Strong deal engine and pipeline visibility, but growth quality still evolving: FSL demonstrated solid execution with 4.6% QoQ CC growth healthy doubledigit YoY growth, partially aided by new acquisition. Q3 saw 5 large deals (ACV >US$5 mn), 9 new logos including 5 strategic ones (potential of US$5mn revenue run-rate annually), and an exit pipeline above US$1 bn, while 60% of strategic logos over eight quarters scaled toward US$5mn run-rate relationships. However, BFSI and Healthcare were sequentially soft and nearterm optics are affected by provider account rationalization in healthcare segment (~50 bps FY26 revenue impact), suggesting reported momentum may remain uneven despite healthy underlying demand. Accordingly, we expect...