Genpact: Buy Rated on Strengthening AI-Enabled Growth, Higher-Margin Revenue, and Outcome-Based ScalabilityWe recently hosted in ‑person investor meetings with Genpact’s Brian Baral, head of strategy and chief of staff to the Vikstrom, head of IR. In this note, we present our highlights, including the company’s stable competitive moat, the business model’s shift toward non- FTE contracting, agentic AP deployments, advanced technology solutions (ATS) growth and visibility, client adoption patterns, AI risk management, and more. Overall, the meetings left us confident in the company’s strategic direction, including its embrace of AI and ability to meet the medium-term financial targets set out at the June 2025 investor day.