Strong trailing deal bookings support revenue visibility despite quarterly moderation: Quarterly TCV and ACV declined 44.7% QoQ (up 4% YoY) and 10.4% QoQ (up 7.4% YoY). While TCV moderated from US$1.15 bn in Q1FY27 (which included a US$650 mn large deal), management attributed the moderation partly to deal slippages & slower decision-making amid macroeconomic & Middle East uncertainty and on a TTM basis, TCV and ACV bookings grew a healthy 36.3% and 21.9% YoY, respectively. We expect the reported US $ revenue to grow at...