Buy Birlasoft; target of Rs 450: Mirae Asset Sharekhan

Mirae Asset Sharekhan's research report on Birlasoft

Reported revenue stood at $150.7 million, down 1.8 % q-o-q in CC terms, in line with our estimates. EBITDA margin fell ~80 bps q-o-q to 12.4%, missing our estimates of 13.3%. Total contract value (TCV) of new deal win stood at $76 million, down 32% q-o-q/19% y-o-y. Management expects sequential growth in Q2FY26 and is focusing first on delivering sequential growth and building orderbook. Outlook

We maintain Buy rating with a revised PT of Rs. 450 (20xFY27E EPS). At CMP, the stock trades at 23.8/16.9x FY26/27E EPS.

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