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- Q2 FY27 results
Nucleus Software Exports Q2 FY27 results: net profit down 19.2% to ₹21.25 crore, revenue up 6.6%
Nucleus Software Exports Limited reported consolidated Q2 FY27 revenue of ₹227.70 crore, up 6.6% from Q2 FY26, while net profit fell 19.2% to ₹21.25 crore. EBITDA was ₹15.82 crore and EBITDA margin was 6.9%, against ₹23.41 crore and 11.0% a year earlier.
Key points
- Revenue was ₹227.70 crore in Q2 FY27, up ₹14.19 crore or 6.6% from Q2 FY26 and ₹17.27 crore or 8.2% from Q1 FY27.
- EBITDA was ₹15.82 crore, down ₹7.59 crore or 32.4% from Q2 FY26, while margin fell 4.1 percentage points to 6.9%.
- Net profit was ₹21.25 crore, down ₹5.04 crore or 19.2% from Q2 FY26; basic EPS was ₹8.08, down ₹1.91 from ₹9.99.
- H1 FY27 revenue was ₹438.13 crore, up 1.6%, while net profit was ₹45.12 crore, down 26.6% from H1 FY26.
How did Nucleus Software Exports perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹227.70 crore, up ₹14.19 crore or 6.6% from ₹213.51 crore in Q2 FY26 and up ₹17.27 crore or 8.2% from ₹210.43 crore in Q1 FY27. EBITDA was ₹15.82 crore, down ₹7.59 crore or 32.4% from Q2 FY26, but up ₹7.86 crore or 98.7% from Q1 FY27. The EBITDA margin was 6.9%, down 4.1 percentage points year on year and up 3.1 percentage points sequentially.
Profit before tax was ₹26.20 crore, down ₹9.21 crore or 26.0% from Q2 FY26 and ₹3.90 crore or 13.0% from Q1 FY27. Net profit was ₹21.25 crore, down ₹5.04 crore or 19.2% from Q2 FY26 and ₹2.62 crore or 11.0% from Q1 FY27. Basic EPS was ₹8.08, against ₹9.99 in Q2 FY26 and ₹9.07 in Q1 FY27. On the standalone basis, revenue was ₹208.09 crore, up 6.0%, and net profit was ₹19.12 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 227.70 | 210.43 | 213.51 | +6.6% | +8.2% |
| Other income | 16.02 | 17.83 | 16.16 | −0.9% | −10.2% |
| Total expenses | 217.52 | 207.98 | 194.26 | +12.0% | +4.6% |
| EBITDA | 15.82 | 7.96 | 23.41 | −32.4% | +98.7% |
| EBITDA margin | 6.9% | 3.8% | 11.0% | −4.1 pp | +3.1 pp |
| Profit before tax | 26.20 | 30.10 | 35.41 | −26.0% | −13.0% |
| Tax | 4.95 | 6.23 | 9.12 | −45.7% | −20.5% |
| Net profit | 21.25 | 23.87 | 26.29 | −19.2% | −11.0% |
| EPS (₹) | 8.08 | 9.07 | 9.99 | −19.1% | −10.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Nucleus Software Exports' costs and profit?
Total expenses were ₹217.52 crore in Q2 FY27, up ₹23.26 crore or 12.0% from Q2 FY26. Employee cost rose ₹16.71 crore or 11.3% to ₹164.24 crore, other expenses increased ₹5.07 crore or 11.9% to ₹47.64 crore, depreciation was up ₹1.40 crore or 36.6% at ₹5.23 crore, and finance costs rose ₹0.08 crore or 24.2% to ₹0.41 crore. There was no exceptional item in the quarter, while Q1 FY27 included an exceptional gain of ₹9.82 crore.
Other income was ₹16.02 crore, down ₹0.14 crore or 0.9% from ₹16.16 crore in Q2 FY26. Tax expense was ₹4.95 crore, down ₹4.17 crore or 45.7% from ₹9.12 crore. Management said AI hiring, ESOPs and labour-code changes were sustaining employee-cost pressure, while higher interest rates reduced mark-to-market gains on net mutual funds. Against Q1 FY27, total expenses rose ₹9.54 crore or 4.6%, other income fell ₹1.81 crore or 10.2%, and tax fell ₹1.28 crore or 20.5%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 164.24 | 147.53 | +16.71 | +11.3% |
| Finance costs | 0.41 | 0.33 | +0.08 | +24.2% |
| Depreciation | 5.23 | 3.83 | +1.40 | +36.6% |
| Other expenses | 47.64 | 42.57 | +5.07 | +11.9% |
| Total expenses | 217.52 | 194.26 | +23.26 | +12.0% |
| Other income | 16.02 | 16.16 | −0.14 | −0.9% |
| Tax | 4.95 | 9.12 | −4.17 | −45.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹438.13 crore, up ₹6.90 crore or 1.6% from ₹431.23 crore in H1 FY26. Total income increased ₹6.63 crore or 1.4% to ₹471.98 crore. Profit before tax fell ₹27.41 crore or 32.7% to ₹56.30 crore, while net profit declined ₹16.37 crore or 26.6% to ₹45.12 crore. Basic EPS was ₹17.15, down ₹6.21 or 26.6% from ₹23.36.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 438.13 | 431.23 | +1.6% |
| Profit before tax | 56.30 | 83.71 | −32.7% |
| Net profit | 45.12 | 61.49 | −26.6% |
| EPS (₹) | 17.15 | 23.36 | −26.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,344.55 crore, against ₹1,266.13 crore at 31 March 2026, and total equity was ₹922.53 crore, compared with ₹907.45 crore. The company had no borrowings at either date. Cash fell to ₹47.10 crore from ₹80.01 crore, while trade receivables rose to ₹220.37 crore from ₹121.12 crore and trade payables were ₹19.13 crore, against ₹18.21 crore.
H1 FY27 operating cash flow was negative ₹8.97 crore, compared with ₹124.06 crore in H1 FY26. Investing cash flow was ₹19.63 crore against negative ₹98.01 crore, while financing cash flow was negative ₹43.56 crore against negative ₹34.50 crore. Capital expenditure was ₹3.77 crore, compared with ₹16.85 crore in the earlier first half.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,345 | 1,266 |
| Total equity | 922.53 | 907.45 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 47.10 | 80.01 |
| Inventories | 0 | 0 |
| Trade receivables | 220.37 | 121.12 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −8.97 | 124.06 |
| Cash from investing | 19.63 | −98.01 |
| Cash from financing | −43.56 | −34.50 |
| Capital expenditure | 3.77 | 16.85 |
Source: Company's results filing (XBRL).
How has Nucleus Software Exports done over the last 8 quarters?
Revenue reached ₹228.96 crore in Q4 FY25 and fell to ₹227.70 crore in Q2 FY27 after recording ₹210.43 crore in Q1 FY27. Profit peaked at ₹64.77 crore in Q4 FY25 and was ₹21.25 crore in Q2 FY27, after ₹23.87 crore in the previous quarter. The EBITDA margin peaked at 32.5% in Q4 FY25, fell to 3.8% in Q1 FY27 and rose to 6.9% in Q2 FY27.
Which businesses drove the quarter?
India remained the largest segment, with revenue of ₹130.47 crore, up 6.5% from ₹122.56 crore, and EBIT of ₹62.64 crore, against ₹68.11 crore. Europe reported revenue of ₹13.01 crore, up 32.2%, and EBIT of ₹6.92 crore, against ₹3.72 crore. Middle East revenue was ₹28.23 crore, up 6.6%, with EBIT of ₹2.84 crore, against ₹3.34 crore.
South East Asia revenue was ₹24.98 crore, down 0.1% from ₹25.00 crore, while EBIT was negative ₹4.42 crore, compared with negative ₹6.63 crore. Far East revenue was ₹8.59 crore, up 10.6%, with EBIT of ₹1.51 crore, against ₹1.06 crore. Africa revenue was ₹2.15 crore, down 12.2%, and EBIT was negative ₹0.10 crore. Australia revenue was ₹4.42 crore, up 18.8%, and EBIT was ₹0.45 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| India | 130.47 | +6.5% | 62.64 | 48.0% |
| Far East | 8.59 | +10.6% | 1.51 | 17.6% |
| South East Asia | 24.98 | −0.1% | −4.42 | -17.7% |
| Europe | 13.01 | +32.2% | 6.92 | 53.2% |
| Middle East | 28.23 | +6.6% | 2.84 | 10.1% |
| Africa | 2.15 | −12.2% | −0.10 | -4.7% |
| Australia | 4.42 | +18.8% | 0.45 | 10.2% |
| Others | 15.85 | +1.1% | 4.16 | 26.2% |
Source: Company's results filing (XBRL segment data).
What did Nucleus Software Exports' management say?
CEO and Executive Director Parag Vasi said the company was investing in workforce upskilling to move AI from a specialised capability to one embedded across functions. Management cited AI hiring, ESOP costs and labour-code changes as employee-cost pressures, and said complex implementations can take 3–18 months and sometimes up to two years. It also said higher DSO was attributed mainly to AMC billing timing, with DSO at 80 days against 63 days.
How did Nucleus Software Exports shares react?
After the filing, the stock was down 2.1% after 5 minutes, 2.5% after 15 minutes and 1.8% after 30 minutes. On the reaction day, it fell 5.0% from the previous close of ₹656.00; by the next day's close, it was down 6.7% from that pre-results close. The Software Products industry median rose 1.9% on the reaction day and 2.3% by the next day's close, leaving Nucleus Software below the industry by 6.9 percentage points and 9.0 percentage points, respectively.
Earlier reaction-day moves were mixed: the shares fell 7.1% on 30 July 2026, rose 8.4% on 21 May 2026, rose 0.5% on 10 February 2026, fell 4.3% on 8 November 2025, rose 5.4% on 31 July 2025, rose 19.8% on 16 May 2025, fell 7.0% on 28 January 2025 and fell 2.2% on 12 November 2024.
| After the filing | Stock | Software Products median |
|---|---|---|
| 5 minutes | −2.1% | |
| 15 minutes | −2.5% | |
| 30 minutes | −1.8% | |
| Reaction day | −5.0% | +1.9% |
| Next day | −6.7% | +2.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | −7.1% |
| 21 May 2026 | +8.4% |
| 10 February 2026 | +0.5% |
| 8 November 2025 | −4.3% |
| 31 July 2025 | +5.4% |
| 16 May 2025 | +19.8% |
| 28 January 2025 | −7.0% |
| 12 November 2024 | −2.2% |
Source: MarketPing price-reaction measurement.
How did other Software Products companies do?
Nine other Software Products companies that had filed for the quarter were compared with Nucleus Software. Their median revenue growth was 13.9%, above Nucleus Software's revenue growth. Three peers grew slower than the company and five grew faster than the company. Of the peers for which profit was compared, eight reported higher profit.
| Nucleus Software Exports revenue growth (YoY) | +6.6% |
|---|---|
| Median of 9 other Software Products companies | +13.9% |
| Companies with slower revenue growth than Nucleus Software Exports | 3 of 9 |
| Companies with faster revenue growth than Nucleus Software Exports | 5 of 9 |
| Companies whose net profit rose | 8 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Nucleus Software Exports' revenue in Q2 FY27?
Revenue from operations was ₹227.70 crore, up 6.6% from ₹213.51 crore in Q2 FY26 (consolidated).
Did Nucleus Software Exports make a profit in Q2 FY27?
Yes. Net profit was ₹21.25 crore, against a net profit of ₹26.29 crore in Q2 FY26.
What was Nucleus Software Exports' EPS in Q2 FY27?
Basic earnings per share were ₹8.08, against ₹9.99 in Q2 FY26.
How did Nucleus Software Exports shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.0% from the previous close; the median Software Products stock moved +1.9%.
When did Nucleus Software Exports announce its Q2 FY27 results?
On 31 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting (BSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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