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    Sandeep Shah

    Director of Equity Research at Equirus Securities

    Sandeep Shah is a Director of Equity Research at Equirus Securities, specializing in the IT services sector with a coverage universe that includes companies like eClerx and Birlasoft. With over 19 years of equity analyst experience, he has developed a strong track record in identifying sector trends and providing actionable insights for institutional investors. Previously, Sandeep worked at CGS-CIMB and has established a reputation for deep sector expertise and high-quality research, though specific third-party performance metrics or rankings are not publicly listed. He holds direct analyst coverage responsibilities and engages in regular investor communications, while his professional credentials include extensive experience but no publicly disclosed FINRA registrations or securities licenses.

    Sandeep Shah's questions to Infosys (INFY) leadership

    Sandeep Shah's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Asked if TCV can be expected to remain healthy due to vendor consolidation, what could trigger a rebound in discretionary spending, and whether EBIT margins can still improve year-over-year despite a lower Q1.

    Answer

    Management did not provide a TCV forecast but confirmed a healthy large deal pipeline. They have no specific timeline for a discretionary spending rebound. They affirmed the aspiration to improve margins year-over-year remains, with levers like Project Maximus and lower third-party costs expected to help in the coming quarters.

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    Sandeep Shah's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Sandeep Shah of Equirus Securities Pvt. Ltd. asked if the strong vendor consolidation trend could lead to continued healthy TCV in coming quarters. He also inquired about triggers for a discretionary spending recovery and the path to improving EBIT margins year-over-year.

    Answer

    CEO Salil Parekh noted the large deal pipeline is in a good place but declined to give a forward-looking view on TCV value. CFO Jayesh Sanghrajka stated the aspiration to improve margins for the full year remains, with tailwinds from Project Maximus and lower third-party costs expected to help offset headwinds from deal transitions.

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    Sandeep Shah's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Sandeep Shah of Equirus Securities asked if the uncertain macro environment is driving more client discussions around cost takeout deals, whether the typical 1H vs. 2H seasonality will persist in FY'26, and for clarification on a one-off M&A cost.

    Answer

    CEO Salil Parekh confirmed that this type of environment typically provides more cost takeout opportunities and Infosys is proactively positioning its portfolio accordingly. CFO Jayesh Sanghrajka expects normal seasonality to continue but noted uncertainty makes quarterly predictions difficult. He also clarified the 40 bps M&A-related charge in Q4 was a one-off reassessment of customer intangibles.

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    Sandeep Shah's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Sandeep Shah asked if the double-digit increase in the smaller deal pipeline is broad-based across verticals and if this trend could be a precursor to stronger demand in calendar year 2025.

    Answer

    CFO Jayesh Sanghrajka confirmed that the increase in the pipeline for deals below $50 million is indeed broad-based. However, he cautioned that while it's an important data point reflecting a potential change in discretionary spending, it is too early to determine if it will become a sustainable trend predictive of future revenue.

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    Sandeep Shah's questions to WIPRO (WIT) leadership

    Sandeep Shah's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Sandeep Shah of Equirus Securities Pvt. Ltd. asked for details on the margin pressure from large deals, questioning if it's due to competitive pricing. He also inquired about the remaining levers Wipro can use to offset these pressures, given its already strong margin execution.

    Answer

    CEO & MD Srini Pallia explained that investments for large deals involve talent acquisition and program management setup, not pass-through costs. He confirmed that large deals are highly competitive, which can create price pressure. CFO Aparna Iyer detailed the remaining margin levers, including driving productivity with AI in fixed-price projects, margin improvement in acquired entities, G&A optimization, and traditional levers like utilization, pyramid optimization, and rotation, which become easier to manage with growth.

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    Sandeep Shah's questions to WIPRO (WIT) leadership • Q2 2025

    Question

    Sandeep Shah asked CEO Srini Pallia to identify the key internal factors, beyond macro conditions, that Wipro needs to rectify for sustainable growth. He also pressed for a timeline on the turnaround for the Manufacturing and E&U verticals and sought clarity on the company's M&A strategy and capital allocation policy regarding buybacks versus dividends.

    Answer

    CEO Srinivas Pallia reiterated the focus on five strategic priorities, including large accounts and deals, and acknowledged that the Manufacturing and E&U verticals are lagging but have promising pipelines. He declined to provide a specific timeline for their recovery. CFO Aparna Iyer stated that a revised capital allocation policy is being developed and will be shared later, while Srini Pallia described M&A as a key, deliberate part of their strategy, not limited to a 'String of Pearls' approach.

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