Executive Summary
BSE IT sector filings reveal mixed FY26 results with modest revenue growth (e.g., Oracle +12% YoY, Tech Mahindra +7.2% YoY INR but only +1.9% USD reported/+0.6% CC), strong margin expansions in some (TechM EBIT +39.2% YoY), but profit volatility (Oracle NP -17% YoY due to -61% subsidiary dividends). Capital allocation favors shareholders with record dividends (TechM total ₹51/share highest ever, Oracle ₹270 interim, L&T ₹40 final), signaling confidence despite headcount declines (TechM -1,108 YoY to 147,623). Multiple filings highlight upcoming catalysts like AGMs (L&T June 1, TechM July 17), dividend record dates (Oracle May 7, L&T May 22, TechM July 3), and earnings calls (Zensar Apr 24 rescheduled). Positive management changes at L&T (new CFO, ID) and Infosys-OpenAI AI partnership position sector for AI-driven transformation. Neutral analyst meets from Persistent, Zensar, Cyient DLM indicate steady post-earnings engagement, but Oracle's provision reversals and labor code costs flag operational risks. Overall, sector shows resilience in profitability metrics amid muted USD growth, favoring dividend plays over growth bets.
Tracking the trend? Catch up on the prior BSE IT Technology Sector Regulatory Filings digest from April 15, 2026.
Investment Signals(10)
- Oracle Financial↓(BULLISH)▲
FY26 revenue +12% YoY to ₹57,167M (Q4 +22% to ₹15,663M), second interim dividend ₹270/share (record date May 7), unmodified audit despite profit dip
- Tech Mahindra↓(BULLISH)▲
FY26 EBIT +39.2% YoY to ₹7,152Cr, PAT +13.2% YoY to ₹4,811Cr, record total dividend ₹51/share (final ₹36), Q4 EBIT +48.3% YoY outperforming revenue growth
- L&T Technology Services↓(BULLISH)▲
Recommended final dividend ₹40/share (face ₹2), multiple approvals for leadership continuity (Alind Saxena re-appointment, new CFO Rajeev Gupta), unmodified audit, positive sentiment across 4 filings
- Tech Mahindra↓(BULLISH)▲
Q4 revenue +12.6% YoY to ₹15,076Cr vs FY USD +1.9% reported, demonstrating sequential strength, LTM attrition stable at 12.1%
- Infosys↓(BULLISH)▲
Strategic OpenAI partnership for AI in software dev/DevOps/e-commerce, leveraging Topaz Fabric for productivity gains, positions as AI leader vs peers
- Oracle Financial↓(BULLISH)▲
Reversal of ₹167M provision on subsidiary investment, dividends from subs total ~₹4,334M (e.g., $3,517M from US arm), unmodified opinion
- L&T Technology Services↓(BULLISH)▲
14th AGM June 1 with VC/OAVM, record date May 22 for dividend, internal auditors re-appointed signaling governance stability
- Tech Mahindra↓(BULLISH)▲
Total FY26 dividend ₹51/share (1020% on face value) highest ever, payout post strong PAT growth, books close July 1-3
- Persistent Systems↓(NEUTRAL-BULLISH)▲
Post-Q4FY26 earnings call (Apr 21) with factsheet/audio available, upcoming one-on-one with Mirabilis Trust Apr 27, neutral but reiterates results
- Cyient DLM↓(NEUTRAL-BULLISH)▲
Earnings call recording uploaded Apr 22 for Q4FY26, compliant disclosure enhances transparency post-results
Risk Flags(7)
- Oracle Financial/Profitability↓[HIGH RISK]▼
FY26 net profit -17% YoY to ₹27,746M (Q4 -39% to ₹11,111M) due to other income -61% YoY from sub dividends, provision for ₹752M New Labour Code costs
- Tech Mahindra/Headcount↓[MEDIUM RISK]▼
Total headcount -1,108 YoY to 147,623, USD revenue +1.9% reported/+0.6% CC despite INR growth, signals utilization pressure
- Oracle Financial/Dependency↓[MEDIUM RISK]▼
Sharp reliance on sub dividends (e.g., down from prior highs), other income drop drove profit reversal despite rev growth
- Tech Mahindra/Growth↓[MEDIUM RISK]▼
Modest FY26 USD revenue growth 1.9% YoY reported (0.6% CC) vs Q4 +12.6% INR, DSO at 89 days indicates collections lag
- Zensar Technologies/Scheduling↓[LOW RISK]▼
Earnings call rescheduled from 4:30pm to 5:00pm Apr 24, potential signal of internal delays post-results
- Oracle Financial/Regulatory↓[LOW RISK]▼
₹752M provision for New Labour Code employee benefits FY26, amid reversal of only ₹167M sub investment provision
- Tech Mahindra/Attrition↓[MEDIUM RISK]▼
LTM IT attrition 12.1%, headcount decline amid modest CC growth, watch for margin sustainability
Opportunities(8)
- Tech Mahindra/Dividend Yield↓(OPPORTUNITY)◆
Record ₹51/share FY26 dividend (final ₹36, record date Jul 3), +13.2% PAT growth supports yield play vs sector, AGM Jul 17 for approval
- L&T Technology Services/AGM Catalyst↓(OPPORTUNITY)◆
Final dividend ₹40/share record date May 22, AGM Jun 1 with leadership approvals (new CFO, ID Amitabh Kant), undervalued governance upgrade
- Oracle Financial/Dividend Arbitrage↓(OPPORTUNITY)◆
Second interim ₹270/share (face ₹5), record date May 7/payment by May 21, revenue +12% YoY offsets profit dip
- Infosys/AI Partnership↓(OPPORTUNITY)◆
OpenAI collab for Codex/Topaz in dev/DevOps, accelerates AI transformation vs peers, targets engineering productivity/time-to-market
- Persistent Systems/Post-Earnings↓(OPPORTUNITY)◆
Q4FY26 call audio/factsheet available, one-on-one Apr 27 with investor, potential for reiterated guidance/upside
- L&T Technology Services/Leadership↓(OPPORTUNITY)◆
New Executive Director & CFO Rajeev Gupta (3yrs from Apr 22), Amitabh Kant ID (5yrs), signals strategic push post-results
- Cyient DLM/Transparency↓(OPPORTUNITY)◆
Q4FY26 call recording live Apr 22, monitor for insights into DLM-specific trends vs broader IT
- Zensar Technologies/Earnings Call↓(OPPORTUNITY)◆
Rescheduled call Apr 24 with CEO/CFO, hosted by Emkay, opportunity for Q4 details/clarifications
Sector Themes(6)
- Robust Dividend Policies◆
4/14 filings highlight dividends (Oracle ₹270 interim, TechM record ₹51 total, L&T ₹40 final), prioritizing shareholder returns amid mixed profits, avg yield boost vs prior years [IMPLICATION: Attractive for income portfolios]
- Margin Resilience Despite Modest Growth◆
TechM EBIT +39.2% YoY/+48.3% Q4 vs rev +7.2% FY/+12.6% Q4; Oracle rev +12% but NP -17%, 2/4 results firms show profitability outpacing topline [IMPLICATION: Operational efficiency in IT services]
- Upcoming Catalyst Density◆
7+ events (AGMs Jun1/Jul17, record dates May7/May22/Jul3, calls Apr24/Apr27), clustered Q2 2026, post-FY26 results [IMPLICATION: Volatility/trading opps around dates]
- Neutral Post-Earnings Engagement◆
5/14 filings on analyst meets/recordings (Persistent x2, Zensar, Cyient DLM), no UPSI, steady investor dialogue [IMPLICATION: Confidence in disclosed results]
- Leadership Stability◆
L&T filings (4x) approve re-appointments/new hires (CFO, ID), unmodified audits across Oracle/L&T/TechM [IMPLICATION: Governance strength in BSE IT]
- Profit Volatility from Non-Ops◆
Oracle NP drop from sub dividend -61%, TechM headcount -1k despite EBIT surge, highlights forex/sub exposure risks [IMPLICATION: Favor core ops metrics]
Watch List(8)
Record date May 7 for ₹270/share, monitor payment by May 21 and sub dividend trends post -61% YoY drop
Jun 1 AGM for dividend ₹40/share approval, leadership votes (CFO Gupta, ID Kant), record date May 22
Jul 17 AGM, record date Jul 3 for final ₹36/share (total ₹51 record), watch USD growth commentary
Rescheduled Q4FY26 call Apr 24 5pm IST with CEO Tandon/CFO Bhandari, details on results
One-on-one with Mirabilis Trust Apr 27 12pm, post-Q4 call reiteration, any guidance hints
Monitor FY27 headcount/attrition (12.1% LTM, -1,108 YoY), DSO 89 days in next filings
Track AI deployment progress, risks (talent/econ/regulatory) in forward updates
Review Q4FY26 call recording for DLM-specific metrics vs BSE IT peers
Filing Analyses(14)
22-04-2026
The Board approved audited standalone FY26 financial results showing revenue from operations up 12% YoY to ₹57,167 million, driven by 22% YoY Q4 growth to ₹15,663 million; however, net profit declined 17% YoY to ₹27,746 million (Q4 down 39% to ₹11,111 million) due to sharply lower other income from subsidiary dividends (down 61% to ₹6,800 million). A second interim dividend of ₹270 per equity share (face value ₹5) was declared, with record date May 7, 2026 and payment by May 21, 2026. Auditors issued an unmodified opinion.
- ·Reversal of ₹167 million provision for diminution in value of investment in subsidiary ISP Internet Mauritius Company.
- ·Provision for New Labour Code employee benefits: ₹752 million FY26.
- ·Dividends received from subsidiaries: ₹240 million from Oracle (OFSS) Processing Services Limited, ₹439 million from Oracle (OFSS) BPO Services Limited, ₹138 million from ISP Internet Mauritius Company, ₹3,517 million from Oracle Financial Services Software America, Inc.
- ·Harinderjit Singh resigned effective January 22, 2026; Simon de Montfort Walker appointed effective February 25, 2026.
- ·Total assets declined to ₹78,633 million from ₹83,280 million YoY.
- ·Net cash used in financing activities: ₹34,409 million FY26, mainly equity dividend paid.
22-04-2026
Persistent Systems Limited informed NSE and BSE about the outcome and audio recording of the investor/analyst call held on April 21, 2026, at 6:00 PM IST, discussing Q4FY26 and FY26 results. The analyst presentation, factsheet, and audio recording are available on the company's website. This submission complies with SEBI LODR Regulations 30 and 46(2)(oa).
- ·Call pertains to quarter and year ended March 31, 2026
- ·References prior letters: NSE & BSE / 2025-26 / 262 dated March 31, 2026, and NSE & BSE / 2026-27 / 004 dated April 16, 2026
- ·Company CIN: L72300PN1990PLC056696
- ·Symbol: PERSISTENT; Scrip Code: 533179
22-04-2026
Zensar Technologies Limited has rescheduled its conference call to discuss Q4FY26 results from 4:30 p.m. to 5:00 p.m. IST on Friday, April 24, 2026, as intimated to BSE and NSE. The call, hosted by Emkay Global Financial Services Ltd, will feature CEO & MD Manish Tandon, CFO Pulkit Bhandari, and other senior management. This follows an original notice dated April 17, 2026.
- ·Scrip Code: 504067
- ·Symbol: ZENSARTECH
- ·CIN: L72200PN1963PLC012621
- ·Dial-in Numbers: Universal Access +91 22 6280 1325 / +91 22 7115 8226; International Toll Free (Hong Kong: 800 964 448, Singapore: 800 101 2045, UK: 0 808 101 1573, USA: 1 866 746 2133)
22-04-2026
L&T Technology Services Limited's Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified opinion from M S K A & Associates. The Board recommended a final dividend of Rs. 40/- per equity share of face value Rs. 2/- each, scheduled the 14th AGM for June 1, 2026 via VC/OAVM, and fixed May 22, 2026 as the record date for dividend eligibility. Additional approvals include re-appointment of Aneja & Associates as internal auditors for 1 year from May 3, 2026, re-appointment of Mr. Alind Saxena as Executive Director for 3 years from April 26, 2026, appointment of Mr. Rajeev Gupta as Executive Director & CFO for 3 years from April 22, 2026, and Mr. Amitabh Kant as Independent Director for 5 years from April 22, 2026, all subject to shareholder approval.
- ·Board meeting held on April 22, 2026, from 4:15 p.m. to 5:45 p.m. IST
- ·AGM to be held on Monday, June 1, 2026 at 3:30 p.m. IST via VC/OAVM
- ·Final dividend to be paid within 30 days of AGM approval
- ·Internal auditors re-appointed for term May 3, 2026 to May 2, 2027
- ·None of the appointees/re-appointees are debarred by SEBI or related to existing directors
22-04-2026
The Board of Directors of L&T Technology Services Limited approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion from M S K A & Associates. The Board recommended a final dividend of ₹40 per equity share of face value ₹2 for FY 2025-26, subject to shareholder approval at the 14th AGM scheduled for June 1, 2026. Additionally, the Board approved re-appointment of internal auditors Aneja & Associates, re-appointment of Alind Saxena as Executive Director & President-Strategic Initiatives and Growth Markets, appointment of Rajeev Gupta as Executive Director & CFO, and appointment of Amitabh Kant as Independent Director.
- ·14th AGM scheduled on Monday, June 1, 2026 at 3:30 p.m. IST via VC/OAVM
- ·Record Date for final dividend: Friday, May 22, 2026
- ·Re-appointment of Aneja & Associates as Internal Auditors from May 3, 2026 to May 2, 2027
- ·Alind Saxena re-appointment: April 26, 2026 to April 25, 2029 (3 years)
- ·Rajeev Gupta appointment: April 22, 2026 to April 21, 2029 (3 years)
- ·Amitabh Kant appointment: April 22, 2026 to April 21, 2031 (5 years)
- ·Board meeting held on April 22, 2026 from 4:15 p.m. to 5:45 p.m. IST
22-04-2026
The Board of Directors of L&T Technology Services Limited approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified opinion from statutory auditors M S K A & Associates. The Board recommended a final dividend of ₹40 per equity share (face value ₹2), scheduled the 14th AGM for June 1, 2026, and approved re-appointment of internal auditors Aneja & Associates, re-appointment of Mr. Alind Saxena as Executive Director & President-Strategic Initiatives and Growth Markets, appointment of Mr. Rajeev Gupta as Executive Director & CFO, and appointment of Mr. Amitabh Kant as Independent Director, all subject to shareholder approval.
- ·14th AGM scheduled on Monday, June 1, 2026 at 3:30 p.m. IST via VC/OAVM
- ·Record Date for final dividend: Friday, May 22, 2026
- ·Re-appointment of Aneja & Associates as Internal Auditors from May 3, 2026 to May 2, 2027
- ·Mr. Alind Saxena re-appointment from April 26, 2026 to April 25, 2029 (3 years)
- ·Mr. Rajeev Gupta appointment from April 22, 2026 to April 21, 2029 (3 years)
- ·Mr. Amitabh Kant appointment from April 22, 2026 to April 21, 2031 (5 years)
22-04-2026
The Board of L&T Technology Services Limited approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion from M S K A & Associates. The Board recommended a final dividend of Rs. 40 per equity share (face value Rs. 2) for FY 2025-26, subject to shareholder approval at the 14th AGM scheduled for June 1, 2026, with record date May 22, 2026. Additionally, the Board approved re-appointment of internal auditors Aneja & Associates, re-appointment of Alind Saxena as Executive Director & President, and appointments of Rajeev Gupta as Executive Director & CFO and Amitabh Kant as Independent Director.
- ·Board meeting held on April 22, 2026, from 4:15 p.m. to 5:45 p.m. IST.
- ·14th AGM on Monday, June 1, 2026 at 3:30 p.m. IST via VC/OAVM.
- ·Re-appointment of Aneja & Associates as internal auditors from May 3, 2026 to May 2, 2027.
- ·Alind Saxena re-appointment from April 26, 2026 to April 25, 2029 (3 years).
- ·Rajeev Gupta appointment from April 22, 2026 to April 21, 2029 (3 years).
- ·Amitabh Kant appointment from April 22, 2026 to April 21, 2031 (5 years).
22-04-2026
Persistent Systems Limited has scheduled a one-on-one investor/analyst session with Mirabilis Investment Trust on April 27, 2026, at 12:00 Noon IST in physical mode. The session will reiterate information already shared during the Q4FY26 and FY26 earnings call on April 21, 2026, with no unpublished price-sensitive information to be disclosed. The Q4FY26 investor presentation and factsheet are available via the provided web-link.
- ·Session pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
- ·Earnings call for quarter and year ended March 31, 2026
- ·Company CIN: L72300PN1990PLC056696
- ·ICSI Membership No.: ACS 20507
22-04-2026
Cyient DLM Limited notified BSE Limited and National Stock Exchange of India Ltd on April 22, 2026, regarding the upload of the recording of the Earnings Conference Call held on April 21, 2026, for the fourth quarter and year-ended financial results. The audio recording is available at https://www.cyientdlm.com/images/pdf/10041928.mp3 on the company's website. The disclosure complies with Regulation 46 of SEBI LODR Regulations 2015.
- ·Scrip Codes: 543933 (BSE), CYIENTDLM (NSE)
- ·CIN: L31909TG1993PLC141346
- ·Registered Office: Plot No.5G, Survey No.99/1, Mamidipalli Village, GMR Aerospace & Industrial Park, Shamshabad, Hyderabad – 500 108, Telangana, India
- ·Mysore Office: Plot no.347, D1 &2, KIADB Electronics City, Hebbal Industrial Area, Mysore 570 016
22-04-2026
Tech Mahindra approved audited FY26 consolidated financials showing revenue of ₹56,815 crores (up 7.2% YoY), EBIT of ₹7,152 crores (up 39.2% YoY), and PAT of ₹4,811 crores (up 13.2% YoY), alongside Q4 revenue of ₹15,076 crores (up 12.6% YoY) and EBIT of ₹2,084 crores (up 48.3% YoY). The board recommended a final dividend of ₹36 per share (720%), taking total FY26 dividend to a record ₹51 per share (1020%). However, USD revenue growth was modest at 1.9% YoY reported (0.6% constant currency), and total headcount declined 1,108 YoY to 147,623.
- ·Unmodified audit opinion on FY26 standalone and consolidated financials.
- ·Record date for final dividend: July 3, 2026; books closed July 1-3, 2026; AGM on July 17, 2026.
- ·LTM IT attrition: 12.1%; Days Sales Outstanding: 89 days.
- ·FY26 new deal wins TCV: USD 3,794 Mn (up 41.6% YoY); Q4 TCV: USD 1,073 Mn (up 34.5% YoY).
22-04-2026
Tech Mahindra approved audited FY26 consolidated financial results with revenue at ₹56,815 crores (up 7.2% YoY), EBIT at ₹7,152 crores (up 39.2% YoY), and PAT at ₹4,811 crores (up 13.2% YoY); Q4 revenue reached ₹15,076 crores (up 12.6% YoY), EBIT ₹2,084 crores (up 48.3% YoY), and PAT ₹1,354 crores (up 16.0% YoY). However, USD revenue growth was modest at 1.9% YoY reported (0.6% constant currency), and headcount declined 1,108 YoY to 147,623. The board recommended a final dividend of ₹36 per share (total FY26 dividend ₹51 per share, highest ever), subject to AGM approval on July 17, 2026.
- ·Record Date for Final Dividend: Friday, 3rd July 2026
- ·Register of Members closed: July 1-3, 2026
- ·AGM Date: Friday, 17th July 2026 at 3.30 p.m. IST (VC/AVM)
- ·LTM IT attrition: 12.1%
- ·Days of Sales Outstanding: 89 days
- ·FY26 New deal wins TCV: USD 3,794 Mn (highest in last 5 years)
- ·Q4 New deal wins TCV: USD 1,073 Mn
22-04-2026
Tech Mahindra approved audited FY26 consolidated financial results showing revenue of ₹56,815 crores (up 7.2% YoY), EBIT of ₹7,152 crores (up 39.2% YoY), and PAT of ₹4,811 crores (up 13.2% YoY), with Q4 revenue at ₹15,076 crores (up 12.6% YoY) and EBIT at ₹2,084 crores (up 48.3% YoY). However, USD revenue growth was modest at 1.9% YoY reported (0.6% constant currency), headcount declined 1,108 YoY to 147,623, and LTM IT attrition stood at 12.1%. The board recommended a record final dividend of ₹36 per share (total ₹51 including interim), subject to AGM approval on July 17, 2026.
- ·Record date for final dividend: July 3, 2026; Books closed July 1-3, 2026; Payment by August 14, 2026 if approved.
- ·AGM on July 17, 2026 at 3:30 p.m. IST via VC/AVM.
- ·Board meeting held April 22, 2026, 1:15-1:45 p.m. IST.
- ·Unmodified audit opinion from BSR & Co., LLP.
- ·Free cash flow USD 616 Mn FY26.
- ·DSO 89 days.
22-04-2026
Tech Mahindra approved audited FY26 consolidated financial results showing revenue of ₹56,815 Cr up 7.2% YoY in INR terms (but only 0.6% YoY in constant currency USD), EBIT of ₹7,152 Cr surging 39.2% YoY, and PAT of ₹4,811 Cr up 13.2% YoY, alongside record total dividend of ₹51 per share (final ₹36 + interim ₹15). Q4 revenue rose 12.6% YoY to ₹15,076 Cr and EBIT 48.3% YoY to ₹2,084 Cr. However, headcount fell 1,108 YoY to 147,623 amid modest revenue growth and 12.1% LTM IT attrition.
- ·Record Date for Final Dividend: Friday, 3rd July 2026
- ·Register of Members closed: 1st July to 3rd July 2026
- ·39th AGM: Friday, 17th July 2026 at 3.30 p.m. IST (VC/AVM)
- ·Final Dividend payment by 14th August 2026 if approved
- ·Board Meeting: 22nd April 2026, 1:15 p.m. to 1:45 p.m. IST
- ·Unmodified audit opinion by Statutory Auditor BSR & Co., LLP
22-04-2026
Infosys announced a strategic collaboration with OpenAI to accelerate enterprise AI transformation, combining OpenAI's Codex and frontier AI models with Infosys Topaz Fabric for software development, legacy modernization, DevOps automation, and e-commerce. The partnership aims to enable scalable, responsible AI deployment, improving engineering productivity, accelerating delivery, and reducing time-to-market. Infosys, with over 325,000 employees serving clients in 63 countries, positions itself to lead AI adoption through this co-innovation.
- ·Engagement spans software engineering, legacy modernization, DevOps automation, e-commerce, and other engineering-led domains.
- ·Forward-looking statements include risks related to AI disruptions, talent competition, economic uncertainties, and regulatory changes.
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