Earnings Outlook
Zensar Tech Q2 PAT, revenue seen up on earlier BFSI deal
This story was originally published at 14:19 IST on 27 October 2026
Register to read our real-time news.Informist, Tuesday, Oct. 27, 2026
By Sharveya Parasnis
MUMBAI – Zensar Technologies Ltd. is expected to report modest sequential growth in consolidated net profit and revenue for the September quarter, driven by the ramp-up of large deals and growth in the banking, financial services, and insurance segment.
Zensar's September quarter net profit is expected to be INR 1.88 billion, according to the average of estimates from nine brokerages. This will be up almost 3% sequentially. The highest estimate for net profit is INR 1.93 billion from Axis Securities Ltd. while the lowest is INR 1.79 billion from Choice Equity Broking Pvt. Ltd. The company's revenue is projected at INR 15.60 billion, up 3.4% sequentially. The highest estimate for revenue is INR 15.70 billion from Antique Stock Broking Ltd. while the lowest is INR 15.60 billion from Nuvama Wealth Management Ltd.
Brokerages attributed the growth in revenue to deal wins in the BFSI segment. However, soft growth in the technology, media, and telecommunications segment as well as the manufacturing segment will likely offset this benefit, Motilal Oswal Financial Services Ltd said. Zensar had signed a $210 million deal with a large financial company in February 2026. Antique said this deal will contribute significantly to earnings in the second half of the financial year 2026-27 (Apr-Mar).
Brokerages said the company's outlook on the technology, media, and telecom and manufacturing verticals, the future demand environment and overall deal wins would be factors to watch out for.
Equirus Securities Pvt. Ltd. does not expect any material change in the total contract value of deal wins for the September quarter. The company's order intake is estimated at $160 million in the September quarter, according to Antique.
Zensar's earnings before interest and taxes are expected to be INR 2 billion for the reporting quarter, according to the average of eight estimates. Antique has the highest EBIT estimate at INR 2.03 billion while Nuvama Wealth Management Ltd. has the lowest estimate at INR 1.94 billion.
Equirus expected the EBIT margin to increase 14 basis points on quarter due to operating leverage and the depreciation of the rupee. However, this expansion may be offset by large deal ramp up expenses alongside higher depreciation and amortisation costs. On the other hand, Axis Securities Ltd. expects the EBIT margin to remain flat due to rising investments in artificial intelligence.
The company is expected to detail its September quarter earnings Wednesday. At 1404 IST, Zensar's shares were traded slightly up at INR 506.60. The shares have dropped almost 3% since the company detailed its June quarter earnings.
Out of seven brokerage recommendations available with Informist, four have a "hold" rating on the stock at an average target price of INR 553, implying an upside of 9%. Three brokerages have a "buy" rating on the stock at an average target price of INR 587, an upside of 18%.
The following are the earnings estimates from nine brokerages in descending order of estimate of net profit, INR billion:
|
Brokerage |
Net Profit |
Net Sales |
EBIT |
|
Axis Securities Ltd. |
1.93 |
15.43 |
1.99 |
|
Antique Stock Broking Ltd. |
1.92 |
15.69 |
2.03 |
|
DBI Capital Market Services Ltd. |
1.91 |
15.66 |
2.02 |
|
Equirus Securities Pvt. Ltd. |
1.90 |
15.65 |
2.01 |
|
Indsec Securities and Finance Ltd. |
1.90 |
15.50 |
2.00 |
|
HDFC Securities Ltd. |
1.89 |
15.60 |
1.99 |
|
Motilal Oswal Financial Services Ltd. |
1.87 |
15.63 |
2.03 |
|
Nuvama Wealth Management Ltd. |
1.86 |
15.61 |
1.94 |
|
Choice Equity Broking Pvt. Ltd. |
1.79 |
15.61 |
NA |
|
Average |
1.88 |
15.60 |
2.00 |
End
US$1 = INR 95.19
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Megha Rawat
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