Sign in

    Divya Goyal

    Research Analyst at Scotiabank

    Divya Goyal is an Equity Research Analyst specializing in Technology at Scotiabank, where she provides coverage of leading firms such as Globant SA and offers expert insights into artificial intelligence and digital transformation trends. She maintains a success rate of 41.58% and an average return of -4.6% on her stock recommendations, reflecting her track record of ratings and performance in the sector. Goyal has been with Scotiabank's Global Equity Research team since March 2021 and previously served as a Teaching Assistant at the Rotman School of Management, demonstrating a solid background in financial analysis and valuation. She holds academic credentials from Dr. A.P.J. Abdul Kalam Technical University and the University of Toronto, and is recognized for her leadership in analyzing the adoption of emerging technologies by Canadian businesses.

    Divya Goyal's questions to Globant (GLOB) leadership

    Divya Goyal's questions to Globant (GLOB) leadership • Q2 2025

    Question

    Divya Goyal asked for more detail on the scale and scope of AI Pod engagements and whether they are attracting new clients or expanding within the existing base. She also inquired about Globant's role in helping enterprises establish Global Capability Centers (GCCs).

    Answer

    CEO Martín Migoya explained that while the AI Pod pipeline contains many new logos, initial conversions have been primarily with existing clients. He confirmed Globant is active in GCC deals, highlighting a recent win where they proposed taking over a client's center using the AI Pods model, which offers tangible savings and superior transparency.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Globant (GLOB) leadership • Q1 2025

    Question

    Divya Goyal inquired about Globant's capital positioning, changes in capital allocation priorities, and whether any restructuring efforts were anticipated to meet profitability targets.

    Answer

    CFO Juan Urthiague outlined measures to protect cash flow, including reducing and prioritizing CapEx towards AI, extending supplier payment terms, and lowering DSO. CEO Martín Migoya added that M&A activity will be more limited and cautious. Both executives confirmed that no restructuring is planned, citing a strong long-term pipeline and the indispensable nature of technology transformation for clients.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Globant (GLOB) leadership • Q4 2024

    Question

    Divya Goyal inquired about client sentiment regarding AI implementation, specifically how they are balancing macroeconomic uncertainty with the need for technological advancement and how this dynamic is affecting Globant.

    Answer

    CTO Diego Tartara observed that clients are currently prioritizing AI for enterprise efficiency and operational workflows over top-line growth and product innovation, which is an area of core strength for Globant. He also noted a market shift towards shorter, mandate-based contracts rather than long-term, run-rate investments. This trend introduces more variability and can create gaps between projects, contributing to market volatility.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Globant (GLOB) leadership • Q3 2024

    Question

    Divya Goyal sought more detail on growth drivers in Latin America and Europe, as well as the company's M&A pipeline and strategic gaps in those regions.

    Answer

    COO Patricia Pomies highlighted that Europe is the fastest-growing region and that Latin America has been reorganized to focus on Brazil and Mexico. CFO Juan Urthiague added that while the M&A pipeline is always active, Europe and New Markets are expected to lead growth, with a solid recovery underway in the U.S. and Latin America.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Kyndryl Holdings (KD) leadership

    Divya Goyal's questions to Kyndryl Holdings (KD) leadership • Q1 2026

    Question

    Divya Goyal of Scotiabank requested more detail on margin expansion catalysts for Kyndryl beyond account renegotiations and consulting growth as the business matures.

    Answer

    Chairman & CEO Martin Schroeter identified several key drivers for margin expansion. He highlighted that a growing portion of revenue (67% this fiscal year) now comes from higher-margin, post-spin contracts. Additionally, certain cost headwinds are diminishing, such as the IBM software cost increases, which will be lower this year. Schroeter also pointed to ongoing SG&A efficiencies. These factors combined provide a clear path toward the company's long-term profitability goals.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Kyndryl Holdings (KD) leadership • Q4 2025

    Question

    Divya Goyal asked about the impact of the macro environment on strategic accounts and revenue exposure, and whether Kyndryl Bridge can provide additional leverage and uncover new opportunities in uncertain times.

    Answer

    Chairman and CEO Martin Schroeter described macro uncertainty as a tailwind, as clients focus on productivity and optimization, which are Kyndryl's strengths. He noted that 70-75% of the year's revenue is already under contract, providing significant insulation. Schroeter confirmed Kyndryl Bridge helps clients find savings and optimize systems, making it highly valuable in the current environment. CFO David Wyshner cited strong Q4 consult signings as a proof point of the company's resilience to macro factors.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Kyndryl Holdings (KD) leadership • Q3 2025

    Question

    Divya Goyal of Scotiabank questioned Kyndryl's strategic positioning in light of new AI models like DeepSeek and asked about the potential business impact from U.S. federal government efficiency initiatives.

    Answer

    CEO Martin Schroeter positioned Kyndryl as fundamental to AI adoption, helping clients with data architecture, security, and scaling solutions from proof-of-concept to production. He views innovations like DeepSeek as part of the increasing complexity that drives demand for Kyndryl's services. Regarding government efficiency drives, he sees them as a tailwind, as Kyndryl's core value proposition is delivering productivity, although he noted their U.S. federal business is not large.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Kyndryl Holdings (KD) leadership • Q2 2025

    Question

    Divya Goyal asked about the impact of the macroeconomic environment on signings momentum and how global enterprises are positioning their investments in core modernization and AI readiness.

    Answer

    Chairman and CEO Martin Schroeter explained that Kyndryl is aligned with long-term secular IT trends like digitization, AI, and cybersecurity, which will continue to drive signings growth. He noted that clients are at the beginning of their modernization journeys, needing to invest in both new opportunities and risk mitigation, positioning Kyndryl as a crucial partner regardless of the macro environment.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to TELUS International (Cda) (TIXT) leadership

    Divya Goyal's questions to TELUS International (Cda) (TIXT) leadership • Q2 2025

    Question

    Divya Goyal from Scotiabank requested color on the client segment beyond the top three, seeking to understand the drivers of its growth. She also asked for an update on the relationship with Google and its expected revenue trajectory.

    Answer

    Acting CEO Jason Macdonnell explained that growth beyond the top clients is diverse, with notable traction in healthcare, communications & media, automotive, and financial services. CFO Gopi Chande clarified that the year-over-year decline in Google revenue is due to a high comparison base from 2024 and that the relationship is evolving as planned, shifting from basic search work to more complex, strategic large language model (LLM) projects.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to TELUS International (Cda) (TIXT) leadership • Q4 2024

    Question

    Divya Goyal requested more detail on the customer experience (CX) segment, including the reasons for targeted improvement plans, and asked if recent retail wins were market share gains and what the impact of potential tariffs might be.

    Answer

    Jason Macdonnell, Acting CEO, explained that the improvement plans aim to proactively modernize CX delivery with technology like Fuel iX and secure a #1 competitive ranking. He noted the new retail wins were for net new opportunities. Regarding tariffs, he stated there is minimal impact as the company does not service the U.S. from Canada and its global footprint provides insulation.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to TELUS International (Cda) (TIXT) leadership • Q2 2024

    Question

    Divya Goyal sought more details on the Fuel iX platform, asking about the basis for confidence in its deployment and its potential to generate recurring revenue.

    Answer

    President of TELUS Digital Solutions Tobias Dengel clarified that while broader AI services contribute meaningfully to revenue, it is still 'early days' for Fuel iX itself. He said confidence stems from their unique ability to test solutions at scale within TELUS's highly regulated businesses. Dengel confirmed that Fuel iX is designed to be a recurring, SaaS-like revenue model that is synergistic with the company's existing CX and service offerings.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to CGI (GIB) leadership

    Divya Goyal's questions to CGI (GIB) leadership • Q3 2025

    Question

    Divya Goyal asked about margin expansion strategies beyond restructuring, the expected margin impact from recent acquisitions, and the drivers behind CGI's success in the vendor consolidation trend.

    Answer

    President and CEO François Boulanger stated that the full integration of recent acquisitions like BJSS and Dougherty is expected to lift margins. EVP and CFO Steve Perron added that restructuring efforts are also underway to improve profitability in Continental Europe. Boulanger attributed wins in vendor consolidation to CGI's client-centric proximity model, a willingness to co-invest with clients, and a focus on delivering business innovation.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Concentrix (CNXC) leadership

    Divya Goyal's questions to Concentrix (CNXC) leadership • Q2 2025

    Question

    Divya Goyal of Scotiabank questioned how headcount elasticity and pricing dynamics are evolving with the increasing prominence of automation, AI, and offshoring, and whether a shift to outcome-based pricing is occurring.

    Answer

    President & CEO Chris Caldwell explained that the company's long-term goal is to grow revenue while keeping headcount flat, leveraging automation efficiencies that range from 5-40%. He noted that while there is more interest in outcome-based pricing, a material shift from traditional models has not yet occurred. The primary focus for new revenue models is on discrete software-as-a-service (SaaS) billing for the iX product suite and fixed-fee managed services contracts, though these remain a smaller part of the business.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Concentrix (CNXC) leadership • Q1 2025

    Question

    Divya Goyal questioned whether AI deployment would cannibalize existing revenue, leading to muted growth but higher margins. She also asked about the company's debt refinancing plans and the broader macro trends impacting booking momentum.

    Answer

    CEO Christopher Caldwell argued that revenue growth will not be muted, as new AI-support services like data annotation and managed services are creating new revenue streams that offset any headwinds. CFO Andre Valentine confirmed they are actively refinancing the upcoming €700 million note maturity without increasing leverage. CEO Caldwell added that while the macro is muted, bookings are strong, particularly for offshore delivery driven by client cost-saving initiatives.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Concentrix (CNXC) leadership • Q4 2024

    Question

    Divya Goyal from Scotiabank asked for more clarity on the sustainability of revenue growth and the path to mid-single digits, as well as the drivers for future margin expansion. She also questioned what specific role Concentrix plays as agentic AI becomes more prevalent in the industry.

    Answer

    President and CEO Christopher Caldwell explained that growth confidence comes from scaling new, in-demand services like GenAI implementation, data annotation, and analytics. He stated that margin expansion will be driven by these higher-margin businesses and a reduction in software development spending in 2025. Regarding agentic AI, Mr. Caldwell emphasized that Concentrix provides essential managed services for these complex systems, including tuning, data management, compliance, and domain expertise, creating new revenue streams.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Concentrix (CNXC) leadership • Q3 2024

    Question

    Divya Goyal inquired about the significant increase in 'other expenses' below the operating line, the performance of the Catalyst business, and the margin dynamics related to the accelerated offshoring of client programs.

    Answer

    CFO Andre Valentine clarified that the increase in 'other expenses' was primarily due to a $33 million non-cash foreign currency loss. CEO Christopher Caldwell noted the Catalyst business is performing well as a key enabler for technology deployments and transformational deals. He explained that accelerated offshoring is causing temporary margin compression due to dual costs, a dynamic compounded by upfront investments in new long-term contracts.

    Ask Fintool Equity Research AI

    Divya Goyal's questions to Alithya Group (ALYAF) leadership

    Divya Goyal's questions to Alithya Group (ALYAF) leadership • Q3 2025

    Question

    Divya Goyal asked for color on the long-term strategic plan for the Canadian market and inquired about Alithya's positioning as both an acquirer and a potential target amidst consolidation in the Canadian technology services sector.

    Answer

    President and CEO Paul Raymond stated that while Alithya expects growth in all geographies, the U.S. market is projected to grow faster. He highlighted opportunities in modernizing legacy systems with AI. Regarding market consolidation, Paul Raymond expressed confidence in Alithya's position, viewing the company as undervalued and adept at acquiring niche "diamonds in the rough" like XRM Vision, which fit well into its platform for growth.

    Ask Fintool Equity Research AI