OFS today: Sagility India promoter to sell 15.02% stake; all eyes on non-retail bids

Shares of Sagility India Ltd, an end-to-end healthcare BPO, revenue cycle management, and clinical support services company, could be under pressure on Tuesday morning, as one of the promoters was looking to offload up to 15.02 per cent stake in the company via a two-day offer for sale (OFS), with non-retail bidding set to start today. The floor price of the issue is set at Rs 38, which was at 11.66 per cent discount to Monday's closing price of Rs 43.02 on NSE.

Sagility BV proposed selling of up to 346,132,843 shares, representing 7.39 per cent of the total paid-up equity share capital of the company. In the event the oversubscription option is exercised, the equity shares forming part of the base offer size and the oversubscription Option will represent 703,000,000 equity shares or 15.02 per cent of the total paid-up equity share capital of the company.

Non-retail investors can bid in the OFS today. On Wednesday, May 28, 2025, bids would open for retail investors and non-retail investors who choose to carry forward their un-allotted bids. 
 

Sagility outlook, target prices
Sagility remains confident on delivering resilient performance through FY26, underpinned by a strong balance sheet, diversified client base, and consistent execution.

JM Financial noted that the company is expecting a low to mid-teen organic growth in constant currency, with overall revenue growth exceeding 20 per cent when including BroadPath. The management reiterated its guidance of 24-25 per cent for adjusted Ebitda in FY26. This excludes the negative 100-120 bps impact of BroadPath. 

"The company indicated that their normal seasonality (H2>H1) is accentuated by Broadpath consolidation (which has more pronounced H2 seasonality). The management highlighted that the 1.5-2 per cent cannibalization impact of AI is already factored into the growth guidance and they expect this impact to be 4-5 per cent in the next 2-3 years," JM Financial said.

"Status quo has been maintained in FY26 revenue growth and margin guidance, which gives confidence amid apprehensions of Medicaid spending cuts by the US government. Maintain
BUY with a revised target of Rs 60 (from Rs 56) based on an unchanged 1-year forward P/E of 26x," ICICI Securities said in a note on May 16. 

Sagility India trades at sub-20 times on FY27E adjusted EPS, a better gauge of its steady state earnings, JM said as it suggested a target price of Rs 71 on the stock.