Lower passthrough led to higher than anticipated revenue decline in Q4FY25 The revenue growth performance (-3.5% CC QoQ) was below our estimates (1.6% QoQ CC), attributed to lower than anticipated passthroughs, and extended furloughs. The FY26 revenue growth guidance (0-3% CC YoY) translates to a revenue CQGR of ~0.4%-1.7% CC, which is well below the quarterly run-rate (~2.3% QoQ CC) of FY25, partly aided by mega wins awarded earlier. Despite having reported a large deal TCV of USD11.6b, the...