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    Abhishek Kumar

    Research Analyst at JM Financial

    Abhishek Kumar is an IT Research Analyst at JM Financial, focusing on the Indian information technology sector with coverage of major IT services and consulting companies. He is recognized for his deep sector insights and regularly appears in media to discuss industry trends, especially around earnings cycles and demand commentary in the IT space. Kumar's career has been dedicated to financial research and analysis, with a current specialization in IT equities since joining JM Financial, although detailed information about his career progression and prior roles is not publicly detailed. Specific professional credentials such as regulatory registrations and quantified performance metrics are not available in public sources, but he is known for thought leadership in IT sector analysis.

    Abhishek Kumar's questions to Infosys (INFY) leadership

    Abhishek Kumar's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Abhishek Kumar of JM Financial Ltd. asked about the vendor consolidation trend, questioning if Infosys is now competing more with larger peers, creating margin pressure. He also asked why Infosys expects a weaker H2 compared to H1, contrary to peers.

    Answer

    CEO Salil Parekh stated that in vendor consolidations, Infosys competes with a range of firms and benefits from its strengths in enterprise AI and delivery, with pricing focused on standard productivity improvements. CFO Jayesh Sanghrajka explained the H2 outlook is based on normal seasonality following a strong H1 performance.

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    Abhishek Kumar's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Abhishek Kumar from JM Financial asked if the third-party items that spilled over from Q4 would be recovered in Q1, how Q1 visibility compares to the previous year, and why the margin uplift from lower third-party costs was limited.

    Answer

    CFO Jayesh Sanghrajka stated it is uncertain if or when the slipped third-party deals will return, and that overall third-party revenue is expected to be lower in FY'26. He compared current uncertainty around tariffs to last year's concerns over interest rates. He explained the limited margin uplift (20 bps) is because it only reflects the delta between the company's overall margin and the lower margin on those specific third-party deals.

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    Abhishek Kumar's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Abhishek Kumar sought to clarify the nature of the smaller deals, asking if they are concentrated in specific subsectors or are non-discretionary purchase orders. He also asked for a quantification of the margin impact from upcoming wage hikes.

    Answer

    CFO Jayesh Sanghrajka stated that the increase in smaller deals is broad-based across various verticals and deal types but declined to provide a more granular breakdown. He also confirmed that the company would not be quantifying the specific margin impact of the phased wage hikes, only that they would occur effective January 1 and April 1.

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    Abhishek Kumar's questions to WIPRO (WIT) leadership

    Abhishek Kumar's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Abhishek Kumar from JM Financial Ltd inquired about the nature of Wipro's strong deal wins, specifically asking if longer deal durations were inflating Total Contract Value (TCV) relative to Annual Contract Value (ACV), and questioned the company's capital allocation strategy, asking if the recent preference for dividends over buybacks is a definitive shift.

    Answer

    CFO Aparna Iyer confirmed that TCV is growing faster than ACV due to longer tenors on large cost-takeout and vendor consolidation deals, which are currently dominating the deal pipeline amid weak discretionary spending. Regarding capital allocation, she stated that while recent payouts have been dividends, buybacks remain an option for the company to consider at an appropriate time, in line with the policy of returning over 70% of net income to shareholders.

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    Abhishek Kumar's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Abhishek Kumar questioned the weak conversion of strong deal bookings into revenue growth over the past two years, asking if cancellations or longer deal tenures were the cause and whether client-specific ramp-downs are now concluded.

    Answer

    CFO Aparna Iyer attributed the lag to the timing difference between large deal signings and their subsequent revenue ramp-up, noting that ramp-downs in discretionary projects offset some gains. CEO Srinivas Pallia added that negative sentiment from tariff hikes in Q4 caused clients to pause projects and reduce volumes, describing the situation as a 'transitional phase'.

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    Abhishek Kumar's questions to WIPRO (WIT) leadership • Q2 2025

    Question

    Abhishek Kumar inquired about Wipro's Q3 guidance, asking if the muted forecast was primarily due to seasonal furloughs or also reflected ongoing client-specific challenges. He also sought clarity on the performance of the Energy & Utility (E&U) vertical and when the company expects client-specific ramp-downs in that sector to conclude.

    Answer

    CEO Srinivas Pallia and CFO Aparna Iyer confirmed that the Q3 guidance is impacted by furloughs, fewer working days, and a slowdown in Europe due to client-specific issues. They stated that the E&U vertical is a 'work in progress' with a focus on converting a pipeline of vendor consolidation and cost takeout deals. Management noted that the impact of known ramp-downs is already factored into the Q3 guidance.

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