01 — At a Glance
Data Consultant’s Paradox: Growing Fast. Sleeping Badly.
- 52-Week High / Low₹518 / ₹274
- FY25 Revenue (Full Year)₹848 Cr
- FY25 PAT (Full Year)₹173 Cr
- Full-Year EPS (FY25)₹8.44
- TTM EPS₹9.62
- Book Value₹78.6
- Price to Book3.55x
- Dividend Yield0.00%
- Debt / Equity0.02x
- Current Ratio4.83x
The Fine Print Confession: Latent View closed Q3 FY26 with ₹278 Cr quarterly revenue (+22% YoY, +5.7% QoQ in USD), ₹50.1 Cr PAT, and a very troublesome quarterly annualised EPS of ₹9.88. But here’s the joke nobody’s laughing at: top 10 clients contribute 74% of revenue. One large technology account is in an “internal consolidation” phase that could cost ₹5–6 crore annualized. The stock is down 42% in 3 months. Markets don’t like concentration risk presented as “diversified growth.” Color-coded Excel sheets and PowerPoint decks with gradient backgrounds only go so far.
02 — Introduction
Welcome to the Thrilling World of Excel Manipulation (AKA “Data Analytics”)
Latent View Analytics is a data and analytics consulting company that takes Excel files from Fortune 500 clients, runs them through statistical models, and produces insights that cost $500k and took 6 months to deliver. Nine times out of ten, those insights could have been discovered by an MBA intern with a cup of chai and a Coursera subscription in three weeks. But that’s the consulting game, baby.
The company is listed as “India’s First Analytics Company Listed on BSE/NSE” — which technically means they were the first to convince investors that adding more decimal places to pivot tables was actually a defensible business model. Founded in 2005, they now employ 1,727 people, generate ₹1,004 Cr in TTM revenue (27% YoY growth), and pull in ₹198 Cr TTM PAT. The stock, however, has lost 5% over three years and 20% over the last year, because apparently Wall Street prefers consistency to the quarterly anxiety attacks that come with 74% client concentration.
Q3 FY26 delivered 12 consecutive quarters of sequential growth — which sounds like a winning streak until you realise that one large technology client’s internal “stakeholder consolidation” is about to cost them ₹5–6 crore a year. That’s not business as usual. That’s a CFO’s migraine packaged as a data point.
Concall Reality Check (Feb 2026): Management said their large tech account is “reevaluating the way they engage with contractors or vendors” and now “prefers to work with FTE.” Translation: They want full-time employees, not outsourced consulting. Your growth story just became a reduction in force plan.
03 — Business Model: WTF Do They Even Do?
Sell Excel Sheets to Rich Companies. Call It “Analytics.”
Latent View takes data (usually structured, sometimes chaos), applies statistical models (Python, R, SQL — the holy trinity of “we know math”), and produces reports that influence million-dollar business decisions. They serve five verticals: Technology (61%), Financial Services (16%), Consumer & Retail (17%), Industrials (6%), and others. The company delivers from Chennai and Bangalore, sells through on-site teams in the USA, Netherlands, Germany, UK, and Singapore, and charges in dollars — which is why every INR depreciation feels like a salary cut.
The business is asset-light (no factories, no inventory, just laptops and salaries), has high margins (22–24% EBITDA), and recurring revenue from long-term contracts. Sounds great until you realise that 74% of that recurring revenue sits with 10 clients, and one of them just decided they want employees instead of consultants. That’s like discovering your rent is paid entirely by one landlord who just decided to renovate and lock you out for six months.
Recent bets include Databricks partnership ($16–17m annualized revenue expected), immersion cooling data centre fluids research, supply chain analytics, and what they call “Velocity AI” — which is internal jargon for “we’re throwing AI at every problem and hope something sticks.”
Technology61%Revenue Mix
BFSI16%Revenue Mix
Consumer17%Revenue Mix
Top 10 Clients74%Revenue Concentration
The Headcount Math: 1,727 employees globally. LTM attrition 24%. Utilization 85%. Revenue per employee: ₹58 lakh. That’s expensive math for a company whose biggest selling point is people and expertise. When you’re scaling through hiring, and attrition’s chewing 24% of your base every year, you’re essentially running on a treadmill set to “slightly faster than before.”
💬 Have you ever sat through an analytics presentation where the biggest insight was that you could have just Googled it? Drop your war stories in the comments.
04 — Financials Overview
Q3 FY26: The Spectacular & the Terrifying
