Birlasoft's Q1 FY27 reflects a company that is still finding its footing. Revenue grew a modest 0.3% CC QoQ, with dollar revenue flattish at USD 145.2mn, a marked contrast to peers like Coforge which posted double-digit growth. EBITDA margin normalized to 16.1% post oneoffs, but management flagged 170-200bps dilution from wage hikes effective July, with only partial recovery expected through productivity gains. TCV signings of USD 168.7mn (+20% YoY) and a widening AI-led deal pipeline offer some encouragement, yet management didn't provide any clear revenue guidance, citing market...