Strategy centers on scaling AI talent, launching the ZenseAI platform, and embedding AI into core client solutions to drive productivity and innovation. The ZenseAI platform offers agentic AI capabilities, industryspecific agents for legacy modernization, fraud detection, automation, and real-time analytics.
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IDBI Capital Report
Zensar Technologies Ltd. delivered steady Q2 FY26 results, with revenue at $162.8 million, up 4.2% YoY, and maintaining mid-teen Ebitda margins despite annual wage hikes and one-time bonuses through operational efficiency gains and favorable forex.
The banking, financial services, and healthcare segments showed growth, while the TMT vertical declined sharply due to reallocation of spending by technology customers.
AI momentum accelerated, with 28% of order bookings backed by AI, and the ZenseAI platform gaining traction, particularly in legacy modernization and analytics.
Management remains positive on pipeline conversion outside TMT and continues investing in AI skills and domain-specific solutions. Voluntary attrition stayed below 10% for the third consecutive quarter, and the company’s focus on offshore delivery and utilization supported margins amidst macroeconomic uncertainties.
Overall, Zensar is executing a client-centric, AI-led growth strategy while tactically managing sectoral headwinds.
We retain a positive long-term view but maintain a Hold , with a target price of Rs 894 (25.1x FY27E EPS).
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