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for Industry - IT Consulting & Software
SaaS-led growth driving rebound: Newgen delivered a healthy 11% YoY revenue growth in Q2FY26, led by 33% YoY growth in SaaS revenues (12% of revenue mix) and 16% YoY rise in implementation services (23% of revenue mix). The company's pivot toward annuity-based revenues is strengthening visibility, with SaaS and subscription momentum offsetting softness in traditional license sales (18% of revenue mix) across India and EMEA which are seeing delay in large license deal closures. Newgen's focus on large deal wins in the US, Europe/UK, Singapore is paying off with 15 new logo additions...
Protean eGov Technologies reported a stable revenue of Rs2.5bn (up 14% y/y) in Q2 FY26, while EBITDA fell 7% y/y, due to higher operating expenses. It secured a mandate from UIDAI worth Rs13.7bn.
Newgen Software Technologies posted a strong Q2 FY26, with revenue growing 11% year-on-year to INR 401cr, and profit rising 16% to INR 82cr. The company's subscription revenue surged 20% to INR 126cr. The quarter saw 15 new clients and significant multimillion-dollar orders in the UK, Europe, Ghana, and India. Both the US and Asia-Pacific regions grew by 22%, while India and EMEA posted steady gains. Their focus on digital solutions and AI-based products is helping improve efficiency, which in turn supports stable profit margins (20.4%). Newgen is also benefiting from investments in sales, marketing, and R&D. The...
We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.
Q2FY26 performance: Protean reported revenue of 251 crore which increased by 14% YoY and 19% QoQ, mainly led by new business segment which reported revenue of 43 crore (up by 513% YoY). Tax services i.e pan card related business reported revenue of 107 crore (declined 10% YoY), CRA services i.e. pension related business revenue: 78 crore (up by 12% YoY), Identity services i.e. related to PAN and Aadhar authentication revenue: 22 crore (declined 6% YoY). EBITDA reported at 29 crore with EBITDA margin of 11.7%, up 480 bps YoY while it...
Robust order inflow and improving client demand visibility: KPIT recorded US$232mn in deal wins in Q2 (+12% YoY), including a US$100mn+ multi-year engagement with a European OEM, expected to ramp up over the next few quarters from Q3. Management noted improving client sentiment and renewed traction across autonomous driving, cybersecurity, after-sales diagnostics and commercial vehicle programs. Stronger demand trends in Europe, India and China, along with a healthy pipeline, provide confidence on revenue recovery...
COFORGE reported a strong 3Q revenue growth of 4.4% QoQ in CC terms, above our estimate of 3.3% QoQ CC. The company reported an order intake of USD593m (up 18% YoY) in 3Q with six large deals, resulting in a robust 12-month executable order book of USD1.7b.
Coforge announced the acquisition of Encora, a US-based engineering and AI-led services firm with revenue of ~USD500m, adding ~26% to Coforge’s FY26E revenue base.
Q3FY26 Performance: KPIT reported revenues of US$ 181 mn, flat QoQ/ up 2.8% YoY in USD terms (up 1.5% QoQ/ flat YoY in CC terms). On an organic basis it degrew 1.9% QoQ in CC terms. Adj. EBITDA (ex-one off from new labour code) stood at 19.5%, down ~70 bps QoQ/ 164 bps YoY. Adj. PAT (ex-one off from new labour...
Q2FY26 Performance: KPIT reported revenues of US$ 181 mn, up 1.8% QoQ/ 4.5% YoY USD (up 0.3% QoQ/ up 0.4% YoY in CC terms although on an organic basis it de-grew 0.7% QoQ in USD terms/ 2.3% in CC terms. EBITDA margin came at 20.2%,...
KPIT Technologies (KPIT) reported revenue of USD181m in 3QFY26, up 1.5% QoQ in CC terms vs. our estimate of 2.8% growth. Growth was led by the commercial vehicles segment, up 10.5% QoQ, while the passenger car segment declined 1.2% QoQ.
We recommend a BUY on the stock and value the company at 38x multiple to its FY27E earnings to arrive at a TP of Rs 2,300/share, implying an upside of 18% from the CMP.
Sonata Software demonstrated a resilience performance with reported consolidated revenue at INR 2,119cr, reflecting a 2.3% YoY decline but stable order book growth with a book-to-bill ratio of 1.28x. International services revenue grew 3.2% YoY to USD 82mn, driven by strong demand in Healthcare, BFSI, and TMT verticals. EBITDA margin expanded by 70 bps QoQ to 17.3%, supported by higher utilization (87.3%), planned large-deal offshoring, and AI-led productivity improvements, partially offsetting salary inflation impact. Sonata secured one large multi-year healthcare deal and several mid-sized...
Mastek Ltd is a Mumbai-based global provider of digital engineering and cloud transformation services, operating in over 40 countries. It partners with Oracle, Salesforce, Microsoft, AWS, and Snowflake to deliver consulting, data analytics, and enterprise solutions. The UK and Europe contribute 64% of revenue, followed by the US and the Middle East. Sector-wise, Government and Education lead with 39%, Healthcare contributes 25%, while Retail, Manufacturing, and...
Q2FY26 Performance: International IT services (IITS) revenue came at US$ 82 mn, up 1% QoQ/ down 2.9% YoY in CC terms. IITS EBITDA margin at 17.3%, up ~70 bps QoQ. Consol revenue came at US$ 242.8 mn, down 30% QoQ while in rupee terms it stood at 2,119.3 crores, a decline of 28.5% QoQ and 2.3% YoY with EBITDA...
