Persistent Systems conducted a comprehensive non-deal roadshow on January 22, 2026, engaging with major institutional investors and asset management companies. The company held multiple investor interaction sessions throughout the day in physical mode, covering both individual and group meetings with prominent market participants.

Investor Meeting Schedule

The roadshow comprised nine distinct sessions spanning from 9:00 AM to 4:30 PM IST. The company structured these meetings to accommodate both one-on-one discussions and group interactions based on investor preferences.

Meeting Content and Compliance

During these investor interactions, Persistent Systems maintained strict adherence to disclosure regulations. The company reiterated information previously communicated during its earnings call held on January 20, 2026, covering the quarter and nine months ended December 31, 2025. No additional material information beyond what was already disclosed in the earnings presentation was shared with the participating investors.

Regulatory Framework

The roadshow was conducted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company formally notified both the National Stock Exchange of India Limited and BSE Limited about the outcome of these investor meetings, maintaining transparency in its investor relations activities.

The sessions included interactions with a diverse mix of institutional investors, ranging from mutual fund companies to insurance firms and international investment managers, demonstrating broad institutional interest in the company's business performance and strategic direction.

Persistent Systems has received a positive assessment from Prabhudas Lilladher, with the brokerage maintaining its BUY rating and setting a target price of ₹7,360. The recommendation comes on the back of strong quarterly performance that exceeded analyst expectations across multiple parameters.

Strong Revenue Performance Drives Optimism

The company delivered impressive revenue growth of 4.1% quarter-on-quarter in constant currency terms, surpassing Prabhudas Lilladher's estimate of 3.2%. This outperformance was supported by broad-based growth across various verticals, demonstrating the company's diversified revenue streams and market positioning.

Robust Contract Value Growth Signals Strong Pipeline

The growth visibility appears encouraging with key contract metrics showing substantial year-on-year improvements. The 9-month FY26 Annual Contract Value (ACV) reached $722 million, marking an 18% increase compared to the previous year. Additionally, New Business ACV stood at $256 million, also registering an 18% year-on-year growth.

Technology Investments Yield Productivity Benefits

The company's strategic focus on complex areas of data and AI-led product engineering is translating into enhanced growth opportunities. Early investments in intellectual properties and accelerators are demonstrating positive returns through improved productivity and the ability to scale tailored solutions. The AI-powered platform Sasva is particularly noteworthy for its role in optimizing project cycles and delivering productivity benefits to clients.

Ambitious Revenue Targets Maintained

Management has reiterated its ambitious revenue aspirations, targeting $2 billion by FY27E and $5 billion by FY30E. These targets reflect the company's confidence in its strategic direction and market positioning in high-growth technology segments.

Margin Resilience Despite Cost Pressures

Despite facing wage hike impacts of approximately 180 basis points in Q3, the company successfully absorbed these cost pressures through strategic IP-led deals that enabled upfront revenue recognition. This margin resilience has prompted Prabhudas Lilladher to revise their margin estimates upward by 60 basis points each for FY27E and FY28E.

Revised Estimates and Valuation

The brokerage has largely maintained its revenue growth estimates at 17.9% and 18.9% year-on-year in constant currency for FY27E and FY28E respectively. However, the strong Q3 margin performance has led to upward revisions in margin projections. Prabhudas Lilladher has applied a 40x multiple to FY28E earnings per share to arrive at the target price of ₹7,360, maintaining their BUY recommendation on the stock.