BSE: 544735
Novus Loyalty Limited
Builds AI-powered loyalty, rewards and customer engagement technology for banks, fintechs, retailers and large enterprises. Revenue comes entirely from its 'Software & IT Solutions & Loyalty Programme' segment, which earned Rs 127.73 crore in the period to 31 March 2026 with segment EBIT of Rs 12.36 crore. Major wins include an Rs 88 crore loyalty mandate from Central Bank of India and a partnership with Bank of Abyssinia in Ethiopia, while international revenue stood at Rs 3.3 crore (~2.6% of mix) in FY26. The platform serves 100+ enterprise clients, processes 40+ crore transactions monthly across 4+ crore consumers, and is being extended with a proprietary AI engine called NoCXy AI (12 specialised agents). The cost structure is asset-light: no direct materials, employees at 3.4% of revenue and other operating expenses at 15.6%, with capex negligible. After a March 2026 BSE SME listing, plans include setting up a UAE subsidiary, pursuing a PPI licence, and small acquisitions in the US and Australia. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Software & IT Solutions & Loyalty Programme (100%). Asset-light, technology-and-services business in enterprise loyalty and customer engagement
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 127 |
| EBITDA (ex other income) | 12 |
| margin % | 9.7 |
| Owners' profit | 9 |
| EPS, as reported (₹) | 7.54 |
| ROE % · ROCE % | 15.1 · 19.8 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 19 |
| Capex | (0) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 56 | 56 |
| Profit before tax | 5 | 5 |
| Net profit | 4 | 4 |
| EPS (₹) | 3.15 | 3.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONMOBILE GLOBAL LTD. | 550 | — | 0.88 | 16.0 | (1.8) | (1.4) | (1.3) | (9.4) |
| Novus Loyalty Limited ◆ | 272 | 27.8 | 4.42 | — | 15.1 | 19.8 | — | 9.5 |
| ADCOUNTY MEDIA INDIA LIMITED | 158 | 7.1 | 1.47 | 5.3 | 18.9 | 24.9 | — | 28.5 |
| EMIAC TECHNOLOGIES LIMITED | 73 | 78.6 | — | — | — | 21.7 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 7.5 | 16 of 19 | 17% |
| P/B | 4.4 | 0.9 | 17 of 17 | 0% |
| ROCE | 19.8 | 9.8 | 5 of 24 | 83% |
| ROE | 15.1 | 3.8 | 3 of 18 | 88% |
| Debt / Equity | 0.0 | 0.0 | 1 of 18 | 65% |
| EBITDA margin | 9.5 | 20.6 | 11 of 16 | 33% |
| Market cap | 272 | 144 | 11 of 24 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · H1 FY27 revenue rises 37%; AutoPe acquisition proposed | investor communications | medium | — | — |
| 26 Oct 2026 · Sept 2026 half-year: revenue up 37%, profit up 32%, cash flow negative | results | high | — | — |
| 26 Oct 2026 · Novus Loyalty posts 37% revenue growth and 32% profit rise in first half of 2026-27 | results | high | — | — |
| 22 Oct 2026 · Novus Loyalty sets earnings call for September 2026 results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · No investor complaints in Q2 FY27 at Novus Loyalty | compliance | minimal | — | — |
| 15 Oct 2026 · Board Meeting on 26 Oct 2026 to consider Q2 and H1 FY26 financial results | results | low | — | — |
| 13 Oct 2026 · SEBI Reg 74(5) compliance certificate for quarter ended Sep 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Revised Investor Presentation with FY26 Results and AutoPe Acquisition Plans | investor communications | low | — | — |
| 8 Oct 2026 · Investor Presentation: revenue up 22%, margins double, AutoPe deal | investor communications | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
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.