| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 31,252 Mn |
| Previous quarter PAT | Rs. 14,155 Mn |
| Market cap | Rs. 90,464.15 Cr |
| CMP | Rs. 10,386.0 |
The Board of Directors will meet on Friday, Oct 23, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, under Regulation 29(1)(a) of SEBI LODR.
The Q2 FY27 print will test how much momentum carries over now that Q1's one-off has lapped — the Rs. 9,353 Mn landmark license recognition was about 29.93% of Q1 revenue, while the year-ago Q2 FY26 base is low at Rs. 1,788.80 Cr revenue and Rs. 546.10 Cr PAT. Recurring streams entered the quarter growing, with Q1 maintenance revenue of Rs. 6,311 Mn (+14% YoY) and consulting revenue of Rs. 9,386 Mn (+9% YoY), and the rupee trading in a roughly 95.5–96.0 range through July–September (2026 high of 96.877 on Jul 23) offers a modest tailwind for the 55%-Americas revenue base, moderated by forward-currency hedges. Operating margin should normalize from Q1's derived 59.55% toward the company-stated FY26 level of 44%, and whether the Rs. 1,782 Mn of Q1 employee severance expenses recurs is a cost-side watch. The dominant overhang remains the Oracle Corp stake-sale speculation, which was unresolved as of Oct 17–18, 2026, with the reply to the BSE clarification sought on the Sep 21 report still awaited. This is also the first results call for MD & CEO Avadhut Ketkar and CFO Manish Bhandari, with the company's standing no-guidance policy — "we do not offer any guidance or make any forward-looking statements" — the operative constraint on what the call will cover.
License & cloud run-rate ex-landmark deal: Q1's headline growth included a single agreement worth Rs. 9,353 Mn of license revenue.
Margin normalization and severance costs
Oracle stake speculation and governance
Leadership transition and disclosure style
Tax appeal and cash conversion of the landmark deal
Management groups on-premise, subscription and cloud offerings under the license & cloud fees line, and says the cloud business is growing and is reported within the product business segment. Detailed segmental revenue by stream and contract type is disclosed on page 89 of the FY26 annual report.
No — the company has a standing no-guidance policy. Then-CFO Avadhut Ketkar stated on the Q1 FY27 call: "As a policy, however, let me reiterate that we do not offer any guidance or make any forward-looking statements."
Management has said capex is primarily for IT equipment upgrades, but no quantum has been disclosed. A shareholder's request for two-year cloud/AI capex amounts, past and planned, was not answered with figures.