ET Intelligence Group: Will Indian software companies rise to the challenge presented by new models of artificial intelligence (AI) that are transforming how enterprise solutions are implemented and delivered to clients? While the jury is still out, one thing is clear: domestic software exporters are far from unprepared.

Both large and mid-tier IT firms have been exploring ways-through internal initiatives as well as acquisitions and collaborations-to adapt to evolving technology that can strengthen their offerings. The rapid progress in AI is expected to enhance efficiency across the vendor-client ecosystem by shortening project timelines and enabling faster delivery of products and services to target markets. Viewed in this context, the current sell-off in IT stocks appears more a knee-jerk reaction rather than a sign of any fundamental shift to defensive sectors.

Last week, two major AI labs, OpenAI and Anthropic, released their latest models touting advanced capabilities to build software programming codes with greater accuracy than previous models. This sent ripples across tech and investor communities, forcing them to question the relevance of traditional software development companies that have so far thrived by employing legions of programmers. The tremors were felt on Dalal Street as the BSE IT index lost 15% in eight trading sessions to February 13, the biggest loss among sectoral indices on the exchange.

While uncertainties over the exact impact of AI capabilities will likely loom on IT stocks in the short term, the medium-to-long-term scenario appears less gloomy given the agility shown by IT exporters in aligning their offerings with the latest technology trends. Apart from training staff on AI platforms and forging ties with global tech partners, Indian IT exporters have been quick to share productivity gains with clients, which should retain their relevance.

The traction in new deal wins reported by IT companies over the past few quarters ensures that they continue to offer valuable services to clients. The aggregate total contract value (TCV) of order bookings by the top five Indian IT exporters, including Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, and Tech Mahindra, remained above $20 billion in each of the five quarters to December 2025. It rose to $21.5 billion in the December 2025 quarter from $17.4 billion two years ago.

On the valuation front, too, comfort is setting in as the current selling spree is driving the trailing price-earnings multiples farther away from historical averages.

Mumbai: Market regulator Securities and Exchange Board of India (Sebi) on Friday proposed to review the base price and price bands for exchange-traded funds (ETFs).

Currently, stock exchanges apply a fixed price band of 20% on the base price of ETFs, except a price band of 5% for overnight ETFs investing only in TREPs (Tri-Party Repo Dealing System).

The base price for applicability of price bands for ETFs is taken as T-2 day closing net asset values (NAVs) by exchanges instead of T-1 day closing price, as in the case of index and individual scrips.

“The existing fixed price band of +20% to all ETFs (except overnight ETFs), regardless of their underlying/benchmark, does not appropriately reflect the permissible movement and volatility of the underlying, and, therefore, may lead to situations where the ETF’s trading range is excessively wide relative to the underlying,” Sebi said in a discussion paper.

The closing NAV of ETFs typically differs between T-1 and T-2 closing. Accordingly, the existing practice of using the T-2 Day closing NAV for determining the base price for ETFs results in an inherent lag of one trading day in the base value used for applying price bands, Sebi said.

Also, corporate actions such as bonuses and dividends effective on T-1 day are being adjusted manually on the T-2 day closing NAV for the determination of the base price. This manual process increases the risk of errors and omissions of certain corporate actions, it said. Further, the existing fixed price band of 20% for ETFs except overnight ETFs may not be commensurate with the maximum permissible price range of the underlying, which is dependent on the T-1 day closing price, Sebi added.
The regulator proposed that the base price on T-day may be either the closing price of ETFs on T-1 day, based on the weighted average traded price of the last 30 minutes or an average iNAV of last 30 minutes on T-1 day or the closing NAV of T-1 day.

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Q4: 2026-02-12 Earnings Summary

EPS of $0.67 beats by $0.01

 | Revenue of $38.31M (-3.59% Y/Y) beats by $9.57M

HA Sustainable Infrastructure Capital, Inc. (HASI) Q4 2025 Earnings Call February 12, 2026 5:00 PM EST

Company Participants

Aaron Chew – Head of IR
Jeffrey Lipson – President, CEO & Director
Charles Melko – Treasurer, Executive VP & CFO
Marc T. Pangburn – EVP, Chief Revenue & Strategy Officer
Susan Nickey – Executive VP & Chief Client Officer

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Conference Call Participants

Christopher Dendrinos – RBC Capital Markets, Research Division
Davis Sunderland – Robert W. Baird & Co. Incorporated, Research Division
Noah Kaye – Oppenheimer & Co. Inc., Research Division
Brian Lee – Goldman Sachs Group, Inc., Research Division
Maheep Mandloi – Mizuho Securities USA LLC, Research Division
Praneeth Satish – Wells Fargo Securities, LLC, Research Division
Jeffrey Osborne – TD Cowen, Research Division

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Presentation

Operator

Greetings, and welcome to HASI’s Fourth Quarter and Full Year 2025 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Aaron Chew, Senior Vice President of Investor Relations.

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Aaron Chew
Head of IR

Thank you, operator, and good afternoon to everyone joining us today for HASI’s Fourth Quarter 2025 Conference Call. Earlier this afternoon, HASI distributed the press release reporting our fourth quarter 2025 results, a copy of which is available on our website, along with the slide presentation we will be referring to today.

This conference call is being webcast live on the Investor Relations page of our website, where a replay will be available later today. Some of the comments made on this call are forward-looking statements, which are subject to risks and uncertainties described in the Risk Factors section of the company’s Form 10-K and other filings with the SEC. Actual results may differ materially from those stated. Today’s discussion also includes some non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is available in our earnings release and

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