Whalesbook
Toh bhai, Latent View Analytics (LVA) abhi tech sector mein chal rahe problems ko manage kar raha hai, par AI aur BFSI jaise sectors mein future dikh raha hai. Q4 FY26 ke numbers mein revenue thoda expect se kam tha, aur adjusted EBITDA bhi miss hua. Iska bada reason hai ki company ne senior logon par aur AI development mein zyada kharcha kiya hai. FY26 mein company ka revenue $120 million raha, jo targets ke according tha. Non-tech segments, especially BFSI, 41% saal-dar-saal grow kiya hai. Abhi jo Tech vertical hai na, jo LVA ka 55% business hai, usme FY27 mein $6.5-7 million ka annual revenue loss hone ka chance hai. Yeh loss clients ke vendor list consolidate karne aur internal work badhane se ho raha hai.
Par LVA ka AI par focus kaafi kaam kar raha hai. Abhi Advanced AI se lagbhag 49% revenue aa raha hai FY26 mein. Ek AI project toh Databricks ke saath hi $17.5 million ka tha, aur aage yeh 60% grow hone ka expect hai. Company ko lagta hai ki AI deals se Tech sector mein hone wale loss ka 50-60% cover ho jayega. Waise bhi, Indian IT services industry slow down ho rahi hai, growth mid-single digits mein aa gayi hai FY24 mein. Log non-essential services par kam kharch kar rahe hain, jisse tech aur communication sectors par pressure hai.
Abhi jo yeh leadership aur new tech mein investment chal raha hai na, isse short-term profits par asar padega. Analysts ne FY27/FY28 ke liye EBITDA margin forecasts ko 23.5% aur 24.2% tak kam kar diya hai. LVA ki financial health toh achhi hai, cash reserves kaafi hain, almost 19% market value ke barabar. Lekin valuation thoda mehnga lag raha hai. Company ka P/E ratio 32-33 times hai last twelve months ke earnings par, jo Indian Professional Services industry ke average 21.9x se kaafi zyada hai. Is wajah se, MarketsMOJO ne February 2026 mein iska rating 'Hold' se 'Sell' kar diya tha.
Analysts mostly 'Buy' rating de rahe hain, par price targets mein kaafi difference hai. Prabhudas Lilladher ne INR 450 ka target diya hai, aur doosre analysts ke targets INR 401.67 se INR 513.83 tak ja rahe hain, kuch toh INR 588 tak bhi. Yeh alag-alag opinions dikhate hain ki company challenges ko kaise handle karegi. Stock price pichhle saal 21% gira hai, jo IT sector ke average se bhi kam perform kiya hai.
Sabse bada risk toh Tech sector mein chal rahi problems hain, jo revenue growth targets ko affect kar sakti hain. FY27 mein $6.5-7 million ka loss serious concern hai. AI se future bright hai, par yeh naye deals kitne bade honge aur loss ko kitna cover karenge, yeh dekhna hoga. Aur yeh jo lagatar investment chal raha hai, usse margins kam rahenge. High P/E ratio ko justify karne ke liye LVA ko apne growth plans successfully execute karne honge, jo abhi kaafi challenging lag raha hai.