Whalesbook
Results Toh Aache The, Phir Gira Kyun?
Persistent Systems ne Q4 FY26 ke liye jabardast numbers post kiye. Company ka revenue 25.1% badh kar ₹4,056 Crore ho gaya aur Profit After Tax (PAT) mein 33.7% ka jump aaya, jo ₹529 Crore tak pahunch gaya. Aur sabse khaas baat, yeh company ka lagatar 24th quarter tha jisme revenue growth dikhi hai! Poori 24 quarter se growth ki streak bana rakhi hai, jo apne aap mein ek record hai.
Expectations Zyaada Thi, Isliye Gira Stock
Par yahan scene thoda alag hua. Stock 5.3% gir gaya. Iska reason results nahi, balki market ki expectations thi. Dollar revenue mein 16.2% ki growth hui, jo ki acchi hai, par pichle quarters ke comparison mein thodi kam hai (jaise Q1 FY26 mein 18.8% thi). Jab company ka stock pehle se hi bahut high valuation par trade kar raha ho, toh thoda bhi growth slow hone par investors selling shuru kar dete hain. Market ko isse bhi zyada expectation thi, isliye yeh dip aaya.
Full Year Ka Hisaab Kitaab Aur Dividend
Poore FY26 ke liye, Persistent Systems ne ₹14,748 Crore ka revenue report kiya, jo pichle saal se 23.5% zyada hai. PAT ₹1,865 Crore pahuncha, 33.2% ki badhotri ke saath. EBIT margin bhi 190 basis points badh kar 16.3% ho gaya. Aur haan, company ne ₹18 per share ka final dividend bhi declare kiya hai, jisse FY26 ka total dividend ₹40 per share ho gaya.
Clients Aur Employees Ka Scene
Sab sectors mein acchi growth mili. BFSI sector se 24.3% ka growth aaya. Bade clients bhi badhe hain - jo $5 Million se zyada ka business dete hain woh 41 se 62 ho gaye, aur $10 Million+ clients 21 se 29 ho gaye. Employee attrition 13.0% raha aur staff utilization 88.0% thi. Company ne saal bhar mein 2,908 naye employees bhi hire kiye.
Valuation Aur Market Risk
Persistent Systems ka valuation kaafi high hai, P/E ratio 41.4x hai, jo industry average 22x se kaafi upar hai. Iska matlab hai ki market isse bahut growth expect kar raha hai. Aur toh aur, company ka 81% revenue toh sirf U.S. market se aata hai, jisse global uncertainties ka risk bhi hai.
Future Outlook: AI Aur Bookings
Lekin long term ki baat karein toh company ka future accha lag raha hai. Woh AI par zyada focus kar rahe hain. Q4 mein TCV bookings $1,465.8 Million aur ACV bookings $994.7 Million rahi hain, jo future growth ke liye accha sign hai. Yeh dikhata hai ki kaise high-growth companies ko market scrutiny face karni padti hai jab expectations performance se bhi zyada ho jaati hain.