A testament to the discipline we have built into our operating model. New deal wins for Q4 were $46 million. Steady momentum and a strong signal of client confidence in our capabilities going into FY 2027. FY 2024 and 2025 were years of deliberate prioritization, deciding where to concentrate our investments and making some disciplined bets. In FY 2026, we began to see those decisions translating into measurable outcomes. Analytics and automation is now a $90 million book. That is a significant milestone, and this area will continue to attract focused investment and management attention. On AI, we made substantial internal and client-facing progress this year. We secured our first large-scale agentic AI win in Q4, with deployments planned for Q1 FY 2027 and thereafter. We launched an agentic data sourcing platform attracting strong interest from large banks. Our AI-native orchestrator for KYC case management is live across multiple client systems. Internally, a substantial number of employees are now using Roboworx CogniFlows, our Agentic AI platform across HR administration and help desk functions. We have trained more than 3,000 employees on Agentic AI and vibe coding. We are building an AI-fluent organization from the inside out. On the Adobe relationship, we are seeing solid expansion across banking, retail, and M&D clients, a partnership that is maturing into a meaningful growth engine. Let me give you a quick readout by vertical. CMD delivered an excellent Q4, with sequential growth exceeding 7%. We are adding new inbound sales capabilities and geographic diversification conversations are gaining real traction, with client expansions exploring into Manila, Cairo, and Fayetteville. We are closely monitoring the proposed NPRM on offshore call restrictions and maintaining active dialogue with clients on contingency planning. BFSI had a softer quarter as a couple of engagements wound down the consulting work that we were doing. The pipeline is encouraging. We have signed and are ramping a European bank on Client Lifecycle work. Conversations around KYC, financial crime compliance, and AI-led transformation are progressing well. High Tech, M&D, and Retail. Client budgets in High Tech remain focused on transformation, automation, and customer satisfaction, which plays directly to our strengths. The first Agentic AI deployments in Q4 were won here. M&D and Retail had a softer Q4. Pipeline across both new and existing accounts is strong. On the emerging business, which is led by finance and accounting, we have delivered strong growth across three consecutive quarters. The Personiv brand continues to carry strong recall among SMBs seeking F&A automation. Fashion and luxury had a sluggish year. Our CLX business is expected to return to growth in H1 FY 2027, supported by new GenAI wins at a key client, as well as what we are seeing, some positive green shoots on the fashion and luxury industry segment. Top 10 client concentration has come down to 59% from 63%-64%, a healthy sign of portfolio diversification that reduces concentration risk as we scale. A few recognition highlights. We were named a representative vendor in the Gartner Market Guide for Digital Shelf Analytics for our Market360 solution, a strong external validation of our analytics-led commercial capabilities. We were recognized as a category leader in the Chartis RiskTech Quadrant for Client Lifecycle Management for corporate and investment banking, notably in our very first participation. Market360 also won the analytics and BI category at the E-commerce Germany Awards, and we won three awards at the Asia-Pacific Stevie Awards for innovation and talent development for the third consecutive year. Geopolitical uncertainty and macroeconomic pressure remain part of the operating landscape. We are not immune to those dynamics, but long-term demand for our services remains firmly intact, and our pipeline is strong, underpinned by deep client engagement and a growing set of opportunities across verticals. We enter FY 2027 with conviction. Our balance sheet is healthy. Our talent is deep and increasingly AI-capable. Our client relationships are strengthening, and our strategic bets are beginning to compound. None of this happens without the trust our clients place in us, the commitment our people bring every day, and the strength of our partner ecosystem. I am grateful for each of those relationships, and we remain deeply mindful of the responsibility that comes with them. Thank you. Over to Srini. Thank you, Kapil, and good evening, everyone. Just to reiterate what Kapil mentioned at the beginning of his remarks, and as you would have noticed in the presentation, we are now showing both operating EBITDA, which is excluding other income, and EBITDA, including other income. We will probably gradually shift our commentary to refer to the operating EBITDA metric, which, as many of you have pointed out, is a more meaningful number to look at. I will recap some of the revenue and margin numbers. In constant currency terms, operating revenue is up 0.5% sequentially. 17% for the full year, including other income of INR 281 million. Total revenue is INR 11,354 million, up 3.1% sequentially and 23% for the full year. The net operating cash flow for the quarter is INR 2,833 million, and the OCF to EBITDA ratio is at 90%. Operating EBITDA Q-on-Q is down 15 basis points because of higher headcount addition and increased travel costs during the quarter. This was partially offset by lower G&A costs and a marginal reduction in SMB. Overall EBITDA, including other income, is down 42 basis points, while full year EBITDA has expanded by 132 basis points. Utilization in Q4 is 74%, lower than the eight-quarter high of 76.5% that we saw in Q3. CapEx is up in Q4. This is primarily due to investments in computers and networking equipment. On the other key metrics, as Kapil already mentioned, top 10 concentration is down to 59%. DSO is at 81%. Attrition at 21% is marginally up as compared to Q2 and Q3, but lower than what we've seen in the past. In FY 2026, we generated INR 8,729 million of cash in cash from operations and a free cash flow of INR 7,560 million, 33% and 41% higher than the previous year. The OCF to EBITDA ratio is 75%, the highest in the last five years. Just to conclude on an administrative note, the bonus issue was affected in March. The board has proposed a dividend of INR 1 per share. Please do note that wage increments are effective April 1. Thank you, everyone. With this, we conclude our prepared remarks. We can move on to the Q&A. Back to you, Asha. Thank you, Srinivasan. Thank you, Kapil. We will now open the floor for Q&A. We have first question from the line of Sandeep Shah from Equirus Securities. Sandeep, please go ahead. Yeah. Thanks. Thanks for the opportunity, and congrats on good execution despite tough macro. Just wanted to understand, last year, Q4 was a very good exit on the run rate of the revenue, plus the order book on a YoY last year has grown at 50%. This time we are exiting slightly at a softer revenue growth with almost 23%-24% growth in the ACV. In this scenario, you believe FY 2027 growth momentum could be lower versus FY 2026? Sandeep, two things. Like I had said, quarter on quarter volatility, given the size of the business, will exist. I think, what I had said was that for the full year, we will be in the top quartile on the growth and 24%-28% on EBITDA, we will show a sequential growth in EBITDA. For 2027 also, we are saying that we will be in the top quartile of the growth. In terms of whether it'll be lower or higher, I think, I wouldn't want to comment at this stage. Okay. Okay. Just further to that, we very well called out Q4 being softer in Q3 call. Now you believe 1Q can bounce back in terms of growth trajectory, and that could be through across 1Q to 4Q? I think, like I said, our pipeline is strong, Sandeep, and our ACV conversions that we have reported are healthy. Quarter on quarter aberration may be there, but I think given a good ACV closure in Q4, we expect that it should definitely be better than what we did in Q4, if you look at the sequential growth. Beyond that, I think I wouldn't want to comment. However, I would like to reaffirm that we on the full year basis, we are confident of delivering growth in the top quartile. Okay. Okay. Last question then I will come in the follow-up. You said in Q4 we had one of the large Agentic AI deal, which seems in consumer and retail, but you won it in Q4 FY 2026. You believe revenue ramp-up may start from Q4 FY 2027. Is it the right way of looking at it? I think we, in FY Sorry, That is the right way. However, we are seeing good traction on Agentic AI across our industry segments, and we are having We are building capability, we are investing in upskilling our employees. domain, as I had said earlier, that I see this as an advantage, A, because of domain, because of products that we bring in to deliver our services, which we are making Agentic AI enabled, I think are beginning to see traction across all the industry segments. Okay, thanks. Will come in the follow-up. Thank you, Sandeep. Thank you, Sandeep. Before taking next question, I would just like to remind the participants that please click on raise hand button to ask questions. We have next question from the line of Girish Pai from BOB Capital Markets. Girish, please go ahead. Am I audible? Yes. Yes. Thanks for the opportunity. Just wanted to ask you, Kapil, was Q4 softer than you had expected at the beginning of the quarter. That's point one. Second, is the margin guidance for next year similar to that of FY 2026? Girish, yes. On margin, yes, we would like to retain the same guidance between 24%-28%. I think it was in line with what we had expected, like, and which is what we had told you guys, during our Q3 results. No, it was not a surprise, for us. Okay. On this Agentic AI project that you said the deployment is gonna start from 1 Q. From a commercial structure, structuring perspective, how is this different from the normal contracts that you're currently executing? This is we are helping clients on Agentic AI deployment in terms of areas where clients are asking us to come and help bring the efficiency effectiveness in the work that we are doing. It's more in terms of what are the outcomes, how you are delivering. I think in some of the clients we have a pole position as far as Agentic AI deployment is concerned. Obviously, this field is also scaling up. We see that the fact that we have the pole position, the client trusts us, we have delivered well, I think goes in line. The contractual nature is not very different in terms of what the other contracts have been. Is this not outcome-based? Is there a positive angle or a negative angle? No a better numbers? Clients on Agentic AI, because of the benefits, clients who are confident, and I think from in conversations with clients, I think they feel only a third of the large corporates, Fortune 2000 companies, will get this right. Clients who are confident in achieving the outcome are not keen in sharing the outcome. In certain areas, yes, we are committing on the outcomes. Different operating models exist. In certain cases on Market360, yes, we are committing on outcomes. In Compliance Manager, KYC, we have reduced the cost of refresh, let's say, by 50% because we have brought in Agentic AI. For this Agentic AI deployment, that specific project that I called out, it is not on link to outcome or positive or negative influence. Okay. Kapil, my last question is regarding your AI capabilities. On the advanced AI capabilities that you have, be it from a domain skill perspective or from an IP perspective or from a, from a technology angle, which are the things that you've kind of developed in the last, say, 12-18 months, which you can kind of call out and say, these are very specific to advanced AI? Domain, I think, was always core and central to us, and we always use technology to deliver and add human in the loop. We have products like our Compliance Manager in financial crime and compliance space, Market360 in digital commerce space, where we have enabled them around the AI. That's seeing lot of traction with the clients because it's completely outcome basis in terms of how we are able to price it. There are other set of IP that we have where we are saying native, where we have created an orchestration layer, and that's the second bucket. I think on all three dimensions, we have made progress and, like, we are beginning to see traction and having discussions, like as I was saying, across the, all the verticals that we have on this. In terms of revenue, in terms of what percentage, I think that's still small. As I had said, we were having POCs, we were having pilots. Now I think they're converting into meaningful projects. I think we continue to, we hope and continue to make progress and get the share of the wallet as clients spend more and more money on this space. Okay. Thank you. Thanks, Girish. Thank you, Girish. We have next question from the line of Jimit. Jimit, please go ahead. Yeah. Hi. Thanks for the opportunity. Just a few questions. First is that, even if I'm around 15% to 20% of revenue, how do we expect this to change, say, due to AI or any Sorry, what's the question? Sort of- You're not audible, Jimit. It's breaking. Your voice is breaking. Yeah. Am I audible now? Yeah. Yeah. Yeah. I'll just repeat the question. I was saying that the roll-offs are generally in the band of 15%-20% of revenue. How do we expect this to, say, due to AI or, say, any potential deflation due to AI, any The question is roll-offs are 15%-20% of the revenue typically. Will that change because of AI? We don't think that number is going to meaningfully change because AI is another productivity tool, and it takes time to implement. I think benefits also come with time. The 15% to 20% that we see rolling off every year is because of projects that were short-term to begin with. Most of these are projects that were short-term to begin with, and they come to a natural conclusion. An AI project, if it is short-term, will be of a similar nature as well. We don't see that number changing much. Okay, fair point. In terms of headcount addition, we had a good headcount addition this quarter as well. While the revenue movement is a little soft, right? Are we engaging any sort future deals or are we, you know Like, what is the attribution you're having at the given time in terms of the headcount addition versus the revenue or moment? I think like I said, Sorry, I didn't get your name. Jimit. Jimit, like I said, we expect Q1 definitely to be better on a sequential basis than what we had in Q4, and that's also reflected in the headcount that you have noticed in Q1. I think healthy pipeline ACV conversions in Q4 were good. I think we are confident and our services adjacent capabilities are resonating well with clients. I think, like I said, for the full year, we definitely expect to be in the top quartile of growth. Thank you. Thank you. Thank you, Jimit. We have next question from the line of Rohit Thorat. Rohit, please go ahead. Yeah. Thank you for the opportunity. My first question is on subcon expenses. Your subcon expenses as a percentage of revenue has seen a significant increase on a sequential basis, and currently it is at a multi-quarter high level. What is driving the increase in subcon, and how should the trajectory go from next few quarters? Thanks for that question, Rohit. There is a reclass of some expenses from business promotion into subcon in this quarter, which is for the full year, which is why that number is appearing high. On a BAU basis, if we exclude that, then there is no meaningful change. I mean, it is, it is pretty much in line with the revenue. Our use of subcontractor is also judicious, and we expect it more or less to grow in line with the revenue and not faster. Okay. My second question is on sales and marketing costs. Last quarter, when the sales and marketing cost went up, you said that you had made provision for variable pay due to which it had gone up. However, this quarter also it has stayed flat, Q on Q basis. Have you, like, made provisions for variable this quarter as well? Will we see it coming down next quarter? Sorry. This quarter we have trued up for what the actual variable pay was. The provisions have been a little lesser than what it was in Q3. Going forward, it'll be the fresh financial year, so provisions that we will make at the beginning of the year typically tend to be a little conservative, and then they come closer towards actuals as the year progresses. I hope that answers your question. Yeah. Thanks. Thanks. Thank you, Rohit. We have next question from the line of Sandeep Shah. Sandeep, please go ahead. Thanks. Thanks for the follow-up opportunity. Kapil, just as you are gaining traction on the Agentic AI, is there an instance where you were executing a process on a traditional input base where you have now transformed into Agentic AI? How does ACV, TCV is changing? At an EBITDA level or gross margin level, are margins also changing? If you can give us some examples, it will help. Sandeep, these are not, like, mutually exclusive things. Our biggest advantage, and I've been saying this, I think if you look at these in discrete manner, Agentic, tech, domain, IP, a process, headcount, I'm sure companies who are looking it in that manner will never get it right. If you can bring all of these elements together and deliver to an outcome Agentic is not like some, like, secret sauce that I have to bring it and blend it with all what I am delivering. Client has to see the benefit and value in the delivery, like risk reduction, operational efficiency, operational leverage, effectiveness, overall experience. We won several awards as I had indicated in Q3 with few of our clients. I think the secret sauce is a service provider who can bring it all together and deliver that alpha is what clients are looking for. I think we feel confident that we have that ability in the service offerings that we offer to our client and in adjacent areas as well. I think I hope I have answered your question because I think it's very difficult to break like in the way you are asking, in terms of discrete components. Okay. Okay. Fair enough. Sir, is it possible to share some scale-up of Agentic AI revenue or it's too early and right now it's immaterial? It's little too early. I think, see, the point is We have to stay relevant for clients' business and get clients' mind share, right. In terms of the share of the wallet. Now, as long as I'm seeing that we are seeing Agentic AI, we are having conversations across the verticals and we are beginning to see tangible revenue, to me it's a good sign that clients are recognizing our ability and are confident on our ability to deliver to the work that they are giving us. Okay. Okay. Just in terms of frontier AI model, will we be partnered to them or we may be competitor to them through our tools, frameworks and the products? We will be using their tools. This is what we are doing. We will be using their models. We are not a competitor in the traditional sense that we have no models of our own. We are trying for partnerships, but I think it is a little early for us to announce anything on that front. Okay. Okay. Just last two questions on the bookkeeping and financial screening. When I look into your outstanding hedges, it looks like even FY 2027, we would be materially lower than the spot rate because of the hedging which we have done. In that scenario, the upside through FX on a year-over-year could be limited. Is it a fair assumption and it could be higher in FY 2028? That is fair. As you noted, most of our hedge book is at probably 89 or something like that for FY 2027. Correct. Yes, any upside will be limited. We don't fully hedge the book. We hedge about 80% of U.S. dollar receivables. We will be able to capture some of the depreciation upside of the FX depreciation upside, but obviously not a lot. Just last thing. This year on the cash flow, we have spent almost INR 250 crore in buying the shares by the ESOP trust. Is it we are creating a pool which will help us to create ESOP incentives for the leaders to perform? Is it a right way to look at, and that is where INR 250 crore has been deployed in this year, where we are buying from the market and keeping in the ESOP trust? The mechanics are right what you're saying. The trust does buy from the market and adds to its inventory. This is not something that we have started this year. This 2022 scheme has been in place for four y ears. Before that there was a 2015 ESOP scheme which has been in place since 2015. We've been doing this for about 10 years. I think the reason why it shows up or maybe you have noticed it is because, A, the amount is big. Because when the trust buys from the market, they pay the market price. As you know, prior to December, from April to December, the market price climbed up quite a bit, right? To acquire the fixed quantity, the trust had to spend more. There were years, for example, in 2016-2019, because part of the ESOPs which were linked to performance, they were not vesting, so the trust's requirements itself were low. Okay. Thanks and all the best. Thank you. Thank you, Sandeep. We have next question from the line of Rahul Jain from Dolat Capital. Rahul, please go ahead. Yeah, hi. Thanks for the opportunity. Could you comment on the CLX business, where you see slightly better thing going forward? Is it led by existing customer trying to open up spends or is it also led by some new work line addition in the segment? I think it's predominantly with existing clients, because as you would see some of the large high-end fashion and retail companies have declared Like, I would just say that it's like some early green shoots that we are seeing. I still am a little cautious on high-end fashion and retail, but it's large percentages from existing clients, Rahul. Thanks for that. On the BFSI side, what part of the sub-segment where we think things should continue to do well from this point? Is there a specific area where you see some bit of compression to happen? The commentary for the BFSI in general has been pretty mixed across players. Rahul, I think, the FCC is a area where I think we have a pole position and we will continue to do well. I think it's also driven from a regulatory environment. There are that's the like, in terms of if regulators increase or decrease what they want of the banks and financial institutions, that can have an effect on the overall spend. That's something that we will continue to see evolve. I think we are beginning to see adjacent areas to whatever we were doing on the trade side, securities lifecycle, is where we are seeing some traction. Okay, thank you. Just one small request. You know, last year also the way we started our commentary and the way where we ended the year, you know, it was a pleasant surprise of course. Again, we've been talking in a way where it, you know, kinds of do not give you a very good color while you are giving a optimistic thought in general. If you guys could consider at least giving a broader band just like you're giving it for the margin, so one could have imagined or, you know, worked out better. We started the way it was more looking like we are trying to indicate a very different number, but we did far better than that. It's always good to have that. Nevertheless, a band, even a broad band in case if you don't want to constrain ourselves to a very small guidance base, even that would be of great help. Just a suggestion, if you could consider. Sure, Rahul. Thank you. We will look into it. Thank you. Thank you, Rahul. Next question we have from the line of Shubham Sadavarte. Shubham, please go ahead. This is Shubham from Asian Market Securities. Am I audible? Yes. I just have one question regarding AI deflation. Like, how much AI deflation company is building for the FY 2027? Sorry, how much AI deflation is the company building for FY 2027? Shubham, I think we are using AI as a differentiator to win the business. It's not like a separate revenue stream or an inflationary or a deflationary business. Like Srini was saying, the roll-offs, we don't expect any higher roll-offs. 15%-20% is what we see. Overall growth, we are confident of delivering in the top quartile because the overall size of the market where we are relevant is huge. Like we, Compliance Manager, one of the things I had indicated in the previous calls that we see opportunity of this offering outside of financial services, and we are beginning to see traction there. There are many things, I think cross-sell, up-sell, growing outside of top 10 accounts, looking at adjacent areas. All the things that we had laid out, when we had formulated our strategy, I think, are yielding results with a very strong execution mindset and control on costs. I think things are changing so rapidly. My view is that from the financial performance that we have delivered for the full year in FY 2025/2026 is an indicator of strong execution and our strategy paying the benefits. All right. Thank you. Thank you, Shubham. We have next question from the line of Girish Pai from BOB Capital. Girish, please go ahead. Yeah, thanks for the opportunity again. I just want to know what is the margin walk for FY 2026 versus FY 2025? What are the drivers of various drivers of margins? The wage hike, will it be similar in terms of impact for FY 2027 versus 2026? Yes, the wage hike impact in Q1 will be similar. Typically about 300 to 340 basis points. The margin walk from 2025 to 2026 roughly is, you know, that on delivery and support employees cost, it was broadly flat. G&A and S&D costs is where most of the margin improvement showed up. G&A was about 80 basis points lower. This is primarily because of facilities cost, about 40 basis points there. Other costs about 20 basis points and maybe tech about 10 basis points or so. Selling and distribution costs is contributed to another 20 basis points. That in total, I think is the sort of 120 basis points or so expansion in operating EBITDA. Forex? Forex impact would have been Yeah, let me get back to you on that. Okay. Because it is the book, I will have to look at it separately. Yes, I'll do that. Right. For FY 2027, do you think growth is gonna be even across various quarters, or do you think Q1 is gonna be stronger than Q2 or vice versa? I think, at this point, Girish, like I said, Q1 we expect to be stronger than Q4. Quarter-on-quarter volatility may continue, I think one quarter because, like, in terms of timing of closure, so you have closed a deal in Q1 instead of Q2 because, or it got pushed over to Q2 for some reason. Those aberrations will continue. I think I wouldn't want to comment which half will be stronger, whether H1 or H2. We do expect Q1 definitely to be stronger than Q4. Okay. I understand. Overall here like I said, we are confident, whether it is deflationary on AI and whatever, that we'll be in the top quartile. I know Rahul had mentioned that can we give a band, we'll consider it. I think we compare in the overall industry macroeconomic environment, I think, it's a good benchmark to have to be in the top quartile of the peer segment. Right. You mentioned you won a decent-sized Agentic AI project. Was this a competitive situation, and what was the reason behind your win, so to speak? I would say strong delivery as well as domain. Client connect, strong delivery and domain would be the top three reasons. Yes, it was competitive. We operate in a competitive landscape. Yeah. Are you seeing any new competition, any new AI-first startups, with lean teams kind of trying to, you know, enter the competitive scenario that you are in right now? I think there are a lot of AI startups are coming in. I think every day I'm sure there are startups that are coming on AI because this is a hot field. Are we seeing any impact of those startups in our client conversations, in the pipeline, in conversions? We haven't seen that in a meaningful way. Right. I think you mentioned something like INR 90 million being the data and analytics number for the year. Will this be a big growth driver for you in 2027 and 2028? Tech and analytics is a focus area for us. We expect that it has to grow faster than the company growth, which has been the case this year, and we'll continue to aspire for that. Yes, that's the aspiration. Lastly, any color from a vertical standpoint as to what will drive growth for you in FY 2027, which will probably outperform your company growth or underperform your company growth? I think we are cautiously optimistic on all the four verticals, given the client conversations that are happening. Like I said, high-end fashion and retail is something that I would be a little cautious. The other one, high tech, is something that I think we are optimistic and we should see higher growth. I think that's really where I would like to leave in terms of the growth across the vertical. Okay. Thank you very much. Thanks. Thanks. Thank you, Girish. We have next follow-up question from the line of Chinmay Nema. Chinmay, please go ahead. Hi, s ir. Hope I'm audible. Yes. Yeah. Sir, two questions from my side. Firstly, if you could give some little subjective or on-ground sense about how you are seeing the client expectation changing with respect to either the headcounts per project or billing rates. Basically what you are seeing in new contract negotiations or in renewals. The second question is, among the four verticals, which segments are more susceptible to AI-led automation, and then, which parts of business are better insulated? What was the first question? Trends in contract negotiation with respect to headcount or productivity, et cetera. I don't think we have seen any meaningful change in, let's say, this quarter or last quarter or quarter before than what we have seen in the past. Because I think, A, we are being also very proactive in terms of deploying tech, AI wherever we can. We are looking at AI across four broad spectrums: client conversations, around our products, which I spoke about, Compliance Manager, Market360, and our other tools which are AI native, which is the entire products. Our own employees, which I think I commented in my opening remarks, that 15,000 people are using Roboworx, CogniFlows for internal. How we are deploying AI for our internal work. And fourth is the operational efficiency proactively that we are looking to say that this is. I think what technology is doing is because coding is getting democratized, so you don't need someone who understands the coding. People who understand the domain can write the prompts, build the code, take the value proposition to the client, and clients are seeing value in that. I think this headcount is a very race to the bottom, that how many headcounts, productivity. I think you have to move the game beyond headcount and productivity to value that you're able to deliver. If you look at our client book and the marquee clients that we service, they see value in what our ops/domain teams are able to do by using these technologies. In certain cases, the clients have opened up and are, like, they are opening up for their own users. They're allowing us to use those as well, because of the alpha that they see our teams can bring by working with them. I know I've given you a long-winded answer, but it's not like black and white, right, in terms of that you can make it like in compartments, so. I think AI is AI. The value comes in when you are delivering the end outcome. End outcome you're delivering in conjunction with the clients, in collaboration with the clients and the entire ecosystem that's working in delivering that outcome. You're not operating in an isolated manner. No, I get that, sir. If you could also take the second question. Which is? Which areas of services are the- I think services-wise, the industry and the market expected the customer operations piece to have the highest impact. We have seen the call volumes, chat volumes coming down, we have captured market share from our competition because of the strong delivery, we have grown despite the call volume and chat volume shrinking. That's one piece on the entire thing. The entire creative space is prone, which is where I think we have won some projects with I think almost 12 or 18 months back, we had inducted our CTO, Sanjay, into the board of CLX because we saw this coming, we thought that it'll be good. He will be able to drive technology, innovation and all that. On the FCC space, I think, it's the product where we are injecting AI, and we are making it AI-ready. I think, that's really where we are seeing. We are ourselves saying that, look, and that's resonating well with the clients. That's really, I think from the service kit that we have is where we would say that the impact of AI is. I think, we take a lot of pride on our delivery. We get the job done. We are looking at F&A, where we started with SMB segment. We won a large client, and we are in discussions with them on technology, AI, led transformation. I think, I see this as an opportunity as opposed to it as a threat to us. Oh, got it, sir. We are not shying away in cannibalizing our own revenue. There are instances where, like, whether it's client-paid or our own investment, we are in here for long term. Clients know that we are not in a business of charging for headcounts and FTEs. That's helpful, sir. Thank you. Thank you, Chinmay. Reminder to participants to click on Raise Hand button to ask questions. We'll wait for a moment. If no questions, then we'll close the call. We have next question from the line of Pritesh Chheda. Pritesh, please go ahead. Well, I joined a little bit late. I was in another call. Just wanted to check on the guidance that you have given for FY 2027, if you could reiterate that. I'm sorry I'm making you ask if you have just given it out. No, Pritesh. Thanks. No problems. I think, what we are saying is that we will be in the top quartile of growth in FY 2027. We would be in the EBITDA range of 24%-28%. I know some of you guys had asked that can we narrow that range. We looked at it, but we want to continue with the same band between 24%-28%. We will show sequential EBITDA growth year-on-year. This talk- Sorry, I also said that our Q1 will be stronger sequentially than what Q4 has been over Q3. Okay. When you say top quartile, it's relative to what? To, like, the peer segment that you compare us with, we would be. Okay in the top quartile growth on the revenue. Okay. Done. Okay, sir. Thank you. Recurring revenue. Yes. Oh, thanks. Thank you, Pritesh. We have next question from the line of Varun Bang. Varun, please go ahead. Yeah. More from two to three year perspective, I want to understand how do you view the overall direction of eClerx, you know, across three to four business verticals in terms of growth, competitive positioning and also our preparedness for the changes that we are seeing? I think I directionally, like I said, I am cautiously optimistic across all our industry segments. Financial services, we are looking at adjacent areas in addition to what we are currently servicing, and we are beginning to see traction in that. We are seeing new client additions and clients that can give us meaningful growth. For FCC, we are seeing growth within financial services as well as outside of financial services. Our Market360 product on digital commerce, average deal size, average client in terms of from, let's say, now we are targeting Fortune 1000, even a bigger segment of clients around retail CPG industry. That's resonating well. Our QA360 quality audits that we do, the MarTech offering. Overall, I think, basis the industry and the service offerings we have, I think we are good. We are also beginning to look at in terms of what are the adjacent capabilities that we need to start building, which will help us stay relevant beyond two to three years as well. I think, I see, I'm optimistic in two to three years timeframe. It's difficult to say, in terms of, like, can there be an AI disruption? I think no one has a view on what the end state would be. All we know is that there will be a lot of money that will get spent, and we want to take wallet share of the money that will get spent in this area. Got it. What are the challenges or, let's say, execution risks that you foresee, from a near to medium term perspective, whether around pricing or disruption of technology or talent or competitive intensity? If you can share some perspective. I think, like this NPRM guidelines on the contact center, I know NASSCOM has also gone and lobbied with the U.S. Congress. If that becomes a rule that telcos and cable companies can only outsource a certain percentage of work and certain percentage of work has to stay within the U.S. could pose a challenge. Like I said, we are discussing with our clients. It's at initial stage, but if it becomes a law, then that could have some impact. If regulatory environment, like it became very stringent for financial services and banks, overall regulatory environment, then it eased out, became stringent. We will be getting a new Fed chairman. Now, depending upon what happens on the overall regulatory environment, that can have an impact. I think we have to be nimble and agile and there will be pockets of opportunities, even if so. We may have to move with basis what the overall external environment is and see how we stay relevant. I think our ability, because, A, of our size, B, because of our tech domain process startup mindset, I think we believe that we are able to pivot very quickly. I think that's the other overall challenge. I think overall competitive environment and industry, I think unless there is from tomorrow we see something new coming in. AI, like as I said, we are investing. No one knows the end outcome. We are ourselves investing, building capabilities, deploying it wherever relevant. That's where we are on this journey. Okay, got it. From capital allocation perspective, should we expect the focus to remain on buybacks, or do you expect dividend dividends becoming relatively better option? Buybacks it will continue to remain the preferred option. Sorry? Buybacks will continue to remain the preferred option. Got it. Got it. Thank you, Varun. We'll take the next question from the line of Abhishek Bhandari from Nomura. Abhishek, please go ahead. Thank you, Asha. Good evening to the management. I just had one question, Kapil. You know, last year you had indicated that the, you know, deal bookings for FY 2026 would be better than FY 2025, which actually turned out to be true. This year's deal booking are up almost 24% if I look at trailing 12-month. Do you have any similar thoughts for FY 2027 in terms of deal booking? Should one assume $40 million-$50 million is now your new run rate on the quarterly booking side? Maybe we can give an annual, you know, thought around it. I think, Abhishek, it's a good question. We are aspiring and working towards increasing, like, showing a year-on-year growth on the bookings. I think that it's a function of a lot of factors. I think on accrued revenue I can give you Which is what I said that on the operating revenue we'll be in the top quartile. On the bookings, our aspiration is to definitely show year-on-year growth, but it's a little difficult to predict, because we showed a 24% growth and I think Like, we are working towards showing an increase on YoY on the bookings as well. Got it. Just a related question is, you know, many IT companies have started saying that, you know, in the booking they've started seeing the deflationary impact of AI. For like to like, you know, for same amount of work, the bookings probably are not reflecting the reality. Are you also seeing a similar thing where the deflation in the contract value is running possibly higher than the usual levels, and that may be a reason why you're shying away from, you know, definitely saying that FY 2027 bookings will be better than FY 2026? Some of it may be, Abhishek. I wouldn't say deflationary pressures because of AI, but the competitive landscape. I think that was to the previous question. A combination of that may put some deflationary pressures, and I think it's little slightly early to say what sort of impact. On technology it's very clear, right? Because, as I was telling you, the coding has become democratized. I think you need a lot of domain and functional expertise. I think on the BPO/KPO and productized services where we operate, I think, yes. We are taking proactive proposals as well which have AI built in, where we are committing to outcomes, we are committing to bringing productivity transformation. There, I think, yes, there could be some deflationary pressure. It's not that I'm shying away, it's a little difficult to predict, like what you were saying, last year, yes, we said we were coming out of, I think what, around $130 million-$140 million. Yeah dollar number, and this year we are at about INR 170. Like I said, our aspiration is to grow the ACV number, and all of us are working hard to see how we deliver on that aspiration. Thank you, Kapil, and all the best for fiscal 2027. Thanks. Thanks, appreciate it. Thank you, Abhishek. Ashu, we are on top of the hour. Yeah. We'll have just one last question from the line of Sandeep Shah. Sandeep, please go ahead. Yeah, sorry. Sorry for this. sir, just any comments regarding Anthropic's yesterday announcement of the launch of Claude for the small business, where they are saying it would be a packet of connectors and workflows that integrate with the AI assistant across 15 ready-to-run workflows around finance, operations, sales, marketing, HR. Such kind of an announcement is a competitive threat, or we can work alongside Anthropic for helping client to run such kind of a process with the Anthropic tools? I think it's the latter, Sandeep. SMB segment predominantly is where we service, our F&A business, and We think that we can work with the client relationships that we have and the client connect that we can work alongside with Anthropic to deliver to that outcome. Okay. sir, basic understanding, whenever Anthropic announces such kind of a tools, it's not just plug and play. There has to be lot of foundational work which enterprise clients have to do to make a optimal use of the tool, right? I think, Sandeep, I think it would be best to ask Anthropic what they have in mind and how they're talking to enterprise clients. I can tell you on our side how we are engaging with the clients and the client conversations we are having with them. Okay. Okay. Thanks, sir. Thank you, Sandeep. With this, we'll conclude this call. I'll hand over the call to management for the closing remarks. Thank you, everyone, and thank you for your support, and look forward to meeting all of you in our next quarter in Q1. Thank you. Thank you, everyone. This concludes Q4 FY 2026 earnings call of eClerx Services Limited. Thank you. Bye.