PERSISTENT SYSTEMS FUNDAMENTAL RESEARCH REPORT

Persistent Systems (NSE: PERSISTENT, BSE: 533179), Pune, is a digital-engineering and enterprise-modernisation IT servicescompany (software/hi-tech, BFSI, healthcare) with 26 straight quarters of sequential revenue growth. The founder group (DrAnand Deshpande) holds 30.29%. Lane note: PERSISTENT is an F&O stock; this positional report was run on the owner’sinstruction as an override of the SOP three-buckets rule. Event 1 - the Nagarro takeover. On 27-Jun-2026 Persistent bid EUR 81 per share for Nagarro SE (Munich; EBITDA margin13.9%), valuing it at an EV of ~EUR 1.27 billion (1.27x revenue, 9.1x EBITDA). By 9-Oct it had secured 94.04% and plans asqueeze-out; closing is expected by the end of Q1 CY27. The combined group would have ~$2.9 billion of revenue, 46,000people, and 62% North America / 22% Europe exposure.