Persistent Systems logo

Persistent Systems

PERSISTENT NSE

Key Fundamentals

MidcapComputer Software & ConsultingInformation Technology
Market Cap
₹83,529 Cr
Volatility
Moderate
P/E Ratio
43.93
EBITDA
₹2,976 Cr
Return on Equity
23.8%
Debt to Equity
0.06
Book Value
₹496.85
EPS
₹76.02
52W High
₹6,599
52W Low
₹4,244.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

5
  • Company is almost debt free.
  • Company has delivered good profit growth of 35.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.6%
  • Company has been maintaining a healthy dividend payout of 36.5%
  • Company's median sales growth is 19.6% of last 10 years

Weaknesses

1
  • Stock is trading at 10.8 times its book value

Growth Rate

Revenue Growth
23.62% higher than 3Y
Net Income Growth
33.2% higher than 3Y
Cash Flow Change
52.74% higher than 3Y
ROE
7.4% lower than 3Y
ROCE
2.73% higher than 3Y
EBITDA Margin (Avg.)
9.57% lower than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk medium

Persistent Systems has a market capitalisation of about ₹83,702 Cr. Over the last 5 years it grew profit at a 36% CAGR and sales at a 29% CAGR, and last year's ROE was 27% with the company almost debt free. The stock trades at 43.3x earnings and 10.6x book value, and its 1-year return of 9% is below its 3-year (23%) and 5-year (24%) CAGRs.

Bull Case 7
  • Profit growth has been strong and is still running high: 36% CAGR over 5 years, 28% over 3 years and 31% on a TTM basis. That puts recent earnings momentum above the 3-year average.
  • Sales grew at a 25% TTM rate and a 29% 5-year CAGR, with median sales growth of 19.6% over 10 years. That is a long record of steady top-line expansion.
  • Return on equity has been high and has risen over time: 22% over 10 years, 25% over 5 years, 26% over 3 years and 27% last year. This points to improving capital efficiency.
  • Profit growth has outpaced sales growth over every period reported (TTM 31% vs 25%, 3Y 28% vs 21%, 5Y 36% vs 29%), which suggests operating leverage and margin expansion.
  • The company is almost debt free, so its balance sheet leaves room to fund growth and acquisitions without financial leverage.
  • The dividend payout ratio is about 36.5%, so the company returns a meaningful share of profit while still reinvesting for growth.
  • The stock has compounded at 33% a year over 10 years and 24% a year over 5 years, which reflects long-term value creation.
Bear Case 7
  • The stock trades at 10.6x book value (the screener figure is 10.8x), a steep premium to its net assets that leaves little room if growth or returns disappoint.
  • A P/E of 43.3x already assumes high growth will continue. Any slowdown from the current 31% TTM profit growth could put pressure on the valuation multiple.
  • The dividend yield is only 0.76%, so shareholder returns depend mostly on price gains rather than income.
  • Sales growth has slowed from a 29% 5-year CAGR to a 21% 3-year CAGR, so the pace of top-line expansion has eased from its peak.
  • The stock returned 9% over 1 year while TTM profit grew 31%. Price gains have lagged earnings recently, which may point to valuation compression or cooling sentiment.
  • Stock returns have slowed from a 33% 10-year CAGR to 24% over 5 years, 23% over 3 years and 9% over 1 year. Price compounding has clearly decelerated.
  • Growth depends on a sector exposed to global tech spending cycles. Keeping 25%+ sales growth on a ₹83,702 Cr market-cap base gets harder as the company gets bigger.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

20h ago
Headwinds 3
  • Q1 profit dips sequentially Sep 22

    Q1 FY27 net profit fell 8.7% QoQ to ₹483 crore, even though revenue grew 6.1% QoQ to ₹4,303.2 crore. That points to pressure on earnings quality, with EBIT margin at 16.0%.

  • Premium, debt-funded Nagarro deal Sep 22

    The EUR 81.00 per share cash offer values Nagarro at about EUR 1.27 billion. Debt-financing costs could limit short-term upside, and an EGM on Oct 5 will vote on a USD 1.25 billion financing mix.

  • Integration and closing execution risk Sep 22

    The deal needs some regulatory approvals before it closes, expected by end of Q1 CY27. Persistent then has to integrate Nagarro's roughly 18,500 employees across 40+ countries, so investor focus is moving to execution.

Positives 5
  • 83.25% Nagarro stake secured Sep 22

    Galaxy Germany Holding SE bought 7,568,145 shares (61.15%) in the offer that closed Sep 17. Added to the 22.10% bought from Lantano, ownership reaches 83.25%, well above the 50%+1 share threshold, with a path to 90% and a possible squeeze-out.

  • $2.9B AI engineering powerhouse Sep 22

    The combined company will have about $2.9 billion in revenue and more than 46,000 employees. Nagarro's EUR 999.3 million of CY2025 revenue builds a European footprint and reduces Persistent's 80.6% reliance on North America.

  • Solid Q1 FY27 revenue growth Sep 21

    Revenue was $452.4 million, up 16.1% YoY in constant currency and 3.8% QoQ (4.1% CC), with EBIT margin at 16.0%. The order book stood at $1,146.2 million TCV and $536.8 million ACV.

  • Databricks BFSI specialization earned Sep 21

    Persistent received the Databricks Brickbuilder Specialization for BFSI. It already has Silver Tier GSI status, more than 1,000 certifications and over 10 accelerators, plus recent wins with a leading European bank and a large Japanese financial firm.

  • Crisil ESG Leadership rating Sep 1

    Crisil gave Persistent an ESG rating of 77, in the 'Leadership' category, and a Core ESG rating of 84 based on FY25-26 disclosures.

Neutral 5
  • Heavy institutional investor engagement Sep 18

    One-on-one sessions are scheduled for Sep 21 (Ashmore, LIC MF, Franklin Templeton, Hudson Bay), Sep 22 (six mutual and pension funds) and Sep 23-25 (including Goldman Sachs and Tata AIA).

  • Additional acceptance window opens Sep 22

    Remaining Nagarro shareholders can tender at EUR 81.00 per share from Sep 23 to Oct 6, 2026. Crossing 90% would open the way to a squeeze-out.

  • Planned Nagarro delisting Sep 22

    Persistent plans to delist Nagarro from the Frankfurt Stock Exchange as soon as practicable, which would remove it from the SDAX. Nagarro's Management Board supports the move, subject to its fiduciary duties.

  • EGM for deal financing Sep 12

    An EGM on Oct 5, 2026 will seek approval for the USD 1.25 billion financing mix for the Nagarro acquisition.

  • SVP Administration resigns Sep 18

    Cdr. Jayant Shivaji Konde resigned as Senior Vice President – Administration effective Sep 18, 2026, citing personal reasons.

TL;DR: Persistent is doing well on growth, with 16.1% YoY CC revenue growth, a 16.0% EBIT margin, a $1.15 billion TCV order book, and an 83.25% Nagarro stake that has largely removed deal-completion risk and creates a $2.9 billion company with more European exposure. The main risks are the 8.7% QoQ drop in net profit, debt costs from the premium EUR 81 per share offer, and integration of a large 18,500-person business before the deal closes in Q1 CY27. The trend is improving strategically, but in the near term the stock will likely track the Oct 6 acceptance outcome (and whether ownership passes 90%), the Oct 5 financing vote, and early signs of how integration and margins hold up.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,321
2,412
2,498
2,591
2,737
2,897
3,062
3,242
3,334
3,581
3,778
4,056
4,303
Expenses
1,947
2,007
2,056
2,136
2,282
2,416
2,524
2,658
2,722
2,898
3,045
3,288
3,606
Operating Profit
374
405
442
454
455
481
538
584
612
683
733
768
697
OPM %
16%
17%
18%
18%
17%
17%
18%
18%
18%
19%
19%
19%
16%
Other Income
22
37
38
31
31
47
43
18
55
52
-49
33
71
Interest
13
12
12
10
14
18
16
18
17
18
19
19
29
Depreciation
76
74
79
80
71
74
82
79
94
100
101
109
115
PBT
307
356
389
395
401
435
482
505
555
617
565
674
623
Tax %
25%
26%
26%
20%
24%
25%
23%
22%
23%
24%
22%
21%
22%
Net Profit
229
263
286
315
306
325
373
396
425
471
439
529
483
EPS in Rs
14.86
17.11
18.59
20.47
19.89
21.02
24.12
25.59
27.17
30.15
27.86
33.55
30.62
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,891
2,312
2,878
3,034
3,366
3,566
4,188
5,711
8,351
9,822
11,939
14,748
15,718
Expenses
1,501
1,921
2,413
2,565
2,810
3,073
3,505
4,753
6,831
8,146
9,881
11,953
12,837
Operating Profit
390
392
465
469
556
493
683
958
1,519
1,676
2,058
2,796
2,881
OPM %
21%
17%
16%
15%
17%
14%
16%
17%
18%
17%
17%
19%
18%
Other Income
94
77
84
119
88
132
108
144
41
128
138
91
107
Interest
0
0
0
0
0
6
6
12
47
47
67
73
85
Depreciation
94
99
149
158
157
166
176
166
272
309
307
403
424
PBT
390
370
401
429
486
452
609
924
1,241
1,448
1,822
2,411
2,479
Tax %
25%
25%
25%
25%
28%
25%
26%
25%
26%
24%
23%
23%
—
Net Profit
291
277
301
323
352
340
451
690
921
1,093
1,400
1,865
1,923
EPS in Rs
18.16
17.33
18.84
20.19
21.98
22.26
29.48
45.15
60.24
70.98
90.54
118
122
Div. Payout %
41%
23%
24%
25%
25%
27%
34%
34%
41%
37%
39%
34%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
80
80
80
80
79
76
76
76
76
77
78
79
Reserves
1,326
1,578
1,819
2,047
2,266
2,309
2,719
3,292
3,889
4,881
6,241
7,759
Borrowings
4
3
3
2
2
71
98
578
655
451
311
477
Other Liabilities
365
459
433
514
509
635
771
1,473
1,999
1,997
2,092
3,029
Total Liabilities
1,775
2,120
2,335
2,644
2,856
3,092
3,666
5,419
6,619
7,405
8,722
11,344
Fixed Assets
408
437
536
512
401
432
457
1,534
2,341
2,221
2,541
2,856
CWIP
4
27
29
5
32
30
12
107
16
34
77
38
Investments
674
638
684
880
764
979
1,000
822
640
827
980
1,615
Other Assets
689
1,018
1,086
1,247
1,659
1,652
2,197
2,956
3,622
4,324
5,123
6,836
Total Assets
1,775
2,120
2,335
2,644
2,856
3,092
3,666
5,419
6,619
7,405
8,722
11,344
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
312
254
286
421
432
352
736
845
956
1,302
1,157
1,767
Investing
-230
-86
-222
-337
-233
-6
-540
-971
-383
-525
-517
-618
Financing
-66
-127
-58
-96
-160
-329
-144
182
-404
-582
-628
-748
Net Cash Flow
16
41
6
-12
39
16
52
56
169
196
12
401
Free Cash Flow
216
89
70
356
395
277
611
464
524
947
964
1,572
CFO/OP
105
91
84
116
103
98
131
113
85
98
81
86
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
69
67
60
58
53
61
50
61
69
62
82
83
Cash Conversion Cycle
69
67
60
58
53
61
50
61
69
62
82
83
Working Capital Days
29
40
49
53
43
37
25
4
20
24
47
50
ROCE %
29%
23%
23%
20%
20%
18%
21%
26%
30%
29%
31%
34%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Promot.30.29%DIIs30.24%Others4.71%Public13.96%FIIs20.79%As ofJun 2026

Documents

Frequently Asked Questions about Persistent Systems

What does Persistent Systems Ltd do?
Persistent Systems provides software engineering and strategy services to help companies implement and modernize their businesses. It has its own software and frameworks with pre-built integration and acceleration [1]. It also has partnership with providers such as Salesforce and AWS [2].
Where is Persistent Systems Ltd (PERSISTENT) listed?
Persistent Systems Ltd trades as PERSISTENT on the NSE and under code 533179 on the BSE.
Which sector does Persistent Systems Ltd belong to?
Persistent Systems Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the market capitalisation of Persistent Systems Ltd?
Persistent Systems Ltd has a market capitalisation of ₹83,529 Cr, which places it in the Large Cap band.
What is the PE ratio of Persistent Systems Ltd?
Persistent Systems Ltd trades at a PE ratio of 43.93, on earnings per share of ₹76.02, against a book value of ₹496.85 per share.
What is the 52-week high and low of Persistent Systems Ltd?
Over the last 52 weeks Persistent Systems Ltd has traded between ₹4,244.5 and ₹6,599.
Does Persistent Systems Ltd pay dividends?
Persistent Systems Ltd has a dividend yield of 0.76%.
What is the Return on Equity (ROE) of Persistent Systems Ltd?
Persistent Systems Ltd reported a return on equity of 23.80%. Its debt-to-equity ratio is 0.06.

Company Information

Persistent Systems provides software engineering and strategy services to help companies implement and modernize their businesses. It has its own software and frameworks with pre-built integration and acceleration [1]. It also has partnership with providers such as Salesforce and AWS [2].

Website persistent.com
CEO Dr. Anand Suresh Deshpande Ph.D.
Employees 22,205
Listed 2010-04-06
Face Value ₹ 5
Issued Size 15,77,50,000

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