CLSA reiterated its high-conviction outperform rating on Persistent Systems with a target price of Rs 6,246, implying 10.7% upside, citing its product and platform engineering exposure, $650 million US technology deal win, 40.2% year-on-year trailing order-book growth, and expected high-teens revenue growth with 25% earnings per share CAGR over fiscal 2026-2028.

Persistent Systems Limited's board approved raising up to $1,250 million via external commercial borrowings, non-convertible debentures and other instruments in one or more tranches, and may also raise up to $450 million via foreign currency convertible bonds, preferential issue, qualified institutional placement or other modes convertible into equity, both subject to shareholder and regulatory approvals.

Persistent Systems is one of five midsize Indian IT services firms estimated to together capture 51% of incremental organic revenue in FY27, up from 46% in FY26, as midsize players extend market share gains by winning larger contracts and taking smaller projects avoided by larger rivals.