PERSISTENT
Persistent Systems share price & financials
- Price
- ₹5,183.9
- Market cap
- ₹76.2k Cr
- Sector
- Information Technology
- Calls analysed
- 6
Persistent Systems Limited Q1 FY27
What went well
- Strategic acquisition of Nagarro for €1.27 billion enterprise value, significantly expanding European footprint and capabilities.
- Secured a large, net new deal worth $650 million+ over 6.5 years, contributing $125 million+ annually, reinforcing growth momentum.
- Combined entity will have 46,000+ team members across 40+ countries, becoming a $2.9 billion+ AI-led digital engineering powerhouse.
What to watch
- Nagarro's past BaFin queries and accounting issues, though management states these are resolved after due diligence.
- Nagarro's recent flat revenue growth and margin pressure, attributed by management to past privatization distractions.
What Persistent Systems Limited does
Persistent Systems is an AI-led, platform-driven digital engineering and enterprise modernization partner for global enterprises, built on more than three decades of software product-engineering and data-systems heritage. It earns by delivering IT services across product & platform engineering, data & AI, cloud-enabled enterprise modernization, CX & design-led transformation and intelligent automation to clients in software/hi-tech, banking/financial services/insurance and healthcare/life sciences. The company runs its own AI accelerators and platforms alongside partnerships with major hyperscalers and enterprise software vendors (Google, AWS, IBM, Microsoft, Salesforce, Databricks, ServiceNow, Snowflake, UiPath, Appian, Outsystems), and delivers from a global network of offices and engineering hubs.
Segments
- Software, Hi-Tech & Emerging Industries
- Banking, Financial Services & Insurance
- Healthcare & Life Sciences
- Employees
- 27,502
- Countries of operation
- 19
- India-based employees (largest delivery hub)
- 23,869
- Active clients
- 4,500+
- Large clients (>$5M annual revenue)
- 62
- Patents held
- 121
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 4 delivered 4 missed 6 open- Revenue Run Rate delivered said Q1 FY26 Promised: $2 billion by end of FY27 Q1 FY27: The announced acquisition of Nagarro creates a combined entity with pro-forma revenue of over $2.9 billion, significantly exceeding the original target ahead of schedule.
- Effective Tax Rate went quiet said Q1 FY26 Promised: 22.5% to 23.5% for the year Q1 FY27: Promise related to FY26, which is complete. The final status remains ghosted as the outcome was never confirmed.
- EBIT Margin Improvement diluted said Q1 FY26 Promised: improved by 200-300 basis point by the time we reach FY27 Q1 FY27: The acquisition of lower-margin Nagarro and new guidance for the combined entity to 'maintain and better' current margins effectively supersedes the original standalone target. New guidance: 'we do not believe that the combined entity will be at any significant lower margins than what Persistent has today.'
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 24.2%, net profit up 49.5% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,691 | 2,847 | 3,002 | 3,188 | 3,258 +21% | 3,493 +23% | 3,718 +24% | 3,958 +24% |
| EBITDA | 320 | 413 | 476 | 405 | 523 +63% | 661 +60% | 685 +44% | 598 +48% |
| Net profit | 248 | 286 | 326 | 281 | 374 +51% | 459 +60% | 388 +19% | 420 +49% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.8% 1Y
1Y: ₹5,419 on 10 Sept 2025 → ₹5,516. High ₹6,563.5 (22 Dec 2025), low ₹4,298.5 (29 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- −11.2%
- 28 Jun
- Q4 FY26
- +0.1%
- 21 Apr
- Q3 FY26
- −1.5%
- 20 Jan
- Q2 FY26
- +0.2%
- 14 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 23.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹7.6k Cr | ₹6.5k Cr | ₹11.7k Cr | ₹14.4k Cr |
| Operating profit | ₹1.5k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹2.5k Cr |
| Operating margin | 19.5% | 20.4% | 13.8% | 17.1% |
| Interest | ₹38 Cr | ₹16 Cr | ₹47 Cr | ₹63 Cr |
| Depreciation | ₹241 Cr | ₹161 Cr | ₹176 Cr | ₹265 Cr |
| Net profit | ₹928 Cr | ₹986 Cr | ₹1.1k Cr | ₹1.6k Cr |
| Net margin | 12.2% | 15.1% | 9.7% | 11.4% |
| ROCE | 29.0% | 29.0% | 29.0% | 36.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹76 Cr | ₹76 Cr | ₹76 Cr | ₹77 Cr | ₹78 Cr | ₹79 Cr |
| Reserves | ₹2.7k Cr | ₹3.2k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹7.1k Cr | ₹6.6k Cr |
| Borrowings | ₹39 Cr | ₹76 Cr | ₹156 Cr | ₹151 Cr | ₹404 Cr | ₹394 Cr |
| Other liabilities | ₹471 Cr | ₹549 Cr | ₹801 Cr | ₹1.1k Cr | ₹2.3k Cr | ₹3.6k Cr |
| Total liabilities | ₹3.3k Cr | ₹3.9k Cr | ₹4.9k Cr | ₹6.0k Cr | ₹9.9k Cr | ₹10.7k Cr |
| Fixed assets | ₹276 Cr | ₹419 Cr | ₹688 Cr | ₹604 Cr | ₹2.7k Cr | ₹1.1k Cr |
| Capital work in progress | ₹11 Cr | ₹107 Cr | ₹16 Cr | ₹33 Cr | ₹17 Cr | ₹38 Cr |
| Investments | ₹1.4k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.3k Cr | ₹2.6k Cr |
| Other assets | ₹1.6k Cr | ₹2.1k Cr | ₹2.8k Cr | ₹3.7k Cr | ₹5.8k Cr | ₹6.9k Cr |
| Total assets | ₹3.3k Cr | ₹3.9k Cr | ₹4.9k Cr | ₹6.0k Cr | ₹9.9k Cr | ₹10.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.40 pp while DIIs added +2.48 pp. The shareholder count grew 17% to 2,84,983.
- Promoters
- 30.3%
- FIIs
- 20.8%
- DIIs
- 30.3%
- Public
- 18.0%
- Others
- 0.7%
Since Jun 2025
- FIIs −3.40 pp
- DIIs +2.48 pp
- Public +1.11 pp
How it drifted, 12 quarters
Over this window DIIs went from 28.7% to 30.3% — +1.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 31.1%, FIIs 21.3%, DIIs 28.7%, Public 17.0%, Others 2.0%.Dec '23: Promoters 31.1%, FIIs 24.6%, DIIs 26.1%, Public 16.9%, Others 1.3%.Mar '24: Promoters 31.0%, FIIs 25.0%, DIIs 25.9%, Public 17.0%, Others 1.1%.Jun '24: Promoters 31.0%, FIIs 22.6%, DIIs 28.2%, Public 17.5%, Others 0.7%.Sep '24: Promoters 30.7%, FIIs 23.3%, DIIs 27.4%, Public 17.0%, Others 1.7%.Dec '24: Promoters 30.7%, FIIs 24.8%, DIIs 26.3%, Public 17.2%, Others 1.1%.Mar '25: Promoters 30.7%, FIIs 24.4%, DIIs 26.9%, Public 17.3%, Others 0.8%.Jun '25: Promoters 30.6%, FIIs 24.2%, DIIs 27.8%, Public 16.9%, Others 0.6%.Sep '25: Promoters 30.6%, FIIs 21.2%, DIIs 30.6%, Public 17.1%, Others 0.5%.Dec '25: Promoters 30.3%, FIIs 22.8%, DIIs 29.8%, Public 16.2%, Others 0.9%.Mar '26: Promoters 30.3%, FIIs 22.1%, DIIs 30.5%, Public 16.1%, Others 1.0%.Jun '26: Promoters 30.3%, FIIs 20.8%, DIIs 30.3%, Public 18.0%, Others 0.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF newly disclosed 1.25% held
- Life Insurance Corporation Of India Insurer +0.48 pp 2.55% held
- SBI Life Insurance Co. Ltd Insurer +0.46 pp 1.85% held
- HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund +0.37 pp 4.41% held
- HDFC Life Insurance Company Limited Insurer +0.18 pp 1.26% held
- Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund +0.11 pp 1.83% held
- Kotak Midcap Fund Mutual fund +0.09 pp 1.52% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Persistent Systems Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anand Suresh Deshpande | 29.02% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 4.41% | +0.37 pp |
| Motilal Oswal Midcap Fund Mutual fund | 3.59% | −0.27 pp |
| Life Insurance Corporation Of India Insurer | 2.55% | +0.48 pp |
| Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund | 1.87% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 1.85% | +0.46 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund | 1.83% | +0.11 pp |
| Kotak Midcap Fund Mutual fund | 1.52% | +0.09 pp |
| Shridhar Bhalchandra Shukla | 1.40% | unchanged |
| UTI-Flexi Cap Fund Mutual fund | 1.32% | unchanged |
| HDFC Life Insurance Company Limited Insurer | 1.26% | +0.18 pp |
| NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF | 1.25% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PERSISTENT
Filings to Aug 2026
1 new, 10 added, 7 trimmed, 0 sold out — net +0.38 L shares (+0.5%).
- Held by funds
- ₹3.9k Cr
- 30 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹1.5k Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹1.5k Cr | held | Feb '26 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹920 Cr | held | Dec '21 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹308 Cr | held | May '20 |
| Nippon India ETF Nifty IT Nippon India Mutual Fund | ₹235 Cr | −0.12 L | Sep '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹220 Cr | held | Dec '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹139 Cr | held | Dec '22 |
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹123 Cr | held | Aug '21 |
| SBI MultiCap Fund SBI Mutual Fund | ₹95 Cr | held | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 7 trimmed — net +38,200 shares (+0.5%)
- Funds are sitting on
- +38%
- vs est. average cost
- Held by funds
- ₹3.9k Cr
- 30 schemes · ≈ 4.8% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹1.5k Cr · 1.4% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 6y 4m · since May '20
Shares held by these funds −12%
Aug '23 69.61 L shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹5516, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹3052 — downside of 45%.
- Growth the price implies
- 31.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 20.9% a year
- net profit, FY23–FY26 · EPS 19.9%
- The gap
- 0.1 pp
- -45% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Persistent Systems Limited
Guides on how to read this kind of business and the numbers that matter.