Persistent Systems Ltd(PERSISTENT)

NSE: PERSISTENTBSE: 533179

₹ 5,700.5-0.77%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 89,925 crWebsite: www.persistent.comUpdated: 24 Oct 2026

About

Persistent Systems is an India-listed technology services company that provides software engineering, cloud, data and AI services, with leadership positions in banking and financial services, healthcare and life sciences, and software. It reported FY26 revenue of Rs 14,748.45 Cr and had over 27,500 employees across 21 countries. By 6 October 2026 it had secured 94.04% of Germany-listed Nagarro SE. The combined group would have about USD 2.9B in run-rate revenue (Q4FY26), making it India's 7th largest technology services company.^[1]

Business segments

Software, Hi-Tech and Emerging Industries: 39.9% of FY26 revenue (Rs 5,882.98 Cr), segment EBIT margin 35.0%.^[2]
BFSI: 34.5% of FY26 revenue (Rs 5,093.30 Cr), segment EBIT margin 34.7%; the vertical grew 28.4% YoY in FY26.^[2]
Healthcare & Life Sciences: 25.6% of FY26 revenue (Rs 3,772.16 Cr), segment EBIT margin 37.2%; grew 10.1% YoY in FY26.^[2]
BFSI vertical reached a $600M annualised run rate in Q4 FY26.^[3]

Key operating numbers

Q1 FY27 revenue was $452.4M, up 3.8% QoQ and 16.1% YoY, its 25th consecutive quarter of sequential growth.^[4]
Headcount was 28,640 in Q1 FY27, compared with over 27,500 employees across 21 countries stated in the FY26 annual report.^[4]
TTM voluntary attrition was 13.8% and utilisation 88.2% in Q2 FY26.^[5]
Q3 FY26 total TCV bookings were $674.5M (new bookings $369.1M); TTM ACV reached $1,685.3M, up 18.5% YoY.^[6]
EBIT margin was 16.0% in Q1 FY27, compared with 15.6% for FY26, which included a one-time labour-code impact of ~0.6%.^[4]

Clients and markets

Top 10 clients made up 43.0% of revenue in Q1 FY27.^[4]
$1M+ clients (TTM) rose to 214 in Q1 FY27 from 201 in FY26; clients in the $10-20M band rose to 20 from 17.^[4]
$10M+ clients grew from 21 to 29 YoY in FY26; $5M+ clients from 55 to 62.^[3]
North America accounted for 80.6% of revenue before the Nagarro deal, per the Q2 FY27 call.^[4]
Europe contributed ~8 - 8.5% of FY26 revenue; it grew 22.0% YoY in Q3 FY26 and declined 1.8% sequentially in Q4 FY26.^[5]

Nagarro acquisition

Persistent agreed to buy 100% of Nagarro SE at EUR 81 per share in cash (about 140% premium), implying an enterprise value of about EUR 1.27B.^[7]
By 6 October 2026, Persistent had secured 94.04% of Nagarro's share capital and voting rights after the additional acceptance period.^[8]
Deal is funded by an 18-month EUR 1.40B bridge loan at EURIBOR plus 175 - 250 bps, to be refinanced with a long-term loan.^[7]
Galaxy Germany Holding SE was set up as a wholly owned German subsidiary on June 26, 2026, to serve as the acquisition vehicle.^[7]
Nagarro has about EUR 1B revenue and over 18,500 professionals across 35+ countries; combined group: 46,000+ employees in 40+ countries, 37,500+ in India.^[4]
Nagarro has 180+ accounts billing $1M+, with fewer than 10 customer overlaps with Persistent.^[5]
Pro forma net debt/EBITDA expected at 1.9x - 2.5x, falling below 1x by FY30; closing expected Q4 CY2026/Q1 CY2027.^[7]

AI platform and IP

SASVA AI platform patent portfolio exceeded 121 patents by Q4 FY26, up from 105 filed as of Q3 FY26.^[6]
Over 500 agents built in-house and across Google, Microsoft, Salesforce and NVIDIA ecosystems as of Q4 FY26.^[3]

Deal wins

In Q1 FY27, signed a $650M+ TCV net-new deal with an existing US technology customer, ~$125M ACV over 6.5 years, for product engineering and support.^[5]
In Q4 FY26, won a $50M+ TCV new-logo deal with a Japan-headquartered industrial technology company covering SAP, IT and data analytics.^[3]

Recent developments

On 21 October 2026, approved a QIP of up to USD 450 million (INR 42,646.10 million) at a floor price of INR 5,550 per equity share.^[9]
On 22 October 2026, ICRA rated proposed NCDs and commercial paper; the issuer rating remains on Rating Watch with Negative Implications.^[10]
On 9 October 2026, ICRA assigned [ICRA]AA+ on Rating Watch with Negative Implications to proposed Rs 5,000 crore NCDs and reaffirmed the issuer rating.^[11]
In October 2026, opened a third facility in Hyderabad for AI and modernisation delivery, adding to a city presence of over 3,000 employees.^[12]
Acquired Starfish Associates (contact centre modernisation), Arrka (data privacy and AI governance) and Soho Dragon, per the FY25 annual report.^[13]
Targets a $2B revenue run rate as a Q4 FY27 quarterly exit rate (~$500M/quarter).^[3]

Market Cap

₹89,925 Cr

High / Low

₹6,597 / 4,243

Stock P/E

49.9

Price / Book

10.5

Book Value

₹497

EPS

₹118.2

No. of Shares

15.78 Cr

ROCE

34.9%

ROE

26.4%

OPM

17.2%

Debt / Equity

0.00

Sales

₹14,748 Cr

Net Profit

₹1,865 Cr

Promoter holding

30.3%

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Persistent Systems Ltd(PERSISTENT)

About

Business segments

Key operating numbers

Clients and markets

Nagarro acquisition

AI platform and IP

Deal wins

Recent developments

Signal history

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