NUCLEUS SOFTWARE EXPORTS

Sells lending and transaction banking software products to banks and non-banking financial companies, with FinnOne Neo as the flagship lending platform, now including embedded AI capabilities across the loan lifecycle. The customer base spans 200-plus banks across 50 countries. India is the largest market, contributing 58.3% of FY26 segment revenue at Rs 510.81 cr, followed by South East Asia at 11.5% (Rs 100.95 cr) and the Middle East at 11.4% (Rs 100.23 cr); the South East Asia segment is currently loss-making at the EBIT level. Order book stood at Rs 1,244 cr as of 30 June 2026, with 88% (Rs 1,096 cr) from products, more than doubling year-on-year, while 7 new client logos were added in FY26 and top-five client concentration was 29.3%. Revenue is heavily dependent on people: employee costs absorb 67.3% of revenue and other operating expenses take another 18.4%, with capex at 3.2% of revenue. The Q1 FY27 quarter saw EBITDA margin drop to 3.6% from 15.4% in the prior quarter, on a salary revision and stepped-up sales and marketing spend.