Dear Fellow Shareowners,
It is a privilege to share Persistent Systems’ 36th Annual Report. Each year provides an opportunity to pause in gratitude, reflect on how far we have come, and consider the changing world around us. Above all, it is an opportunity to acknowledge the trust that has made this journey possible.
When we started Persistent in 1990, we had very limited resources. What we did have was curiosity, determination and a willingness to learn. We believed that if we remained useful to our customers and continued to create value for them, the business would grow. More than three decades later, those fundamentals remain unchanged.
Trust of this kind is never built in boardrooms alone. It is earned every day through the actions of our people. It is built project by project, commitment by commitment, often quietly and away from public view. Behind every customer relationship are teams that work diligently to solve problems, meet commitments and go the extra mile when needed. Their dedication, professionalism and care have helped Persistent earn the confidence of customers around the world, and I remain deeply grateful for their contribution.
This year, much of the world’s attention turned decisively towards Artificial Intelligence. Few technologies in recent memory have generated such widespread interest, debate and investment. While every generation believes it is witnessing extraordinary change, there are moments when technology genuinely alters the trajectory of industries and societies. Like the Internet and mobile computing before it, I believe AI represents one such moment.
Over the last several years, enterprises have been exploring how AI can improve productivity, automate tasks and create new possibilities. Much of the recent attention has focused on agents and automation. These developments are important and are already creating value. However, I believe they represent only the beginning of a much larger transformation.
Over the years, organisations have used software to streamline processes, improve efficiency and create consistency. AI introduces a new possibility: systems that can assist in interpretation, judgement and decisionmaking. We are entering a period in which intelligence itself is becoming a technology platform. The transition from automation to intelligence is now underway, and its implications extend far beyond technology. It will influence how organisations operate, innovate and compete.
While much of the current discussion focuses on foundation models and their rapidly advancing capabilities, I believe the longterm value of AI will be determined not by the models themselves, but by how effectively organisations combine intelligence with their own data, knowledge and experience. Over time, powerful models will become increasingly accessible. The more important differentiator will be context: an organisation’s enterprise data, customer relationships, business processes, operating history and accumulated expertise. Enterprises that successfully combine AI with this context will create advantages that are difficult to replicate.
At the same time, organisations are being required to confront important questions around privacy, security, governance and data sovereignty. These considerations cannot be treated as afterthoughts. The future will require enterprises to balance innovation with trust, openness with control and technological ambition with responsibility. AI will create significant opportunities, but it also demands thoughtful leadership and careful stewardship.
For Persistent, this transition aligns closely with our heritage and our strengths. For more than thirty-five years, we have helped customers navigate major technology transitions by combining deep engineering expertise with a strong understanding of enterprise systems and data. Throughout this period, our work has focused on helping customers build, modernise and manage the technology foundations that support their businesses. As enterprises move from automation towards intelligence, these foundations become even more important.
We believe that enterprise intelligence will ultimately depend on three elements: the platforms on which intelligence runs, the context that allows intelligence to understand the business and the coordination required to translate intelligence into action. This perspective shapes how we think about the future and how we help customers navigate it. While technologies will continue to evolve rapidly, our focus remains constant: helping customers create lasting value through the thoughtful application of technology.
I am encouraged by how our people are responding to this moment. New technologies will continue to emerge, but the most important differentiators will remain the ability to learn, adapt and solve meaningful problems. Technology changes rapidly, while qualities such as judgement, creativity, integrity and perseverance endure. These qualities have always been central to Persistent’s culture and will become even more important in the years ahead.
Institutions become stronger when learning becomes part of their culture. As the pace of technological change accelerates, we must continue to create opportunities for our people to develop new skills, challenge assumptions and grow professionally. Persistent University and our broader investments in workforce capability remain important pillars of our long-term strategy. The future will belong to organisations that learn continuously, and we remain committed to building one.
Our growth continued with consistency in FY26, marking our 24th consecutive quarter of growth. This achievement reflects the trust of our customers, the strength of our strategy and the commitment of our people. I thank every employee for the professionalism, resilience and care they bring to their work each day. I would also like to acknowledge the support of their families, whose encouragement and understanding make these achievements possible in countless ways.
I remain deeply grateful to our customers for the trust they place in Persistent. Many of these relationships have evolved over years, and in some cases decades. Technology cycles change quickly. Relationships built on trust, performance and shared success endure. Those relationships continue to shape the company we are becoming and remain among our greatest strengths.
Growth also brings broader responsibilities. Our commitments extend beyond business performance to sustainability, governance, innovation and community impact. Recognition through the Dow Jones Sustainability Indices and other ESG benchmarks is encouraging. More importantly, it reflects our effort to build a business that is responsible, resilient and sustainable over the long term. We remain committed to creating value not only for shareowners, but also for customers, employees and the communities in which we operate.
I remain optimistic about the future. Not because change can be predicted with certainty, but because adaptability, learning and disciplined execution have always been part of Persistent’s foundation. Technology will continue to evolve. Markets will continue to change. New opportunities and new challenges will emerge. What gives me confidence is the quality of our people, the trust of our customers and the values that have guided us for more than three decades. These strengths have carried us through previous transitions, and I believe they will continue to serve us well in the years ahead.
Throughout this journey, you, our shareowners, have remained true partners in Persistent’s growth story. Many of you have supported the company for years, and I remain deeply appreciative of that trust. Your confidence has helped create long-term value for all of us — shareowners, employees, customers and communities alike.
Finally, I would like to thank our customers, partners, vendors and communities for the role each continues to play in the company we are building together. In the end, companies are built by people, relationships and shared beliefs sustained over many years. We have been fortunate in all three.
With warm regards, Dr. Anand Deshpande Founder, Chairman and Managing Director
2026 Annual Report
™
Re(AI)magining
the Enterprise
Download the Full Report
As new technologies emerge, the most important differentiator will not simply be access to tools, but the ability to use them to solve real business problems. Technology will change many things, but judgement, creativity and integrity will still matter deeply.
Message from
The Chairman
2026 Annual Report
™
Re(AI)magining
the Enterprise
Download the Full Report
Contents
Home
FY26 Performance Highlights
Building the Workforce for the Next Era of Enterprise Execution
Persistent University
Environmental, Social and Governance
Persistent Foundation
FY26 Awards and Analyst Recognitions
Re(AI)magining™ AI as a System to Deliver Enterprise Outcomes
Re(AI)magining™ Client Success
Partnering to Transform, Innovate and Re(AI)magine
Re(AI)magining™ the Enterprise From Ambition to Engineered Advantage
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