilution and market confidence. The focus on strengthening the capital base of Axis Max Life is a positive long-term indicator for the company's core insurance business.
MFSL Board to Meet on March 12 to Consider Capital Raise for Axis Max Life Insurance
Max Financial Services Limited (MFSL) has scheduled a Board meeting for March 12, 2026, to evaluate and approve raising capital for its material subsidiary, Axis Max Life Insurance Limited. The fundraise may involve equity shares, QIPs, preferential allotments, or other convertible securities to meet the subsidiary's funding requirements. This move is intended to strengthen the capital base of the insurance business, though it may lead to equity dilution. Consequently, the trading window for MFSL shares is closed from March 7 to March 14, 2026.
Key Highlights
Board meeting scheduled for March 12, 2026, to discuss capital infusion into Axis Max Life Insurance Limited.
Proposed methods include Qualified Institutions Placements (QIP), preferential allotments, and private placements.
The capital raise is subject to shareholder and regulatory approvals as per SEBI and Companies Act guidelines.
Trading window for designated persons remains closed from March 7, 2026, until March 14, 2026.
💼 Action for Investors
Investors should wait for the March 12 board outcome to understand the scale of the fundraise and potential equity dilution. Monitor the pricing and mode of issuance as these will impact the stock's valuation and the subsidiary's growth trajectory.
MFSL to Merge with Max Life Insurance; Direct Listing Targeted by April 2027
Max Financial Services Limited (MFSL) has announced a proposal to amalgamate with its material subsidiary, Axis Max Life Insurance Limited (AMLI), to enable a direct listing of the insurance business. Currently, MFSL holds 80.98% of AMLI, while Axis Bank and its subsidiaries hold the remaining 19.02%. The merger aims to allow MFSL shareholders to hold shares directly in the listed insurance entity, potentially removing the holding company discount. The company targets a regulatory filing by December 31, 2026, and expects the listing to be effective by April 5, 2027.
Key Highlights
Proposed amalgamation of MFSL with its 80.98% subsidiary Axis Max Life Insurance (AMLI) to facilitate direct listing.
Axis Entities, holding 19.02% of AMLI, have provided in-principle no-objection to the proposed merger.
Target timeline for listing the insurance entity is set for April 5, 2027, with regulatory filings by end of 2026.
Alternative value-creation options like share swaps and exit sale rights for Axis Bank remain in place if the merger fails.
The move follows the implementation of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025.
💼 Action for Investors
This is a significant positive development as it simplifies the corporate structure and should eliminate the holding company discount for MFSL shareholders. Investors should maintain a positive outlook while monitoring IRDAI approvals and the specific swap ratios once the formal scheme is announced.
Firstsource Ranks in Top 1% Globally for ESG in S&P Global Sustainability Yearbook 2026
Firstsource Solutions (FSL) has achieved a top 1% ranking in the S&P Global Corporate Sustainability Assessment (CSA) for 2026, marking its third consecutive year in the Sustainability Yearbook. The company secured an ESG score of 87, placing it in the 99th percentile of the Professional Services category among over 9,200 assessed companies. FSL has demonstrated significant progress in its 'FirstConscious' ESG journey, including 26% renewable energy usage and 46% gender diversity. These metrics enhance the company's appeal to institutional investors and global clients who prioritize sustainable business practices.
Key Highlights
Achieved an S&P Global ESG and CSA score of 87, ranking in the top 1% of 9,200+ companies globally.
Currently powers 26% of operations with renewable energy with a commitment to Net Zero by 2050.
Maintains high social standards with 46% gender diversity and over 11,000 impact hires to date.
Targeting 50% electric vehicle (EV) fleet conversion by 2027 to reduce Scope 3 emissions.
Evaluated 85% of total supplier spend against ESG metrics, ensuring supply chain transparency.
💼 Action for Investors
Investors should recognize this as a strengthening of FSL's institutional investability and competitive positioning for global contracts. The high ESG score reduces long-term regulatory risk and aligns the company with global sustainability-focused capital flows.
Geojit Financial Services CEO of Asset Management Gopinath Natarajan Resigns
Geojit Financial Services Limited has announced the resignation of Mr. Gopinath Natarajan from his position as CEO of the Asset Management division, effective February 28, 2026. Mr. Natarajan, who served in this role for two years, is leaving to pursue other professional opportunities. The company disclosed the resignation following a notice period that began in November 2025. Investors should note that the asset management vertical is a key growth area, and a leadership transition will be closely monitored.
Key Highlights
Mr. Gopinath Natarajan resigns as CEO of Geojit Asset Management effective February 28, 2026.
The executive had completed a tenure of approximately 2 years with the company.
The resignation was initially communicated on November 10, 2025, allowing for a transition period.
The departure is stated to be for pursuing other opportunities of personal interest.
The company has not yet announced a successor for the CEO position in the Asset Management division.
💼 Action for Investors
Investors should monitor for the appointment of a new CEO to lead the Asset Management division to ensure business continuity. No immediate portfolio changes are recommended based on this management update alone.
AFSL Re-appoints MD Abhishek Bansal and Independent Director Ashima Chhatwal for 5-Year Terms
Abans Financial Services Limited (AFSL) has approved the re-appointment of Mr. Abhishek Bansal as Managing Director for a second five-year term, effective from June 18, 2026, to June 17, 2031. Additionally, Ms. Ashima Chhatwal has been re-appointed as an Independent Director for a five-year term starting July 12, 2026. These leadership extensions, subject to shareholder approval, aim to provide continuity for the diversified financial services group. The company noted a delay in this disclosure, citing an unintentional interpretational oversight regarding the timing of regulatory filings.
Key Highlights
Mr. Abhishek Bansal re-appointed as Managing Director for a 5-year term starting June 18, 2026.
Ms. Ashima Chhatwal re-appointed as Independent Director for a 5-year term starting July 12, 2026.
Board approval for these appointments was granted on February 09, 2026.
Company admitted to a reporting delay due to an 'interpretational oversight' regarding SEBI LODR disclosure timelines.
💼 Action for Investors
Investors should view this as a positive sign of leadership stability and continuity. No immediate action is required, though the minor disclosure delay should be noted as a point for monitoring corporate governance practices.
Abans Financial Services Re-appoints MD Abhishek Bansal and Director Ashima Chhatwal for 5-Year Terms
Abans Financial Services Limited (AFSL) has approved the re-appointment of its founder, Mr. Abhishek Bansal, as Managing Director for a second five-year term starting June 18, 2026. Additionally, Ms. Ashima Chhatwal has been re-appointed as an Independent Director for a five-year term beginning July 12, 2026. These appointments, recommended by the Nomination and Remuneration Committee, are subject to shareholder approval. The company noted a slight delay in disclosure due to an interpretational oversight regarding the timing of the announcement relative to shareholder approval.
Key Highlights
Mr. Abhishek Bansal re-appointed as MD for a 5-year term from June 18, 2026, to June 17, 2031.
Ms. Ashima Chhatwal re-appointed as Independent Director for a 5-year term from July 12, 2026, to July 11, 2031.
Board approval was granted on February 09, 2026, with the official disclosure made on February 20, 2026.
Mr. Bansal is the founder of Abans Group and oversees overall strategy, operations, and global expansion.
💼 Action for Investors
Leadership continuity is a positive sign for long-term strategy; investors should monitor the upcoming shareholder vote for formal confirmation.
Max Financial Appoints Bharat Anand as Independent Director for 5-Year Term
Max Financial Services Limited (MFSL) has approved the appointment of Mr. Bharat Anand as a Non-Executive Independent Director for a five-year term starting March 29, 2026. Mr. Anand is a highly regarded legal professional and a Partner at Khaitan & Co, with extensive expertise in Corporate Law and Mergers & Acquisitions. He currently serves on the boards of several major Indian companies, including Mankind Pharma and JK Paper, which is expected to strengthen MFSL's corporate governance. The appointment is subject to shareholder approval and will conclude on March 28, 2031.
Key Highlights
Appointment of Mr. Bharat Anand as Independent Director for a 5-year term effective March 29, 2026.
Mr. Anand is a Partner at Khaitan & Co and a 'Band 1' ranked lawyer for Corporate/M&A by Chambers & Partners.
He brings board-level experience from other major firms including Mankind Pharma, JK Paper, and Syrma SGS Technology.
The appointment aims to enhance the company's corporate governance framework and strategic legal oversight.
The decision was finalized during the Board meeting held on February 11, 2026.
💼 Action for Investors
Investors should view this as a positive step toward strengthening board expertise in governance and M&A. No immediate portfolio action is required based on this management update.
MFSL 9M FY'26: VNB Grows 30% YoY to ₹1,633 Cr; New Business Margins Rise to 23.6%
Max Financial Services Limited (MFSL) reported a strong 9M FY'26 performance with its subsidiary, Axis Max Life, delivering a 30% YoY growth in Value of New Business (VNB) at ₹1,633 crores. The company's Individual Adjusted First Year Premium grew by 20% to ₹6,396 crores, resulting in a private market share gain of 53 bps to 9.8%. Profitability improved significantly as New Business Margins expanded to 23.6% from 21.9% in the previous year. Additionally, Embedded Value grew 16% YoY to ₹28,110 crores with a healthy Operating RoEV of 16.9%.
Key Highlights
Value of New Business (VNB) increased 30% YoY to ₹1,633 crores driven by product mix improvements.
New Business Margins expanded by 175 bps to 23.6% compared to 21.9% in 9M FY'25.
Individual Adjusted First Year Premium (IAFYP) grew 20% YoY to ₹6,396 crores.
Embedded Value reached ₹28,110 crores, marking a 16% YoY growth.
Individual New Business Sum Assured grew by a robust 41% YoY, indicating strong protection sales.
💼 Action for Investors
Investors should take note of the industry-leading growth in VNB and margin expansion, which signal improving profitability. The stock remains a key play in the life insurance sector given its consistent market share gains and strong proprietary channel performance.
MFSL Q3 FY26: VNB Grows 30% to ₹1,633 Cr; New Business Margins Expand to 23.6%
Max Financial Services (MFSL) reported a robust performance for 9M FY26, with Axis Max Life Insurance achieving a 20% growth in Individual Adjusted First Year Premium, significantly outperforming the private industry growth of 13%. The Value of New Business (VNB) surged by 30% to ₹1,633 crore, driven by a strategic shift toward high-margin products like Annuity and Protection. New Business Margins (NBM) expanded to 23.6% from 21.9% in the previous year, while the solvency ratio remained strong at 201%. Proprietary channels continue to be a major growth engine, recording a 29% YoY increase in APE.
Key Highlights
Individual Adjusted First Year Premium grew 20% to ₹6,396 crore, increasing private market share to 9.8%.
Value of New Business (VNB) for 9M FY26 rose 30% YoY to ₹1,633 crore with margins expanding to 23.6%.
Annuity APE witnessed a massive 107% growth, while Retail Protection and Health APE grew by 57%.
Assets Under Management (AUM) reached ₹1.93 lakh crore, a 12% increase from the previous year.
Successfully onboarded 51 new partners (24 Group and 27 Retail) during 9M FY26 to diversify distribution.
💼 Action for Investors
Investors should focus on the company's ability to expand margins and gain market share despite industry competition. The strong growth in high-margin segments and proprietary distribution channels makes MFSL a compelling long-term play in the life insurance sector.
Max Financial Q3 Revenue Surges 60% YoY to ₹14,259 Cr; PAT Declines to ₹44.8 Cr
Max Financial Services reported a strong 59.8% YoY growth in total revenue, reaching ₹14,258.93 crore for Q3 FY26. However, Profit After Tax (PAT) declined by 35.9% YoY to ₹44.76 crore, though it showed a significant recovery from the ₹5.87 crore reported in the preceding quarter. The 9-month PAT for FY26 stands at ₹137.08 crore, a sharp drop from ₹365.10 crore in the previous year, primarily due to increased policyholder expenses and finance costs. The Life Insurance segment continues to be the primary revenue driver, contributing almost the entire top line.
Key Highlights
Total Revenue from operations grew 59.8% YoY to ₹14,258.93 crore in Q3 FY26.
Consolidated PAT for Q3 FY26 stood at ₹44.76 crore, down from ₹69.81 crore in Q3 FY25.
Policyholders' Income from Life Insurance operations rose significantly to ₹14,050.62 crore from ₹8,808.64 crore YoY.
Finance costs jumped to ₹35.93 crore in Q3 FY26 compared to ₹10.23 crore in the year-ago period.
9M FY26 PAT witnessed a sharp decline of 62.5% YoY, falling to ₹137.08 crore from ₹365.10 crore.
💼 Action for Investors
Investors should monitor the margin compression as profitability has not kept pace with the robust top-line growth. While the revenue surge is positive, the sharp decline in 9-month PAT warrants a cautious outlook until operational efficiencies improve.
MFSL Q3 FY26 Revenue Jumps 60% to ₹14,267 Cr; Net Profit Drops 36% YoY to ₹44.76 Cr
Max Financial Services Limited (MFSL) reported a robust 60% YoY increase in consolidated revenue to ₹14,267.43 crore for the quarter ended December 31, 2025. Despite the top-line growth, the company's Profit After Tax (PAT) fell 35.9% YoY to ₹44.76 crore, impacted by a sharp rise in finance costs and policyholder expenses. For the nine-month period ending December 2025, PAT witnessed a significant 62.5% decline to ₹137.08 crore. The results reflect strong business volume but deteriorating margins and higher interest burdens.
Key Highlights
Consolidated revenue rose 59.8% YoY to ₹14,267.43 crore in Q3 FY26.
Net Profit (PAT) for the quarter decreased to ₹44.76 crore from ₹69.81 crore in Q3 FY25.
Finance costs more than tripled YoY to ₹35.93 crore from ₹10.23 crore.
9-month PAT dropped sharply by 62.5% to ₹137.08 crore versus ₹365.10 crore YoY.
Policyholders' income from life insurance operations grew 59.5% YoY to ₹14,050.62 crore.
💼 Action for Investors
The sharp divergence between revenue growth and profitability is a major concern; investors should seek clarity on the tripling of finance costs. The significant drop in 9-month earnings suggests a challenging fiscal year, warranting a cautious stance on the stock.
Abans Financial Services Q3 FY26 Standalone PAT at ₹5.92 Cr, Recovers from Q2 Loss
Abans Financial Services reported a standalone Profit After Tax (PAT) of ₹5.92 crore for Q3 FY26, marking a recovery from the ₹1.05 crore loss in the previous quarter. However, performance remains significantly lower on a year-on-year basis, with PAT down from ₹14.07 crore in Q3 FY25. Total income for the quarter stood at ₹8.78 crore, showing a sharp sequential increase from ₹1.36 crore in Q2 FY26. A key operational development is the commencement of the GIFT CITY IFSC branch as a Fund Management Entity, which now qualifies for tax deductions under Section 80LA.
Key Highlights
Standalone PAT for Q3 FY26 stood at ₹592.33 lakhs compared to a loss of ₹105.26 lakhs in Q2 FY26.
Total Income for the quarter was ₹877.74 lakhs, a significant jump from ₹135.95 lakhs in the preceding quarter.
9-month FY26 Standalone PAT declined to ₹344.33 lakhs from ₹1,122.19 lakhs in 9M FY25.
GIFT CITY IFSC branch operations commenced as a Fund Management Entity (FME), providing tax benefits.
Basic EPS for Q3 FY26 improved to ₹1.17 from a negative ₹0.21 in the previous quarter.
💼 Action for Investors
Investors should monitor the scalability of the new GIFT CITY operations and whether the sequential recovery in revenue can be sustained. The sharp year-on-year decline in 9-month profitability warrants a cautious approach until consistent growth is established.
Firstsource Q3FY26 Revenue Up 16.2% YoY; EBIT Margins Expand to 11.9%
Firstsource Solutions reported a strong Q3FY26 with revenue reaching Rs 24.4 billion, a 16.2% YoY increase, marking its seventh straight quarter of double-digit growth. The company's EBIT margin expanded for the fifth consecutive quarter to 11.9%, up 80 basis points YoY, surpassing management's guided expansion band. Performance was bolstered by five large deal wins with an annual contract value over $5 million and the successful integration of the Pastdue Credit acquisition. Net profit adjusted for exceptional items stood at Rs 2 billion with a diluted EPS of Rs 2.87.
Key Highlights
Revenue grew 16.2% YoY to Rs 24.4 billion, with constant currency growth at 10.6%.
EBIT margin improved by 80 bps YoY to 11.9%, the fifth straight quarter of margin expansion.
Signed 5 large deals (ACV > $5M) and added 9 new logos during the quarter.
Attrition rate improved to 27.4%, a 10 percentage point reduction over the last 8 quarters.
Diverse portfolio (Utilities/Retail) saw the highest growth at 21% YoY in constant currency terms.
💼 Action for Investors
Investors should take note of the consistent margin expansion and the company's ability to secure large-scale strategic logos. The successful integration of acquisitions and a robust deal pipeline suggest a positive outlook for sustained growth.
Firstsource Partners with Prosper AI to Enhance Healthcare RCM with Voice AI Technology
Firstsource Solutions (FSL) has entered a strategic partnership with Prosper AI to integrate advanced voice AI into its healthcare Revenue Cycle Management (RCM) operations. The collaboration focuses on automating high-volume workflows such as patient enrollment and eligibility, which are currently seeing thousands of daily AI-managed interactions in early deployments. This initiative is part of FSL's 'UnBPO' strategy, aimed at shifting from traditional labor-intensive outsourcing to high-margin, AI-driven outcome models. Prosper AI brings expertise from working with over 35 healthcare enterprises, including Top 10 US Health Systems.
Key Highlights
Strategic partnership with Prosper AI to deploy AI-powered voice agents across healthcare RCM workflows.
Early deployments already managing thousands of patient interactions daily with improved Medicaid screening rates.
Prosper AI platform is utilized by over 35 healthcare enterprises, including Top 10 Health Systems.
Focus on modernizing high-volume tasks like eligibility, enrollment, and billing to improve financial performance for providers.
Alignment with FSL's 'UnBPO' approach to re-architect revenue cycles around intelligence and automation.
💼 Action for Investors
Investors should monitor the healthcare segment's margin profile in future earnings, as AI-led 'UnBPO' initiatives typically offer better scalability than traditional models. This partnership strengthens FSL's competitive positioning in the US healthcare market.
FSL Q3 Revenue Grows 18% YoY to ₹2,467 Cr; Declares ₹5.50 Interim Dividend
Firstsource Solutions (FSL) reported a robust 18.2% YoY increase in revenue for Q3 FY26, reaching ₹24,674 million. However, Net Profit declined by 25% YoY to ₹1,203 million, primarily due to a one-time exceptional expense of ₹913.53 million related to the implementation of new Indian Labour Codes. The company rewarded shareholders with a significant interim dividend of ₹5.50 per share. Operationally, FSL completed its acquisition of UK-based Pastdue Credit Solutions for GBP 22 million, strengthening its debt recovery portfolio.
Key Highlights
Revenue from operations increased 18.2% YoY to ₹24,674.47 million in Q3 FY26.
Net Profit after tax stood at ₹1,203.29 million, impacted by a ₹1,001.45 million exceptional item.
Declared an interim dividend of ₹5.50 per equity share (55%) with a record date of February 20, 2026.
Completed the 100% acquisition of UK-based Pastdue Credit Solutions Limited for GBP 22 million on December 11, 2025.
Banking and Financial Services (BFS) and Healthcare segments contributed the most to revenue at ₹7,811 million and ₹7,925 million respectively.
💼 Action for Investors
Investors should focus on the strong top-line growth and high dividend payout, treating the PAT decline as a non-recurring regulatory adjustment. Monitor the integration of the PDC acquisition and its impact on the BFS segment's margins in upcoming quarters.
Firstsource Solutions Declares ₹5.50 Interim Dividend; Q3 Revenue Grows 18% YoY
Firstsource Solutions (FSL) reported a robust 18.2% YoY increase in Q3 FY26 revenue to ₹24,674 million, driven by steady growth in its Healthcare and BFS segments. However, net profit for the quarter fell to ₹1,203 million from ₹1,603 million YoY, largely due to a one-time exceptional expense of ₹913.5 million related to the new Indian Labour Codes. To reward shareholders, the board declared an interim dividend of ₹5.50 per share with a record date of February 20, 2026. The company also successfully integrated its GBP 22 million acquisition of UK-based Pastdue Credit Solutions.
Key Highlights
Revenue from operations increased 18.2% YoY to ₹24,674.47 million in Q3 FY26.
Interim dividend of ₹5.50 per equity share (55%) declared for FY2025-26.
One-time exceptional charge of ₹913.53 million recognized due to new Government of India Labour Codes.
Completed 100% acquisition of UK-based Pastdue Credit Solutions Limited for GBP 22 million.
Healthcare segment revenue grew to ₹7,925 million, becoming the largest business vertical.
💼 Action for Investors
Investors should look past the one-time profit dip caused by regulatory accounting changes and focus on the strong 18% revenue growth. The ₹5.50 dividend offers a solid immediate return for shareholders.
FSL Q3 FY26: Revenue Grows 16.2% YoY to ₹24,431M; EBIT Margins Expand to 11.9%
Firstsource Solutions reported a strong Q3 FY26 with revenue growing 16.2% YoY to ₹24,431 million and constant currency growth of 10.6%. Normalized Profit After Tax (PAT) rose 26.1% YoY to ₹2,022 million, though reported PAT was lower at ₹1,203 million due to a one-time exceptional charge of ₹1,001 million related to new Labour Codes. EBIT margins expanded by 80 bps YoY to 11.9%, reflecting improved operational efficiency. The company maintained a positive outlook, guiding for 14.5-15.5% constant currency revenue growth for the full fiscal year.
Key Highlights
Revenue reached ₹24,431 million, a 16.2% YoY increase with 10.6% constant currency growth.
Normalized PAT grew 26.1% YoY to ₹2,022 million; reported PAT was ₹1,203 million after a ₹1,001 million exceptional item.
EBIT margin expanded to 11.9%, up 80 bps YoY and 40 bps QoQ, driven by operational efficiencies.
FY26 guidance remains robust with 14.5-15.5% CC revenue growth and 11.5-12.0% EBIT margins.
Employee attrition improved significantly to 27.4% from 31.4% in the year-ago period.
💼 Action for Investors
Investors should look past the one-time exceptional hit to PAT and focus on the strong operational margin expansion and healthy deal pipeline. The company's ability to maintain double-digit CC growth guidance suggests strong demand in its core BFS and Healthcare verticals.