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Indian software-engineering firm building custom products and platforms for tech and enterprise clients.
Indian software-engineering firm building custom products and platforms for tech and enterprise clients.
Charges by engineer time and on fixed-price projects, mainly for clients in the US. Its roots are in engineering software products for other software firms, which is steadier work than one-off integrations. Founder Anand Deshpande remains chairman.
In one line: India's Globant / EPAM Systems.
Moat: narrow (process know-how, switching costs). Deep product-engineering partnerships with ISVs and hyperscalers, in an otherwise competitive services business.
Headquarters: Pune, India · Founded: 1990 · Employees: 27,502
Size Persistent Systems (PERSISTENT.NS) is an India Information Technology company (Information Technology Services) with a market value of $10.6B, the 122nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹6,054 on 6 Nov 2026.
Performance Over six months the shares gained 21.5%, against +25.1% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 27.1% over the last twelve months (peer median +16.5%); the operating margin is 15.5% (peer median 9.8%).
Valuation It trades at 43.9× forward earnings against a peer median of 24.9× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 13.2 points above its cost of capital (15.4% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹168B | ₹147B | ₹119B | ₹98.2B | ₹83.5B |
| Revenue growth | — | +24% | +22% | +18% | — |
| Gross profit | ₹34.7B | ₹31.6B | ₹22.4B | ₹18.2B | ₹17.1B |
| EBITDA | ₹31.0B | ₹28.2B | ₹19.4B | ₹16.2B | ₹15.3B |
| Net income | ₹18.0B | ₹18.7B | ₹14.0B | ₹10.9B | ₹9.21B |
| Free cash flow | ₹13.8B | ₹15.7B | ₹9.40B | ₹9.69B | ₹5.43B |
| Capital expenditure | ₹3.52B | ₹2.09B | ₹2.37B | ₹3.58B | ₹4.33B |
| Total debt | ₹5.75B | ₹4.77B | ₹3.11B | ₹4.51B | ₹6.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Persistent Systems PERSISTENT.NS | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% |
| Coforge COFORGE.NS | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% |
| EPAM Systems EPAM | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% |
| Globant GLOB | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% |
| Mphasis MPHASIS.NS | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PERSISTENT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +4.5% | 9th highest of 21 |
| 6-month return | +21.5% | +25.1% | 10th lowest of 21 |
| Distance from 52-week high | -8.3% | -17.4% | 6th highest of 21 |
| Revenue growth (TTM) | +27.1% | +16.5% | 9th highest of 21 |
| Operating margin | 15.5% | 9.8% | 6th highest of 21 |
| Forward P/E | 43.9× | 24.9× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 37.4% | 8.3% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +28.6% | +10.0% | highest of 16 |
| Hurdle (Req g minus delivered) | +8.8 pp | -3.2 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | +13.2 pp | +2.3 pp | 7th highest of 21 |
| EV / EBITDA | 31.6× | 17.9× | 4th most expensive of 14 |
| Net debt / EBITDA | -0.6× | -0.2× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | n/a | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |