2025-06-16-花旗集团-持久系统（PERS）_Persistent_Systems（PERS.BO）_模型更新_12页_654kb

Persistent Systems (PERS.BO) received a SELL recommendation from Citi Research, unchanged despite minor revisions to FY26E and FY27E estimates due to exchange rate and operational changes. The target price was raised to Rs5,045 (from Rs4,365), based on a 42x Mar'27E EPS multiple, a premium to the 5-year historical average of ~31x, reflecting improvements in the business outlook. Expected financial performance includes positive EPS growth but negative share price return of -14.9% and total return of -14.2%, with steady sales and profit increases projected through 2028E. Upside catalysts include sustained offshoring in the OPD segment, INR depreciation, and stronger-than-expected margins. Risks involve offshoring stability decline and margin deterioration. Analyst: Rajiv Berlia.