Birlasoft delivered a mixed FY26, with full-year revenues declining 6% in dollar terms to ~USD 598mn, weighed down by a soft demand environment, clientspecific headwinds in the life sciences/med-tech vertical, deliberate exits from low-margin contracts (~200bps revenue impact), and upfront productivity pass through on AI deals. Margin recovery was remarkable and EBITDA expanded 333bps YoY to 16.3% in FY26, reaching 18.5% in Q4, aided by cost rationalization, forex tailwinds (~170bps), and one-time provision reversals (~170bps). PAT for Q4 surged 47% QoQ to ~INR 1.76bn. Deal wins stayed above USD 200mn TCV for the second consecutive quarter. Management is doubling...