Global IT modernization & engineering firm (International Services) plus an India-focused reselling/managed-services arm, SITL.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,279 | +10.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 5.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 108 | −0.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 27.97 | +0.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.97 | −1.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 3.96 | −12.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 8 judged targets kept · 4 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Domestic Business YoY Growth | back to YoY growth by Q2 of FY2027 | Q3 FY26 | Achieved. Domestic business grew 10.2% YoY, meeting the accelerated guidance. | Achieved |
| Healthcare, Life Sciences, BFSI revenue | $250 million of revenue in the next three to five years | Q4 FY25 | No specific update provided on the revenue contribution from these verticals. | Ghosted |
| EBITDA Level | Our endeavor will be to maintain EBITDA at a similar level. | Q4 FY26 | International Services EBITDA dropped sharply to 15.4% from 20.2%, putting the overall EBITDA level at risk. Management guides for recovery. | At Risk |
5 of Sonata Software Limited's 12 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 9 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹371.65 on 24 Oct 2025 → ₹231.45. High ₹392.8 (12 Nov 2025), low ₹209.6 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Sonata Software is an IT services and engineering company that helps enterprises modernize legacy systems and adopt cloud, data and AI platforms, earning revenue from technology delivery contracts across International Services clients (US, Europe, Rest of World) and, through its India business SITL, from platform reselling, managed services and domestic IT services. It serves clients across four industry verticals -Technology/Media/Telecom (TMT), Retail/Manufacturing/Travel/Distribution (RMD), Banking/Financial Services/Insurance (BFSI), and Healthcare & Life Sciences (HLS). It operates as a long-standing Microsoft Cloud Solution Partner (Azure Expert MSP) and has built proprietary AI/agentic platforms and IP that it layers onto client engineering and modernization projects.
Segments
close before → close after
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.
Guidance
3 of 8 judged targets kept · 4 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Domestic Business YoY Growth | back to YoY growth by Q2 of FY2027 | Q3 FY26 | Achieved. Domestic business grew 10.2% YoY, meeting the accelerated guidance. | Achieved |
| Healthcare, Life Sciences, BFSI revenue | $250 million of revenue in the next three to five years | Q4 FY25 | No specific update provided on the revenue contribution from these verticals. | Ghosted |
| EBITDA Level | Our endeavor will be to maintain EBITDA at a similar level. | Q4 FY26 | International Services EBITDA dropped sharply to 15.4% from 20.2%, putting the overall EBITDA level at risk. Management guides for recovery. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 12 tracked commitments, with each call’s wording and source.
Call summaries
Sonata Software Limited Q1 FY27
Sonata Software Limited reported a mixed Q1 FY27 with strong consolidated and domestic revenue growth, but international services faced margin pressure from deal ramp-up delays, forex fluctuations, and strategic AI investments. The company is confident in its AI-native strategy, evidenced by a 21% improvement in AI-led pipeline and 27% increase in AI-led order wins QoQ, and expects margin recovery in subsequent quarters.
Read the full callSonata Software Q4 FY26
Sonata Software reported a resilient Q4 and FY26, with strong PAT growth in International Services and consolidated business, driven by operational efficiencies and AI-led initiatives. Despite macroeconomic headwinds and degrowth in Domestic Business revenue, the company secured significant AI-led deals and maintained healthy utilization. Management expressed cautious optimism for gradual improvement and growth in the medium term, focusing on AI-led transformation and strategic investments.
Read the full callSonata Software Q3 FY26
Sonata Software delivered a resilient Q3 FY26, with strong consolidated revenue and normalized PAT growth, alongside significant EBITDA margin expansion. The company saw robust AI-led deal wins and strategic progress in key verticals, despite facing headwinds from three top 10 clients and an unexpected ramp-down in a large retail client. Management remains confident in its long-term strategy and profitability trajectory.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −1% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,170 | 2,843 | 2,617 | 2,965 | 2,119 | 3,081 | 2,536 | 3,279 |
| Expenses | 1,993 | 2,679 | 2,445 | 2,806 | 1,947 | 2,880 | 2,328 | 3,108 |
| Operating profit | 177 | 164 | 173 | 160 | 173 | 200 | 209 | 171 |
| Operating margin | 8.0% | 6.0% | 7.0% | 5.0% | 8.0% | 6.0% | 8.0% | 5.0% |
| Other income | 19 | 21 | 11 | 24 | 31 | -20 | 6 | 7 |
| Interest | 19 | 16 | 10 | 5 | 14 | 13 | 19 | 12 |
| Depreciation | 33 | 32 | 23 | 26 | 26 | 27 | 25 | 28 |
| Profit before tax | 144 | 137 | 151 | 153 | 164 | 141 | 170 | 137 |
| Tax rate | 26.0% | 23.0% | 29.0% | 28.0% | 27.0% | 26.0% | 23.0% | 21.0% |
| Net profit | 106 | 105 | 108 | 109 | 120 | 104 | 130 | 108 |
| EPS (₹ per share) | 3.80 | 3.74 | 3.83 | 3.90 | 4.29 | 3.72 | 4.65 | 3.86 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 7,450 | 8,614 | 10,157 | 10,701 |
| Expenses | 6,845 | 7,885 | 9,468 | 9,961 |
| Operating profit | 605 | 727 | 690 | 742 |
| Other income | 71 | -49 | 70 | 41 |
| Interest | 19 | 86 | 65 | 51 |
| Depreciation | 60 | 132 | 121 | 104 |
| Profit before tax | 596 | 462 | 574 | 628 |
| Net profit | 453 | 308 | 425 | 463 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 14 | 28 | 28 | 28 | 28 |
| Reserves | 1,089 | 1,287 | 1,379 | 1,678 | 1,744 | 1,877 |
| Borrowings | 159 | 590 | 765 | 516 | 739 | 723 |
| Other liabilities | 1,297 | 2,466 | 2,889 | 2,448 | 2,098 | 2,354 |
| Total liabilities | 2,555 | 4,357 | 5,061 | 4,670 | 4,609 | 4,982 |
| Fixed assets | 427 | 1,732 | 1,671 | 1,603 | 1,801 | 1,823 |
| Capital work in progress | 0 | 1 | 0 | 26 | 0 | 74 |
| Investments | 159 | 220 | 245 | 249 | 72 | 186 |
| Other assets | 1,970 | 2,404 | 3,145 | 2,792 | 2,736 | 2,898 |
| Total assets | 2,555 | 4,357 | 5,061 | 4,670 | 4,609 | 4,982 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 443 | 450 | 268 | 281 | 644 | 538 |
| Cash from investing | -112 | -87 | -771 | -53 | -437 | -209 |
| Cash from financing | -62 | -271 | 187 | -108 | -433 | -266 |
| Net cash flow | 268 | 93 | -316 | 119 | -226 | 63 |
| Free cash flow | 441 | 441 | 227 | 281 | 577 | 425 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 53 | 59 | 61 | 68 | 63 | 63 |
| Inventory days | 0 | 0 | 2 | 6 | 2 | 2 |
| Days payable | — | — | 87 | 89 | 80 | 84 |
| Cash conversion cycle | 53 | 59 | -24 | -15 | -15 | -19 |
| Working capital days | -18 | -17 | -34 | -47 | -21 | -16 |
| Return on capital employed | 39.0% | 44.0% | 39.0% | 36.0% | 29.0% | 31.0% |
| Dividend payout | 60.0% | 58.0% | 48.0% | 103.0% | 29.0% | 47.0% |
The businesses behind the company’s reported revenue.
India contributes 68.3% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹2,242.59 crore
₹1,039.58 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| India | 2,242.59 | 68.3% |
| Other than India | 1,039.58 | 31.7% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
India grew from 48% to 68% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| India | 48% | 65% | 61% | 62% | 60% | 66% | 55% | 68% | +20.9% |
| Other than India | 52% | 35% | 39% | 38% | 40% | 34% | 45% | 32% | -7.2% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹231, this stock must grow earnings at 6% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹176 — downside of 24%.
Ownership
Public hold 36.81% as of Sept 2026; institutions cut 0.13 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 5 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Sonata Software Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Mutual fund | 9.67% | newly disclosed |
| 9.13% | unchanged | |
| 7.85% | unchanged | |
| 7.85% | unchanged | |
| 6.56% | unchanged | |
| 4.55% | unchanged | |
| 3.85% | newly disclosed | |
| 2.06% | newly disclosed | |
| 2.06% | newly disclosed | |
| Mutual fund | 1.87% | unchanged |
| Mutual fund | 1.72% | −0.42 pp |
| 1.37% | unchanged |
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.
Filings to Sep 2026
0 new, 1 added, 1 trimmed, 5 sold out — net −4.10 L shares (−1.3%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹521 Cr | +1.00 L | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹82 Cr | held | Oct '22 |
| HDFC Children's Fund HDFC Mutual Fund | ₹78 Cr | held | Nov '24 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹43 Cr | held | Jun '24 |
| HDFC Technology Fund HDFC Mutual Fund | ₹35 Cr | held | Nov '23 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹33 Cr | held | Dec '22 |
| HDFC Multi Asset Allocation Fund HDFC Mutual Fund | ₹13 Cr | held | Dec '22 |
| HDFC Innovation Fund HDFC Mutual Fund | ₹13 Cr | held | Jul '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 Sep 2026
1 added, 1 trimmed — net −4.10 L shares (−1.3%)
Shares held by these funds +49%
Oct '23 3.17 cr shares Sep '26
Your own record
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