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Persistent Systems USD

At a glance: strengths & risks
✓Revenue growing (+29% y/y, Q1 2026)✓Profit growing (+14% y/y, Q1 2026)✓Net cash balance sheet✗Margins compressing (20%→18%, Q1 2026)

Sector: IT services

IN_PERSISTENT

Price chart

5 690 INRDay -1.90%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
5 690 INR · -1.90%
Market cap
9.5 bn USD

Growth

Δ revenue y/y
19.9%
Δ EBITDA y/y
5.9%

Multiples

P/E (LTM)
46.3x
3y avg: 45.3x
P/B (FY)
11.3x
P/E (ann.)
45.4x
EV/EBITDA (LTM)
8.8x
3y avg: 7.4x
EV/EBITDA (ann.)
9.0x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
0.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+1.8%
↓ details

Liquidity

Daily turnover (listing)
3.5 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL464.2
y/y 19.9%
62.7
y/y 4.3%
12.4
y/y 14.2%
75.2
y/y 5.9%
52.1
y/y 5.6%
12.6-986.41289.3
y/y 17.4%
889.2
y/y 11.5%
24.2%≈ -6744.0—
2026-03-31FY 2026 (12M)OK—
y/y 16.6%
—
y/y 41.6%
—
y/y 23.9%
—
y/y 38.8%
—
y/y 25.7%
——1212.5
y/y 18.6%
835.3
y/y 12.9%
24.0%≈ -6744.0—
2025-12-31Q4 2025 (3M)OK429.3
y/y 18.1%
71.9
y/y 37.4%
11.4
y/y 29.9%
83.3
y/y 36.3%
49.9
y/y 12.7%
45.4-800.71213.6
y/y 20.5%
864.3
y/y 21.2%
8.0%≈ -6744.0—
2025-09-30Q3 2025 (3M)OK413.2
y/y 19.3%
67.2
y/y 56.2%
10.8
y/y 32.9%
78.1
y/y 52.5%
54.4
y/y 40.0%
62.2-610.61113.9
y/y 12.7%
805.0
y/y 21.2%
27.2%≈ -6744.0Link
2025-06-30Q2 2025 (3M)OK387.1
y/y 17.7%
60.1
y/y 30.3%
10.9
y/y 39.7%
71.0
y/y 31.7%
49.3
y/y 34.0%
48.7-422.91097.8
y/y 12.4%
797.8
y/y 22.2%
25.7%≈ -6744.0—
2025-03-31FY 2025 (12M)OK—
y/y 17.1%
—
y/y 18.9%
—
y/y -4.4%
—
y/y 14.4%
—
y/y 23.4%
——1022.5
y/y 14.9%
739.6
y/y 24.4%
22.4%-6744.0—
2024-12-31Q4 2024 (3M)OK363.6
y/y 20.7%
52.3
y/y 19.4%
8.8
y/y -0.0%
61.1
y/y 16.2%
44.3
y/y 28.3%
26.72206.61007.3
y/y 16.1%
713.1
y/y 22.7%
8.6%-4280.9Link
2024-09-30Q3 2024 (3M)OK346.4
y/y 18.5%
43.1
y/y 17.1%
8.2
y/y -2.0%
51.2
y/y 13.5%
38.9
y/y 21.8%
42.1-744.4988.1
y/y 19.9%
664.1
y/y 24.9%
23.6%-4323.9Link
2024-06-30Q2 2024 (3M)OK328.9
y/y —
46.1
y/y —
7.8
y/y —
53.9
y/y —
36.8
y/y —
18.1-1628.0976.6
y/y —
652.9
y/y —
23.6%-6527.9Link
2024-03-31FY 2024 (12M)OK—
y/y 16.7%
—
y/y 2.7%
—
y/y 12.9%
—
y/y 4.5%
—
y/y 17.7%
——889.6
y/y 9.6%
594.6
y/y 23.3%
22.4%-4552.0—
2023-12-31Q4 2023 (3M)OK301.3
y/y —
43.8
y/y —
8.8
y/y —
52.6
y/y —
34.5
y/y —
53.8-585.1867.4
y/y —
581.1
y/y —
8.3%-3703.0Link
2023-09-30Q3 2023 (3M)OK292.2
y/y —
36.8
y/y —
8.3
y/y —
45.1
y/y —
31.9
y/y —
58.1-929.3823.8
y/y —
531.9
y/y —
25.2%-4350.6Link
2023-03-31FY 2023 (12M)OK1013.6
y/y —
152.8
y/y —
33.0
y/y —
185.8
y/y —
111.8
y/y —
116.0-4333.0811.7
y/y —
482.3
y/y —
—-363.2—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

01002003004005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (INR mln)

-200204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (INR mln)

-8 000-6 000-4 000-2 00002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.04x of reported net profit; after capex, 0.67x.
year20222023202420252026
cash flow / profit1.22x1.04x1.19x0.83x0.95x
accruals, % of assets—-0.5%-2.8%2.8%0.9%
Last twelve months (to 2025-Q3): 0.76x of profit came back as operating cash flow.
capex 1.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +1.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (75 − 71) × 4.22
18
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (9 453 + -6 744) ÷ 317
8.5x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (8.5 + 11) ÷ 2
9.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 0 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (18 × 9.8 + 0) ÷ 9 453
+1.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +24% vs +22% the year before — a +2.0 pp move. 3-year CAGR +21%.
revenue growth by year: 2024 +18% · 2025 +22% · 2026 +24%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-2718 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2026-01-2722 INREx-dividend: 22 INR per sharePaidYahoo Finance (ex-div)
2025-07-1415 INREx-dividend: 15 INR per sharePaidYahoo Finance (ex-div)
2025-01-3120 INREx-dividend: 20 INR per sharePaidYahoo Finance (ex-div)
2024-07-0910 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2024-01-3016 INREx-dividend: 16 INR per sharePaidYahoo Finance (ex-div)
2023-07-1111 INREx-dividend: 11 INR per sharePaidYahoo Finance (ex-div)
2023-01-2514 INREx-dividend: 14 INR per sharePaidYahoo Finance (ex-div)
2022-07-115.5 INREx-dividend: 5.5 INR per sharePaidYahoo Finance (ex-div)
2022-01-2710 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Persistent Systems — from primary filings.

Frequently asked questions

What is Persistent Systems's P/E ratio?
Persistent Systems trades at a P/E of 46.3x (price to trailing 12-month earnings).
What is Persistent Systems's EV/EBITDA?
Persistent Systems trades at 8.8x EV/EBITDA.
What is Persistent Systems's P/B ratio?
Persistent Systems trades at a P/B of 11.3x.
What is Persistent Systems's dividend yield?
Persistent Systems's trailing 12-month dividend yield is 0.7%.
What is Persistent Systems's return on equity (ROE)?
Persistent Systems's ROE is 24.2%.
What is Persistent Systems's market capitalization?
Persistent Systems's market cap is 9.5 bn USD.

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