Genpact J.P. Morgan TMC Conference Takeaways

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Genpact J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Genpact Neutral

G, G US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$29.05

Payments, Processors & IT Services

We hosted Genpact’s CEOl, Balkrishan Kalra, at our TMC Conference today. Puneet Jain AC

Topics discussed included demand trends (and visibility into the 2H ramp), (1-212) 622-1436

competitive dynamics in GenAI and agentic workflows, the durability of the Core puneet.x.jain@jpmorgan.com

business (and its role as the “right to win” for Advanced/ATS), and unit economics Tien-tsin Huang, CFA

of Genpact’s agentic solutions. Our key takeaways below: (1-212) 622-6632

tien-tsin.huang@jpmorgan.com

• Demand trends / 2H ramp. Management said demand remains healthy and Brendan Biles

visibility continues to improve, with no meaningful impact from the Middle (1-212) 270-0880

East conflict on the pipeline. Advanced Tech Solutions pipeline was up >30% brendan.biles@jpmorgan.com

over the last 90 days, and management said that agentic momentum is Abbey Hochreiner

sustaining into C2Q. The company cited six large deals, strong momentum (1-212) 270-5798

abbey.hochreiner@jpmchase.com

exiting 2025, further pipeline conversion, and improving mix (toward ATS) to

Connor Allen support confidence in the 2H ramp implied in guidance.

(1-212) 270-2895

• Competitive environment. Management framed competition as broadening, connor.allen@jpmorgan.com

with new entrants showing up across the stack: hyperscalers and model J.P. Morgan Securities LLC

providers (foundational models), horizontal software platforms, traditional IT

services/SIs, and domain-specific workflow players. Their message was that

the key differentiator is not the underlying model but owning the “last mile” of