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    Puneet Jain

    Research Analyst at JPMorgan Chase & Co.

    Puneet Jain is an Executive Director and Senior Equity Research Analyst at JPMorgan Chase & Co., specializing in coverage of IT services and business process outsourcing firms. He provides research on major companies including Endava (DAVA), ExlService Holdings (EXLS), CI&T (CINT), and Broadridge Financial Solutions (BR), and has established a consistent record of issuing actionable investment insights for institutional clients. With a research career spanning over a decade, Jain has held positions at top financial institutions before joining JPMorgan Chase, where he is recognized for his sector expertise and rigorous company analysis. He holds FINRA Series 7, 63, and 79 licenses, further underscoring his professional credentials in the securities industry.

    Puneet Jain's questions to CI&T (CINT) leadership

    Puneet Jain's questions to CI&T (CINT) leadership • Q2 2025

    Question

    Puneet Jain inquired about the adoption rate of the CINT Flow platform among clients and internal teams, asking what portion of revenue is influenced by Flow-driven services. He also asked about the differing rates of AI adoption across verticals, particularly the strength in financial services versus retail.

    Answer

    CEO Cesar Gon stated that CINT Flow adoption has reached 90% of internal teams, meaning approximately 90% of revenue is influenced by AI-boosted processes. He explained that the financial services vertical is ahead in AI adoption due to high ROI and a trend in Brazil towards AI-driven customer experiences via WhatsApp. Gon noted that while retail is also adopting AI, it first requires foundational modernization of legacy systems, which itself drives demand for CINT's services.

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    Puneet Jain's questions to CI&T (CINT) leadership • Q1 2025

    Question

    Puneet Jain asked about the company's visibility into the second half of the year and any differing spending patterns between U.S. and Latin American clients. He also posed a structural question on why IT services firms are positioned to benefit from Gen AI compared to software or pure-play AI companies.

    Answer

    Founder & CEO Cesar Gon cited a strong pipeline and client expansion as support for the full-year guidance, seeing no significant difference in demand between the U.S. and Brazil. Founder & President Bruno Guicardi added that as AI improves productivity, the 'build vs. buy' dynamic will favor custom software development, creating a structural tailwind for IT services firms like CI&T who can deliver bespoke solutions more cheaply and effectively.

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    Puneet Jain's questions to CI&T (CINT) leadership • Q4 2024

    Question

    Puneet Jain asked about the impact of recent geopolitical and macroeconomic news on client spending, and whether CI&T is seeing any caution or pauses, particularly comparing the U.S. to other regions. He also inquired about the company's use of cash in 2025, noting a pause in M&A activity and asking about future plans for acquisitions versus other capital allocation priorities.

    Answer

    CEO Cesar Gon stated that demand from large organizations remains stable despite macro uncertainty, which favors CI&T's strategy of replacing competitors with its AI-driven solutions. He noted a stronger sales pipeline, up 30% year-over-year, and confirmed no incremental delays. Regarding cash use, Cesar Gon explained the focus in 2024 was on becoming an AI-first company to drive organic growth, but M&A may resume to expand in the U.S. CFO Stanley Rodrigues added that capital will also be allocated to R&D for the CI&T/FLOW platform, share buybacks, and paying down debt.

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    Puneet Jain's questions to Genpact (G) leadership

    Puneet Jain's questions to Genpact (G) leadership • Q2 2025

    Question

    Puneet Jain of JPMorgan Chase & Co. asked about which verticals or regions are seeing higher AI adoption and whether clients prefer existing or new vendors for AI initiatives. He also questioned the pricing environment and the impact of AI on it.

    Answer

    CEO Balkrishan Kalra stated that AI adoption is broad-based across sectors, with the US, Australia, and Europe leading geographically. He noted strong demand from both new and existing clients, who value Genpact's last-mile expertise. On pricing, Kalra asserted there is no irrational behavior, as clients are focused on value. CFO Mike Weiner added that the shift from FTE to outcome-based models is accelerating, which is a healthy trend.

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    Puneet Jain's questions to Genpact (G) leadership • Q1 2025

    Question

    Puneet Jain questioned why delayed pipeline deals would significantly impact Q2 guidance, asking if there was underlying weakness in existing business. He also asked what level of AI-driven productivity savings Genpact promises in its large, multiyear deal proposals.

    Answer

    CFO Mike Weiner asserted there is no weakness in the existing book of business and that the Q2 guidance reflects a prudent, conservative view of the macro environment. He noted that over 75% of the full-year growth target is expected to be delivered in the first half. CEO BK Kalra explained that large 5-7 year deals typically bake in 30-45% productivity gains over the contract term, which are shared with clients through holistic solutions incorporating GenAI and other technologies.

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    Puneet Jain's questions to EPAM Systems (EPAM) leadership

    Puneet Jain's questions to EPAM Systems (EPAM) leadership • Q2 2025

    Question

    Puneet Jain from JPMorgan Chase & Co. asked if there were differences in AI adoption across industry verticals and if this was driving the strong performance in Financial Services. He also inquired about potential changes to the delivery model as more proprietary and third-party AI solutions are incorporated.

    Answer

    Balazs Fejes, President of Global Business & CRO, stated that AI adoption is broad-based across all verticals, with no significant differences between them, and CEO Arkadiy Dobkin confirmed there is no direct connection to vertical performance at this time. Fejes also noted that EPAM is continuously experimenting with new engagement models, including subscription-based offerings for its platforms, to adapt to client needs.

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    Puneet Jain's questions to EPAM Systems (EPAM) leadership • Q1 2025

    Question

    Puneet Jain asked about the billing day dynamics and visibility assumed in the second-half guidance.

    Answer

    CFO Jason Peterson clarified that the guidance assumes typical seasonal billing day patterns, with Q3 having more days than Q2, which should drive some sequential growth. He noted good visibility into Q2 and solid indications for Q3, with the guidance midpoint reflecting potential seasonal softness in Q4.

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    Puneet Jain's questions to EPAM Systems (EPAM) leadership • Q3 2024

    Question

    Puneet Jain of JPMorgan Chase & Co. asked for an update on employee productivity in newer regions like Latin America and India compared to Eastern Europe, especially with the Nedis acquisition. He also inquired about any significant client-specific headwinds to consider for 2025.

    Answer

    CEO Arkadiy Dobkin explained that it's early to assess Nedis fully, but initial assessments suggest their engineering level is comparable to EPAM's other centers. He noted that productivity metrics are complex and vary by market. Regarding 2025 headwinds, Dobkin acknowledged unpredictability due to geopolitical and other external factors, stating the company is cautiously optimistic but aware that the environment can change quickly, similar to how past predictions have been challenged.

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    Puneet Jain's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership

    Puneet Jain's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership • Q4 2025

    Question

    Puneet Jain of JPMorgan Chase & Co. questioned if the increasing mix of digital solutions was changing the duration of the revenue backlog and asked for confirmation on the fiscal 2026 margin guidance, specifically the implied 50 basis point headwind from distribution and float income.

    Answer

    CFO Ashima Ghei stated that while there are different conversion times for ICS versus GTO products, with recent wealth sales taking longer to convert, there isn't a broad change in overall backlog duration. She confirmed that the flat reported margin guidance of 20-21% includes headwinds from higher postage rates and lower float income, and that the underlying core margin expansion is expected to be over 50 basis points, enabling the 8-12% adjusted EPS growth.

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    Puneet Jain's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership • Q3 2025

    Question

    Puneet Jain asked about the potential impact of a new administration's policies, such as deregulation, and questioned whether the delayed sales were for long or short implementation cycle deals.

    Answer

    CEO Timothy Gokey expressed confidence that Broadridge is well-positioned regardless of the regulatory environment, seeing opportunities to provide technology solutions for digital assets, shareholder engagement, and digital delivery. Regarding delayed sales, Gokey hypothesized that longer, more complex deals are likely more affected by uncertainty. CFO Ashima Ghei contextualized the impact, noting the guidance change is modest and, given the 12-24 month conversion cycles, the near-term revenue impact is fractional and represents a delay, not a loss of business.

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    Puneet Jain's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership • Q2 2025

    Question

    Puneet Jain asked if Broadridge has observed any changes in client behavior within its GTO segment due to potential deregulation and inquired about capital allocation plans for the next fiscal year, particularly the balance between M&A and internal investments.

    Answer

    CEO Tim Gokey stated that it is too early to see significant client behavior changes from deregulation but noted relief among clients regarding the potential halt of new capital rules. He reiterated Broadridge's disciplined capital allocation framework: prioritizing internal investments and the dividend, then using remaining free cash flow for either high-return M&A or share repurchases. He added that the company will only pursue compelling M&A and is comfortable buying back shares otherwise.

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    Puneet Jain's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership • Q1 2025

    Question

    Puneet Jain asked if Broadridge is observing changes in client behavior regarding project execution and deal flow, and also requested more detail on the company's confidence in the forecast for stock record growth to improve from the 3% reported in Q1.

    Answer

    CEO Tim Gokey stated that Broadridge did not see the project execution slowdown that others reported and noted that sales-to-revenue conversion is improving. He highlighted a strong sales start and a robust pipeline. Interim CFO Ashima Ghei explained that Q1's 3% stock record growth was expected due to seasonality and company mix, and that forward testing reliably indicates a return to mid-to-high single-digit growth for the remainder of the fiscal year.

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    Puneet Jain's questions to TELUS International (Cda) (TIXT) leadership

    Puneet Jain's questions to TELUS International (Cda) (TIXT) leadership • Q2 2025

    Question

    Puneet Jain from JPMorgan Chase & Co. inquired about the competitive landscape in the digital customer care segment and asked about the varying rates of AI adoption across different industry verticals like tech, financial services, and healthcare.

    Answer

    Acting CEO Jason Macdonnell stated that competitive intensity, rather than the number of competitors, is the main pressure in customer care, with differentiation coming from embedding technology and thought leadership. President of Digital Solutions Tobias Dengel explained that AI adoption for external use cases varies by industry due to regulation, with gaming moving faster than financial services. However, for internal efficiency use cases, adoption is consistently strong across all verticals.

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    Puneet Jain's questions to TELUS International (Cda) (TIXT) leadership • Q1 2025

    Question

    Puneet Jain asked about the operational model and contract economics when TELUS Digital's solutions team collaborates with the core TELUS entity to develop and deploy AI-based customer care solutions.

    Answer

    Executive Jason Macdonnell detailed a multi-stage process beginning with a consultative audit, followed by development services which may involve capital investment from TELUS, and evolving into recurring support and outcome-based pricing. Executive Tobias Dengel added that the TELUS partnership serves as a 'laboratory' to test and refine managed services models. He also confirmed that the economics are strong, with projects generating market-competitive or better margins through consulting, development, and project management fees.

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    Puneet Jain's questions to TELUS International (Cda) (TIXT) leadership • Q4 2024

    Question

    Puneet Jain asked for examples of clients transitioning to AI automation, the resulting impact on revenue and margins, and the timing for the projected $50 million in cost savings for 2025.

    Answer

    Tobias Dengel, President of Digital Solutions, noted that AI is improving agent efficiency and handling simple queries, which elevates the end-customer experience. Jason Macdonnell, Acting CEO, clarified that it's early for major cost takeouts, as AI often frees up capacity for more complex work, and value-sharing from efficiency gains is negotiated case-by-case. Gopi Chande, CFO, stated that the $50 million in savings will be weighted to the second half of 2025, following investments in operations transformation made in the first half.

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    Puneet Jain's questions to GRID DYNAMICS HOLDINGS (GDYN) leadership

    Puneet Jain's questions to GRID DYNAMICS HOLDINGS (GDYN) leadership • Q2 2025

    Question

    Puneet Jain of JPMorgan Chase & Co. asked how AI is changing the software development life cycle (SDLC) and what that implies for employee training and hiring. He also questioned whether the differing growth rates across verticals like financial services versus retail were due to varying AI adoption rates or macro-specific factors.

    Answer

    CTO Eugene Steinberg explained that the shift to an AI-first SDLC elevates the role of senior engineers to that of 'judges' for AI-generated work, a trend Grid Dynamics has been preparing for with specialized training in areas like 'context engineering'. CEO Leonard Livschitz clarified that strong AI adoption is happening across all verticals. The growth disparity is caused by muted spending on traditional, non-AI projects in certain verticals like retail due to macro pressures, which offsets the gains from new AI initiatives in those sectors.

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    Puneet Jain's questions to GRID DYNAMICS HOLDINGS (GDYN) leadership • Q1 2025

    Question

    Puneet Jain inquired about changes in client behavior, particularly in the retail and TMT verticals like Apple, the strategic growth of the India delivery center, and the visibility driving the strong second-half revenue ramp guidance.

    Answer

    CEO Leonard Livschitz and SVP Americas Vasily Sizov addressed client behavior, noting their work with Apple is focused on less supply-chain-dependent online services, where no slowdown is expected. Livschitz detailed that the India expansion is a key strategic priority for scaling talent and supporting APAC growth, confirming it will become their largest location. CFO Anil Doradla explained the second-half guidance is supported by factors like more working days and the extrapolation of record billable headcount, providing a conservative path to the low end of the range.

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    Puneet Jain's questions to GRID DYNAMICS HOLDINGS (GDYN) leadership • Q4 2024

    Question

    Puneet Jain asked what is driving Grid Dynamics' strong 2025 guidance, which significantly outperforms its peers, and questioned if the growth would be broad-based across verticals and clients. He also inquired about the revenue contribution from AI initiatives.

    Answer

    CEO Leonard Livschitz attributed the outperformance to consistent business momentum, strong client relationships, technology adoption, and hyperscaler partnerships, noting broad-based demand from TMT, CPG, and fintech. SVP Americas Vasily Sizov added that AI is now a core component of most large engagements, shifting from proof-of-concepts to large-scale programs focused on revenue generation, a historical strength for the company.

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    Puneet Jain's questions to GRID DYNAMICS HOLDINGS (GDYN) leadership • Q3 2024

    Question

    Puneet Jain asked what is driving Grid Dynamics' growth outperformance versus peers, how clients allocate work between vendors and in-house GCCs, and whether AI spending is incremental or reallocated.

    Answer

    CEO Leonard Livschitz attributed the growth separation to their deep technology partnership model, where AI solutions lead to larger, strategic implementations. He explained that they win work with GCCs by offering specialized, project-based expertise, not just staffing. Regarding AI budgets, Livschitz stated the spending is both reallocated and incremental, as clients move from experimental POCs to mainstream application development, driving new revenue streams for Grid Dynamics.

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    Puneet Jain's questions to ExlService Holdings (EXLS) leadership

    Puneet Jain's questions to ExlService Holdings (EXLS) leadership • Q2 2025

    Question

    Puneet Jain asked if clients prefer existing vendors for AI implementation or if they are switching to new providers, and whether current growth trends across segments will continue.

    Answer

    Chairman & CEO Rohit Kapoor stated that clients are seeking maximum value, and EXL's unique combination of domain, data, and AI expertise provides a distinct advantage that attracts both new and existing clients. He confirmed the expectation that the Data & AI business will continue its strong growth trajectory in the second half, outpacing the Digital Operations business, as the company continues its strategic pivot.

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    Puneet Jain's questions to ExlService Holdings (EXLS) leadership • Q1 2025

    Question

    Puneet Jain asked about the potential impact of an incremental macroeconomic headwind on discretionary spending areas. He also inquired about the expected cadence of revenue growth and margins throughout 2025, both on a year-over-year and sequential basis.

    Answer

    Rohit Kapoor, Chairman and Chief Executive Officer, emphasized the resilience of EXL's diversified, annuity-based business model, which focuses on mission-critical operations and delivering high ROI, making it robust even in economic slowdowns. Maurizio Nicolelli, Chief Financial Officer, detailed the financial cadence, expecting a stronger first half due to weaker 2024 comps and noting that margins would see higher investment levels in Q2-Q4 to fuel AI capabilities, with sequential growth patterns likely mirroring the previous year.

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    Puneet Jain's questions to ExlService Holdings (EXLS) leadership • Q4 2024

    Question

    Puneet Jain questioned why clients need EXL to implement AI agents rather than handling it themselves and asked about the competitive landscape for these deployments. He also inquired about the new financial model and how EXL will ensure visibility and accountability for its stand-alone analytics services going forward.

    Answer

    Rohit Kapoor, Chairman and CEO, explained that EXL's key differentiator is its ability to embed AI agents directly into client workflows and connect them to data assets, which significantly increases adoption and is a complex task for clients to manage internally. Regarding the new model, he stated that analytics is now a mature, integrated capability, and the company will provide transparency by reporting overall 'data and AI' revenue, which stood at 53% of total revenue in 2024.

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    Puneet Jain's questions to ExlService Holdings (EXLS) leadership • Q3 2024

    Question

    Puneet Jain asked about the proportion of the Analytics segment's revenue that comes from newer services like data management and AI models, and inquired about the data sources and client permissions for training proprietary LLMs like the insurance LLM.

    Answer

    CEO Rohit Kapoor explained that the Analytics business is rapidly evolving towards complex AI and data management services, driven by partnerships with Databricks and hyperscalers, though he did not quantify the mix of new versus old services. He confirmed that EXL uses client data for LLM training only with explicit contractual permission. This data, often derivative and anonymized, allows EXL to leverage its unique position and domain expertise to continuously fine-tune models and enhance their accuracy.

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    Puneet Jain's questions to WNS (HOLDINGS) (WNS) leadership

    Puneet Jain's questions to WNS (HOLDINGS) (WNS) leadership • Q4 2025

    Question

    Puneet Jain asked about the sensitivity to travel volumes given the macro environment, what the fiscal 2026 guidance assumes for the travel vertical, and how close contracts are to minimum commitment levels. He also requested details on the headwind from a utilities client, its nature, and the proportion of WNS revenue from platform-based services.

    Answer

    CEO Keshav Murugesh noted a counterintuitively strong pipeline in travel and logistics, as clients focus on cost leadership. Executive David Mackey clarified that the pressure has been in the OTA space, which is now down to 3% of revenue, and guidance assumes no improvement, viewing it as 'bumping along the bottom.' Regarding the utilities client, Mackey explained it was a one-time platform migration project that created a revenue bump in Q2/Q3 and then fell off, not an underlying headwind. CFO Arijit Sengupta confirmed the underlying volume work with the client remains stable.

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    Puneet Jain's questions to WNS (HOLDINGS) (WNS) leadership • Q3 2025

    Question

    Puneet Jain asked about the potential impact of Agentic AI on WNS and what the 'new normal' for operating margins should be, considering investments and the recent transition to U.S. GAAP reporting.

    Answer

    CEO Keshav Murugesh positioned Agentic AI as a long-term opportunity that WNS is investing in, expecting it to be a tailwind over the next three years. CFO Arijit Sengupta and Executive David Mackey stated the new normal for margins is the high 19% to 20% range. They clarified this already accounts for investments and that the primary change from historical levels is the ~120 basis point impact from the GAAP transition.

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    Puneet Jain's questions to WNS (HOLDINGS) (WNS) leadership • Q2 2025

    Question

    Puneet Jain asked about client behavior regarding AI and analytics adoption, whether the 5% revenue target from Gen AI was still on track, and requested a quantification of the year-over-year impact from key headwinds into fiscal 2026.

    Answer

    CEO Keshav Murugesh described a shift towards strategic, CEO-led conversations around AI-driven transformation, which applies to both new and existing clients. Executive David Mackey confirmed the 5% Gen AI revenue target is still achievable. For fiscal 2026, Mackey quantified the year-over-year drag from the healthcare client loss at approximately 1% and the OTA decline at 1.5-2%, creating a combined headwind of roughly 3% that will bleed into the next fiscal year.

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    Puneet Jain's questions to WNS (HOLDINGS) (WNS) leadership • Q1 2025

    Question

    Puneet Jain from JPMorgan Chase & Co. asked if WNS is seeing clients pause decisions to assess Gen AI's impact and whether the large deals being signed already incorporate Gen AI applications. He also questioned how the shift to U.S. GAAP reporting will affect operating margins.

    Answer

    CEO Keshav Murugesh responded that client focus has shifted from Gen AI hype back to core strategic goals like cost leadership and transformation, where WNS is seen as a key partner. He confirmed that new large deals are technology-led and infused with Gen AI capabilities. Executive David Mackey added that two of the four large deals signed in Q4 had Gen AI components. Regarding the GAAP change, executives explained it's a reclassification that lowers adjusted operating margin by about 100 basis points but is largely neutral to adjusted net income (ANI) and EPS. Mackey affirmed confidence in reaching 20%+ adjusted operating margins for the full year under the new standard.

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    Puneet Jain's questions to Globant (GLOB) leadership

    Puneet Jain's questions to Globant (GLOB) leadership • Q4 2024

    Question

    Puneet Jain inquired about the ramp-up timeline for new clients in the Middle East and the current pricing trends Globant is experiencing.

    Answer

    CEO Martín Migoya stated that the ramp-up for Middle East clients is underway, with strong growth expected in 2025 and even stronger growth in 2026. CFO Juan Urthiague added that the company is expanding its industry footprint in the region beyond amusement parks into hospitality, finance, and airlines. Regarding pricing, Urthiague described the market as challenging, anticipating neutral to low single-digit price increases for the year, particularly as competition is higher for cost-saving projects.

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    Puneet Jain's questions to TaskUs (TASK) leadership

    Puneet Jain's questions to TaskUs (TASK) leadership • Q3 2024

    Question

    Puneet Jain inquired about the primary factors that drove the significant increase in full-year revenue guidance since the beginning of 2024. He also asked if there was any election-related benefit in the Trust & Safety segment during Q3 or Q4.

    Answer

    CEO Bryce Maddock attributed the guidance raise to a shift in client focus from cost-cutting to growth investments, particularly in generative AI. Key drivers include expanded work with their largest client in Trust & Safety, growth in the Financial Crime and Compliance (FCC) offering, and a rebound in AI Services. Maddock clarified that while TaskUs does election-related work, the end of the U.S. election is not expected to impact revenue, as growth is driven by broader global regulatory pressures.

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    Puneet Jain's questions to Endava (DAVA) leadership

    Puneet Jain's questions to Endava (DAVA) leadership • Q4 2024

    Question

    Puneet Jain from JPMorgan Chase & Co. asked about the assumptions for client budgets within the fiscal 2025 revenue guidance. He also requested an update on the GalaxE integration progress and the expected synergies from cross-selling opportunities.

    Answer

    CEO John Cotterell stated the guidance is not based on a significant change in client budgets but rather on expanded service capabilities from core modernization, the new India footprint, and cross-selling with GalaxE. He detailed that the GalaxE integration is going well, creating a powerful core modernization proposition that is generating a strong pipeline. CFO Mark Thurston added that the integration involves system migrations (heavy in Q2/Q3) and sharpening the go-to-market strategy.

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