Equity Snap: Persistent Systems Ltd (PSYS IN): Beat on revenue, missed on margins. Strong deal wins but expected

研报英文原文证据摘录

Equity Snap: Persistent Systems Ltd (PSYS IN): Beat on revenue, missed on margins. Strong deal wins but expected

3 August 2026

Equity Snap: Persistent Systems Equities IT Services

Ltd (PSYS IN)

Beat on revenue, missed on margins. Strong deal

wins but expected India

◆ Strong growth in 1Q with beat on revenues. Deal wins were Yogesh Aggarwal*

strong as well but expected HeadHSBCofSecuritiesResearch,andIndiaCapital Markets (India) Private

Limited

◆ Sequentially, growth was led by Hi-Tech, India, Europe and yogeshaggarwal@hsbc.co.in

+91 22 2268 1246

top-5 accounts. Performance of next-15 accounts was weak

Prateek Maheshwari*, CFA

Analyst, India IT Services

◆ Margins dropped q-o-q, missing Street estimates. Utilisation, HSBC Securities and Capital Markets (India) Private

attrition and India share in effort mix all dropped sequentially. prateek.maheshwari@hsbc.co.in

+9198 1937 0718

Sagar Desai*

Persistent Systems Ltd (PSYS IN, INR5549.00, Hold, TP INR4610.00) Analyst, India IT Services

(Priced as of 31 Jul 2026) HSBC Securities and Capital Markets (India) Private

1QFY27 revenues were higher than expected: Persistent reported revenue for 1Q sagar.desai@hsbc.co.in

+91 83 6919 9927

was USD452mn, up 3.8% q-o-q and c16% y-o-y in USD terms. In organic CC terms,

revenue was 4.1% q-o-q and 16.5% y-o-y. Reported revenue was higher than * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

consensus at USD449m. not registered/ qualified pursuant to FINRA regulations

• Vertical wise performance: Growth was led by Hi-Tech revenues, which

were up 7.8% q-o-q in USD terms. Banking & Financial Services revenue

also grew 2.3% q-o-q while Healthcare & Life Sciences revenue was down

marginally q-o-q.

• Geography wise performance: India, ROW and Europe led the growth for