Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Persistent Systems Limited
Physical assets are 8.4% of total assets, a light footprint. Capex is 0.52x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 30.0%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 15.45x.
Physical asset ratio
8.4%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 9.55BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 113.77BtotalAssetsInventory was not reported and is treated as zero.Result 8.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
15.45xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 147.48BtotalRevenueNet PP&EINR 9.55BpropertyPlantAndEquipmentNetResult 15.45x
Revenue per dollar of the physical asset base.
Capex / D&A
0.52xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.09BcapitalExpendituresD&AINR 4.03BdepreciationAndAmortizationResult 0.52x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 373.94Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 113.77BtotalAssetsGoodwillINR 13.60BgoodWillIntangiblesINR 5.79BintangibleAssetsLiabilitiesINR 35.39BtotalLiabTangible bookINR 58.99BShares157,753,000commonStockSharesOutstandingResult INR 373.94
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
16.17xPrice / tangible bookPrice / tangible book per sharePriceINR 6.05KLatest quoteTangible book / shareINR 373.942026-03-31Result 16.17x
Price INR 6.05K.
Fixed-charge coverage
10.69xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 28.87BebitdaCapexINR 2.09BcapitalExpendituresInterestINR 726.82MinterestExpenseShort-term debtINR 1.78BshortTermDebtEBITDA − capexINR 26.78BPrincipal due is short-term debt.Result 10.69x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.6%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 15.59BfreeCashFlowMarket capINR 969.97BMarketCapitalizationResult 1.6%
Latest free cash flow divided by current market cap (INR 969.97B).
ROIC
30.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.92BoperatingIncomeTax expenseINR 5.46BincomeTaxExpensePretax incomeINR 24.11BincomeBeforeTaxTax rate22.6%EquityINR 78.38BtotalStockholderEquityDebtINR 4.77BshortLongTermDebtTotalCashINR 21.40BcashAndShortTermInvestmentsInvested capitalINR 61.75BResult 30.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.51x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | -18.2%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.34BpropertyPlantEquipmentInventory-INR 7.55BinventoryTotal assetsINR 28.56BtotalAssetsResult -18.2% | 14.36xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 33.66BtotalRevenueNet PP&EINR 2.34BpropertyPlantEquipmentResult 14.36x | 0.24xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 379.06McapitalExpendituresD&AINR 1.57BdepreciationAndAmortizationResult 0.24x | INR 134.26Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 28.56BtotalAssetsGoodwillINR 81.24MgoodWillIntangiblesINR 1.90BintangibleAssetsLiabilitiesINR 5.11BtotalLiabTangible bookINR 21.47BShares159,887,886commonStockSharesOutstandingResult INR 134.26 | 776.91xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 6.44BebitdaCapexINR 379.06McapitalExpendituresInterestINR 3.05MinterestExpenseShort-term debtINR 4.75MshortTermDebtEBITDA − capexINR 6.06BPrincipal due is short-term debt.Result 776.91x | INR 3.94BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 4.32BtotalCashFromOperatingActivitiesCapexINR 379.06McapitalExpendituresFree cash flowINR 3.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 3.94B | 23.4%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 4.35BoperatingIncomeTax expenseINR 1.35BincomeTaxExpensePretax incomeINR 4.86BincomeBeforeTaxTax rate27.7%EquityINR 23.45BtotalStockholderEquityDebtINR 16.72MshortLongTermDebtTotalCashINR 10.04BcashAndShortTermInvestmentsInvested capitalINR 13.43BResult 23.4% | 1.86xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 4.35BoperatingIncomeNet PP&EINR 2.34BpropertyPlantEquipmentResult 1.86x |
| 2020 | 10.2%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.96BpropertyPlantEquipmentInventoryINR 191.97MinventoryTotal assetsINR 30.92BtotalAssetsResult 10.2% | 12.06xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 35.66BtotalRevenueNet PP&EINR 2.96BpropertyPlantEquipmentResult 12.06x | 0.46xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 758.39McapitalExpendituresD&AINR 1.66BdepreciationAndAmortizationResult 0.46x | INR 144.73Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 30.92BtotalAssetsGoodwillINR 88.94MgoodWillIntangiblesINR 1.57BintangibleAssetsLiabilitiesINR 7.06BtotalLiabTangible bookINR 22.20BShares153,369,000commonStockSharesOutstandingResult INR 144.73 | 80.29xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 6.25BebitdaCapexINR 758.39McapitalExpendituresInterestINR 63.32MinterestExpenseShort-term debtINR 5.03MshortLongTermDebtEBITDA − capexINR 5.49BPrincipal due is the current portion of debt.Result 80.29x | INR 2.47BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 3.23BtotalCashFromOperatingActivitiesCapexINR 758.39McapitalExpendituresFree cash flowINR 2.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.47B | 17.2%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 3.28BoperatingIncomeTax expenseINR 1.12BincomeTaxExpensePretax incomeINR 4.52BincomeBeforeTaxTax rate24.8%EquityINR 23.86BtotalStockholderEquityDebtINR 51.25MlongTermDebt + shortLongTermDebtCashINR 9.56BcashAndShortTermInvestmentsInvested capitalINR 14.35BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.2% | 1.11xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 3.28BoperatingIncomeNet PP&EINR 2.96BpropertyPlantEquipmentResult 1.11x |
| 2021 | 11.5%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 3.38BpropertyPlantEquipmentInventoryINR 851.00MinventoryTotal assetsINR 36.66BtotalAssetsResult 11.5% | 12.41xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 41.88BtotalRevenueNet PP&EINR 3.38BpropertyPlantEquipmentResult 12.41x | 0.73xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 1.28BcapitalExpendituresD&AINR 1.76BdepreciationAndAmortizationResult 0.73x | INR 174.30Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 36.66BtotalAssetsGoodwillINR 85.94MgoodWillIntangiblesINR 1.23BintangibleAssetsLiabilitiesINR 8.70BtotalLiabTangible bookINR 26.64BShares152,850,000commonStockSharesOutstandingResult INR 174.30 | 110.63xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 7.91BebitdaCapexINR 1.28BcapitalExpendituresInterestINR 57.94MinterestExpenseShort-term debtINR 1.96MshortLongTermDebtEBITDA − capexINR 6.63BPrincipal due is the current portion of debt.Result 110.63x | INR 6.08BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 7.36BtotalCashFromOperatingActivitiesCapexINR 1.28BcapitalExpendituresFree cash flowINR 6.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 6.08B | 30.0%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 5.25BoperatingIncomeTax expenseINR 1.59BincomeTaxExpensePretax incomeINR 6.09BincomeBeforeTaxTax rate26.1%EquityINR 27.96BtotalStockholderEquityDebtINR 46.23MlongTermDebt + shortLongTermDebtCashINR 15.07BcashAndShortTermInvestmentsInvested capitalINR 12.93BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 30.0% | 1.55xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 5.25BoperatingIncomeNet PP&EINR 3.38BpropertyPlantEquipmentResult 1.55x |
| 2022 | 10.0%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 5.35BpropertyPlantEquipmentInventoryINR 60.56MinventoryTotal assetsINR 54.19BtotalAssetsResult 10.0% | 10.68xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 57.11BtotalRevenueNet PP&EINR 5.35BpropertyPlantEquipmentResult 10.68x | 2.32xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 3.85BcapitalExpendituresD&AINR 1.66BdepreciationAndAmortizationResult 2.32x | INR 148.00Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 54.19BtotalAssetsGoodwillINR 2.79BgoodWillIntangiblesINR 8.27BintangibleAssetsLiabilitiesINR 20.51BtotalLiabTangible bookINR 22.62BShares152,850,000commonStockSharesOutstandingResult INR 148.00 | 4.36xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 11.02BebitdaCapexINR 3.85BcapitalExpendituresInterestINR 118.35MinterestExpenseShort-term debtINR 1.52BshortLongTermDebtEBITDA − capexINR 7.17BPrincipal due is the current portion of debt.Result 4.36x | INR 4.60BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 8.45BtotalCashFromOperatingActivitiesCapexINR 3.85BcapitalExpendituresFree cash flowINR 4.60BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 4.60B | 22.9%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 8.20BoperatingIncomeTax expenseINR 2.34BincomeTaxExpensePretax incomeINR 9.24BincomeBeforeTaxTax rate25.3%EquityINR 33.68BtotalStockholderEquityDebtINR 5.78BshortLongTermDebtTotalCashINR 12.66BcashAndShortTermInvestmentsInvested capitalINR 26.80BResult 22.9% | 1.53xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 8.20BoperatingIncomeNet PP&EINR 5.35BpropertyPlantEquipmentResult 1.53x |
| 2023 | 8.1%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 7.22BpropertyPlantEquipmentInventory-INR 1.88BinventoryTotal assetsINR 66.19BtotalAssetsResult 8.1% | 11.57xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 83.51BtotalRevenueNet PP&EINR 7.22BpropertyPlantEquipmentResult 11.57x | 1.59xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 4.33BcapitalExpendituresD&AINR 2.72BdepreciationAndAmortizationResult 1.59x | INR 151.30Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 66.19BtotalAssetsGoodwillINR 7.18BgoodWillIntangiblesINR 9.17BintangibleAssetsLiabilitiesINR 26.54BtotalLiabTangible bookINR 23.30BShares153,965,332commonStockSharesOutstandingResult INR 151.30 | 4.17xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 15.60BebitdaCapexINR 4.33BcapitalExpendituresInterestINR 473.40MinterestExpenseShort-term debtINR 2.23BshortLongTermDebtEBITDA − capexINR 11.27BPrincipal due is the current portion of debt.Result 4.17x | INR 5.22BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 9.56BtotalCashFromOperatingActivitiesCapexINR 4.33BcapitalExpendituresFree cash flowINR 5.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 5.22B | 28.3%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 12.59BoperatingIncomeTax expenseINR 3.20BincomeTaxExpensePretax incomeINR 12.41BincomeBeforeTaxTax rate25.8%EquityINR 39.65BtotalStockholderEquityDebtINR 4.29BlongTermDebt + shortLongTermDebtCashINR 10.91BcashAndShortTermInvestmentsInvested capitalINR 33.02BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 28.3% | 1.74xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 12.59BoperatingIncomeNet PP&EINR 7.22BpropertyPlantEquipmentResult 1.74x |
| 2024 | 10.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 7.77BpropertyPlantAndEquipmentNetInventoryINR 57.95MinventoryTotal assetsINR 73.74BtotalAssetsResult 10.6% | 12.64xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 98.22BtotalRevenueNet PP&EINR 7.77BpropertyPlantAndEquipmentNetResult 12.64x | 0.92xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 2.84BcapitalExpendituresD&AINR 3.09BdepreciationAndAmortizationResult 0.92x | INR 221.41Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 73.74BtotalAssetsGoodwillINR 10.91BgoodWillIntangiblesINR 4.57BintangibleAssetsLiabilitiesINR 24.16BtotalLiabTangible bookINR 34.09BShares153,965,000commonStockSharesOutstandingResult INR 221.41 | 6.23xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 18.04BebitdaCapexINR 2.84BcapitalExpendituresInterestINR 467.27MinterestExpenseShort-term debtINR 1.97BshortLongTermDebtEBITDA − capexINR 15.20BPrincipal due is the current portion of debt.Result 6.23x | INR 9.37BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 13.02BtotalCashFromOperatingActivitiesCapexINR 2.84BcapitalExpendituresFree cash flowINR 9.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 9.37B | 23.9%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 13.03BoperatingIncomeTax expenseINR 3.54BincomeTaxExpensePretax incomeINR 14.48BincomeBeforeTaxTax rate24.5%EquityINR 49.58BtotalStockholderEquityDebtINR 2.07BlongTermDebt + shortLongTermDebtCashINR 10.48BcashAndShortTermInvestmentsInvested capitalINR 41.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.9% | 1.68xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 13.03BoperatingIncomeNet PP&EINR 7.77BpropertyPlantAndEquipmentNetResult 1.68x |
| 2025 | 10.7%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 8.19BpropertyPlantEquipmentInventoryINR 1.15BinventoryTotal assetsINR 87.37BtotalAssetsResult 10.7% | 14.57xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 119.39BtotalRevenueNet PP&EINR 8.19BpropertyPlantEquipmentResult 14.57x | 0.77xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 2.37BcapitalExpendituresD&AINR 3.07BdepreciationAndAmortizationResult 0.77x | INR 291.30Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 87.37BtotalAssetsGoodwillINR 12.34BgoodWillIntangiblesINR 5.66BintangibleAssetsLiabilitiesINR 24.18BtotalLiabTangible bookINR 45.20BShares155,160,000commonStockSharesOutstandingResult INR 291.30 | 12.07xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.96BebitdaCapexINR 2.37BcapitalExpendituresInterestINR 671.29MinterestExpenseShort-term debtINR 952.30MshortTermDebtEBITDA − capexINR 19.60BPrincipal due is short-term debt.Result 12.07x | INR 9.20BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 11.57BtotalCashFromOperatingActivitiesCapexINR 2.37BcapitalExpendituresFree cash flowINR 9.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 9.20B | 22.4%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 16.08BoperatingIncomeTax expenseINR 4.22BincomeTaxExpensePretax incomeINR 18.22BincomeBeforeTaxTax rate23.2%EquityINR 63.19BtotalStockholderEquityDebtINR 3.11BshortLongTermDebtTotalCashINR 11.15BcashAndShortTermInvestmentsInvested capitalINR 55.15BResult 22.4% | 1.96xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 16.08BoperatingIncomeNet PP&EINR 8.19BpropertyPlantEquipmentResult 1.96x |
| 2026 | 8.4%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 9.55BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 113.77BtotalAssetsInventory was not reported and is treated as zero.Result 8.4% | 15.45xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 147.48BtotalRevenueNet PP&EINR 9.55BpropertyPlantAndEquipmentNetResult 15.45x | 0.52xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.09BcapitalExpendituresD&AINR 4.03BdepreciationAndAmortizationResult 0.52x | INR 373.94Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 113.77BtotalAssetsGoodwillINR 13.60BgoodWillIntangiblesINR 5.79BintangibleAssetsLiabilitiesINR 35.39BtotalLiabTangible bookINR 58.99BShares157,753,000commonStockSharesOutstandingResult INR 373.94 | 10.69xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 28.87BebitdaCapexINR 2.09BcapitalExpendituresInterestINR 726.82MinterestExpenseShort-term debtINR 1.78BshortTermDebtEBITDA − capexINR 26.78BPrincipal due is short-term debt.Result 10.69x | INR 15.59BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 17.67BtotalCashFromOperatingActivitiesCapexINR 2.09BcapitalExpendituresFree cash flowINR 15.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 15.59B | 30.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.92BoperatingIncomeTax expenseINR 5.46BincomeTaxExpensePretax incomeINR 24.11BincomeBeforeTaxTax rate22.6%EquityINR 78.38BtotalStockholderEquityDebtINR 4.77BshortLongTermDebtTotalCashINR 21.40BcashAndShortTermInvestmentsInvested capitalINR 61.75BResult 30.0% | 2.51xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 23.92BoperatingIncomeNet PP&EINR 9.55BpropertyPlantAndEquipmentNetResult 2.51x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: INR 9.55B
Inventory: INR 0.00
Total assets: INR 113.77B
Goodwill: INR 13.60B
Intangibles: INR 5.79B
Liabilities: INR 35.39B
Tangible book: INR 58.99B
Shares: 157,753,000
Revenue: INR 147.48B
Capex: INR 2.09B
D&A: INR 4.03B
EBITDA: INR 28.87B
Interest: INR 726.82M
Short-term debt: INR 1.78B
Free cash flow: INR 15.59B
Operating income: INR 23.92B
Invested capital: INR 61.75B
Tax rate: 22.6%