Strong deal wins in Q4 of USD 3bn with robust pipeline The operating performance was broadly in line with our estimates. The FY26 revenue outlook (2-5% YoY CC) assumes 100bps of inorganic element (HPE Assets). The organic guidance translates to a weak CQGR of (-0.1% to +0.9%), which assumes the execution delays and further deterioration of demand at the lower band of the guidance. We believe the company is highly exposed to tariff sensitive verticals (Manufacturing, Retail, Healthcare), while the ER&D...