Genpact is the deflation cohort's anomaly and its cleanest live test. Built as a business-process and analytics house, it is repricing itself around what it calls Agentic Operations, and the Q2 2026 print on August 6 gave the pivot its strongest evidence yet: revenue up 7.1 percent, advanced-technology work now 27 percent of revenue and growing 24 percent, adjusted earnings up 13.6 percent, and a raised full-year outlook. Chief executive BK Kalra told investors the pivot to Agentic Operations is taking hold faster than expected.

The engine is agentic delivery run on the hyperscalers. Its Orchestration AI Suite runs on Azure, its deepest 2026 alliance is a Google Cloud build behind Finance One and a Revenue Lens agent, and analysts named it a leader on ServiceNow and a rising star on Databricks. What Genpact does not have is a frontier-lab tie of its own; its model access is rented from the clouds it builds on.

The market has not yet paid for the turn. A beat-and-raise that would normally re-rate a stock instead drew a roughly three percent sell-the-news drop, and Genpact still trades at the single-digit-to-low-double-digit multiple the deflation thesis assigns to labor-priced services. The bet is that agentic revenue compounds faster than the process work it replaces; the tape is waiting for that to hold across more than one quarter.