
The Q1 earnings show a steep 57% drop in PAT to ₹29.3 crore, a 14% YoY rise but a dramatic sequential decline from ₹67.7 crore in Q4 FY26.
Operating revenue climbed 7.3% YoY to ₹133.7 crore, yet fell 20.2% sequentially from ₹167.5 crore, reflecting a slowdown in the company's growth trajectory.
Choice Broking, which assigned a ‘Buy’ rating in its first coverage, projected FY27 PAT at ₹251.6 crore and revenue at ₹2,263 crore – the Q1 PAT now represents only 12% of that estimate.
ESDS, now trading on the NSE under ticker ESDS, has a market cap of ₹21,700 crore, surpassing peers like Tata Elxsi. The company is eyeing a ramp‑up in GPU‑infrastructure sales, especially the Australian opportunity, to meet the 31× FY28 P/E target. Investors will be watching the Q2 filing on October 15 for guidance.