“Motilal Oswal reiterates a 'buy' rating on Persistent Systems with a target price of ₹6,200, implying a 28% upside, valuing the stock at 34 times FY28E EPS. This is based on the Nagarro acquisition addressing scale in Europe, broadening vertical mix, and creating cross-sell opportunities at a reasonable valuation of 9.1 times EV/EBITDA. However, they will monitor execution, integration, cost synergies, and margin convergence given Nagarro's lower profitability.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%