NSE: PERSISTENT · BSE: 533179
PERSISTENT SYSTEMS LTD
Provides IT services and software consulting to global clients across three industry verticals — Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences, and Software, Hi-Tech and Emerging Industries. For the year ended March 2026 (FY26), these verticals generated ₹3,770.968 crore, ₹3,255.145 crore and ₹4,912.604 crore in revenue respectively, against consolidated FY26 revenue of ₹14,748.449 crore. In the June 2026 quarter (Q1 FY27), revenue reached USD 452.4 million, up 16.1% year-on-year and 3.8% sequentially, marking 25 consecutive quarters of sequential revenue growth. The company booked a record quarterly Total Contract Value of USD 1.15 billion in Q1 FY27, including a USD 650M+ multi-year deal spanning 6.5 years with an existing US technology client. Employee costs dominate the cost structure at 68.8% of revenue, with other operating expenses at 12.2% and depreciation at 2.7%. The company has agreed to acquire German-listed Nagarro SE for EUR 1.27 billion in cash, funded via a EUR 1.4 billion bridge facility; the combined entity is expected to generate around USD 2.9 billion in annual revenue with 46,000+ employees across 40+ countries. EBITDA margin for FY26 stood at 19.57%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Banking, Financial Services and Insurance (BFSI), Healthcare & Life Sciences, Software, Hi-Tech and Emerging Industries. People-heavy, asset-light IT services and consulting.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,711 | 8,351 | 9,822 | 11,939 | 14,748 |
| EBITDA (ex other income) | 958 | 1,489 | 1,676 | 2,058 | 2,706 |
| margin % | 16.8 | 17.8 | 17.1 | 17.2 | 18.4 |
| Owners' profit | 690 | 921 | 1,093 | 1,400 | 1,865 |
| EPS, as reported (₹) | 90.34 | 123.73 | 72.44 | 91.22 | 119.74 |
| ROE % · ROCE % | 20.5 · 23.4 | 23.2 · 27.6 | 22.1 · 28.8 | 22.2 · 28.6 | 23.8 · 29.4 |
| Debt / equity (x) | 0.13 | 0.11 | 0.04 | 0.00 | 0.00 |
| Cash from operations | 845 | 956 | 1,221 | 1,157 | 1,767 |
| Capex | (385) | (433) | (284) | (433) | (13) |
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 | 2,897 | 3,062 | 3,242 | 3,334 | 3,581 | 3,778 | 4,056 | 4,303 |
| Profit before tax | 435 | 482 | 505 | 555 | 617 | 565 | 674 | 623 |
| Net profit | 325 | 373 | 396 | 425 | 471 | 439 | 529 | 483 |
| EPS (₹) | 21.19 | 24.28 | 25.64 | 27.43 | 30.31 | 28.15 | 33.83 | 30.88 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| BFSI | 1,396 | 9.5 |
| Healthcare & Life Sciences | 1,066 | 7.2 |
| Software, Hi-Tech and Emerging Industries | 5,883 | 39.9 |
| Banking, Financial Services and Insurance (BFSI) | 3,697 | 25.1 |
| Healthcare & Life Sciences | 2,706 | 18.3 |
| Total, before eliminations | 14,748 | 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) | 47.3 | 15.0 | 60 of 65 | 8% |
| P/B | 11.7 | 2.6 | 60 of 65 | 8% |
| ROCE | 28.5 | 14.2 | 6 of 76 | 93% |
| ROE | 23.8 | 11.5 | 6 of 64 | 92% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 17.8 | 18.4 | 35 of 65 | 47% |
| Revenue growth | 29.1 | 10.6 | 14 of 63 | 79% |
| Profit growth | 13.7 | 6.7 | 27 of 62 | 57% |
| Market cap | 91811 | 419 | 7 of 76 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Persistent Systems allots 7.68 million shares at 3.66% discount | fund raising | high | — | — |
| 26 Oct 2026 · Persistent Systems completes 7.68 million share placement at INR 5,550 | fund raising | high | — | — |
| 26 Oct 2026 · Committee approves 7.68 million share issue at Rs 5,550 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Persistent Q2 revenue up 20 percent; Nagarro deal nears closure | investor communications | low | — | — |
| 22 Oct 2026 · ICRA keeps AA+ rating under negative watch | credit debt | medium | — | — |
| 21 Oct 2026 · Persistent gets CRISIL AA+ rating on Rs 7000 Cr NCD proposal | credit debt | medium | — | — |
| 21 Oct 2026 · Persistent Systems sets floor price of INR 5,761 per share for upcoming issue | fund raising | medium | — | — |
| 21 Oct 2026 · Persistent Systems opens QIP, floor price set at INR 5,550, size up to USD 450 mn | fund raising | high | — | — |
| 21 Oct 2026 · Persistent Systems launches QIP issue, floor price set at INR 5,550 per share | board shareholder meetings | medium | — | — |
| 16 Oct 2026 · Persistent Systems files newspaper ad for Q2 FY27 audited results | 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.