Zensar Technologies LimitedQuarter Ended September 30, 2026 Results & Financial Update
Zensar Technologies Limited: Quarter Ended September 30, 2026 consolidated results and company financials – revenue ₹1,585.20 Cr, PAT ₹190.20 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Zensar Technologies Quarter Ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Zensar Technologies reported consolidated operating revenue of INR 1,585.2 crore for the second quarter of fiscal 2027, representing a sequential increase of 5.1% over the preceding quarter and an 11.5% expansion compared to the corresponding period of the previous fiscal year. In US dollar terms, operating revenue reached $166.2 million, translating to a sequential constant currency growth rate of 4.1%. Growth was supported by robust volume momentum across all primary geographic segments and major industry verticals.
Profitability metrics showed notable sequential improvement, driven by higher operational efficiency and resource utilization. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose to INR 249.7 crore, up 13.1% sequentially from INR 220.8 crore in the first quarter of fiscal 2027. The EBITDA margin expanded by 120 basis points sequentially to reach 15.8% of revenue, compared to 14.6% in the previous quarter.
Net profit after tax (PAT) for the quarter stood at INR 190.2 crore, reflecting a sequential increase of 3.4% and a year-on-year growth of 4.3% over INR 182.2 crore reported in the same period last year. Earnings per share (EPS) for the quarter stood at INR 8.33, compared to INR 8.11 in the previous quarter and INR 8.02 in the corresponding quarter of the previous year.
Operating margins benefited from improved workforce utilization, which rose by 250 basis points sequentially to 87.6% (excluding trainees), alongside disciplined operating expense management. Selling, general, and administrative expenses as a percentage of revenue declined to 13.7% from 15.1% in the preceding quarter. Total headcount expanded to 12,320 professionals, supported by a gross addition of 1,973 employees during the period. Voluntary trailing-twelve-month attrition moderated further to 9.3%.
The company experienced solid demand for its artificial intelligence and digital modernization offerings. AI-influenced engagements accounted for 36% of the order book during the quarter, reflecting deeper enterprise adoption of the proprietary ZenseAI suite and automated delivery platforms. Active client count increased to 181, with the number of million-dollar clients expanding across multiple revenue tiers.
01 · Business model
What does Zensar Technologies do?
Zensar Technologies Limited is a prominent digital solutions and technology services company headquartered in Pune, India, operating as part of the RPG Enterprises group. The company specializes in experience design, engineering, and digital engagement services, helping over 180 global enterprise clients navigate technological change across multiple geographies.
Zensar's revenue engines span digital application services, cloud infrastructure, data engineering, and enterprise platform integration. Its client base includes major international corporations across the United States, Europe, and Africa, supported by an expansive global delivery network of over 12,000 professionals spanning more than 30 locations.
02 · Historical context
What shaped the business before this quarter
Zensar Technologies operates as an established subsidiary of RPG Enterprises, a diversified Indian business group founded in 1979 with interests spanning infrastructure, tyres, pharmaceuticals, and technology.
In prior periods, the company transitioned its service delivery model toward experience design, cloud modernization, and advanced analytics, reducing reliance on legacy IT maintenance contracts.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter Ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,585.20 Cr | ₹1,421.30 Cr | ₹1,508.30 Cr |
| Total income | ₹1,627.50 Cr | ₹1,470.40 Cr | ₹1,565.60 Cr |
| EBITDA | ₹249.70 Cr | ₹220.00 Cr | ₹220.80 Cr |
| Profit before tax | ₹251.90 Cr | ₹240.20 Cr | ₹246.20 Cr |
| Profit after tax | ₹190.20 Cr | ₹182.20 Cr | ₹183.80 Cr |
| EPS | ₹8.33 | ₹8.02 | ₹8.11 |
| EBITDA margin | 15.80% | 15.50% | 14.60% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Operating revenue grew across all primary regions during the quarter, with the US market accounting for 66.4% of total revenue, Europe representing 20.9%, and Africa contributing 12.8%.
Banking, Financial Services, and Insurance (BFSI) led vertical performance, growing 7.1% sequentially in constant currency and contributing 50.3% of total revenue. Manufacturing and Consumer Services grew 2.9% sequentially, while Healthcare and Life Sciences advanced 2.4%.
The number of active clients rose to 181, with clients generating over $1 million in annual revenue increasing to 86. Top 5 and top 10 clients contributed 25.0% and 38.5% of total revenue, respectively.
What drove margins
Operating margins improved as employee utilization (excluding trainees) rose by 250 basis points sequentially to reach 87.6%, optimizing delivery efficiency across offshore and onsite centers.
Operating expenses declined as a percentage of revenue to 13.7% compared to 15.1% in the previous quarter, driven by cost discipline and lower general administrative overheads.
Margin expansion was partially offset by employee stock option plan (ESOP) costs and adjustments related to management bonuses accounted for in preceding periods.
05 · Demand, customers & order book
Where demand is coming from
Total order book stood at $151.5 million, marking a 1.5% sequential increase. AI-influenced deals represented 36% of the total order book for the quarter.
Major contract wins included AI-native product modernization for an enterprise software provider, supply chain automation for a global mining company, and agentic AI workflows for a wealth management firm.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
BFSI represented 50.3% of quarterly revenue, Manufacturing and Consumer Services accounted for 24.6%, Telecommunication, Media and Technology (TMT) formed 15.2%, and Healthcare and Life Sciences represented 9.8%.
Digital Application Services accounted for 78.5% of revenue, Cloud Infrastructure and Security represented 21.5%, and Data Engineering and Analytics contributed 10.8%.
Geography and market mix
The US region generated 66.4% of revenue with 4.5% sequential constant currency growth; Europe contributed 20.9% with 1.3% sequential growth; Africa contributed 12.8% with 6.7% sequential growth.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total headcount reached 12,320 employees, comprising 2,041 onsite technical personnel and 9,361 offshore technical personnel. Gross additions during the quarter totaled 1,973 employees.
Voluntary trailing-twelve-month attrition declined to 9.3%, down from 9.6% in the previous quarter.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company scaled deployment of its proprietary ZenseAI suite, including ZenseAI.Guidewire for automated release impact analysis and CI/CD workflows across enterprise insurance clients.
Developed THREAD, an AI-native enterprise intelligence and governance platform, enabling centralized discovery and dependency mapping for large retail clients.
09 · Reported developments
What changed operationally
EBITDA margin improved by 120 basis points sequentially to reach 15.8%, supported by higher resource utilization and operating leverage.
Achieved positive sequential revenue growth across all geographic regions and key verticals except TMT.
10 · Pressure points & risks
What is not going smoothly
Telecommunication, Media and Technology vertical experienced a sequential constant currency revenue decline of 2.2% and a year-on-year decline of 21.6%.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Total DSO (Days Sales Outstanding) stood at 77 days, comprising 42 days of billed receivables and 35 days of unbilled receivables.
Total cash, bank balances, and investments stood at $297.3 million at the end of the quarter, consisting of $110.4 million in cash and bank balances and $187.0 million in investments.
Capital allocation & funding
The company maintained a debt-free balance sheet with zero external borrowings at the end of the quarter.
Total outstanding foreign exchange hedges stood at $70.8 million.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Analyst and Industry Recognition
Zensar was recognized as a Major Contender and Star Performer in Everest Group’s Life and Annuity Insurance IT Services PEAK Matrix Assessment 2026, and received the 'AI-Led Digital Transformation Services Company of the Year' award at the GCC Leadership Conclave 2026.
Reported update
Workplace Inclusion
Recognized among India's Most Inclusive Workplaces by Avtar and Seramount under categories including Best Companies for Women in India 2026.
13 · Previous-quarter changes
What changed since the previous quarter
Employee utilization increased by 250 basis points sequentially to 87.6% from 85.1% in the previous quarter.
14 · Key Q&A
The quarter, answered directly
What does Zensar Technologies do?
Zensar Technologies Limited is a prominent digital solutions and technology services company headquartered in Pune, India, operating as part of the RPG Enterprises group. The company specializes in experience design, engineering, and digital engagement services, helping over 180 global enterprise clients navigate technological change across multiple geographies.
What is the clearest takeaway from Quarter Ended September 30, 2026?
Zensar Technologies reported consolidated operating revenue of INR 1,585.2 crore for the second quarter of fiscal 2027, representing a sequential increase of 5.1% over the preceding quarter and an 11.5% expansion compared to the corresponding period of the previous fiscal year. In US dollar terms, operating revenue reached $166.2 million, translating to a sequential constant currency growth rate of 4.1%. Growth was supported by robust volume momentum across all primary geographic segments and major industry verticals.
What drove revenue or demand?
Operating revenue grew across all primary regions during the quarter, with the US market accounting for 66.4% of total revenue, Europe representing 20.9%, and Africa contributing 12.8%.
What mattered most for margins or profitability?
Operating margins improved as employee utilization (excluding trainees) rose by 250 basis points sequentially to reach 87.6%, optimizing delivery efficiency across offshore and onsite centers.
What changed operationally beyond the headline numbers?
Total headcount reached 12,320 employees, comprising 2,041 onsite technical personnel and 9,361 offshore technical personnel. Gross additions during the quarter totaled 1,973 employees.
What are the main pressure points disclosed for the quarter?
Telecommunication, Media and Technology vertical experienced a sequential constant currency revenue decline of 2.2% and a year-on-year decline of 21.6%.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
AI Adoption Scalability: Monitor the conversion and delivery scale of AI-influenced deals, which comprised 36% of the quarterly order book.
- 02
Vertical Recovery: Track sequential recovery trends in the Telecommunication, Media and Technology vertical alongside sustained momentum in BFSI.
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