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Persistent Announces $487.6M Revenue in Q2 FY27 with 20.0% Y-o-Y Growth

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Secured approximately 94.04% of Nagarro’s share capital and voting rights, excluding treasury shares

October 15, 2026

San Jose, CA and Pune, India 

News Summary

Persistent Systems (BSE: 533179 and NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter ended September 30, 2026, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended September 30, 2026:

Q2FY27Margin %QoQ GrowthYoY Growth
Revenue (USD Million)487.6 7.8%20.0%
Constant currency growth  7.8%20.8%
Revenue (INR Million)46,639.0 8.4%30.3%
EBIT (INR Million)6,977.215.0%1.6%19.5%
Operating PAT (INR Million)4,951.510.6%2.5%5.0%
PAT (INR Million)3,515.17.5%-27.2%-25.4%

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent 

“We are pleased to report Q2 FY27 revenue of USD 487.6M, marking our 26th sequential quarter of growth. This reflects a 7.8% increase quarter-over-quarter and 20.0% year-over-year, with an EBIT margin of 15.0%.

We made substantial progress towards the Nagarro acquisition, securing approximately 94.04% of its share capital and voting rights, excluding treasury shares. We received shareholder approval for an equity raise of up to USD 450M, with combined equity and borrowings capped at USD 1,250M at the Extraordinary General Meeting. The proposed combination aligns with our long-term M&A strategy to strengthen our engineering capabilities, diversify our geographic presence and expand our global delivery capabilities. We value the confidence shown by our shareholders and financing partners as we work towards closing.

In parallel, we continue to strengthen our AI capabilities through our 3C framework and AI-driven platforms. Our focus is on developing Enterprise Context within our clients’ environments that evolves with successive engagements and continues to grow in value as models, platforms and agents change.

Our sincere thanks to our clients, partners, employees and shareholders for their continued trust and support. We look forward to building on this momentum as Persistent prepares for an important new chapter.”

Second Quarter FY27 Client Wins and Outcomes 

The order booking for the quarter ended on September 30, 2026, was $633.5 million in Total Contract Value (TCV) and $481.0 million in Annual Contract Value (ACV).

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

  • Accelerating mainframe and legacy modernization through agentic AI ecosystems, frontier models and a dedicated team of certified Forward Deployed Engineers (FDEs), enabling platform transformation across industries for a leading hyperscaler
  • Reengineering a mission-critical Salesforce ecosystem through managed services, platform integration and AI-powered Customer 360, moving from stabilization to continuous delivery while unifying sales, service and operations for a leading storage and moving services provider
  • Strengthening the data and AI foundation to keep pace with acquisition-led growth, addressing fragmented systems to accelerate brand integration and AI-powered personalization for an emerging U.S. beauty company

Banking, Financial Services & Insurance

  • Modernizing a large legacy estate supporting personal lines policy administration by migrating to a cloud-native insurance platform, enabling modern pricing capabilities, reducing costs and improving agility for a Fortune 500 U.S. insurer
  • Streamlining legacy branch oversight and equipment finance operations with AI agents to eliminate manual inefficiencies and fragmented data, strengthening consistency, scalability and compliance while enabling bankers to focus more on clients for a leading U.S. bank
  • Simplifying complex, time-consuming asset transfers, wire transfers and estate settlements through agentic AI automation and streamlined case management, reducing total cost of ownership and enabling near-real-time processing for a large U.S. financial services firm

Healthcare and Life Sciences

  • Unifying fragmented IT operations across ERP, infrastructure and managed services through vendor consolidation and an AI-enabled delivery model, strengthening accountability and optimizing costs for a leading U.S.-based cancer center
  • Owning end-to-end AI-augmented product engineering and enhancing security to address scalability, support demands and key-person dependencies, and accelerate product launches for a leading U.S. life sciences insights platform provider
  • Scaling data and AI through a governed data platform and agentic AI, addressing fragmented data and limited AI adoption to equip caregivers with timely insights and improve care outcomes for a leading U.S.-based family caregiving provider

Other News in the Quarter 

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