2025-05-15-Jefferies-萨吉利蒂（SAGILITY）_第四季度回顾_强劲增长前景；维持买入_15页_1mb

Sagility India Ltd (SAGILITY IN) Equity Research Summary

4Q Results & Outlook

• Revenue: US$182m, +5.7% QoQ cc, slightly below estimates due to Broadpath acquisition contributions.
• EBITDA margin: 23.8%, down 320bps QoQ but beat estimates due to lower-than-expected depreciation and interest costs.
• Bottom-line: Profits up 2.3x YoY to Rs1.8bn, beating estimates.

Growth Drivers

• Broadpath acquisition driving cross-sell synergies and new client additions (31 net new clients added).
• Top-10 clients showed +27% YoY revenue growth, with Top-3 clients averaging US$145m.
• Revenue growth in FY25 was 15% YoY cc, driven by existing clients and organic expansion.

Margins & Risks

• EBITDA margin contraction was attributed to wage hikes (effective Jan 2025), revenue mix change (Broadpath majority operations are onshore), and forex loss.
• FY26 margins may be impacted by Broadpath earnouts but expected to recover to 24% by FY27.

Investment Thesis

• Reiterate BUY with revised price target of Rs55/share (25x FY26 PE), +17% upside.
• EPS Expected CAGR 27% over 2026-2028E, driven by healthy new account additions and cross-sell opportunities.

Valuation Comparison

• Valuation is attractive compared to Indian BPM firms, despite strong earnings growth prospects.

Key Risks

• Wage inflation, forex volatility, and concentration risk (Broadpath acquisition impact).

Excerpts from Exhibits

• Exhibit 1-17: Detailed revenue, EBITDA trends, and financial metrics (incl. margin impact, employee costs).
• Exhibit 21-27: Client growth trajectory, revenue contribution by client tiers, and financial summary (revenue growth, EPS projections, valuation metrics).

Management Questions

• Safeguards for IP, employee engagement programs, environmental initiatives for data privacy and sustainability.