Order Momentum provides hope for Sonata in short -term demand.

Sonata Software, an intermediate IT service exporter, has been lost 24% after the company’s lack of performance in December has been affected by the decrease in lamps in major client accounts. If the leak effect of the project decreases in the fourth quarter, the stock is likely to be pressure. If you have continuous propulsion in order reservation, processing time is expected in the second half of FY26. Analysts have reduced 26 revenue and revenue estimates due to short -term weaknesses.

SONATA provides digital engineering and modernization solutions to technology, media and communication (TMT), sleeves, manufacturing and distribution (RMD), banks, financial services and insurance (BFSI), and medical and life science (HLS), including medical and life science (HLS). . The company’s domestic business accounted for 74%of the profit and the international business contributed the rest.

In the case of international businesses, the United States and Europe donate 78%and 11%, respectively, while the rest came from the world in December. The company added 11 new customers in the third quarter. Although it was higher than eight in the electric quarter, it was still lower than one -third of the momentum.

In addition, customer concentration in the international sector donated 66%of the top 10 customers in December, while the top 20 customers’ concentration rose from 69%to 78%. This is a cause of concern because the slowdown in the business of the best customers has a significant impact on the performance of Sonata.

For example, the achievements of the international sector were influenced in 3Q due to a decrease in lamps and a one -time discount to TMT customers. The department’s revenue has increased to $ 87 million, up 2.8%. This was slower than 44.4% of RS2,111.1 Kromo’s domestic income. The project lamp down also affected the integrated operation margin before depreciation and depreciation and depreciation and amortization (EBITDA margin), which reduced 250 points to 6.5%.The company guided $ 1.5 billion in sales compared to $ 1 billion in FY26 compared to $ 1 billion in FY24, compared to $ 2 billion.

IDBI CAPITAL expects to be better than the second half of the current fiscal year with a strong order in the first half of the next fiscal year. The brokerage maintained a buying rating for stocks, but the revenue of FY26 and the EPS estimates per share (EPS) reduced 6%, 26%, RS 10,888 crews and RS 18.5, respectively. In addition, the 12 -month price target was lowered to 9% RS 635.