eClerx Services Limited (NSE: ECLERX) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Kapil Jain — Chief Executive Officer & Managing Director
Srinivasan Nadadhur — Chief Financial Officer
Asha Gupta — Investor Relations
Analysts:
Unidentified Participant
Presentation:
Asha Gupta — Investor Relations
You have joined the meeting as an attendee and will be muted throughout the meeting and sorry for slight delays. Good day and welcome to Q3FY26 earnings call of Eclog Services Limited. Please note that this webinar will be recorded to take us through the results and to answer your questions. We have with us the top management of Eclogs represented by Kapil Jain, Managing Director and Group CEO and Srinivasan Nadadur, Chief Financial Officer. We will start the call with brief opening remark by Kapil followed by Srinivasan who will be sharing the financial update and then we will open the floor for Q and a session as usual.
I would like to remind you that anything that is mentioned on this call that gives any outlook for the future or which can be construed as forward looking statement must be viewed in conjunction with risk and uncertainties that we face. This risk and uncertainties are included but not limited to what we have mentioned in the prospectus file with SEVI and subsequent annual reports which you can find on our website. Having said that, I will now hand over the floor to Kapil. Over to you Kapil.
Kapil Jain — Chief Executive Officer & Managing Director
Thank you Asha and good afternoon everyone. We are pleased to share the highlights of our performance in FY26Q3. It was a good quarter on both the revenue and margin. Front operating revenue for Q3 was 121.7 million up 5.4% sequentially in INR terms. Q3 operating revenue is INR 10,703 million up 6.5% sequentially. Margins have also been strong. EBITDA for Q3 is INR 3,075 million which is 28% up 3% sequentially. PAT for the quarter is INR 1920 million at a margin of 17.5%, up nearly 5% sequentially for the 3/4 of FY26 USD. Operating revenue is 346.5 million, a y on y increase of 18%.
The corresponding INR figure for operating revenue is 30,097 million up 22% year on year while back for 9 months of the year is 5,068 million, up 33% year on year. Deal wins for Q3 were 45 million. Analytics and automation is up 10% which is healthy in this quarter as well. Growth in the top 10 clients was higher than top 10 client growth. Top 10 client concentration is at 60% down from 62 to 64% in the prior quarters. Growth in the FAO subsegment continued and this has resulted in strong growth in the emerging business, growth was also strong in high tech and mnd.
Fashion and luxury showed an increase from the seasonal low of Q2 while BFSI and CMT experience modest growth. I would now like to share some commentary and outlook about our businesses. On financial services. We see opportunities across core and new clients on operations and change. We have now started working on AI projects and across some of our larger and mid tier clients. Analysts covering fashion and luxury report that the industry might have bottomed out. Industry outlook for 2026 is low. Single digit growth Both high tech and MND showed strong growth in Q3. In HiTech, client spending is directed on transformation programs to automate and improve client satisfaction.
There is significant focus on agentic AI for self healing services for consumer and business computing. Growth in MND was driven by new wins and expansion across key focus clients. In this business we see opportunities in both dataOps and market intelligence. Our emerging businesses grew strongly in the last quarter and the outlook remains positive. We saw expansion in FAO and order management services in existing clients on the communication, media and telecom. Our expansion into new delivery centers is resonating well with clients. Couple of our existing clients have signed up for Cairo operations, so in the near term we will start servicing multiple clients out of our Egypt Center.
We are continuing to upsell and cross sell on the back of strong delivery, commitment to innovation and insights and strategic relationships in technology and analytics. We continue to see momentum in our suite of products both with new and existing clients. On the data and AI front, we have won deals for agentic AI deployments with a few clients and continue to run pilots with all clients across the board, the technology and operations teams are working closely with clients for adoption of agentic AI. A Brief on the Awards and Recognition during the Quarter in the last quarter we were elevated to Gold status in the Adobe Solution Partner Program for the Americas region.
This achievement places us among an elite group of gold partners globally underscoring our growing relevance and credibility and execution strength within the Adobe ecosystem. We were recognized as a major contender in Everest Group’s Intelligent Process Automation Peak Matrix. This recognition highlights our rapid advancements in agentic AI driven by Robowork Cogniflows, our enterprise grade agentic automation platform. We also won the Bronze award in the Operational Excellence category at the seventh ASQ South Asia Team Excellence Awards for a project from our customer experience. Vertical FY26 has been strong, positioning us well for continued long term growth while near term volatility is inherent in our business and may result in Q4 being softer than the first 3/4 underlying demand remains healthy.
Our pipeline continues to be robust, supported by sustained and meaningful engagement with clients. As always, we are here because of our clients, employees and partners. We sincerely thank them for their trust, dedication and collaboration and for the opportunity to contribute to shared success. We look forward to continuing our journey together in the future. Thank you. And over to Srini for more details. Thank you, Kapil and good afternoon everyone. Let me provide additional color on our quarterly performance. So quickly recapping some of the revenue and margin numbers. The constant currency operating revenue is up 5.5% sequentially and 20% as compared to Q3 of FY25, including other income of 313 million in the quarter.
Total revenue is 11,703 million, up 6.4% sequentially and 22% YY. Net operating cash flow was 2,536 million. And the EBITDA conversion metric is at 82% on a Q. On Q basis, EBITDA margin is down 90bps while it is up 190bps compared to the same quarter of last fiscal increase in sales and distribution, variable payouts and higher travel and marketing costs are the major contributors to the Q on Q margin decline. Utilization has been higher in Q3 leading to a 30bps improvement in delivery costs. And there is minor improvement in GNA as well. On the other key metrics.
As Kapil Already mentioned, the top 10 concentration is down 60%. DSO has moved up by about two days to 78. Utilization is up by about 1.4% and we’ve added 400 new seats in Chandigarh. Attrition is at pretty much similar levels compared to Q2. On an administrative note, we completed the buyback process in January and 625,000 shares were extinguished as a result. And the board has approved one one bonus which will be put up for shareholders approval in the coming weeks. Thank you everyone. And with this we conclude our prepared remarks and we can now move on to the Q and A.
Back to you, Ashraf.
Questions and Answers:
Asha Gupta
Thank you, Srinivasan. Thank you, Kapil. We will open the floor for Q and A session now. Participants, please raise your hand for asking questions. So we have first question from the line of Manik Taneja from Access. Manik, please go ahead. I have unmuted your line.
Unidentified Participant
Hi, good evening. I hope I’m audible.
Asha Gupta
Yes.
Unidentified Participant
So first of all, congratulations on the very steady performance that you continue to sustain through the last several quarters. I just wanted to get your thoughts around two things. If you could Talk in detail about our analytics business in terms of what’s the broad revenue split across industry segments and is there a sort of a budget flush that you typically see in that business in third quarter given some of the. What we have essentially at our end essentially is history for about 1112 quarters only. So if you could talk about that aspect and the second one is with regards to the significant improvement that we are seeing across our client metrics as well as our emerging client base, how are you thinking about some of these aspects from a go forward standpoint? Those would be my questions.
Kapil Jain
So Manik, I’ll answer the second one and I let. Because I couldn’t really hear the first question so I let. Srini. Srini was taking some notes and then I land on. So on the second question I think on the emerging markets, as I had said, the opportunity that we have in front of us is upsell, cross sell and the service kit that we have. And that’s I think resonating well. And whatever we have seen is in line with what we had laid out about 10, 11 quarters back in terms of that strategy. And I think we are beginning to see the benefits of the strategy that we had laid out.
So I think in terms of whether it’s emerging markets, finance, accounting, customer operations, new center expansion, it’s resonating well, both cross sell as well as upsell.
Unidentified Participant
Great. If you can also talk about the emerging client base because when I’m looking at your client metrics, over the course of last 12 to 18 months we’ve seen a steady increase in terms of our number of 1 million plus 3 million plus 5 million plus customers, which is very heartening to see given the challenges that we used to historically see on this front. Do you think this is largely driven by. By the inherent focus on cost and upsell or is this some element of new customers, new logo acquisitions as well. And if you could write some vertical specific color to this progression.
Kapil Jain
So Manik, it’s a combination of both new customer acquisitions as well as cross sell and upsell. And there is a concerted strategy to grow clients in each segment and there is a high focus for the same. In terms of. What was your second question?
Srinivasan Nadadhur
So the related was if you could, if you could give us some vertical specific color in terms of the progression that we are seeing on client metrics. Is this specific to some industry segments that we are doing very well in being able to drive higher share of revenues from this customer base or this is more broad based.
Kapil Jain
So growth across industry segment is broad based and as well as on the capability sets that we have. Obviously the deal sizes are larger in finance and account customer operations. So there we are seeing a higher growth because of the inherent nature of the deal ACV values. But I think it’s across the board we are seeing and we are seeing for example in our trade life cycle we are seeing on the chain side agentic side in terms of trade settlement, exception management we have developed solution on the back of agent Ki, we are working on pilots with some of the clients.
So I think the overall new client addition cross sell upsell we are seeing across it’s more broad based than being restricted to one or two industry segments. Sure. And Shuni, if you can answer the.
Srinivasan Nadadhur
First question that I have the kind of services that we do in analytics I would classify them into three broad areas. One is customer analytics which is if a customer is coming to a website then what is their propensity to buy? What is the typical journey of a customer through a website? The second is product data analytics which is what kind of products are selling, what are the gross margins of these products, what products should be pushed more and that applies to across geographies, what is selling more, what is selling less and therefore how to help product data owners to decide what products should be in stock more or less gets kept more in stock as compared to other products.
And the third is pricing analytics. So how does our client’s product compare in terms of pricing and other metrics to their competitors products and therefore is there any significant difference in those pricing and that therefore help clients take decision on decisions on how to price their products effectively to make the most use of or capture the most share of customer wallet. Because this area had its genesis in what was earlier known as a digital vertical. A lot of the work that we do currently faces high tech. We do work for MND as manufacturing and distribution as well and some amount of work for retail as well.
I think in the last year, year and a half we have also started doing work for the BFSI segment.
Unidentified Participant
And the last one from my end, while you did allude to the fact that you would expect Q4 growth to be slightly lower than what we’ve seen through the course of last three quarters is in the past. Our headcount addition for the current quarter seems to be a good indicator of near term growth. Is that the way we should be thinking about our Q4 growth?
Kapil Jain
There is a strong correlation that given that 80% of our work is continues to be FTE.
Unidentified Participant
Great, thank you. And all the best for the Future.
Kapil Jain
Thank you. Thanks Manik.
operator
Thank you Manik. Next question we have from the line of Dipesh Mehta from MK Global. Dipesh, please go ahead.
Unidentified Participant
Thanks for the opportunity. A couple of questions. First just want to get sense on the I think in the quarter one earning call we indicated about plan to have 20 percentage productivity point using AI tools. So just want to understand what is the progress we have seen so far in terms of using AI drive productivity improvement so far. Second question is about the emerging industries. Now you give some of the clarity but just want to understand how broad based is the growth, whether few clients is driving bulk of the growth there and which industries we are seeing more traction which can let support we start reporting maybe in a couple of years down the line.
So if you can provide some color specific to emerging industries. And last question is about deal intake. Can you give some sense about how the nature of deal wins are changing for us compared to 12 months back we report ACV but if you can give some sense about changing size of the deal and tenure of those deal. Thank you.
Kapil Jain
So you take the 20% productivity. Yeah. So on the on the emerging markets like I said the growth is broad based and we continue in terms of the ACV wins the average deal size has gone up in terms of what we were winning let’s say 12 months back versus the current deal size. And we see we are very positive in terms of the overall outlook and the pipeline that we have. There will be as I had indicated in the past quarter on quarter aberrations but on a medium to long term basis. I think we had said a few things and we’ll continue to deliver on those in terms of growth in the top quartile of the peer segment that we operate ebitda margin between 24 to 28% and EPS and EBITDA growth sequentially Y and Y.
So I think that continues to be the same I think in terms of industry segments, I think given our size and scale there are opportunities across the industry segments as well as the capabilities. And on the productivity improvement through AI generally that we’ve seen that in most pilots pilots progress to production only when there is significant productivity improvement and typically clients have this getting criteria between 15 to so all the projects that we’ve seen make it to production to have this kind of productivity improvement metric.
Unidentified Participant
Understand.
operator
Thank you Dipesh. We have next question from the line of Sandeep Shah from Aquaria Securities. Sandeep, please go ahead.
Unidentified Participant
Yeah, thanks. Thanks for the opportunity and congrats on a great set of numbers. So Just wanted to understand if I look at the top 5 top 10 client contribution on revenue though it has been doing well. But there is a softest growth. Anything to call out. It’s a quarterly operation. Any large client specific issue you foresee in any of the verticals which may have some impact even in the coming quarters.
Kapil Jain
No Sandeep, nothing extraordinary. I think it’s just that the outside of top five top ten clients have grown. So that’s the reason. But there’s nothing to call out, which is extraordinary.
Unidentified Participant
Okay, okay. Okay. And sir, in the fourth quarter I agree on a high growth base there could be quarterly abrasion but anything structural to call out or is it fair to assume that the luxury generally as a fashion growth in fashion and luxury picks up in third quarter may normalize in the fourth quarter. So it’s more a quarterly aberration or something else to read out?
Kapil Jain
No, I think Sandeep, like I said, it’s quarterly aberration. I had said that medium to long term we see a positive demand outlook and we are cautiously optimistic. And the reason I’m using cautiously optimistic word is because of the overall geopolitical overall macroeconomic environment. But this, this is just a quarterly abrasion and nothing to do with medium to long term outcome.
Unidentified Participant
Okay. Okay answer. Average of 9 months TCV had been improving versus average of 4/4 PCV earlier years. So is it fair to assume this will still have an upside potential and which makes you remain positive on the medium term outlook?
Kapil Jain
So Sandeep, I had said in Q2 or Q3 I can’t remember Q2, sorry. Q2. Q3 we are in now that overall ACV of the deal closures that we will do in FY25 26 will be higher than what we did last year. And I continue to maintain, I’m confident of delivering on the same.
Unidentified Participant
Okay answer. In one of the examples where you said in one of the trade products you are doing a pilot in terms of the agentic AI. So what is an experience in terms of cannibalization of the revenue? Because we generally do on a proactive basis. So I do agree for the same project CCV could be lower but is it leading to client giving you more IT budget because you are putting some saving on the existing spend. So how is the experience whenever you do a pilot on the agent API? If you can give us separately for voice and non voice.
Kapil Jain
So Sandeep, overall I think it’s little too early to give a long term view where it will head out. I think the good thing is that our value proposition Tech first IP owned, BPO KPO work that we do for our clients is giving us opportunity on the agentic AI and whatever is the latest and greatest on the technology front. So when with both large clients as well as small clients and we are working on change cutting edge technology. So that’s the positive side. Now in terms of in the pilots that we have done we haven’t seen any cannibalization on any impact.
I think we see it as a positive opportunity because it gives us an opportunity to go and influence outcomes in areas which are outside of the work that we are currently doing. However, like I said this is the adoption and these pilots is very new so there isn’t a history to say what the outlook would be in 12, 24, 36 months. However, like I said that I see this as an opportunity given our domain process Tech first mindset that we have been driving and we have been delivering for the last 25 years.
Unidentified Participant
Okay and just last couple of booking question to Srini sir, this time the new labor code impact despite we have higher offshore strength looks lower. So how to read that is it One can expect that this chart can increase on a going forward basis and second fourth quarter margins are generally flat or improving. So do you believe with growth now consistently coming it’s a time to reap benefits on the margin through operating leverage and the band of 24 to 28 could shift to more towards midpoint to the upper end.
Kapil Jain
So Sandeep the labor code I’ll let Shrini answer on the margin I think we’ll. Like I said, you should be worried if I think we’ll continue to invest in terms of on tech AI on sales and at this stage I think our view is that 24 to 28% is what we would like to maintain as the overall guidance for the margin given that our commitment is to deliver top line growth in the top quartile and we’ll continue to deliver sequential growth on EBITDA and EPS and on labor code. I think the impact for us is low because for most designations our basic was already at that 50% mark which is what is required by the new definition of wages.
So we do not have to do a lot of. I mean the revised impact was not significant.
Unidentified Participant
Okay. Okay. And anything to call out on the fourth quarter margin in terms of admin.
Kapil Jain
There is some capex that may happen in Peru. There is something that we are working on on Ali which may be Q4 or Q1. So there is, there is some investment plus there may be investments on the people front as well. So I think we will do what is necessary for the business.
Unidentified Participant
Okay, thanks. We’ll come in the follow up. All the best.
Kapil Jain
Thank you.
Srinivasan Nadadhur
Thanks.
operator
Thank you. Sandeep. As a reminder to participants, please click on raise hand button for asking questions. We have next question from the line of Vaishnavi Guru Ram Vaishnavi. Please go ahead. Vaishnavi, we can’t hear you. We are not able to hear you. Maybe we’ll go to the next participant. So we have next question from the line of S. Ramesh. Ramesh, please squared.
Unidentified Participant
And congratulations on your good result. So if you look at your industry. Split, there is an increase in the. Emerging segment compared to last year. Third quarter, fourth quarter has been steadily increasing even from the first quarter. So what are the constituents of this emerging segment and is this trend likely to continue? Especially because your BFF segment is kind of dropping off and is it something intended or is it something based on how the market’s moving and how do you see that moving the next one or two years?
Kapil Jain
Ramesh. So Ramesh, I think in terms of we are looking at a portfolio of industries and clients that we service in the industry. So in terms of one particular segment, in terms of emerging markets of financial services, cmt, high tech, fashion and retail, I think at a group level we believe that there is a good demand and we’ll continue. We are seeing a good in terms of deal conversions and pipeline, the industry wise split, I think there will be some volatility as I’ve said, because of the size of the portfolio and the size of each of the industry verticals.
And emerging markets is small, so volatility will be higher. So it’s difficult to comment on specific industry like emerging markets. What we will see quarter on quarter directionally, medium to long term. Yes, emerging markets will continue to grow and that will be there as a follow up.
Unidentified Participant
In terms of your margin guidance, what will be the levers that will help you achieve the EBITDA margins you’re expecting in future? Will it be top line growth or you also see some operating leverage?
Kapil Jain
It will be both. Ramesh. I think top line growth has to come because if growth doesn’t come, we won’t have anything left to manage the margin on. So I think growth absolutely is a determinant and so will be the operating leverage efficiencies that we bring in.
Unidentified Participant
Okay, thank you very much and wish you all the best.
Kapil Jain
Yeah. Thanks Ramesh.
operator
Thank you Ramesh. We have next question from the Line of Pulkit Chawla from VNK securities. Pulkit, please go ahead.
Unidentified Participant
Yeah, hi, thanks for the opportunity and congrats on a great set of numbers. Couple of my first questions to you. Your ACV numbers have been quite good for the last four odd quarters. Just wanted to understand where are you actually winning these deals from? Is it from competition? You know, our clients now sort of becoming more open to outsourcing? Where exactly are these BDL coming from? Second, Srini, for you, I mean if you just understand what the margin work for this quarter is, you know, selling and distribution expenses have increased quite a bit this quarter.
What has that got to do with. Yeah, that’s it for me. Thank you.
Kapil Jain
So Pulkit, I think in terms of we are seeing consolidation of suppliers. So a we are winning if there is a consolidation opportunity. Opportunity, I think on the back of strong delivery tech, first IP owned, we are absolutely gaining market share whenever there’s a consolidation opportunity and our ability to also new clients because I think we work with Fortune under Fortune 500 clients. So that also is helping us. So that’s where the ACV is coming from broadly. Both expand, upsell, cross sell and addition of new clients. And in terms of the margin bulk, the increase in smd, that is mainly on account of two reasons.
One is the increased provision for bonuses and variable payout and that’s because of the strong performance on top line and bottom line and a little bit of increased spend on travel and marketing. So in terms of the split, I think it would be about 75 for the first and 25 for the second. That is a little bit offset by reduction in 20B production in DNA and maybe a 30 bit reduction in delivery costs going to higher utilization. I trust that answers your question.
Unidentified Participant
Perfect, thank you.
operator
Thank you. Pulkit, next question we have from the line of Vamshi from Quota securities. Vamshi, please go ahead.
Unidentified Participant
Hey. Hi Kabir. So first for you, so maybe can you just share an outlook in BFSI between TLC and clc? I believe TLC has been a little muted for some time now and what would lead to recovery there? Second, in terms of deal acv, the last couple of quarters it has been fairly robust. But the near term commentary suggests some caution. So is it a function of the deals being long gestation deals with slower ramp ups or are you seeing higher roll offs than normal?
Kapil Jain
So Vamshi, I didn’t understand the first question on TLC versus clc.
Unidentified Participant
Can you just repeat, can you maybe just share the outlook within the BFSI between transaction customer lifecycle.
Kapil Jain
Okay. So I think on the client life cycle, compliance kyc, the crime and compliance space, we are seeing good demand across our existing clients as well as new clients as well as opportunity to drive efficiency, cost takeout with agent TKI and tech. Right. On the trade life cycle we are seeing more on the change side and opportunity. So I think the opportunities on both segments as well as on loans and we are also looking at adjacent areas like when we are winning new clients. It’s not just these two segments which we have traditionally been operating.
We are also looking at other buying centers in financial services and that’s where the cross sell upsell comes in. Right. So that’s on one front. In terms of the gross sales and the ACV that we have reported quarterly aberrations are there I think Q1, Q2, Q3 if you look at we are at about 126 and Q2 was slightly soft on ACV and I think those quarterly operations will be there but it’s nothing to do with a higher roll off percentage or deals taking longer or in terms of getting into steady state and so on and so forth.
Nothing of that sort of.
Unidentified Participant
Got it. And then for you Srini. So looking at the spot rates and hedge futures it appears that there could be elevated losses at least in the next few quarters. So are you, is there a plan to maybe have a relook at your hedging strategy or is the book more or less kind of fixed?
Kapil Jain
So yeah, we don’t plan to look at it at least in the near term. I think the strategy is programmatic for a reason and relooking at it may just lead it away from heading into speculation at least near term. No plans.
Unidentified Participant
Understood. Thank you.
operator
Thank you. Vamshi, we have follow up question from the line of Sandeep Shah. Sandeep T squared.
Unidentified Participant
My question got answered. Thank you.
operator
Thank you. Thank you Sandeep. We have next question from the line of Girish from Bob Capital. Girish please go ahead. Girish, you are on mute.
Unidentified Participant
Hello. Yeah. Okay. I see that your business development people number has remained constant for the last almost constant for the last eight quarters. So are you kind of under investing in sales and marketing? No Grish, I think what we have done is a, we have a, we have instituted a very robust performance management system. So we have added few people but we have also seen repurpose some of the people. So that’s one second is I think we are not shying away from hiring good sales guys which is what we are looking at and as I had mentioned in the earlier that we will continue to invest in BD resources sales as well as in the AI and the technology segment.
So that continues to be our investment focus. Okay. And on the tech services headcount that’s kind of doubled in the last 24 months from approximately thousand people to about 2,000 people. What exactly do these people do? I mean what skill sets do they bring to the table? So on the tech side, I think some of it is also reclassification because analytics business we combine under tech and analytics as one portfolio. So some of the increase in the number you’re saying because of that and it’s three broad areas in terms of the one is in terms of people who are working on our own IP and continuously enhancing our service kit service offering and the value proposition that we bring to the client.
Second set of people are working on change on the third party client, erp, homegrown client systems and the rest of the people are working on traditional demand on the IT projects. So broadly this would be the classification of the team and obviously there was an analytics team that we had combined with the tech. Right. My last question is regarding your top end client. Just want to understand the nature of these clients. Have they been top 10 for the last, I mean has that list been static for the last two, three years? And if that is the case, have they asked for any productivity passed back on an annual basis and has expectations on this front gone up and how have you handled that? So I think the composition of top 10 they have not stayed same.
So there are additions in the top 10 and so that’s answer your first question on the second one. The productivity is if you are purely doing FTE and BOM on a seat model, the value proposition comes in from the analytics insights that we bring in our QBRs in our client interactions and the game is beyond like give me 10% productivity improvement, 5% productivity improvement, 8% productivity. I think the question is what is the business value you are adding? I think there was a question on analytics and insights. Now if I am able to go to the client and say we have got client testimonials where they are saying that we have been working with suppliers for long and we have never got sort of insights and the savings from fraud that we have been able to save from what you guys highlighted just by working with us for less than a year.
So I think you have to up the game and see how technology, analytics, business insights, ops, bringing it all together is the value proposition that we bring to the client. So and to answer your specific question, no, we have not seen it because the clients are seeing the overall value proposition. Like there are some asks from the client if they are facing headwinds and things like that. We have always stood alongside with our clients and in long term that has always paid us. In terms of clients are in need then we have supported. But it’s not like give me 10% productivity improvement because we have been giving that continuously the value proposition, whether it’s productivity, whether it’s insights in terms of whether it’s in terms of adding value on the revenue side, enhancing customer experience, reducing fraud losses, reducing credit losses, disputes.
So I think that continues to be the value proposition. I hope I answered your question. Yes, I just want to squeeze in one last question regarding medium term growth outlook. We’ve seen, I mean we’ve had macroeconomic challenges in the last 12 months and maybe a little earlier than that. Do you think growth can remain at these levels or accelerate over the next 12 to 24 months with some of these, I mean people have, customers have kind of got used to the geopolitics and the macroeconomic challenges over the last 12 months. Do you think growth can accelerate or can remain at these levels? So I think as we don’t give any forward guidance on the growth, I think what we are, I’m saying is that depending upon because in the segment we are operating we see good demand, pipeline is strong.
We have said we will stay in the top quartile of our peer group in terms of growth. That definitely we see continuing in terms of in absolute numbers, percentages whether we can do more. If the overall industry does more and the top quartile does more. Yes, if the overall industry and the top quartile is lower then we’ll try and stay ahead of the the curve is what our aspirations are. Okay, thank you very much.
operator
Thank you. Girish. We have next question from the line of Rahul Jain from Dalit Capital. Rahul, please go ahead.
Unidentified Participant
Yeah, hi. I hope my line is okay. Yeah. Yes, we can hear you. Yeah, just since you are almost two years into your four year plan. So is there a new set of, you know, steps that you want to bring it at this point to enhance or sustain the momentum that we are having? We’ve been talking more about the sales team addition and stuff like that. But what about the newer segments that we were also aiming or is there any other gear shift that we are making other than the hiring part of it?
Kapil Jain
So Rahul, I think we are continuing Like I had said that we will look at adjacent area. So for example we have started looking at that. We have said that on finance and accounting we were traditionally on the SMB segment. We will look at mid tier and large clients as well. There we have had some success. We said that we would look at in terms of how do we take the customer experience, customer service business across our client portfolios. We are beginning to see some traction matech that we deliver for the clients. Traditionally we were delivering for one industry segment.
We are seeing traction across the industry segments whether CMT as well as financial services. So we are making as we are going on our strategy, we are making progress in terms of what are the adjacent areas where we can look at at this stage. Whatever strategy we had laid out two years back and the momentum we are seeing in the success I think it’s little too early to change the direction which we had set out. We will continue on the same path, continue to execute on the strategy that we had laid out. And probably I think I would think 12 months would be the time to revisit and it’s not that we have kept this and it’s getting dust on the shelf.
We are continuously looking at areas, adjacent areas, opportunities because but I think to take a refresh and a relook would be probably in 12 to 18 months time frame. Right now I think we see enough and more opportunities on the plan that we are laid out.
Unidentified Participant
Okay, okay, that’s pretty helpful. Just one bit more on the agentic solution deal that we have got. Just wanted to understand how the competitive landscape here is shaping up. Are there in house team as well as a very different set of competition coming in when it comes to these kind of deal or these are your traditional peers who are coming with the newer version which is the agent version.
Kapil Jain
So I think we are seeing the agentic AI I think and the pilots that we are seeing are in areas where we are doing where we are currently working and we have we bring in domain right. So those are areas that are of strength to us. So it’s not like we are going and saying that look we can implement Agent Ki across the board and clients are also like I said this is relatively in terms of implementation pilots, execution. It’s still little too early to say that what is the dollars that we are getting in revenue? What are the benefits that clients are seeing? There’s a lot of promise behind the technology but there’s also a thinking that the overall growth will accelerate for the clients that we service.
If technology was to Come in as a force multiplier. So I hope that answers your question. I think in terms of giving the competitive landscape and all that, I think it’s little too early to talk about the same.
Unidentified Participant
Sure, sure. Thank you so much. Thanks. Thanks.
operator
Thank you Rahul. We have next question from the line of Vaishnavi. She’s facing challenges in the voice and that’s why she had put on the chat. I’ll just read out. So her question is can you please highlight the demand outlook in the US particularly within the BFSI segment and are we witnessing any client bring these services in house rather than outsourcing with adoption of AI? And second question is can you also please highlight the reason for low growth in Q4? As you have mentioned over to you.
Kapil Jain
The demand environment in the US especially in the so overall demand environment in the US for financial services, the clients are doing very well. Financial services has done well. If you look at the overall sector, banks, institutional clients, they have declared very positive results. I think the momentum is good. So we don’t we see a positive demand outlook. We don’t see a concern on the demand side in Financial Services. Second was on Q4 numbers. I think that’s a quarter on quarter like I had said in the previous calls and earlier in today’s call as well that there can be a quarter on quarter volatility because our numbers are small around 120,130 million quarterly revenue base.
There is likely to be a volatility and that could be a quarter on quarter operation. But medium to long term outlook continues to be positive and we are confident in staying in the top quartile from a growth perspective on a Y on Y basis. I think there was one more question. Was there any other question?
Unidentified Participant
No. This was like do we have any client bring this services in house rather than out?
Kapil Jain
No, we haven’t seen any trend because of technology. There could be a strategic reason for a small process but no nothing which is worry worrisome to say that there is. Clients are bringing the value proposition that clients see. With many of our clients we coexist with their GCCs so we are not seeing that trend.
operator
Thank you Kapoor. Thank you Srini. And as we have no further questions I will just remind participants if any questions please click on raise hand button. We’ll just wait for a moment. If no questions then I’ll hand over the call to you for closing remark. I think there are no further questions. I’ll hand over the call to you for closing remarks. Kapil.
Kapil Jain
Yeah, thank you everyone, thank you for your continued support, and we look forward to speaking with you in the next quarter. Thank you, everyone. Thank you.
Srinivasan Nadadhur
Thank you. Goodbye.