Guidance ledger · Q4 FY26

Persistent Systems Ltd PERSISTENT

3 revisions on record · 0 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed FY27 revenue aspiration Q4 FY25 → Q4 FY26

~~$2 billion by end of FY27 (committed)~~ → Q4FY27 run rate of $500 million or so (plus minus a quarter)

“run rate being in the range of $500 million or so.”

↔ widened FY27 vertical pecking order Q1 FY26 → Q4 FY26

~~BFSI > hi-tech > healthcare life sciences (Q1FY26)~~ → Healthcare-life-sciences or BFSI > BFSI or HLS > tech

“the pecking order would be between healthcare life sciences and BFSI at the top”

→ narrowed EBIT margin 2-3 year band Q4 FY25 → Q2 FY26

~~200-300bps improvement by FY27 (Q4FY25 ask)~~ → 100bp FY26 + 100bp FY27 = 200bp; another 100bp 'possibility'

“we are looking at 100 basis point improvement in FY26, and probably another 100 basis point in FY27”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.