Motilal Oswal's research report on Data Patterns India
Data Patterns (DATAPATT) reported a strong quarter, with revenue surging 48% YoY. This growth was fueled by a high contribution from the Production segment (up 2.3x YoY) due to higher execution in 3Q. EBITDA margin expanded 40bp YoY to 46.5% due to a favorable execution mix. Further, the Service segment grew 2.2x, while the Development segment declined 84% YoY.
Outlook
We estimate a revenue/EBITDA/adj. PAT CAGR of 29%/29%/29% over FY25-28. We reiterate our Neutral rating with a TP of INR3,000 (premised on 35x FY28E EPS).
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