olivLaw · US equity research
Genpact Limited G
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
Genpact presents itself as an agentic and advanced technology solutions company, combining deep industry knowledge and last-mile execution for large enterprises worldwide. It matters now because its Advanced Technology Solutions revenue is growing quickly while core services grow slowly, and the company raised its 2026 guidance. It reported net revenues of 5.1 billion USD in 2025 and 1.343 billion USD in the second quarter of 2026.
At the close of 04 Nov 2026, Genpact Limited (G) stock was 40.78 USD (+1.39% on the day), with market capitalisation 6.9 bn USD, P/E 12.1 on diluted EPS of 3.37 USD over the last 12 months, dividend yield 1.75%, beta 0.49, 52-week range 27.50–48.50 USD. Latest reported quarter (Q2 2026): revenue of 1.3 bn USD (+7.1% YoY), net income of 145.7 m USD (+9.8% YoY), diluted EPS 0.86 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.0
- strong (55–70)
- Bollinger (20, 2)
- 33.67 – 42.91
- in the upper half of the band · %B 0.77 · band width 24.1%
- SMA 50 / 200
- 36.35 / 35.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.42 / 1.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.7% | −1.1% | +22.8 pp | — |
| 3 months | +15.6% | −0.5% | +16.1 pp | — |
| 6 months | +20.7% | +4.4% | +16.3 pp | — |
| Year to date | −12.8% | +12.3% | −25.1 pp | — |
| 1 year | +6.1% | +13.5% | −7.4 pp | −28.1% |
| 3 years | +18.6% | +76.4% | −57.8 pp | −29.4% |
| 5 years | −19.3% | +63.7% | −83.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn |
| Cost of revenue | 779.5 m | 803.0 m | 785.9 m | 804.4 m | 821.6 m | 837.0 m | 824.4 m | 853.1 m |
| Gross profit | 431.4 m | 445.8 m | 429.0 m | 450.1 m | 469.7 m | 482.3 m | 471.7 m | 490.3 m |
| SG&A | 243.3 m | 249.2 m | 241.1 m | 266.4 m | 262.1 m | 277.1 m | 270.3 m | 294.1 m |
| Operating income | 181.7 m | 190.2 m | 183.7 m | 179.4 m | 191.6 m | 195.5 m | 198.6 m | 192.9 m |
| Interest expense | 22.7 m | 20.6 m | 17.7 m | 18.0 m | 17.9 m | 19.9 m | 21.8 m | 19.9 m |
| Pre-tax income | 175.5 m | 182.5 m | 175.2 m | 176.7 m | 189.4 m | 188.8 m | 194.0 m | 190.9 m |
| Income tax | 42.7 m | 40.6 m | 44.4 m | 44.0 m | 43.5 m | 45.7 m | 46.0 m | 45.1 m |
| Net income | 132.8 m | 141.9 m | 130.9 m | 132.7 m | 145.8 m | 143.1 m | 148.0 m | 145.7 m |
| Diluted EPS | 0.74 | 0.79 ≈ | 0.73 | 0.75 | 0.83 | 0.82 ≈ | 0.86 | 0.86 |
| Operating cash flow | 228.5 m ≈ | 203.2 m | 40.4 m | 177.4 m ≈ | 308.4 m ≈ | 286.7 m | -23.5 m | 72.4 m ≈ |
| Capex | 19.8 m ≈ | 19.7 m | 22.0 m | 22.2 m ≈ | 16.3 m ≈ | 17.7 m | 23.9 m | 13.9 m ≈ |
| Dividends paid | 26.9 m ≈ | 26.7 m | 29.8 m | 29.6 m ≈ | 29.3 m ≈ | 29.0 m | 31.8 m | 31.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 15 percentile of its own 39-quarter history (min 8.2, median 21.0, max 27.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 3.5 bn | 3.7 bn | 4.0 bn | 4.4 bn | 4.5 bn | 4.8 bn | 5.1 bn |
| Revenue YoY | +9.6% | +17.3% | +5.4% | +8.4% | +8.7% | +2.4% | +6.5% | +6.6% |
| Net income | 282.0 m | 304.9 m | 308.3 m | 369.4 m | 353.4 m | 631.3 m | 513.7 m | 552.5 m |
| Net income YoY | +7.2% | +8.1% | +1.1% | +19.8% | −4.3% | +78.6% | −18.6% | +7.6% |
| Diluted EPS | 1.45 | 1.56 | 1.57 | 1.91 | 1.88 | 3.41 | 2.85 | 3.13 |
| Diluted EPS YoY | +8.2% | +7.6% | +0.6% | +21.7% | −1.6% | +81.4% | −16.4% | +9.8% |
| net % | 9.4% | 8.7% | 8.3% | 9.2% | 8.1% | 14.1% | 10.8% | 10.9% |
| Free cash flow | 254.5 m | 353.0 m | 514.1 m | 640.9 m | 393.1 m | 435.4 m | 532.7 m | 734.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 853.8 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 312.4 m USD
- Equity
- 2.5 bn USD
- Total assets
- 5.8 bn USD
- Debt / equity
- 0.46x
- Current ratio
- 1.66x
- ROE
- 22.4%
- ROA
- 10.2%
- FCF margin
- 14.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 4.0 bn | 4.4 bn | 4.5 bn | 4.8 bn | 5.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 2.4 bn | 2.6 bn | 2.8 bn | 2.9 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 789.8 m | 865.7 m | 938.4 m | 913.1 m | 967.1 m | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 438.7 m | 509.0 m | 502.2 m | 630.9 m | 702.1 m | 750.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 56.2 m | 58.3 m | 58.1 m | 66.3 m | 79.5 m | 73.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 400.5 m | 483.1 m | 465.2 m | 602.2 m | 676.8 m | 730.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 92.2 m | 113.7 m | 111.8 m | -29.0 m | 163.2 m | 177.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 308.3 m | 369.4 m | 353.4 m | 631.3 m | 513.7 m | 552.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.57 | 1.91 | 1.88 | 3.41 | 2.85 | 3.13 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 195.8 m | 193.0 m | 188.1 m | 185.1 m | 180.4 m | 176.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.39 | 0.43 | 0.50 | 0.55 | 0.61 | 0.68 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 680.4 m | 899.5 m | 646.8 m | 583.7 m | 648.2 m | 853.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 881.0 m | 887.7 m | 994.8 m | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.7 bn | 1.9 bn | 1.8 bn | 1.9 bn | 2.1 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 231.1 m | 215.1 m | 180.8 m | 189.8 m | 207.9 m | 190.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 236.7 m | 169.6 m | 89.7 m | 53.0 m | 27.0 m | 67.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 4.9 bn | 5.0 bn | 4.6 bn | 4.8 bn | 5.0 bn | 5.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 13.9 m | 25.0 m | 35.8 m | 27.7 m | 36.5 m | 27.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 250.0 m | 0 | 151.0 m | 10.0 m | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 1.3 bn | 1.3 bn | 1.2 bn | 824.7 m | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 1.2 bn | 1.3 bn | 1.1 bn | 1.3 bn | 963.7 m | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.0 bn | 3.1 bn | 2.8 bn | 2.6 bn | 2.6 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.8 bn † | 1.9 bn † | 1.8 bn † | 2.2 bn † | 2.4 bn † | 2.5 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 584.3 m | 694.3 m | 443.7 m | 490.8 m | 615.4 m | 812.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 70.2 m | 53.3 m | 50.6 m | 55.4 m | 82.8 m | 78.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 514.1 m ≈ | 640.9 m ≈ | 393.1 m ≈ | 435.4 m ≈ | 532.7 m ≈ | 734.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -266.4 m | -122.7 m | -36.6 m | -78.9 m | -106.0 m | -495.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -92.0 m | -332.9 m | -571.4 m | -483.0 m | -424.8 m | -106.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 74.2 m | 80.5 m | 91.8 m | 100.0 m | 108.5 m | 117.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 137.1 m | 298.2 m | 214.1 m | 225.5 m | 252.7 m | — | SEC (XBRL)· 03 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 85 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation97
- Balance sheet100
- Quality91
- Growth71
- Returns55
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.83 – 84.00 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)50.80 – 83.57 (Mid 63.19)WACC 8.6% · starting FCFF 632.8 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -11.7%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E46.83 – 84.00 (Mid 67.59)11 companies used · median multiple 20.1x · quartiles 13.9x – 24.9xAERT, BAH, EXPO, FCN, HCKT, HURN, ICFI, III, RMR, TSSI, ZTG
- Dividend discount (DDM)outside the aggregate8.94 – 12.02 (Mid 10.25)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 85/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 19.5% | 89 (vs peers) | 13% |
| Net margin · Quality | 11.1% | 88 (vs peers) | 8% |
| FCF conversion · Quality | 98.2% | 97 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 5.1% | 43 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 18.5% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.8x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 12.1x | 94 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.8% | 25 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 21.3% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth71/100 · 2/2 factors with a value
- Quality91/100 · 3/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation97/100 · 2/3 factors with a value
Memo
Genpact Limited (G). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.1 bn USD in 2025; YoY growth 6.6%; net margin 11.1%; ROE 22.4%.
The estimated value range is 48.81–83.79 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 65.39 USD, the price of 40.78 USD leaves a potential of 60.3% (value / price − 1) and a margin of safety of 37.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 85/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 19.5%
- Net margin: 11.1%
- FCF conversion: 98.2%
- EPS CAGR 3Y: 18.5%
- Interest coverage: 9.8x
- Current ratio: 2.0x
- P/E (TTM): 12.1x
- FCF yield: 8.3%
- Payout ratio (FCF): 21.3%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 1.8%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | +6% / +19% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for G from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.98 Total return -37% · Per year -37% | 44.15 Total return 10% · Per year 10% | 66.48 Total return 65% · Per year 65% |
| 3 years | 24.55 Total return -36% · Per year -14% | 48.80 Total return 26% · Per year 8% | 80.64 Total return 105% · Per year 27% |
| 5 years | 24.13 Total return -34% · Per year -8% | 53.94 Total return 43% · Per year 7% | 97.81 Total return 154% · Per year 20% |
- Exit P/E± 12.20
- Net margin± 8.54
- Annual revenue growth± 6.97
- Annual dilution± 0.72
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Genpact presents itself as an agentic and advanced technology solutions company, combining deep industry knowledge and last-mile execution for large enterprises worldwide. It matters now because its Advanced Technology Solutions revenue is growing quickly while core services grow slowly, and the company raised its 2026 guidance 13. It reported net revenues of 5.1 billion USD in 2025 1 and 1.343 billion USD in the second quarter of 2026 3.
SWOT
Strengths
- The company has long operational experience in complex processes and a broad base of large clients across diverse industries 1.
- Advanced technology solutions are growing quickly and represent a larger share of the business, showing an ability to reorient 3.
- Partnerships with large technology companies and domain specialists extend delivery capacity without building everything in-house 1.
Weaknesses
- Core business services are growing very slowly, so a large part of revenue depends on a low-growth area 3.
- Employee attrition remains high, and replacing specialists costs money and slows delivery 1.
- Revenue concentration in large clients means that losing a major contract would have a visible effect on results 1.
Opportunities
- If demand for agentic operations continues, growth in advanced solutions could shift the revenue mix toward higher-margin work 3.
- Clients moving from experiments to scale could expand existing contracts toward data and AI services 1.
- Margin improvement in recent quarters, if sustained, could support growth in earnings per share 3.
Risks
- Replacement of services by AIhigh
The company states that some services may be replaced by AI and that clients might not accept new pricing models, which could reduce demand and prices 1.
- Client concentrationmedium
Top clients generate a significant part of revenue, and losing a large client could affect quarterly results 1.
- Attrition and workforce costsmedium
High attrition and competition for AI specialists could raise costs and slow service delivery 1.
- Cybersecurity risksmedium
The company handles sensitive client data, and cyberattacks or leaks could lead to litigation and fines 1.
- Macroeconomic and currency uncertaintylow
Tariffs, geopolitical conflicts and currency fluctuations could affect demand and margins, particularly for costs in local currencies 12.
Investment thesis
What would need to be true (bull case)
- If advanced technology solutions keep growing at the current pace, the revenue mix could shift meaningfully toward services with better margins 3.
- The raised 2026 guidance and recent margin expansion could signal solid operational discipline 3.
- Process expertise and technology partnerships could offer a lasting advantage over firms without the same operational base 1.
What would break the thesis
- Core business services, which make up most revenue, are growing very slowly, which could limit total growth if the trend continues 3.
- If AI replaces services faster than new solutions expand, demand for traditional services could fall more than expected 1.
- High attrition and wage pressure could reduce margins if they are not offset by productivity gains 1.
What to watch
- Growth of advanced technology solutions against the guidance of at least 25%Q3 2026
- Revenue trend in core business services, guided flat to slightly down for the quarterQ3 2026
- Adjusted operating margin and the adjusted EPS growth guidance2026
- Employee attrition rate and the trend in workforce costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Genpact organizes its activity into two main groups: Advanced Technology Solutions, which include data and AI, digital technology, advisory services and agentic solutions, and Core Business Services, which include decision support, technology services and digital operations 1. The company introduced this split starting with the quarter that began on April 1, 2025 1. Clients are grouped into three industry segments, and a large part of the services covers finance, accounting, supply chain and procurement 1.
The business model rests on master service agreements supplemented by statements of work that set services and pricing, while agentic solutions are typically sold through master software-as-a-service agreements 1. The company began as a global capability center for General Electric, which gave it detailed operational experience and a culture built around process, data and standardization 1. Partnerships with large technology companies, domain specialists and start-ups are an integral part of the strategy 1.
Exposure to large clients is significant: the top ten clients accounted for 23.4% of 2025 revenues 1, so the loss or renewal of major contracts could matter a great deal for results. The company says it relies on long-term client relationships and on projects that expand over time 1.
Segments
Financial Services
This segment covers banks, capital markets and insurers, with processes such as customer onboarding, payment operations, lending, compliance and financial crime prevention. Revenues in 2025 were 1.4 billion USD, or 26.7% of the total 1.
Consumer and Healthcare
This segment serves food and beverage, household goods, retail, life sciences and healthcare clients, with services in demand planning, supply chain management, pricing, deduction recovery and health claims lifecycle management. Revenues in 2025 were 1.7 billion USD, or 34.0% of the total 1.
High Tech and Manufacturing
This segment targets high-tech hardware and software companies as well as manufacturers in automotive, aerospace, energy and logistics, with services in trust and safety, customer care, procurement and supply chain. Revenues in 2025 were 2.0 billion USD, or 39.3% of the total, making it the largest segment 1.
Market context
The market for business process services and technology consulting is changing quickly, as clients increasingly seek AI-driven automation and software agents rather than classic outsourcing alone. Genpact presents itself as able to deliver both data and AI projects and managed operations 1. The rapid growth of advanced technology solutions in the second quarter of 2026 points to strong demand in this area 3.
At the same time the market is competitive, and the company notes that clients may build their own AI capabilities and that some current services could be partly replaced by AI 1. Economic uncertainty, trade policy and geopolitical tensions could prolong client decision cycles, according to management 2.
Trends
- Adoption of AI and software agentstailwind
Clients are moving from AI experiments to agentic operations, and Genpact is steering its offer toward these solutions. If demand for such services continues, revenue from advanced technology solutions could support total growth 13.
- AI pressure on traditional servicesheadwind
The company acknowledges that some current services could be replaced by AI and that clients might reject new pricing models, which could reduce demand for core services 1.
- Macroeconomic and trade uncertaintyheadwind
Tariffs, geopolitical tensions and conflicts in the Middle East and Ukraine have raised market volatility, which could lengthen client decision cycles 12.
- Labor costs and talentmixed
Wages are rising in countries where the company has delivery centers, and competition for AI specialists is intense. High employee attrition could affect efficiency and margins 1.
Competitive position
Genpact faces traditional competitors in outsourcing and consulting, as well as newer firms in the AI field and its own clients, who may develop internal solutions 1. The company notes that the market for advanced technology and services is highly competitive and changing rapidly 1.
The company's stated advantage is process expertise built over decades, operational data and technology partnerships, which could support differentiated pricing and delivery if maintained 1.
- AccentureACN
Consulting and technology services firm competing in digital transformation and AI for large clients, cited in the context of industry competition 1.
- ConcentrixCNXC
Provider of customer experience and business process operations that competes in the same outsourcing market.
- CognizantCTSH
Technology services and business operations company with offerings in data, AI and application management in the same industries.
- Clients building their own capability centers
Clients that build internal AI and process capabilities represent a form of competition the company explicitly names 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (amendment)18 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report29 Apr 2026Shareholder vote
- Proxy statement11 Mar 2026
- Annual report26 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Genpact Limited · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Genpact Limited · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Genpact Limited · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.