Nomura on Birlasoft : Neutral, TP Rs 330

2QFY27: revenue and EBITDA slightly above estimates Focus on deal wins and improving pipeline is imperative to improve growth rates Management said order book fell short of its own expectations, as several deals slipped into 3Q and 4Q Management noted that its aim is to hold EBITDA margins at or above about 15%, with possible seasonal swings. Expect FY27F/28F EBITDA margins at 15.6%/15.7% (vs 16.3% in FY26)

BIRLASOFT LIMITED

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