- Price then
- INR 416.30/-
- Market cap then
- INR 8,600 Cr.
Latent View Analytics is a data and analytics services provider serving Fortune 500 companies. Minerva Capital Research Solutions highlights the company’s FY28 revenue ambition and investments in GenAI and data engineering, while noting that FY26 growth guidance and EBITDA margins remain below the pace and level needed to meet those ambitions. The report does not state a target price or stock recommendation.
About Latent View Analytics
Incorporated in 2006 in Chennai, Tamil Nadu, Latent View Analytics provides data and analytics services to Fortune 500 companies. Its work spans consulting, business insights, predictive analytics, data engineering, GenAI, and digital solutions. The company serves Technology, Consumer Packaging Goods (CPG) & Retail, Financial Services, and Industrials, with the US contributing ~89% of revenue. Its offerings include data visualisation, data engineering, and AI / ML & advanced analytics.
Investment Rationale
- Ambitious FY28 revenue vision: Management aims to increase revenue from $100 Mn. in FY25 to $200 Mn. to $220 Mn. by FY28, with targeted EBITDA margins of 25%. The report cites a 26% growth CAGR for the $200 Mn. target.
- Data engineering and Databricks: The company plans continued investment in data engineering through technology partnerships including Databricks. This segment is expected to contribute $50 Mn., or 25% of the targeted $200 Mn. revenue in FY28.
- Decision Point adds GenAI capabilities: The early 2024 acquisition expanded the company’s Gen-AI solutions and added revenue growth management capabilities in the CPG space.
- Recurring managed-services work: Around 70% to 80% of business comes from managed services agreements lasting over 1 year, alongside project-based and consulting work.
- Growth across core operations: FY25 revenue was INR 848 Cr., up 32% Y-o-Y. Q1-FY26 revenue was INR 236 Cr., also up 32% Y-o-Y; employee count was 1,670 compared with 1,650 in FY25.
Business Model and Segments
The company combines longer-term managed services, which supplement client capabilities, with short-term fixed-fee projects and consulting engagements. Its current business mix is approximately ~50% data visualisation, ~20% data engineering, and ~30% AI / ML & advanced analytics. The latter includes finance and risk, customer, marketing, supply chain, and people / HR analytics.
The report describes a shift from broad new-logo acquisition towards deeper account mining, expansion, and cross-selling. The US is the largest market at ~89% of revenue, followed by APAC ~6%, LATAM ~3%, and Europe ~2%.
Latent View Analytics Key Financials
| Particulars | FY23 | FY24 | FY25 | Q1-FY26 |
|---|---|---|---|---|
| Revenues | 539 | 641 | 848 | 236 |
| % Y-o-Y | 32% | 19% | 32% | 32% |
| EBITDA % | 26.9% | 21.3% | 23.1% | 21.4% |
| PAT % | 26.1% | 22.2% | 19.0% | 19.6% |
| CFO/EBITDA | 67% | 85% | 66% | |
| Cash & Invest. | 1,096 | 1,274 | 1,151 |
Revenue grew 32% in FY25, while EBITDA margin was 23.1%, below earlier levels and the stated 25% ambition.
Valuation and Target Price
The report lists Latent View Analytics at a PE of 46.2x and a market capitalisation of INR 8,600 Cr. It provides peer comparisons but does not state a target price, upside, or Buy, Hold, Reduce, or Sell recommendation. The report’s stated CMP is INR 416.30/- as of 02-Sep’25.
- INR 416.30/-
- CMP (02-Sep’25)
- 46.2x
- PE
- INR 8,600 Cr.
- Market capitalisation
Peer Comparison
The report compares the company’s valuation and FY25 financial measures with selected listed IT peers.
| Company Name | M.Cap INR Cr. | PE (x) | 3 Year CAGR % (FY23-FY25) Revenue | 3 Year CAGR % (FY23-FY25) EBITDA % | 3 Year CAGR % (FY23-FY25) PAT % | FY25 Revenue | FY25 EBITDA % | FY25 PAT % |
|---|---|---|---|---|---|---|---|---|
| Latent View | 8,600 | 46.2x | 25.4% | 16.3% | 5.9% | 848 | 23.1% | 19.0% |
| Intellect Design | 13,655 | 38.7x | 5.9% | 10.0% | 11.6% | 2,500 | 21.2% | 12.9% |
| KPIT Tech | 33,111 | 41.0x | 31.8% | 39.4% | 48.4% | 5,482 | 21.0% | 14.0% |
| Mphasis Ltd. | 55,173 | 31.7x | 1.6% | 4.3% | 1.9% | 14,230 | 18.6% | 11.8% |
| Coforge Ltd. | 58,691 | 60.9x | 22.6% | 14.9% | 8.2% | 12,051 | 14.1% | 6.7% |
| Persistent System | 84,573 | 55.7x | 19.6% | 16.4% | 23.3% | 11,939 | 17.2% | 11.6% |
FY25 figures in INR Cr. where applicable.
Management
Management’s FY26 guidance is revenue growth of 18% to 19%, based on order book visibility, and an EBITDA margin target of 23%. It has indicated that margins may dip in Q1/Q2 due to compensation corrections and that it is willing to sacrifice margins in the next 6 quarters to invest. For a full year, management expects margins to return to 23-24%.
Key Risks
- Macroeconomic pressure and delayed decisions: Economic uncertainty has affected client decision-making, deal sizes, and project execution timing.
- Lower margins than historical levels: EBITDA margins fell from highs of ~30% in FY22 to ~23% in FY25. The report links pressure to payroll costs, operating expenses, visa expenses, bonuses, and industry events.
- Growth ambition requires acceleration: Management’s FY26 revenue growth guidance of 18% to 19% is below the report’s cited 26% growth rate required for the FY28 vision.
- Decision Point CPG softness: The report notes softer growth in Decision Point’s CPG vertical and margin compression in the Mar’25 quarter amid the impact of Trump tariffs.
- Margin investment period: Management indicated that investment spending and compensation corrections could weigh on margins over the next 6 quarters.
Our View
The report’s central growth case rests on data engineering, Databricks, and GenAI supporting the company’s FY28 revenue ambition. It also stresses that investors should track whether revenue growth moves beyond the guided FY26 pace and whether EBITDA margins recover towards 25%; it does not provide a formal stock recommendation or target price.
Standard disclosures
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- Nature of financial interest in subject company, if any –Nil
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Regulatory disclosures
Minerva Capital Research Solutions is an independent investment advisory firm founded by Nishant Gupta(SEBI registration no. INH000018896).
Registration granted by SEBI and certification from NISM in no way promise or guarantee that the research recommendation will provide any assured, minimum or risk-free return to the investors.
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Rating rationale
Minerva Capital Research Solutions endeavors to provide objective opinions and recommendations. Ratings are assigned to stocks according to their fair value vs current market price and then categorizes them as Buy, Hold, Reduce, Sell. The performance horizon is one year unless specified and fair value is defined as analyst’s valuation for a stock.
- Buy:> 15%
- Hold: -5% to 15%
- Reduce: -15% to -5%
- Sell: <-15%