One number resolves bull and bear at the same data point — adj EBITDA margin in Q1 FY27.

• Bull's argument. ~75% of revenue sits in regulated clinical, payment-integrity, risk-adjustment and Star-ratings work where CMS rules require licensed humans. Operating margin held in a 21–25% band through three macro shocks — post-COVID wage inflation, Medicaid redetermination, the FY24 hospital-cost crunch.
• Bear's argument. Strip ~300–400 bps of cumulative INR weakness and SEZ tax-holiday tailwind and the structural margin lands at ~21% — back inside the 14–16% peer band of EXL, Genpact and Firstsource. FY27 guide of 24–25% already walks back the upper end with explicit FX caveats.
• The test. Q1 FY27 prints in the last week of July 2026. Margin ≥24% with INR flat and organic CC growth ≥14% supports the bull; margin <22% with organic CC <12% fires the bear's primary trigger.

Market prices Sagility against Indian-IT casualties; the only relevant transaction sits 1.5 turns of EV/EBITDA above.

• The transaction floor. Capgemini took WNS private in October 2025 at 16.3× EV/EBITDA and 2.5× EV/revenue — $3.3B for a portfolio dominated by US payer healthcare work, the closest live comp to Sagility's book.
• What's left listed. After the WNS delisting, Sagility is the only listed 100% US-healthcare BPM globally. NelsonHall NEAT 2026, Everest PEAK 2026, and HFS Horizon 2026 placed it in the Leader quadrant alongside pre-deal WNS, EXL and Genpact.
• The gap. Sagility trades at 8.7× EV/EBITDA, ~2.6× EV/revenue. Half the gap to 16.3× is 1.5 turns of EV/EBITDA — what closing it would require before any earnings growth, on a balance sheet running at 0.1× net leverage.

Top-3 share is falling while the same top-3 still compound — the rarest signal in a concentrated services book.

The hardest signal to fabricate in a concentrated services book is concentration falling while incumbents still grow — losses lower the numerator without lifting the denominator. Even using ICRA's stricter 65% top-3 number (vs management's 59.9%), the four-year direction is the same. The durability test is the second derivative: whether $20M+ clients still double through FY29, and whether outcome-based Synchrony revenue lands as a disclosed P&L line by the FY28 annual report.

A carve-out LBO turned into an unlevered FCF compounder in four years.

Borrowings fell from $632M at carve-out (FY22) to $118M by FY26; interest cover widened from 3× to 18×; EPS compounded at 38% CAGR off a base distorted by $52M/yr of carve-out goodwill amortization. The next 12–18 months redirect ~$107M/yr of FCF from debt repayment to capital return and tuck-in M&A — the maiden dividend (0.4% yield, 8% payout) starts that ramp.

EQT cut from 82% to 51% in twelve months — every share that sold paid out EQT, not Sagility.

• The exit cadence. Two OFS rounds in 12 months: May-25 at $0.44, Nov-25 at $0.53 ($407M disposal). Mutual-fund stake absorbed it (8.3% → 14.5%); FII count went 199 → 223 — stepping-up clearing prices, broadening sponsorship.
• The pledge. 100% of EQT's residual 50.95% is pledged against external financing. A pledge default would force a sale into a tape with no domestic strategic to absorb. Mitigant: BPEA IX Asia closed $15.6B in April 2026 — no recycling pressure.
• The alignment fork. Postal ballot launched 31 May 2026 for a 3.30%-of-equity ESOS pool; strike price and performance hurdles undisclosed. Two CFO transitions in six months. No executive has bought a single share post-IPO.

A methodical distribution on shrinking volatility — calmer than the chart looks.

• Death cross 20 March 2026. The 50-day SMA crossed below the 200-day — the first since IPO. Eleven weeks later neither moving average has turned; price at $0.42 sits 12.6% below the 200-day at $0.48.
• Round-trip complete. From a $0.34 listing-day close, the IPO honeymoon took it to $0.65 on 30 October 2025 — the same day a 14.2× ADV volume spike consistent with the one-year lockup release printed. The decline since has erased the entire 2025 rally.
• Calm decline. 30-day realized vol at 26.6% sits in the calmest 20% of the post-IPO distribution — half the mid-March panic spike. Quiet selling without buyer urgency has historically resolved lower before a real flush prints.