1. At a Glance – Blink and You’ll Miss the Valuation
Latent View Analytics Ltd is that rare Indian IT company that doesn’t sell code, doesn’t sell bodies, and still trades like it invented Excel. With a market cap of ₹9,159 crore, a stock price of ₹443, and a P/E multiple of 46x, this company is priced like it personally trained ChatGPT.
Latest Q3 FY26 consolidated results came in hot: revenue ₹2,780 mn (₹278 crore) up 22% YoY, PAT ₹507.7 mn (₹50.8 crore) up 19.7% YoY, and EBITDA margins steady at ~23%.
Sounds great, right? Except 95% of revenue still comes from the US, top 5 clients contribute 63%, and the stock has delivered just ~1.5% return over the last one year.
So what is Latent View?
A high-quality analytics boutique priced like a SaaS unicorn, behaving like a cautious consulting firm, and valued like the market expects zero mistakes forever.
Is this premium justified—or is it just Excel on steroids with a US accent? Let’s investigate.
2. Introduction – India’s First Listed Analytics Company (And It Knows It)
Latent View proudly wears the badge of being the first pure-play analytics company listed on BSE and NSE. And like every first mover, it milked that positioning hard.
Founded long before “data is the new oil” became LinkedIn spam, Latent View built its reputation on decision sciences, customer analytics, forecasting, and predictive modelling—basically telling large US corporations what they already know, but with nicer dashboards and better PowerPoint fonts.
This is not Infosys.
This is not TCS.
This is not a bench-heavy IT sweatshop.
Latent View is a specialised analytics consulting firm, working primarily with Fortune 500 clients in Technology, BFSI, Retail, Industrials, and Healthcare. The company sells thinking, not coding.
But here’s the irony:
Despite all the AI buzzwords—LLMs,
computer vision, generative AI, graph databases—the business model is still manpower-led consulting, not IP-led software.
That’s fine. But the valuation doesn’t seem to realise that.
3. Business Model – WTF Do They Even Do?
Imagine you are a large US retail or tech company drowning in data. You don’t need more data. You need answers.
Latent View steps in and says:
“Give us your data. We’ll tell you what your customers want, when your machines will break, and how much inventory you shouldn’t have ordered.”
Core Offerings:
- Customer & Marketing Analytics – Who buys, why they buy, and how to make them buy more
- Industrial Analytics – Demand forecasting, supply chain optimisation, predictive maintenance
- Retail & CPG Analytics – Product assortment, pricing, channel strategy, social listening
- Financial Services Analytics – Fraud detection, risk analytics, customer behaviour
This is high-margin intellectual labour, not factory work.
Revenue Mix (Q3 FY24):
- Technology: 71%
- Industrials: 12%
- CPG & Retail: 9%
- Financial Services: 8%
Geography:
- USA: 95%
- Europe: 2%
- Rest of World: 3%
Translation:
If the US sneezes, Latent View catches pneumonia.
4. Financials Overview – Numbers That Look Clean (Almost Too Clean)
Q3 FY26 – Consolidated (₹ mn)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 2,780 | 2,280 | 2,580 | 22.0% | 7.8% |
| EBITDA | ~639 | ~525 | ~568 | ~21.7% | ~12.5% |
| PAT | 507.7 | 424 | 460 | 19.7% | 10.4% |
| EPS (₹) | 2.42 | 2.03 | 2.15 | 19.2% | 12.6% |
