Latent View Analytics Limited

Industrials — Consulting Services · NSE

₹243.50+₹4.23 (+1.77%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, small-cap size, which brings sharper price swings, falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Latent View Analytics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Latent View Analytics Limited provides business analytics, consulting services, data engineering, generative AI, and digital solutions in India, the United States, the Netherlands, the United Kingdom, Singapore, Germany, the United Arab Emirates, Latam, Mexico, and internationally.

IndustryConsulting Services

SectorIndustrials

Employees1,161

Annual revenue₹1,060 Cr

How does it make money?

Turns over ₹1,060 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit, with ₹28 left at the operating level before interest, tax and depreciation. Each of its 1,161 employees supports ₹91.3 lakh of revenue a year, the signature of a people-led business.

EBITDA margin28.2%

Net margin18.7%

Revenue / employee₹91.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Little sign of one

Returns on capital of 14.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE14.7%

ROE11.3%

Peer median ROE15.2%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 16.5% and earnings to grow about 19.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+16.5%

Est. earnings growth+19.8%

Analysts5

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +97% while net margin moved -35% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+97%

Margin effect-35%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.45 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✓ Profits have been consistent from year to year

Quality vs. Valuation

Company Quality

67/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

63/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

25.8x

3Y Median

53.8x

40 monthly readings · mean 51.1x · range 24.7x–67.4x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 52% below its 3y median of 53.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 71% below the peer median of 88.8x.

vs. its own history

Cheap

53.8x median over 40 months · -52%

vs. sector peers

Cheap

88.8x median of 3 peers · -71%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

25.8x

P/B

2.87x

EV/EBITDA

16.4x

PEG

3.06

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Cash generation is improving
Free cash flow is up 51% over 3 years.
Valuation below its historical average
At 25.8x the stock trades 52% below its own median of 53.8x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 36.5% to 28.2% over 3 years.
Debt is rising
Total debt is up 55% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 135% against revenue growth of 97% — customers are taking longer to pay.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 55% over 3 years, from ₹21 Cr to ₹33 Cr.
🔴High leverageFinancial
Debt/Equity of 1.86x — earnings must service borrowings before shareholders see anything.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 8.3 points, from 36.5% to 28.2%.
🟡Receivables growing faster than salesFinancial
Receivables up 135% against revenue up 97% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 52% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 71% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 36.5% to 28.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 1.86x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 135% against revenue up 97%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 19% a year✓ 25.3% CAGR
Latest reported year was 21.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 26%✓ 28.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹142 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 12%✓ 14.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 6 neutral · 2 weak

Market Cap

₹5,042 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

25.8x

Fair

Fairly valued against the generic band

P/B Ratio

2.87x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹9.43

Profitable

Profitable on a per-share basis

ROE

11.3%

Moderate

Moderate capital efficiency

ROCE

14.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.86x

High

High leverage

Revenue Growth (YoY)

21.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-5.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹142 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹243.5

P/E (Forward)

19.2x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

15.9%

Good

Healthy core-business profitability

Net Margin

17.5%

Good

Strong bottom-line conversion

Current Ratio

4.05

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.45

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

240.3 / 260.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

49.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹539 Cr	₹641 Cr	₹848 Cr	₹1,060 Cr	+25.3%
EBITDA	₹197 Cr	₹201 Cr	₹247 Cr	₹299 Cr	+15.0%
EBITDA Margin	36.5%	31.3%	29.2%	28.2%	—
PAT (Net Profit)	₹155 Cr	₹159 Cr	₹174 Cr	₹198 Cr	+8.4%
EPS	₹7.63	₹7.68	₹8.41	₹9.56	+7.8%
ROE	12.9%	11.5%	11.6%	11.3%	—
ROCE	15.6%	14.2%	14.2%	14.7%	—
Total Debt	₹21 Cr	₹24 Cr	₹29 Cr	₹33 Cr	+15.7%
Free Cash Flow	₹94 Cr	₹111 Cr	₹114 Cr	₹142 Cr	+14.7%

🟢 Revenue has grown at 25.3% a year over 3 years.

🟢 EBITDA has grown at 15.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 36.5% to 28.2% over 3 years (-8.3 pts).

🟢 PAT (Net Profit) has grown at 8.4% a year over 3 years.

🟢 EPS has grown at 7.8% a year over 3 years.

🔴 ROE has fallen from 12.9% to 11.3% over 3 years (-1.6 pts).

🟡 ROCE has held roughly flat at 14.7% over 3 years.

🔴 Total Debt has grown at 15.7% a year over 3 years.

🟢 Free Cash Flow has grown at 14.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,094 Cr

Total Liabilities

₹310 Cr

Total Debt

₹33 Cr

Cash & Equivalents

₹159 Cr

Operating Cash Flow

₹165 Cr

Capex

-₹22 Cr

Shareholding (proxy)

Institutional Holding

3.2%

Insider Holding

71.3%

Analyst Consensus

Recommendations

3 Buy · 2 Hold · 0 Sell

Target Price (Mean)

₹313.6

+28.8% vs CMP

Target Range

₹283 – ₹350

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 mixed4 general

Latent View Analytics (NSEI:LATENTVIEW) Stock Forecast & Analyst Predictions

Simply Wall Street, 08 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Latent View Analytics (LATENTVIEW) Share Price Near All-Time Low as Price Holds Weak

Univest, 06 Oct

Tech Query: ICICI Prudential Asset Management Company (AMC), Latent View Analytics, Rashtriya Chemicals and Fertilizers, IRB Infrastructure Developers — What is the outlook? Where are these stocks headed?

BusinessLine, 17 Oct

Buy Latent View Analytics; target of Rs 450: Prabhudas Lilladher

Moneycontrol.com, 19 May

LatentView share price jumps over 8% after its US-based arm invests $3 million in AI startup

Upstox, 02 AprPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Latent View stock jumps 9% after $3 million deal with US-based Healtheon AI

Business Standard, 02 Apr

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong14.5/20

🟡Financial HealthAdequate12.5/20

🟡GrowthModest12.9/20

🟢ProfitabilityStrong9.9/15

🟡ValuationFair9.5/15

🟡RiskModerate5.7/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 19% a year25.3% CAGR
✓EBITDA margin holds above 26%28.2%
✓Free cash flow remains positive₹142 Cr
✓Debt / EBITDA stays below 2x0.1x
✓ROCE stays above 12%14.7%