WNS (WNS) TD Cowen’s 53rd Annual Technology, Media & Telecom Conference 2025 summary

Business model and differentiation

• Operates as a vertically led, domain-driven business process management provider, integrating technology and analytics for industry-specific solutions.

• Insurance is the largest vertical, accounting for over a quarter of revenue, with deep expertise across eight industries.

• Focuses on industry-specific services, such as claims processing in insurance and benefit utilization in healthcare.

• Emphasizes solutions that bundle technology, analytics, and domain knowledge, rather than selling standalone AI products.

• Maintains a balanced global delivery model with major operations in India, the Philippines, and South Africa.

Growth performance and financial outlook

• Underlying growth has been strong, with sequential quarterly growth in Q3 and Q4, despite headwinds from three large client issues.

• FY2026 guidance is 9% total growth (7% organic, 2% inorganic), with 2% headwind from client issues; excluding these, organic growth would be 9%.

• Achieved 19% operating margin last year, among the highest in the industry.

• Aggressively repurchased shares and continued capital investments, including M&A, even during client-specific headwinds.

• 90% of revenue for the year is already signed, providing high visibility to guidance.

Client engagement and deal pipeline

• Large deals ($10M+ ACV, some exceeding $100M) are now a strategic focus, with dedicated leadership and a separate sales channel.

• Run-rate business ($1M–$5M deals) continues to show strong momentum and is the traditional growth driver.

• Large deals involve complex, multi-tier decision-making and are only included in guidance once signed.

• No significant differences in client behavior by industry or geography; portfolio is well-diversified across regions and sectors.

• Largest customer accounts for only 6% of revenue, reducing concentration risk.