Prabhudas Lilladher reported that Latent View Analytics returned to sequential growth in Q2FY27, with USD revenue rising 2.0% QoQ and adjusted EBITDA margin improving 30bps to 20.7%. Growth was led by Industrials (+21.4% QoQ), driven by expansion in automotive and auto-component clients, while FS and CPG & Retail grew 3.5% and 2.7%, respectively; the Tech segment (55% of revenue) remained subdued, declining 0.3% QoQ amid client consolidation and budget rationalization. Margin expansion was supported by GTM and marketing cost rationalization, which more than offset higher bench and wage costs. Management reiterated its 21–22% medium-term margin aspiration and its USD200mn revenue aspiration by CY28-end (postponed by 9 months). Near-term growth visibility remains modest, with FY27E revenue visibility of ~USD127mn, of which ~USD125mn is backed by signed business. The brokerage cut its FY27E/FY28E USD revenue growth estimates by 140bps/150bps to 5.6%/12.4%, respectively, while maintaining FY29E growth at 13.2%, and maintained its FY27E adjusted EBITDA margin estimate at 21.5% while trimming FY28E and FY29E estimates by 10bps and 40bps. It values the stock at a PE of