Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Persistent Systems Ltd.
NSE: PERSISTENTTechnologyInformation Technology Services
- Last close
- ₹5,727.50
- Day change
- −₹13.00 (−0.23%)vs
- Market cap
- ₹91,906 crIndian rupees
- Research updated
- 6 reports
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About Persistent Systems
Persistent Systems Ltd. is an Indian multinational technology services company that specializes in software development and technology solutions. The company provides cutting-edge services in digital solutions, enterprise integration, and technological consultation for various industries including healthcare, banking, financial services, and telecommunications. Known for its expertise in software and platform development, data services, and product lifecycle management, Persistent Systems plays a crucial role in driving digital transformation initiatives for global businesses. Headquartered in Pune, India, the company has established a strong presence worldwide, catering to the needs of numerous enterprises seeking advanced tech solutions and innovation-driven growth strategies. Persistent Systems is significant in the market as it combines deep domain knowledge with cutting-edge technology to deliver high-caliber service offerings, ensuring businesses remain agile and future-ready in the competitive global market.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: PERSISTENT
- Chief executive
- Mr. Sandeep Kumar Kalra
- Employees
- 22,205
- Headquarters
- Pune, India
- ISIN
- INE262H01021
- Website
- persistent.com
Public research · Report of
Business model & financial foundation
Persistent Systems (NSE: PERSISTENT), Digital engineering and enterprise modernization services: revenue of ₹14,748 crore in FY26 (+23.5% on FY25), an EBITDA margin of 19.0%, net profit of ₹1,865 crore and net cash of ₹2,284 crore.
- Revenue, FY26 (₹ crore)
- 14,748
- consolidated
- Revenue growth, FY26
- +23.5%
- on FY25
- EBITDA margin, FY26
- 19.0%
- EBITDA (Operating EBITDA before exceptional and other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,865
- to owners
- Return on equity, FY26
- 26.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,284
- Investment-inclusive net debt including leases
- Market capitalisation (₹ crore)
- 91,616
- at the close of 21 Oct 2026
Company profile
Pune-headquartered global technology services company delivering software/product engineering, data and analytics, cloud, customer experience and enterprise modernization. Serves BFSI, healthcare/life sciences and software/hi-tech clients through Indian and international delivery operations. Its proposed Nagarro combination expands European reach but remains unclosed as of 13 October 2026.
| Item | Value |
|---|---|
| Legal name | Persistent Systems Limited |
| Exchange and ticker | NSE: PERSISTENT; BSE: 533179 |
| ISIN | INE262H01021 |
| CIN | L72300PN1990PLC056696 |
| Sector | Information Technology |
| Industry | Digital engineering and enterprise modernization services |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since FY26) |
| Market capitalisation | ₹91,616 crore (21 Oct 2026) |
| Shares outstanding | 15.78 crore shares (FY26) |
| Price | ₹5,859 (close, 21 Oct 2026) |
| 52-week range | ₹4,245 - ₹6,599 (to 21 Oct 2026) |
| Website | https://www.persistent.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Persistent Systems Inc., USA | 100% | US software engineering and technology services; only material subsidiary under company policy. |
| Persistent Systems Pte. Ltd., Singapore | 100% | Technology services and Asia-Pacific group holding. |
| Aepona Group Limited, Ireland | 100% | Technology services and European group holding. |
| MediaAgility Inc. | 100% | Cloud and digital technology services. |
| Arrka Infosec Private Limited | 100% | Cybersecurity, data protection and privacy compliance. |
| Galaxy Germany Holding SE | 100% | Direct German bid vehicle for proposed Nagarro SE takeover. |
| PSPL ESOP Management Trust | n.d. | Controlled employee share-plan trust; treasury shares eliminated on consolidation. |
Nagarro is not treated as a consolidated subsidiary at cutoff: 94.04% secured under offer/SPA, settlement and approvals pending. Starfish merged into US subsidiary March 2, 2026; European holding reorganisation is intra-group.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 30.56% | 30.29% | 30.29% | 30.29% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.23% | 22.80% | 22.12% | 20.79% |
| Domestic institutions | 30.60% | 29.82% | 30.48% | 30.24% |
| of which mutual funds | 23.71% | 22.98% | 22.12% | 21.32% |
| Retail | 9.88% | 9.13% | 9.09% | 10.43% |
| Other | 7.73% | 7.96% | 8.02% | 8.24% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | finance costs, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Banking, Financial Services & Insurance | 5,093 | 34.5% | 1,769 | 33.8% | ||
| Healthcare & Life Sciences | 3,772 | 25.6% | 1,403 | 26.8% | ||
| Software, Hi-Tech & Emerging Industries | 5,883 | 39.9% | 2,059 | 39.4% | ||
| Corporate reconciliation (not operating segment) | 72.7 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Coforge (COFORGE) | Analyst-selected mid-tier global digital/IT services peer with BFSI and enterprise transformation exposure. |
| Mphasis (MPHASIS) | Analyst-selected offshore IT services peer with North American BFSI exposure. |
| LTIMindtree (LTM) | Analyst-selected larger digital modernization and cloud services benchmark. |
| KPIT Technologies (KPITTECH) | Analyst-selected software engineering peer; automotive specialization limits direct comparability. |
| Tata Elxsi (TATAELXSI) | Analyst-selected design and embedded/software engineering peer; different vertical mix. |
| Hexaware Technologies (HEXT) | Analyst-selected global cloud, automation and digital IT services peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,711 | 8,351 | 9,822 | 11,939 | 14,748 |
| Cost of revenue (vendor classification) * | 3,372 | 4,923 | 6,068 | 8,661 | 10,612 |
| Other operating costs (vendor classification) * | 1,038 | 1,441 | 1,635 | 604.1 | 713.5 |
| EBITDA (vendor classification) * | 1,087 | 1,578 | 1,707 | 1,990 | 2,926 |
| Operating EBIT before exceptional and other income | 936.1 | 1,288 | 1,366 | 1,751 | 2,392 |
| Finance costs | 11.8 | 47.3 | 46.7 | 67.1 | 72.7 |
| Profit before tax | 924.3 | 1,241 | 1,448 | 1,822 | 2,411 |
| Tax expense | 233.9 | 319.8 | 354.1 | 422.1 | 546.1 |
| Net profit | 690.4 | 921.1 | 1,093 | 1,400 | 1,865 |
| Diluted EPS (₹) | 45.17 | 60.26 | 71.07 | 90.24 | 118.9 |
| Employee benefits expense | 5,961 | 6,874 | 7,950 | ||
| Subcontracting costs / cost of professionals | 1,149 | 1,749 | 2,199 | ||
| Other expenses | 1,036 | 1,258 | 1,805 | ||
| Operating EBITDA before exceptional and other income | 1,676 | 2,058 | 2,795 | ||
| Other income | 128.0 | 138.2 | 180.4 | ||
| Depreciation and amortisation | 309.4 | 306.9 | 403.0 | ||
| Exceptional items signed | 0.00 | 0.00 | -89.0 | ||
| Profit to owners / EPS numerator | 1,093 | 1,400 | 1,865 | ||
| Share-based compensation expense | 109.2 | 309.5 | 157.8 | ||
| Minority attribution | n.d. | n.d. | n.d. | ||
| Share of associates | n.d. | n.d. | n.d. | ||
| COGS manufacturing line not applicable | n.a. | n.a. | n.a. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,368 | 3,965 | 4,958 | 6,319 | 7,838 |
| Loans excluding leases | 578.2 | 657.6 | 207.3 | 0.00 | 0.00 |
| Cash and cash equivalents | 297.8 | 467.0 | 662.5 | 674.4 | 1,075 |
| Net billed current and noncurrent receivables | 948.4 | 1,525 | 1,749 | 1,914 | 2,223 |
| Trade payables | 429.9 | 568.9 | 813.9 | 888.6 | 1,134 |
| PPE net carrying value | 0.00 | 705.8 | 442.0 | 435.1 | 396.9 |
| Capital work in progress | 117.6 | 79.1 | 21.9 | 4.18 | 10.7 |
| Total assets | 5,419 | 6,673 | 7,418 | 8,737 | 11,377 |
| Current and noncurrent lease liabilities | 243.8 | 310.9 | 477.4 | ||
| Other bank balances gross | 360.4 | 351.1 | 143.3 | ||
| Current treasury investments | 272.7 | 338.8 | 914.6 | ||
| Total noncurrent investments | 553.9 | 641.5 | 700.1 | ||
| Noncurrent bonds and mutual funds | 538.2 | 582.0 | 628.9 | ||
| Investment-inclusive net debt including leases | -1,383 | -1,635 | -2,284 | ||
| Unbilled revenue disclosed | 652.1 | 831.4 | 1,201 | ||
| Goodwill | 1,091 | 1,234 | 1,360 | ||
| Other intangible assets | 457.5 | 492.3 | 552.2 | ||
| Intangible assets under development | 11.7 | 73.2 | 26.9 | ||
| Inventory not separately presented | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 533.8 | 583.4 | 1,302 | 1,157 | 1,767 |
| Capital expenditure positive cash outflow | 4.60 | 1.20 | 358.0 | 236.7 | 208.6 |
| Free cash flow (vendor definition) * | 459.6 | 522.5 | 937.4 | 920.2 | 1,559 |
| Dividends positive cash outflow | -198.7 | -298.1 | 408.4 | 460.0 | 579.0 |
| Acquisition contingent consideration paid | 207.4 | 49.0 | 106.5 | ||
| Loan principal repayment | 223.4 | 206.1 | 0.00 | ||
| CFO minus capex | 944.1 | 920.2 | 1,559 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares split-adjusted | 15.29 | 14.89 | 15.41 | 15.59 | 15.78 |
| Diluted weighted-average equity shares | 15.39 | 15.52 | 15.69 | ||
| Basic weighted-average equity shares | 15.10 | 15.35 | 15.58 | ||
| Directors report EBITDA including FY26 exceptional | 1,676 | 2,058 | 2,706 | ||
| MD&A pre-interest depreciation exceptional and tax profit | 2,196 | 2,976 | |||
| Capital commitments outstanding | 32.7 | 50.2 | |||
| Internally generated software additions | 8.87 | 158.5 | |||
| Software license costs within other expenses | 560.8 | 747.9 | 1,008 | ||
| Arrka acquisition identifiable intangibles | 1.97 | ||||
| Arrka acquisition goodwill | 10.8 | ||||
| Starfish acquisition identifiable intangibles | 63.8 | ||||
| Starfish acquisition goodwill | 105.2 | ||||
| ESOP grants in year (crore shares) | 0.21 | 0.04 | |||
| ESOP options exercised in year (crore shares) | 0.26 | 0.21 | |||
| ESOP options outstanding at year-end (crore shares) | 0.67 | 0.45 | |||
| ESOP options exercisable at year-end (crore shares) | 0.02 | 0.08 | |||
| Statutory EBITDA after exceptional excluding other income | 1,676 | 2,058 | 2,706 | ||
| Reference: issuer total USD1M+ client engagements (clients) | 178.00 | 191.00 | 201.00 | ||
| Reference: clients over USD5M annual revenue | 40.00 | 55.00 | 62.00 | ||
| Reference: rounded issuer average INR/USD (not binding) (INR per USD) | 82.80 | 84.70 | 89.10 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,062 | 3,242 | 3,334 | 3,581 | 3,778 | 4,056 | 4,303 | 4,664 |
| Cost of revenue (vendor classification) * | 2,197 | 2,280 | 2,306 | 2,601 | 2,758 | 2,866 | ||
| Other operating costs (vendor classification) * | 760.5 | 378.0 | 416.3 | 444.6 | 530.0 | 740.4 | ||
| EBITDA (vendor classification) * | 580.5 | 602.8 | 666.3 | 773.6 | 801.2 | 767.5 | ||
| EBIT | 455.7 | 505.3 | 517.8 | 583.7 | 542.8 | 659.2 | 686.9 | 697.7 |
| Finance cost | 16.3 | 18.5 | 17.1 | 18.0 | 19.0 | 18.7 | 29.1 | 37.6 |
| Profit before tax | 482.0 | 505.2 | 555.4 | 616.8 | 565.0 | 674.0 | 623.1 | 453.7 |
| Tax expense | 109.0 | 109.4 | 130.5 | 145.4 | 125.5 | 144.7 | 140.1 | 102.2 |
| Profit after tax | 373.0 | 395.8 | 424.9 | 471.5 | 439.5 | 529.3 | 483.0 | 351.5 |
| Diluted EPS (INR per share) | 23.93 | 25.39 | 27.21 | 30.15 | 27.94 | 33.55 | 30.51 | 22.22 |
| Employee benefits expense | 1,764 | 1,811 | 1,826 | 1,946 | 2,041 | 2,136 | 2,199 | 2,382 |
| Subcontracting cost | 433.1 | 468.7 | 479.6 | 537.5 | 559.7 | 621.8 | 667.2 | 714.0 |
| Other expenses | 327.4 | 378.0 | 416.3 | 414.1 | 444.5 | 530.0 | 740.4 | 934.6 |
| Other income | 42.6 | 18.4 | 54.7 | 51.8 | 40.5 | 33.5 | 70.6 | 24.4 |
| Depreciation and amortisation | 82.1 | 79.1 | 93.8 | 100.0 | 100.6 | 108.5 | 115.3 | 166.7 |
| EBIT (vendor classification; not issuer operating EBIT) * | 498.4 | 523.7 | 572.5 | 584.0 | 692.7 | 652.2 | ||
| EBITDA | 537.8 | 584.4 | 611.6 | 683.8 | 643.3 | 767.7 | 802.2 | 864.4 |
| Other income/(loss) (issuer PBT bridge, net financing) | 11.8 | 15.4 | 18.7 | 5.89 | 30.1 | 13.6 | 41.5 | |
| Exchange gain/(loss) (issuer PBT bridge) | 14.5 | -15.4 | 18.9 | 27.2 | -7.82 | 1.19 | -105.3 | |
| Exceptional items | n.d. | n.d. | 0.00 | 0.00 | -89.0 | 0.00 | 0.00 | -185.3 |
| PAT attributable to owners (separate split not disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Non-controlling share of PAT (not separately disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Share of profit of associates (not separately disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Total direct costs (issuer; not mapped to COGS) | 2,000 | 2,112 | 2,158 | 2,292 | 2,502 | 2,625 | 2,792 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 36.4% | 46.2% | 17.6% | 21.6% | 23.5% |
| EBITDA margin | 17.1% | 17.2% | 19.0% | ||
| Net margin | 11.1% | 11.7% | 12.6% | ||
| Return on equity | 24.5% | 24.8% | 26.3% | ||
| Return on capital employed | 27.4% | 30.1% | 27.9% | 30.5% | 33.8% |
| Return on assets | 15.5% | 17.3% | 18.5% | ||
| Net debt (₹ crore) | -1,383 | -1,635 | -2,284 | ||
| Net debt / EBITDA | -0.83x | -0.79x | -0.82x | ||
| Interest cover | 79.1x | 27.2x | 29.2x | 26.1x | 32.9x |
| Asset turnover | 1.26x | 1.38x | 1.39x | 1.48x | 1.47x |
| Receivable days | 61 | 67 | 65 | 59 | 55 |
| Payable days (on revenue) | 27 | 25 | 30 | 27 | 28 |
| Cash conversion | 1.19x | 0.83x | 0.95x | ||
| Capex intensity | 0.1% | 0.0% | 3.6% | 2.0% | 1.4% |
| Free cash flow (₹ crore) | 529.2 | 582.2 | 944.1 | 920.2 | 1,559 |
| Dividend payout | 37.3% | 32.9% | 31.0% | ||
| EPS, diluted (₹) | 45.17 | 60.26 | 71.07 | 90.24 | 118.9 |
| Book value per share (₹) | 220.4 | 266.3 | 321.8 | 405.5 | 496.9 |
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before exceptional and other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Investment-inclusive net debt including leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before exceptional and other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 6, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Persistent Systems includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Persistent Systems
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 25 Oct 2026.
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