Sonata Software is a modernization engineering company delivering cloud, data, Dynamics, AI consulting, automation and managed services to global enterprises, operating across North America, Europe, APAC and India with over 6,400 engineers and reported revenues above $1.2 billion, focused on outcome-based platformation and industry verticals like BFSI, HLS, TMT and RMD.

Sonata has become AI-centric: management highlights AgentBridge 5.5, Harmoni.AI and an AI-led pipeline reported at $335M with AI contributing about 14% of recent order wins, indicating strategic productisation and client-facing agentic AI deployments that are already influencing pipeline composition and win themes.

Cloud and Data now represent a majority of revenue mix, rising from 50% in FY23 to 63% in FY26 YTD, while the company reports 40% of its active pipeline consists of large deals and 37% of those relate to Fortune 500 clients, signalling improved deal size and strategic client penetration in North America.

Financially Sonata delivered operational margin expansion with international EBITDA improving to ~19.5% driven by utilization rising to 90%, normalized consolidated PAT of Rs.127.5 Cr in Q3 FY26 and a strong sequential domestic rebound where domestic revenue grew ~68.6% QoQ, underscoring both margin and growth inflection points.

Key risks include client concentration (top 10 clients ~55% revenue), three large client headwinds being actively managed and growing cloud/CSP and AI consumption costs that must be balanced against price realization and productivity gains from AgentBridge and internal AI adoption.