NSE: BSOFT · BSE: 532400
BIRLASOFT LIMITED
Delivers IT services and software consulting to enterprise clients across four verticals. In FY26, revenue of Rs 5,309.958 crore split between Manufacturing (Rs 2,011.156 crore, 37.9% of segment revenue), Banking, Financial Services and Insurance (Rs 1,295.897 crore, 24.4%), Life Sciences and Services (Rs 1,085.325 crore, 20.4%) and Energy and Utilities (Rs 917.58 crore, 17.3%). Manufacturing was the largest segment, while Energy and Utilities contributed the smallest revenue but the second-highest EBIT at Rs 351.683 crore. The business is people-intensive — employee costs are 59.7% of revenue and other operating expenses 23.4% — with almost no physical asset base (capex 0.8% of revenue). Management is repositioning around an AI-First model using its Cogito platform and Agentic AI engagements, including a multi-horizon programme for a Fortune 500 MedTech customer. After six consecutive quarters of revenue decline (FY26 down 6% in constant currency), Q1 FY27 returned to growth: revenue up 7.4% year-on-year to Rs 1,379.4 crore and PAT up 51% year-on-year to Rs 161 crore. EBITDA margin for FY26 was 16.3%, up 333 basis points year-on-year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (38%), Banking, Financial Services and Insurance (24%), Life Sciences & Services (20%), Energy and Utilities (17%). Asset-light, people-intensive IT services with verticalised delivery and AI pivot
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,130 | 4,795 | 5,278 | 5,375 | 5,310 |
| EBITDA (ex other income) | 640 | 520 | 836 | 697 | 825 |
| margin % | 15.5 | 10.9 | 15.8 | 13.0 | 15.5 |
| Owners' profit | 464 | 332 | 624 | 517 | 518 |
| EPS, as reported (₹) | 16.63 | 11.96 | 22.54 | 18.64 | 18.54 |
| ROE % · ROCE % | 17.9 · 23.1 | 13.5 · 18.0 | 20.5 · 26.9 | 14.9 · 19.6 | 12.6 · 18.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 281 | 561 | 718 | 588 | 481 |
| Capex | (64) | (58) | (26) | (49) | (44) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,368 | 1,363 | 1,317 | 1,285 | 1,329 | 1,348 | 1,349 | 1,379 |
| Profit before tax | 170 | 156 | 166 | 166 | 210 | 192 | 222 | 228 |
| Net profit | 128 | 117 | 122 | 106 | 116 | 120 | 176 | 161 |
| EPS (₹) | 4.59 | 4.20 | 4.38 | 3.81 | 4.16 | 4.28 | 6.27 | 5.72 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Banking, Financial Services and Insurance | 1,296 | 24.4 |
| Manufacturing | 2,011 | 37.9 |
| Energy and Utilities | 918 | 17.3 |
| Life Sciences & Services | 1,085 | 20.4 |
| Total, before eliminations | 5,310 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.0 | 15.0 | 33 of 65 | 50% |
| P/B | 2.1 | 2.6 | 28 of 65 | 58% |
| ROCE | 18.1 | 14.2 | 28 of 76 | 64% |
| ROE | 12.6 | 11.5 | 29 of 64 | 56% |
| Debt / Equity | 0.0 | 0.0 | 24 of 65 | 64% |
| EBITDA margin | 18.3 | 18.4 | 34 of 65 | 48% |
| Revenue growth | 7.3 | 10.6 | 39 of 63 | 39% |
| Profit growth | 51.3 | 6.7 | 11 of 62 | 84% |
| Market cap | 8573 | 419 | 17 of 76 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Audio recording of October 28 earnings call now available | investor communications | low | — | — |
| 28 Oct 2026 · Birlasoft allots 100,997 shares under employee incentive plans | capital market events | low | — | — |
| 28 Oct 2026 · Birlasoft approves Rs 3 interim dividend per share | corporate actions | high | — | — |
| 28 Oct 2026 · Birlasoft Q2 FY27: revenue and profit rise as margin contracts | investor communications | medium | — | — |
| 28 Oct 2026 · Birlasoft September quarter profit up 37%; Rs 3 interim dividend | results | high | — | — |
| 28 Oct 2026 · Birlasoft profit rises 37.5%; Rs 3 interim dividend declared | results | high | — | — |
| 22 Oct 2026 · Birlasoft Q2 FY27 earnings call scheduled for October 28, 2026 | board shareholder meetings | low | — | — |
| 20 Oct 2026 · Birlasoft fixes November 5 as record date for interim dividend | corporate actions | high | — | — |
| 20 Oct 2026 · Board to review September quarter results and consider interim dividend | results | medium | — | — |
| 12 Oct 2026 · Birlasoft files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.