Stock PERSISTENT PERSISTENT SYSTEMS LIMITED
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Financials Persistent Systems Limited

Equities

PERSISTENT

INE262H01021

IT Services & Consulting

Market Closed - NSE India S.E.
Other stock markets
 07:43:55 2024-07-03 am EDT 		5-day change 1st Jan Change
4,593 INR +2.04% Intraday chart for Persistent Systems Limited +16.26% +24.32%
09:08am Persistent Systems' US-Based Step-Down Subsidiary Gets Dissolved MT
06:41am Persistent Systems Arm to Acquire US-Based Enterprise Communications Company for $20.7 Million MT

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 42,106 146,893 364,188 335,802 585,330 661,307 - -
Enterprise Value (EV) 1 30,347 139,081 364,011 331,054 577,175 645,328 635,724 626,153
P/E ratio 12.4 x 32.6 x 52.7 x 38.2 x 56.1 x 51.2 x 40.9 x 34.5 x
Yield 2.18% 1.04% 0.65% 1.08% 0.65% 0.78% 0.92% 1.19%
Capitalization / Revenue 1.18 x 3.51 x 6.38 x 4.02 x 5.96 x 5.86 x 5.04 x 4.32 x
EV / Revenue 0.85 x 3.32 x 6.37 x 3.96 x 5.88 x 5.72 x 4.84 x 4.09 x
EV / EBITDA 6.16 x 20.4 x 38 x 21.8 x 34.4 x 32.3 x 26.2 x 21.5 x
EV / FCF 12.3 x 22.9 x 79.2 x 63.4 x 61.6 x 65.9 x 48.8 x 41.7 x
FCF Yield 8.14% 4.37% 1.26% 1.58% 1.62% 1.52% 2.05% 2.4%
Price to Book 1.76 x 5.25 x 10.8 x 8.88 x 12.4 x 11.3 x 9.61 x 8.32 x
Nbr of stocks (in thousands) 152,850 152,850 152,850 145,700 146,900 146,900 - -
Reference price 2 275.5 961.0 2,383 2,305 3,985 4,502 4,502 4,502
Announcement Date 5/5/20 4/29/21 4/27/22 4/24/23 4/21/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 35,658 41,879 57,107 83,506 98,216 112,820 131,329 153,243
EBITDA 1 4,923 6,830 9,582 15,191 16,757 19,961 24,294 29,089
EBIT 1 3,263 5,075 7,922 12,472 13,663 16,675 20,771 25,162
Operating Margin 9.15% 12.12% 13.87% 14.94% 13.91% 14.78% 15.82% 16.42%
Earnings before Tax (EBT) 1 4,523 6,094 9,243 12,409 14,476 17,834 22,240 26,960
Net income 1 3,403 4,507 6,904 9,211 10,935 13,417 16,666 20,258
Net margin 9.54% 10.76% 12.09% 11.03% 11.13% 11.89% 12.69% 13.22%
EPS 2 22.19 29.48 45.17 60.26 71.07 87.89 110.0 130.4
Free Cash Flow 1 2,470 6,078 4,596 5,225 9,374 9,798 13,016 15,022
FCF margin 6.93% 14.51% 8.05% 6.26% 9.54% 8.68% 9.91% 9.8%
FCF Conversion (EBITDA) 50.17% 88.99% 47.97% 34.39% 55.94% 49.09% 53.58% 51.64%
FCF Conversion (Net income) 72.58% 134.87% 66.57% 56.72% 85.72% 73.03% 78.1% 74.15%
Dividend per Share 2 6.000 10.00 15.50 25.00 26.00 35.09 41.57 53.38
Announcement Date 5/5/20 4/29/21 4/27/22 4/24/23 4/21/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Net sales 1 14,917 16,379 18,781 20,486 21,694 22,545 23,212 24,117 24,982 25,905 27,073 27,795 28,748 29,780 -
EBITDA 1 2,511 2,812 3,333 3,680 4,016 4,163 4,229 4,052 4,418 4,544 4,594 4,726 5,083 5,528 -
EBIT 1 2,083 2,300 2,688 2,987 - 3,466 2,980 3,308 3,631 3,744 3,800 3,894 4,235 4,654 -
Operating Margin 13.96% 14.05% 14.31% 14.58% - 15.37% 12.84% 13.71% 14.53% 14.45% 14.04% 14.01% 14.73% 15.63% -
Earnings before Tax (EBT) 1 2,364 2,672 2,819 2,956 3,228 3,406 3,070 3,558 3,893 3,955 4,037 3,976 4,452 5,096 -
Net income 1 1,764 2,010 2,116 2,200 2,380 2,515 2,288 2,633 2,861 3,153 3,037 3,176 3,434 3,764 -
Net margin 11.82% 12.27% 11.27% 10.74% 10.97% 11.16% 9.86% 10.92% 11.45% 12.17% 11.22% 11.43% 11.95% 12.64% -
EPS 2 11.54 13.15 13.84 14.40 15.57 16.46 14.88 17.11 18.60 20.48 19.79 20.34 22.12 24.10 25.40
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 1/20/22 4/27/22 7/21/22 10/19/22 1/18/23 4/24/23 7/20/23 10/18/23 1/20/24 4/21/24 - - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - - - - - -
Net Cash position 1 11,759 7,812 177 4,748 8,156 15,979 25,583 35,154
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,470 6,078 4,596 5,225 9,374 9,798 13,016 15,022
ROE (net income / shareholders' equity) 14.4% 17.4% 22.4% 25.1% 24.5% 24.8% 26.4% 26.3%
ROA (Net income/ Total Assets) 11.4% 13.3% 15.2% 15.3% 15.6% 16.2% 17.5% 19%
Assets 1 29,739 33,788 45,398 60,191 70,233 82,978 95,062 106,622
Book Value Per Share 2 156.0 183.0 220.0 259.0 322.0 397.0 468.0 541.0
Cash Flow per Share 2 16.80 48.10 55.30 62.50 79.40 92.20 156.0 154.0
Capex 1 758 1,281 3,854 4,333 2,839 3,571 3,738 4,111
Capex / Sales 2.13% 3.06% 6.75% 5.19% 2.89% 3.16% 2.85% 2.68%
Announcement Date 5/5/20 4/29/21 4/27/22 4/24/23 4/21/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Persistent Systems Limited

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
30
Last Close Price
4,502 INR
Average target price
3,849 INR
Spread / Average Target
-14.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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