NSE: EXCELSOFT · BSE: 544617
EXCELSOFT TECHNOLOGIES L
Builds software and services for the global education and assessment industry, with FY26 revenue of ₹272.521 crore across four reporting segments. Educational technology services is the largest stream at ₹153.621 crore (56.4% of segment revenue), delivering technology platforms to education clients and contributing ₹85.588 crore in segment EBIT. Assessment and proctoring solutions accounts for ₹74.364 crore (27.3%) and supplies digital testing and proctoring tools, including the Saras e-marking platform now partnered with AQA Education in the UK to handle approximately 12 million student scripts annually across around 40,000 examiners. Learning and student success solutions contributed ₹32.16 crore (11.8%) and learning design and content solutions ₹12.376 crore (4.5%). The business is people-intensive, with employee costs at 51% of revenue, other operating expenses at 22.1%, depreciation at 8.9% and capex at 19.4%. Operations span 20+ countries with a workforce of 1,109 employees including a 45-person R&D team and a 30-person US nearshore team hired at ₹8.5 crore per quarter. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Educational technology services (56%), Assessment and proctoring solutions (27%), Learning and student success solutions (12%), Learning design and content solutions (5%). Asset-light, people-driven IT services and software business focused on education and assessment, with significant employee cost base and ongoing investment in AI and offshore-onshore mix.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 273 |
| EBITDA (ex other income) | 68 |
| margin % | 25.1 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 4.12 |
| ROE % · ROCE % | 7.5 · 9.8 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 50 |
| Capex | (53) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 65 | 71 | 81 | 80 |
| Profit before tax | 14 | 13 | 23 | 12 |
| Net profit | 11 | 10 | 17 | 9 |
| EPS (₹) | 1.05 | 0.98 | 1.50 | 0.80 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Assessment and proctoring solutions | 57 | 26.3 |
| Educational technology services | 125 | 57.6 |
| Learning and student success solutions | 27 | 12.3 |
| Learning design and content solutions | 8 | 3.8 |
| Total, before eliminations | 217 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.6 | 17.5 | 39 of 76 | 49% |
| P/B | 1.5 | 2.2 | 28 of 70 | 61% |
| ROCE | 9.2 | 9.6 | 46 of 86 | 47% |
| ROE | 7.5 | 9.2 | 38 of 70 | 46% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 23.5 | 13.0 | 20 of 69 | 72% |
| Market cap | 878 | 296 | 30 of 87 | 66% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Excelsoft schedules second-quarter FY27 results call for November 6, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting on Nov 5 to consider Q2 and H1 FY27 results | results | low | — | — |
| 8 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 25 Sept 2026 · 26th AGM: Audited accounts and director reappointment approved | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Excelsoft 26th AGM Proceedings held on September 24, 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Excelsoft Technologies to attend Bharat Connect investor conference on Sep 29 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 5 Sept 2026 · Promoter group member buys 10,000 shares of Excelsoft Technologies | ownership changes | medium | — | — |
| 5 Sept 2026 · Promoter group member buys 10,000 shares of Excelsoft Technologies | ownership changes | high | — | — |
| 4 Sept 2026 · Insider purchase: Promoter group member buys 10,000 shares | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.