WNS (Holdings) Limited (WNS): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a major global process outsourcer, trying to see past the quarterly reports to how they actually make money and stay ahead in the digital race. Honestly, looking at their fiscal 2025 numbers-like hitting $1.266 billion in net revenue while managing a workforce of 64,505 people across 64 centers-tells a clear story of scale meeting transformation. This business isn't just cutting costs anymore; they are actively buying AI specialists like Kipi.ai to co-create digital roadmaps for their 700-plus clients. It's a complex operation. We've mapped out the nine essential blocks of their Business Model Canvas below, so you can see exactly where the value is created and captured.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Key Partnerships

You're looking at how WNS (Holdings) Limited builds its external muscle-the alliances and acquisitions that fuel its digital-led business transformation services. Honestly, in this space, your partners are almost as important as your internal talent pool.

Technology alliances for cloud and enterprise software (e.g., Microsoft, SAP).

WNS (Holdings) Limited actively co-creates solutions by working hand-in-hand with major technology providers. For instance, WNS (Holdings) Limited is bolstering its Generative AI (Gen AI) offerings by integrating the Microsoft Azure OpenAI Service. This lets them deploy client-specific use cases faster across their proprietary platforms like SKENSE, which is available on the Azure Marketplace. Also, WNS (Holdings) Limited has a deep relationship with SAP, having used SAP SuccessFactors Employee Central to digitally transform its own HR across 17 countries, integrating core HR management for about 42,000 employees benefiting from automated payroll processing. Furthermore, WNS (Holdings) Limited joined the AWS ISV Accelerate Program to jointly sell solutions to active AWS customers. The focus is clearly on hyperscalers to ensure scalable, reliable operations.

Acquisition of AI/data specialists like Kipi.ai to enhance digital offerings.

The move to acquire Kipi.ai in the fourth quarter of fiscal 2025 was a big signal about their commitment to data-to-decision capabilities. WNS (Holdings) Limited paid between $75 million and $100 million for this acquisition. Kipi.ai, a Snowflake Elite Partner, brought over 600 global employees, including 450 data engineers and architects, plus more than 250 proprietary AI-powered accelerators. While the financial impact in fiscal 2025 was minimal, Kipi.ai is projected to contribute approximately 2% to WNS (Holdings) Limited's revenue in fiscal 2026. It's about adding market-differentiated data modernization capabilities directly into the WNS (Holdings) Limited engine.

Global enterprises for large-scale, long-term outsourcing contracts.

The core of the business model relies on these deep, long-term relationships. WNS (Holdings) Limited ended fiscal 2025 with a global headcount of 64,505 employees, supporting a revenue base (less repair payments) of $1,265.5 million for the full year. You can see the strength of these relationships in the late-year wins; WNS (Holdings) Limited secured two large transformational deals in the fourth quarter of fiscal 2025, one each in Banking & Financial Services and Travel. These two verticals alone represented 45% of total revenue in fiscal 2025. The company added 9 new clients and expanded 50 existing relationships in that final quarter of fiscal 2025. These deals are what provide the high visibility into future revenue streams.

Ecosystem partners for industry-specific solutions and platforms.

Beyond the major cloud providers, WNS (Holdings) Limited maintains a broad partner ecosystem to deliver specialized, industry-focused solutions. This includes working with platform specialists like Snowflake, where Kipi.ai was already an Elite Partner, and a host of automation and workflow technology vendors. This network helps WNS (Holdings) Limited maintain its competitive edge by quickly integrating proven tools into its digital transformation stack.

Here's a quick look at the scale and focus of some of these key alliances as of the close of fiscal 2025:

Partner Category	Specific Partner/Focus Area	Quantifiable Metric/Scale	Fiscal 2025 Relevance
AI/Data Acquisition	Kipi.ai	Acquisition cost between $75 million and $100 million	Expected 2% revenue contribution in FY2026
Cloud/AI Platform	Microsoft (Azure OpenAI Service)	Integration to enhance Gen AI solutions	Used to build client-specific use cases
Enterprise Software	SAP (SuccessFactors)	Implemented in 17 countries	Automated payroll for 42,000 employees
Data Platform	Snowflake	Kipi.ai was an Elite Partner; WNS (Holdings) Limited announced collaboration	Brings over 600 certified professionals to WNS (Holdings) Limited
Large Contract Vertical	Banking & Financial Services/Travel	2 large transformational deals signed in Q4 FY2025	These verticals contributed 45% of total FY2025 revenue

Strategic consulting firms for process optimization and digital strategy.

WNS (Holdings) Limited emphasizes a co-creation approach, which inherently involves deep, consultative partnerships with clients to identify where to apply their digital-led services. While specific, named consulting firm alliances aren't always publicized in the same way as technology vendors, the focus on 'domain-plus-digital' solutions means they embed deep process expertise. For example, in their HR transformation with SAP, they utilized Stepping Cloud Consulting Limited as the implementation partner, showing they rely on specialized external expertise to execute complex enterprise rollouts. This strategy helps WNS (Holdings) Limited move beyond simple outsourcing to become a strategic partner for mission-critical processes.

The key partnerships WNS (Holdings) Limited is cultivating are centered on:

• Securing access to next-generation AI capabilities via acquisitions like Kipi.ai.
• Deepening integration with major hyperscalers like Microsoft and AWS.
• Leveraging platform ecosystems, notably Snowflake, for data modernization.
• Converting client relationships into large, multi-year transformational contracts.

Finance: draft Q1 FY2026 cash flow projection incorporating Kipi.ai run-rate by next Tuesday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Key Activities

You're looking at the core actions WNS (Holdings) Limited takes to run its business as of late 2025. It's all about execution, especially around digital delivery and scale. Here's the quick math on what they are actively doing.

Delivering end-to-end Business Process Management (BPM) solutions.

WNS (Holdings) Limited focuses on delivering a full spectrum of solutions, blending domain expertise with technology. This activity supports a client base of over 700 clients across various industries. The services delivered cover several critical functions:

• Customer experience services
• Finance and accounting
• Human resources
• Procurement
• Research and analytics

Co-creating digital transformation and AI-led solutions with clients.

The company positions itself as a digital-led business transformation provider. A key recent action was the acquisition of Kipi.ai in the fourth quarter of fiscal 2025, which cost $63.4 million in up-front consideration. This move specifically enhances capabilities in data, analytics, and AI. Furthermore, WNS Analytics supports over 250 global companies with business decision intelligence using Artificial Intelligence and Human Intelligence (AI+HI).

Managing a global network of 64 delivery centers.

Scale is definitely a factor in their operations, supported by a significant global footprint as of March 31, 2025. The operational backbone includes a global headcount of 64,505 professionals. These professionals are spread across 64 delivery centers worldwide.

Metric	Value as of March 31, 2025
Global Headcount	64,505
Delivery Centers	64
Total Clients	Over 700

Investing in proprietary technology, data, and analytics capabilities.

Investment in future capabilities is evident through strategic spending and acquisitions. The acquisition of Kipi.ai in Q4 FY2025 was a direct investment in data and AI. Looking ahead, WNS (Holdings) Limited projected capital expenditures up to $65 million for fiscal 2026. On the proprietary tech side, they utilize platforms like WNS Malkom, an AI-powered shipping automation platform.

Securing and executing large, transformational outsourcing deals.

Client expansion and securing major contracts are central to revenue momentum. In the fourth quarter of fiscal 2025, the company added 9 new clients and expanded 50 existing relationships. Specifically, two large transformational deals were finalized in the Banking, Financial Services, and Travel verticals during that quarter. These two verticals were important to the full fiscal year 2025 results, contributing 45% of total revenue.

Fiscal 2025 full-year revenue less repair payments was $1,265.5 million.

Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Key Resources

You're looking at the core assets WNS (Holdings) Limited relies on to deliver its services, and honestly, the numbers from the end of fiscal year 2025 tell a clear story of scale and digital investment.

The sheer size of the talent pool is a primary resource, backed by a significant financial cushion and a global footprint. Here's a quick look at the hard numbers defining their operational scale as of March 31, 2025.

Resource Category	Metric/Asset Detail	Value as of March 31, 2025
Human Capital	Global Workforce (Professionals)	64,505
Financial Capital	Cash and Investments	$267.4 million
Physical Infrastructure	Global Delivery Centers	64 centers worldwide
Intellectual Property	Clients Served (Approximate)	Over 700 clients

The intellectual capital, which is WNS (Holdings) Limited's deep domain expertise, is what turns that workforce into value for clients across verticals like Travel and Insurance. This expertise is now being heavily augmented by proprietary technology.

Speaking of technology, WNS (Holdings) Limited has been actively building out its digital assets. You see this in their specific platforms, many of which were recognized in 2025:

• Proprietary AI-led digital platform, Agile Target Operating Model (aTOM), launched in September 2025, designed for finance transformation.
• WNS Analytics, which provides business decision intelligence to over 250 global companies using AI+HI (Artificial Intelligence and Human Intelligence).
• Award-winning AI products like SKENSE Research Genie for insurance underwriting and KnowRA+ for service agents.
• The acquisition of Kipi.ai in Q4 FY2025 further expanded capabilities in data, analytics, and AI.

The global delivery infrastructure supports this human and digital capital. As of March 31, 2025, WNS (Holdings) Limited operated across 64 delivery centers worldwide, spanning locations like India, the Philippines, Poland, the United States, and others.

To be fair, the financial resource is also critical; ending Q4 FY2025 with $267.4 million in cash and investments provides the necessary liquidity for ongoing strategic investments, like the Kipi.ai acquisition, and general operations.

Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Value Propositions

You're looking at how WNS (Holdings) Limited delivers distinct value to its clients, moving beyond simple outsourcing to true digital partnership. The core value is rooted in tangible outcomes, especially around efficiency and advanced capability access.

Digital-led business transformation and operational efficiency

WNS (Holdings) Limited positions itself as a digital-led business transformation and services company, combining deep domain expertise with technology and Artificial Intelligence (AI) to co-create solutions. This focus is yielding measurable results for clients.

• About 5% of WNS (Holdings) Limited's revenue in fiscal year 2025 was expected to be influenced by generative AI initiatives.
• Client examples show efficiency improvements ranging from 30% to 40% achieved through analytics, AI, and automation programs.
• Research from WNS and Corinium Intelligence indicated that 90% of enterprises across eight sectors that did not accelerate digital transformation programs in response to COVID-19 lost business, underscoring the value of this focus.

Cost reduction and process streamlining for non-core functions

A significant value proposition is the ability to drive down operational expenditure while streamlining processes that are not central to the client's core mission. This is demonstrated across various industry engagements.

Value Metric	Observed Client Outcome	Context/Function
30% Cost Reduction	Achieved through AI, analytics, and process consolidation.	Revenue Cycle Management (RCM) for a leading cancer center.
~40% Annual Cost Savings	Unlocked by implementing Machine Learning Operations (MLOps).	ML lifecycle management for a hospitality firm.
GBP 1.3 Mn Cost Savings	Realized by setting up a dedicated Center of Excellence (CoE) for MIS functions.	MIS reporting for a leading global insurance provider.

The firm also achieved a ~30% reduction in overall costs across casualty claims and medical case management in one engagement by deploying advanced analytics and automation. Also, MLOps deployment resulted in a ~55% improvement in ML development productivity. That's defintely a strong return on investment.

Industry-specific, customized BPM solutions (e.g., F&A, CX, Procurement)

WNS (Holdings) Limited delivers tailored Business Process Management (BPM) solutions, which is evident in the concentration of revenue within key verticals and external recognition for specialized services.

• The Banking & Financial Services and Travel verticals together represented 45% of WNS (Holdings) Limited's total revenue in fiscal 2025.
• WNS Procurement was recognized as a "Leader" in the 2025 Information Services Group (ISG) Provider Lens™ Global Report for Procurement BPO Services across all three evaluation quadrants.
• In Q3 of fiscal 2025, WNS (Holdings) Limited added 7 new clients and expanded services across 52 existing relationships.

Access to advanced AI and analytics for data-driven decision-making

The dedicated WNS Analytics practice is central to this value, providing proprietary AI assets and expertise. The strategic acquisition of Kipi.ai in Q4 2025 further solidifies this offering.

Here's the quick math on the analytics influence:

Metric	Value/Projection	Fiscal Period/Context
Analytics-Influenced Revenue	Approximately $200 million	Fiscal Year 2025 (out of $1.3-1.4 billion total revenue)
GenAI Revenue Influence	Expected 5% of WNS Analytics revenue	Fiscal Year 2025
Kipi.ai Contribution to Growth	Expected to contribute 2% to revenue growth	Fiscal Year 2026
GenAI Assets in Production/Committed	Over 30 use cases	As of Q3 Fiscal 2025

The company also secured a new U.S. insurance client in Q3 FY2025 projected to be a top 10 client in FY2026, leveraging multiple GenAI assets.

Scalable, 24/7 global service delivery and business continuity

The operational scale supports the delivery of these complex, digital-led services globally. The company ended fiscal 2025 with a substantial global footprint.

• Global headcount as of March 31, 2025, stood at 64,505 employees.
• WNS (Holdings) Limited serves over 700 clients across various industries.
• Days Sales Outstanding (DSO) improved to 34 days by the end of Q4 Fiscal 2025, reflecting efficient working capital management.

Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Customer Relationships

You're looking at how WNS (Holdings) Limited manages its connections with the businesses it serves, which is clearly a relationship-driven model. This isn't just about transactions; it's about embedding themselves into the client's operations.

The approach centers on dedicated account management designed specifically for co-creation and building those long-term partnerships. As of March 31, 2025, WNS (Holdings) Limited served over 700 clients across various industries, indicating a broad but deep engagement base that requires tailored attention. The focus is on delivering an entire spectrum of Business Process Management (BPM) solutions, re-imagining the digital future for these businesses. This consultative depth is supported by a global team of 64,505 professionals across 64 delivery centers as of that same date.

For securing these engagements, the sales process is high-touch and consultative, targeting complex, multi-year contracts. This is where domain expertise meets digital transformation. The success of this strategy is evident in the growth within the existing base. For instance, in the fourth quarter of fiscal year 2025 alone, WNS (Holdings) Limited reported 50 expansions of existing relationships, alongside adding 9 new clients.

Here's a quick look at the recent client growth metrics from that period:

Metric	Value	Period
Total Clients Served (as of March 31, 2025)	Over 700	FY2025 End
Existing Relationship Expansions	50	Q4 FY2025
New Client Additions	9	Q4 FY2025
Revenue Less Repair Payments	$1,265.5 million	Full Year FY2025

The relationship health is also tracked financially. For Q4 FY2025, the Days Sales Outstanding (DSO) was reported at 34 days, showing how quickly, on average, WNS (Holdings) Limited collects payment from its customers.

The agreements themselves move beyond simple input metrics. The focus is on service-level agreements (SLAs) centered on outcomes, which aligns the success of WNS (Holdings) Limited directly with the measurable business improvements of the client. This is reinforced by a commitment to continuous process improvement and innovation being embedded directly into the service delivery. This is supported by strategic investments, such as the acquisition of Kipi.ai, which delivered a Marketing Mix Modeling and Analytics App on the Snowflake AI Data Cloud as recently as September 2025.

The core elements driving these deep relationships include:

• Co-creation of innovative, digitally led solutions.
• Deep industry knowledge application.
• Focus on transformation, digital technology, and new operating models.
• Leveraging AI and advanced analytics offerings.

If onboarding new digital transformation projects takes longer than expected, client satisfaction scores can defintely dip. Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Channels

You're looking at how WNS (Holdings) Limited gets its services-from the sales pitch to the final delivery-into the hands of its clients as of late 2025. It's a mix of direct, high-touch sales and massive global infrastructure.

Direct sales team targeting Fortune 500 and large global enterprises

The sales channel relies heavily on direct engagement, which makes sense given the scale of the contracts WNS (Holdings) Limited pursues. They serve over 700 clients across various industries, indicating a dedicated, relationship-driven sales force focused on large accounts. This approach is designed to land transformational deals; for instance, two large transformational deals were closed in Q4 of fiscal 2025, expected to contribute revenue in the first half of fiscal 2026. The company's Fiscal 2025 Net Revenue reached $1.266 billion, a testament to the effectiveness of this direct enterprise targeting.

Global network of 64 delivery centers for offshore and nearshore service

The delivery of services is anchored by a significant global footprint, supporting both offshore and nearshore models. This physical presence is crucial for scale and business continuity. As of March 31, 2025, WNS (Holdings) Limited operated a network that supported its workforce.

Metric	Value as of March 31, 2025
Global Headcount	64,505 professionals
Delivery Centers Worldwide	64 centers
Continents Served From	4
Countries with Facilities	13

The company's guidance for Fiscal 2026 projects revenue less repair payments between $1.352 billion and $1.404 billion, showing the scale these channels are expected to support. The delivery locations span key geographies, including India, the Philippines, Poland, Romania, South Africa, the United Kingdom, and the United States, among others.

Digital platforms and cloud infrastructure for solution deployment

WNS (Holdings) Limited is positioning itself as a digital-led transformation provider, meaning the channel for solution deployment is increasingly digital. This involves leveraging proprietary AI-powered assets and platforms. A key move here was the acquisition of Kipi.ai, which bolsters capabilities in building cloud-native data platforms, specifically on Snowflake's AI Data Cloud. This digital channel helps clients achieve measurable results:

• 14% Gain in operational efficiency, productivity, and cost reduction through data, analytics, and AI services.
• 18% Faster time-to-market for new initiatives.
• 34% Accelerated insights derived from unstructured business data.

The company uses these digital assets to facilitate seamless migration of client data to cloud platforms, supporting the broader industry trend where 51% of IT spending is shifting to the public cloud in 2025. It's how they deliver their re-imagined digital future.

Investor Relations website for transparency and financial communication

For the financial community, the Investor Relations website, ir.wns.com, serves as the primary channel for official communication and transparency. This is where critical updates are disseminated. For example, the Fiscal 2025 Fourth Quarter and Full Year Earnings were announced on April 24, 2025, with the associated conference call accessible live via this site. Furthermore, the Annual Report on Form 10-K for the fiscal year ended March 31, 2025, was filed and made available on the site on May 13, 2025. The site also hosts information regarding the July 7, 2025, announcement that Capgemini agreed to acquire WNS (Holdings) Limited for US$3.3 billion, which shareholders approved in August 2025.

Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Customer Segments

You're looking at the core of WNS (Holdings) Limited's business-who they serve and how they segment that base to deliver their transformation services. It's not just about volume; it's about the complexity and strategic importance of the client relationship.

WNS (Holdings) Limited is a strategic partner to over 700 clients globally, focusing on large global enterprises that need deep, knowledge-based Business Process Management (BPM) and digital transformation. These aren't transactional customers; they are engagements where WNS (Holdings) Limited co-creates innovative solutions by combining deep domain expertise with technology and AI. The company's global workforce supporting this base stood at 64,505 professionals as of March 31, 2025.

The customer base is heavily concentrated in specific, complex verticals. You see a clear focus on industries where process transformation directly impacts the bottom line, such as Travel, Insurance, Banking, and Healthcare. The CFOs and C-suite executives within these organizations are the primary decision-makers, as they are focused on driving digital strategy and achieving significant cost reduction through these partnerships. This focus is paying off in key areas; for instance, the Banking and Financial Services and Travel verticals together contributed 45% of total revenue in fiscal 2025.

The health of the pipeline and the ability to close complex deals are key indicators here. During the fourth quarter of fiscal 2025, WNS (Holdings) Limited added 9 new clients, which is a solid number given the macro environment. On top of that, they expanded relationships with 50 existing clients in the same quarter. To be fair, the year also saw headwinds, like the loss of a large Healthcare client, but the new business momentum is clear.

Here's a quick look at the key verticals and recent strategic wins that define this segment:

• Banking and Financial Services (BFS): Closed one large transformational deal in Q4 FY2025.
• Travel: Also secured one large transformational deal in Q4 FY2025.
• Healthcare: Experienced a large client loss, but remains a core vertical.
• Insurance: A consistently served, complex industry segment.

The operational efficiency in managing this large, diverse client set is reflected in the Days Sales Outstanding (DSO), which was 34 days as of March 31, 2025. That's a tight collection cycle for a business dealing with complex, knowledge-based services.

You can see the relative importance and recent focus on the most strategic segments in this breakdown:

Vertical	FY2025 Revenue Contribution (Combined)	Q4 FY2025 New Large Deal	Key Focus Area
Banking & Financial Services	45% (with Travel)	Yes	Digital transformation, Risk Management
Travel	45% (with BFS)	Yes	Cost reduction, Customer Experience
Healthcare	Not specified	No	Complex process management
Insurance	Not specified	No	Industry-specific offerings

The strategy is clearly about moving up the value chain with existing clients and landing new, high-value logos. The full-year revenue less repair payments for fiscal 2025 was $1,265.5 million, and the expectation for fiscal 2026 is a jump to between $1,352 million and $1,404 million, largely driven by expanding these deep relationships.

The target audience is definitely the executive suite looking for measurable outcomes, not just outsourced tasks. Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Cost Structure

You're looking at the major drains on WNS (Holdings) Limited's cash flow to understand where the business spends its money to deliver its services. Honestly, for a services company, the people costs are always the biggest line item, so let's start there.

The cost structure for WNS (Holdings) Limited is heavily weighted toward human capital and the infrastructure needed to support a global, digital-first workforce. You need to keep the lights on, the software running, and the talent paid well to keep that client base happy.

Here's a quick look at the key quantifiable elements driving the cost base as of the close of fiscal year 2025:

Cost Component	Metric/Amount	Reference Date/Context
Global Workforce Size	64,505 professionals	As of March 31, 2025
Capital Expenditures (CapEx)	$54.1 million	Fiscal 2025 (as specified)
Kipi.ai Up-front Acquisition Cost	$63.4 million	Fourth Quarter Fiscal 2025
Global Delivery Centers	64 centers	As of March 31, 2025

Employee compensation and benefits are the primary cost driver, supporting the 64,505 professionals WNS (Holdings) Limited had across its operations as of March 31, 2025. This figure represents a year-over-year increase of 4,380 employees, or 7.28%.

Technology and infrastructure costs, which cover everything from cloud services to software licensing, are essential but not explicitly broken out in the same way as the other line items. What this estimate hides is the ongoing spend on AI platforms and data modernization tools post-Kipi.ai integration.

Capital expenditures (CapEx) for the full fiscal year 2025 were reported as $54.1 million. To give you some context on the flow, the company incurred $18.6 million in capital expenditures just in the fourth quarter of fiscal 2025. The guidance for the full year was previously set at up to $65 million.

A significant, non-recurring cost impacting the structure in fiscal 2025 was the acquisition of Kipi.ai. WNS (Holdings) Limited paid $63.4 million in up-front consideration for this acquisition in the fourth quarter. This move was designed to accelerate the Analytics and AI practice.

The physical footprint supporting these costs includes a network of delivery centers. As of March 31, 2025, WNS (Holdings) Limited operated 64 delivery centers worldwide. These centers are spread across 13 countries.

The operational expenses tied to these 64 global delivery centers include facility leases, utilities, and local administrative overhead. You can see the global spread of these operational hubs:

• India
• The Philippines
• Poland
• Romania
• South Africa
• Sri Lanka
• Turkey
• United Kingdom
• United States
• Canada
• China
• Costa Rica

Finance: draft 13-week cash view by Friday.

WNS (Holdings) Limited (WNS) - Canvas Business Model: Revenue Streams

You're looking at how WNS (Holdings) Limited actually books its revenue, which is key to understanding its stability. Honestly, the structure leans heavily on long-term commitments, which is what you want to see in this space.

For the full fiscal year 2025, which ended March 31, 2025, the top-line performance shows the scale of operations. WNS (Holdings) Limited reported Revenue less repair payments of $1,265.5 million for fiscal 2025. This is the core operational revenue figure we focus on, as it excludes the repair payments component. To give you a sense of the overall picture, the GAAP Revenue for the same period was $1,314.9 million.

The profitability tied to that revenue stream is also important. The Adjusted Net Income (ANI) for fiscal 2025 came in at $208.7 million. This translates to an Adjusted diluted earnings per share of $4.55 for the year.

Here's a quick look at those key fiscal 2025 figures:

Metric	Fiscal 2025 Amount
Revenue less repair payments	$1,265.5 million
GAAP Revenue	$1,314.9 million
Adjusted Net Income (ANI)	$208.7 million
Adjusted diluted EPS	$4.55

The way WNS (Holdings) Limited structures its service delivery directly impacts how this money flows in. You see a mix of models designed to capture different types of client needs, which is smart diversification.

The most stable part of the revenue base comes from the Business Process Management (BPM) services. This is typically secured through long-term, retainer-based contracts. These contracts provide predictable, recurring revenue, which helps smooth out any short-term volatility in other areas. It's the bedrock of their financial planning.

Then you have the client-facing services, like customer experience. These often use a different mechanism, relying on transactional or volume-based fees. If a client's call volume spikes, WNS (Holdings) Limited's revenue from that segment scales up right along with it. It's a direct pass-through of activity.

Finally, for strategic growth and modernization work, the revenue is tied to specific initiatives. This includes project-based revenue from consulting and digital transformation initiatives. This revenue can be lumpy-you land a big digital overhaul project, you book the revenue-but it reflects their move up the value chain beyond pure process outsourcing.

To summarize the revenue capture methods:

• Long-term, retainer-based contracts for BPM services.
• Transactional or volume-based fees for customer experience services.
• Project-based revenue from consulting and digital transformation initiatives.

If onboarding takes 14+ days, churn risk rises, so managing the transition from project work to retainer is a constant focus for them. Finance: draft 13-week cash view by Friday.