NSE: NUCLEUS · BSE: 531209
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (58%), South East Asia (12%), Middle East (11%), Others (7%), Europe (5%), Far East (4%), Australia (2%), Africa (1%). Product-led, people-heavy software products company; geographically diversified with India dominance
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 497 | 634 | 826 | 832 | 876 |
| EBITDA (ex other income) | 37 | 157 | 220 | 168 | 104 |
| margin % | 7.4 | 24.7 | 26.7 | 20.2 | 11.8 |
| Owners' profit | 41 | 128 | 192 | 163 | 117 |
| EPS, as reported (₹) | 14.28 | 47.73 | 71.56 | 61.40 | 44.35 |
| ROE % · ROCE % | 8.3 · 10.8 | 20.9 · 26.8 | 24.6 · 31.4 | 20.0 · 25.3 | 12.9 · 15.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 58 | 50 | 222 | 151 | 117 |
| Capex | (24) | (4) | (29) | (15) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 202 | 206 | 229 | 218 | 214 | 220 | 225 | 210 |
| Profit before tax | 47 | 45 | 88 | 48 | 35 | 25 | 42 | 30 |
| Net profit | 33 | 35 | 65 | 35 | 26 | 21 | 35 | 24 |
| EPS (₹) | 12.35 | 13.28 | 24.60 | 13.37 | 9.99 | 7.86 | 13.12 | 9.07 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 380 | 43.3 |
| Far East | 23 | 2.6 |
| South East Asia | 75 | 8.6 |
| Europe | 31 | 3.5 |
| Middle East | 78 | 8.9 |
| Africa | 7 | 0.8 |
| Australia | 14 | 1.6 |
| Others | 49 | 5.6 |
| INDIA | 131 | 15.0 |
| FOR EAST | 8 | 0.9 |
| SOUTH EAST AFRICA | 26 | 2.9 |
| EUROPE | 9 | 1.1 |
| MIDDLE EAST | 22 | 2.5 |
| AFRICA | 3 | 0.3 |
| AUSTRALIA | 6 | 0.7 |
| OTHERS | 15 | 1.7 |
| Total, before eliminations | 876 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS ◆ | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 18.1 | 16 of 32 | 52% |
| P/B | 1.9 | 1.5 | 21 of 38 | 46% |
| ROCE | 15.2 | 4.8 | 7 of 40 | 85% |
| ROE | 12.9 | 3.5 | 7 of 38 | 84% |
| Debt / Equity | 0.0 | 0.0 | 1 of 38 | 51% |
| EBITDA margin | 16.9 | 17.2 | 19 of 35 | 47% |
| Revenue growth | (3.4) | 9.7 | 24 of 33 | 28% |
| Profit growth | (32.2) | (12.0) | 24 of 41 | 43% |
| Market cap | 1746 | 41 | 8 of 44 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Nucleus Software Q2 FY27 earnings call set for November 2 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 31, 2026 to approve Q2/H1 FY27 results | results | low | — | — |
| 16 Oct 2026 · Nucleus Software wins CII National AI Award for Visual Report Agent | business updates | medium | — | — |
| 8 Oct 2026 · Submission of Regulation 74(5) Certificate for Q2 FY2026-27 | compliance | minimal | — | — |
| 29 Sept 2026 · Nucleus Software gets GST show cause notice for FY23, demand Rs 17.49 cr | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 until 48 hours after results | compliance | minimal | — | — |
| 22 Sept 2026 · Nucleus Software appoints Sudhanshu Tripathi as Chief Marketing Officer | management changes | medium | — | — |
| 21 Sept 2026 · Sudhanshu Tripathi appointed as Chief Marketing Officer | management changes | medium | — | — |
| 1 Sept 2026 · Nucleus Software updates insider trading conduct policy | compliance | low | — | — |
| 17 Aug 2026 · Nucleus Software Trust to buy shares for RSU vesting pool | corporate actions | medium | — | — |
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.