Latent View has upgraded FY26 revenue guidance by 100 basis points to 19-20% (earlier 18-19%), implying ~2.9-4.2% CQGR in H2 FY26 vs 5% in H1 FY26 and 3.8% in H2 FY25. The guidance implies moderation of growth in H2 vs H1, despite seasonal strength in Q3, likely due to softness in technology vertical.
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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 –
mining top 27 accounts,
Databricks revenue may grow ~73% YoY in FY26,
Gen AI and Agentic AI revenue likely to grow ~70% YoY in FY26,
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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