PERSISTENT · Information Technology
Persistent Systems Ltd. reported revenue of ₹4,056 cr for January to March 2026, +25.1% on the year and +7.4% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹14,749 cr, +23.5% on the four before.
Operating profit (EBITDA) was ₹768 cr, a margin of 18.9%, +92 bps on the year and −47 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.6% to 19.4%, averaging 18.1%. Operating costs grew +23.7% against revenue growth of +25.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹529 cr, +33.6% on the year and +20.5% on the quarter, with earnings per share of ₹33.55. Profit before other income, one-offs and tax grew 31.6%, so the profit growth came from the business itself. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹1,864 cr, +33.1% on the four before.
On earnings per share of ₹118.73 over the last four quarters, the stock at ₹6,040.00 trades at 50.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,412 cr | ₹2,498 cr | ₹2,591 cr | ₹2,737 cr | ₹2,897 cr | ₹3,062 cr | ₹3,242 cr | ₹3,334 cr | ₹3,581 cr | ₹3,778 cr | ₹4,056 cr | ₹4,303 cr |
| YoY | — | — | — | +18% | +20% | +23% | +25% | +22% | +24% | +23% | +25% | +29% |
| EBITDA margin | 16.8% | 17.7% | 17.5% | 16.6% | 16.6% | 17.6% | 18.0% | 18.4% | 19.1% | 19.4% | 18.9% | 16.2% |
| Other income, % of PBT | 10% | 10% | 8% | 8% | 11% | 9% | 4% | 10% | 8% | −9% | 5% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 20% | 24% | 25% | 23% | 22% | 23% | 24% | 22% | 21% | 22% |
| Net profit | ₹263 cr | ₹286 cr | ₹315 cr | ₹306 cr | ₹325 cr | ₹373 cr | ₹396 cr | ₹425 cr | ₹471 cr | ₹439 cr | ₹529 cr | ₹483 cr |
| YoY | — | — | — | +34% | +24% | +30% | +26% | +39% | +45% | +18% | +34% | +14% |
| Core profit YoY | — | — | — | +30% | +22% | +25% | +34% | +35% | +46% | +40% | +32% | +10% |
| EPS | ₹17.11 | ₹18.59 | ₹20.47 | ₹19.89 | ₹21.02 | ₹24.12 | ₹25.59 | ₹27.17 | ₹30.15 | ₹27.86 | ₹33.55 | ₹30.62 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Persistent Systems Ltd. reported revenue of ₹4,056 cr (+25.1% on the year) and net profit of ₹529 cr (+33.6% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +31.6% on the year, against +33.6% for reported profit.
None of the 7 checks that could run raised a question.
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