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    Nitin Padmanabhan

    Research Analyst at Investec

    Nitin Padmanabhan is an Analyst Technology at Investec India, specializing in technology sector research with a focus on major IT and telecom companies. He has covered leading firms in the technology space across India, building a track record over more than a decade by delivering sector insights and stock recommendations. Padmanabhan began his analyst career following an MBA from IBS Hyderabad in 2004, holding roles at ICICI Securities, Indiabulls Securities, Motilal Oswal Securities (as VP Research), Centrum Broking, and Espirito Santo Investment Bank before joining Investec in 2015. He is known for his deep industry expertise and holds an MBA in Business Administration; specific securities licenses or performance rankings were not found.

    Nitin Padmanabhan's questions to WIPRO (WIT) leadership

    Nitin Padmanabhan's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Nitin Padmanabhan of Investec India asked for an outlook on operating margins, questioning if the current levels are sustainable given that the execution of newly won large deals will likely have a negative margin impact.

    Answer

    CFO Aparna Iyer stated that Wipro does not guide for margins but acknowledged that the large vendor consolidation deals have a weaker margin profile and will require upfront investments, creating pressure. However, she emphasized that the company will continue to leverage its operational levers to offset these pressures, pointing to their track record of margin improvement over the last eight quarters. The immediate focus is on converting the strong deal bookings into revenue.

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    Nitin Padmanabhan's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Nitin Padmanabhan inquired about the verticals most affected by the current economic uncertainty and sought a detailed outlook on the Banking, Financial Services, and Insurance (BFSI) sector's performance and spending trends in the U.S. and Europe.

    Answer

    CEO Srinivas Pallia identified consumer and manufacturing as the most impacted sectors. For BFSI, he noted strong traction in the U.S. and APMEA, driven by Capco, but acknowledged headwinds in Europe. Mr. Pallia explained that while the deal pipeline is strong, clients are cautious with discretionary spending, slowing down decisions. He highlighted opportunities in IT modernization, BPS, cybersecurity, and AI-powered solutions, emphasizing the synergy between Wipro and Capco.

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    Nitin Padmanabhan's questions to WIPRO (WIT) leadership • Q2 2025

    Question

    Nitin Padmanabhan asked about the key drivers behind Wipro's margin expansion, particularly the initiatives offsetting wage increases and revenue headwinds. He also questioned the outlook for a return to sustainable growth and whether the company is seeing an increase in smaller, faster-converting deals in its pipeline.

    Answer

    CFO Aparna Iyer detailed that margin levers include improved utilization, offshoring, G&A optimization, and synergies from acquired entities. Both Aparna and CEO Srinivas Pallia described the return to sustainable growth as a 'work in progress' that requires stronger performance from Europe and APMEA. Srini Pallia confirmed the deal pipeline is healthy and contains a mix of large, mid-sized, and smaller deals.

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    Nitin Padmanabhan's questions to Infosys (INFY) leadership

    Nitin Padmanabhan's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Nitin Padmanabhan of Investec India asked for details on the Mitsubishi partnership in Japan and how the order backlog entering FY'26 compares to the backlog at the start of FY'25.

    Answer

    CFO Jayesh Sanghrajka clarified that it was not a new JV; rather, Mitsubishi was inducted as a strategic partner into an existing JV, with Infosys diluting its share by 2%. Regarding the backlog, management explained that while the quantum of deals ramping up is different from last year, the nature and tenure of the deals also differ. They noted that the mega deals signed in FY'24 have now largely ramped up and reached a steady state.

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    Nitin Padmanabhan's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Nitin Padmanabhan asked if the improved pipeline for smaller deals has translated to higher closure rates in the current quarter, and inquired about the breakdown of increased software package costs between third-party and internal sources.

    Answer

    CFO Jayesh Sanghrajka clarified that while the pipeline for deals under $50 million has increased, there has been no significant change in the decision-making timeline or closure process. Regarding software costs, he explained that third-party costs for hardware, software, and licenses are an integrated part of large deals and are not broken out further.

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