Latent View Q2 Review: ICICI Securities Maintains Add, Sees Headwinds In Tech Vertical To Limit Revenue Upside

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ICICI Securities Report

Latent View Analytics Ltd. reported a strong beat on revenue and in-line margins in Q2 FY26. It is progressing well on its growth objectives –

1. mining top 27 accounts,

2. Databricks revenue may grow ~73% YoY in FY26,

3. Gen AI and Agentic AI revenue likely to grow ~70% YoY in FY26,

4. strong growth in consumer packaged goods and retail (led by synergies from acquisition) and BFSI.

It has upgraded its revenue guidance to 19-20% (earlier 18-19%) on the back of strong Q2 result. Annual renewal of its existing business book in Q3, amidst AI-led cost pressures in technology vertical, could be a key factor influencing its growth outlook.

Latent View expects Ebitda margin of 22-23% (earlier 23-24%), in line with our estimate of 22.2% for FY26E, led by investments for growth.

We continue to value Latent View at 38x on Sep27E EPS of Rs 12.8 to arrive at a target price of Rs 480. Maintain Add.

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