TeamLease Services reported 20% YoY revenue growth in FY25 with EBITDA rising 6% and flat PBT amid sector challenges and a shift to alternate revenues. General staffing added 25,000 net headcount, led 37% by new clients; BFSI slowed but shows recovery signs. Consumer-ecommerce grew strongly; telecom was modest. Specialized staffing revenue was flat, with PBT margin improving to 6.7%, driven by productivity gains and GCC clients (60% of net revenue). Staffing PAPM held near INR 665. EdTech margins hit by collection delays, but 6-7% EBITDA margin and growth expected in FY26. Management is cautiously optimistic on BFSI revival, IT staffing pressures, overseas expansion, and rising AI-related demand despite near-term IT headcount challenges.