Q2 FY27 growth, AI-led pipeline and FY28 cash conversion target
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Q2 FY27 revenue was USD 486 million, up 3.3% quarter on quarter and 15.3% year on year. Direct revenue grew 11.3% year on year. Total contract value wins were USD 466 million, 66% AI-led. Pipeline rose 23% year on year to USD 9.26 billion, with 71% AI-led. FY27 guidance is low double-digit revenue growth and a 14.75%-15.75% operating margin. Management targets 80% conversion of net income to operating cash flow, normalized in FY28.
AI-led wins and a record pipeline support growth, while margin delivery and improved cash conversion remain key tests for shareholders.