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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Persistent Systems Ltd

Persistent Systems FY26: $1,654.4M revenue +17.4% YoY, PAT margin 13.1%, Final dividend ₹18/share

RESULTS ▲ Positive Development MEDIUM RISK
📅 Filed on BSE: 21 Apr 2026, 03:50 PM IST  ·  BSE ID: 26db786d-a2d6-4550-8e31-c6d955553bd3
View Original BSE Filing (PDF)
💡
In Simple Terms
Persistent Systems reported full-year revenue of $1,654.4M, up 17.4% from last year, with strong profitability and recommended a dividend of ₹18 per share to shareholders.
🤖 AI Summary
  • Persistent Systems FY26 consolidated revenue $1,654.4M, +17.4% YoY; Q4 FY26 $436.0M, +16.2% YoY
  • FY26 PAT margin 13.1% (12.6% normalized), EBIT margin 15.6%; one-time labour code impact ~0.6% EBIT, ~0.5% PAT
  • Board recommended final dividend ₹18/share; FY26 total dividend ₹40/share vs ₹35 in FY25
  • Employee strength 27,502; 5-year revenue CAGR (FY21–FY26) 23.9%; 24 consecutive quarters of revenue growth
  • Large client count (>$5M annual revenue) increased to 41 in Q4 FY26 from 40 in Q3 FY26; top 10 clients 42.0% of Q4 FY26 revenue
🔢 Key Numbers — exact figures from BSE filing, not rounded
FY26 Consolidated Revenue
$1,654.4M
+17.4%
Q4 FY26 Revenue
$436.0M
+16.2%
FY26 Revenue (INR)
₹147.5B
+23.5%
FY26 EBIT Margin
15.6%
FY26 PAT Margin
13.1%
FY26 PAT Margin (Normalized)
12.6%
Final Dividend Recommended
₹18 per share
FY26 Total Dividend
₹40 per share
FY25 Total Dividend
₹35 per share
Employee Count (Mar 31, 2026)
27,502
5-Year Revenue CAGR (FY21–FY26)
23.9%
Large Client Count (>$5M annual revenue)
41 (Q4 FY26)
Top 10 Client Concentration
42.0% (Q4 FY26)
Market Capitalization (Mar 31, 2026)
$8.1B
ROCE (TTM Q4 FY26)
44.4%
ROE (TTM Q4 FY26)
25.0%
Operating Cash Flow to PAT (FY26)
94.7%
DSO (Q4 FY26)
80 days
Consecutive Quarters Revenue Growth
24 quarters
🏢 How This Affects the Company
📈
Business Impact
Sustained revenue acceleration across all three industry segments (Software/Hi-Tech, Banking/Financial Services, Healthcare & Life Sciences). Large client count expanded to 41 (>$5M annual revenue threshold), indicating deepened customer relationships and diversification despite stable top-10 client concentration at 42.0% of Q4 FY26 revenue.
💰
Financial Impact
FY26 PAT margin at 13.1% (normalized 12.6%) reflects disciplined execution, though one-time labour code implementation cost ~0.6% EBIT and ~0.5% PAT. Operating cash flow to PAT ratio at 94.7% for FY26 demonstrates strong cash conversion. ROCE at 44.4% (Q4 FY26) and ROE at 25.0% (Q4 FY26) on trailing-twelve-month basis confirm capital efficiency.
⚙️
Operational Impact
Workforce expanded to 27,502 employees (March 31, 2026) distributed across North America (3,114), Europe (304), India (23,869), and Rest of World (215). Quarterly sequential revenue growth ranging 3.2–4.2% indicates stable capacity utilization and managed ramp.
⚠️
Risk Impact
Top 10 client concentration remains elevated at 42.0% of Q4 FY26 revenue (Q3 FY26: 42.1%), presenting client concentration risk. DSO at 80 days (Q4 FY26) versus 81 days (FY25 full year) shows stable working capital management. One-time labour code costs absorbed in FY26; recurrence on new hires remains a cost pressure.
👥 What This Means For Shareholders
✅
Action Required
Shareholders must approve final dividend ₹18/share at the ensuing Annual General Meeting; no action required if shareholding in demat form.
👤
Who Is Affected
All equity shareholders of record as on the dividend record date (post-AGM approval) will receive final dividend ₹18/share, adding to Q3 FY26 interim dividend of ₹22/share already paid, totaling ₹40/share for FY26.
🔍
Management Signal
Higher dividend payout (₹40/share vs ₹35 prior year) and sustained 17.4% YoY revenue growth reflect management confidence in sustainable cash generation and commitment to shareholder returns despite labour cost pressures.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
AGM approval of final dividend ₹18/share and record date announcement for payment
Q1 FY27 results (expected August 2026) — track if revenue growth sustains above 15% YoY
Large client wins and >$5M revenue client count progression quarterly — monitor diversification trend
MEDIUM RISK Top 10 client concentration at 42.0% of Q4 FY26 revenue poses client concentration risk. Ongoing wage inflation in India and one-time labour code costs increase operational expense pressures despite strong cash conversion.
💡 Investor Takeaway
FY26 consolidated revenue $1,654.4M (+17.4% YoY); PAT margin 13.1% (normalized 12.6% after labour code charge). Board declared final dividend ₹18/share, total FY26 dividend ₹40/share vs ₹35 prior year. Five-year CAGR 23.9% and 24 consecutive quarters revenue growth confirm sustained performance.
⚖️ Strengths & Concerns

✅ Positives

  • 24 consecutive quarters of revenue growth; 5-year CAGR 23.9% (FY21–FY26) with Q4 FY26 YoY growth at 16.2%
  • Operating cash flow conversion strong at 94.7% of PAT for FY26; ROCE 44.4% and ROE 25.0% (TTM basis Q4 FY26)

⚠️ Concerns

  • Top 10 client concentration at 42.0% of Q4 FY26 revenue exposes earnings to single-client revenue volatility
  • One-time labour code implementation cost ~0.6% EBIT and ~0.5% PAT margin in FY26; ongoing wage pressure in India
📅 Company Track Record
Persistent Systems has delivered sustained growth since IPO in 2010 (93x oversubscribed). Five-year revenue CAGR from FY21 to FY26 stands at 23.9%. Company achieved 24 consecutive quarters of sequential revenue growth. Dividend history shows progressive payout: FY25 ₹35/share, FY26 ₹40/share (recommended final ₹18/share + interim ₹22/share). Market capitalization reached $8.1B as of March 31, 2026.

Based on publicly available historical data. For context only.

⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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