Builds FinnOne/FinnOne Neo lending and transaction-banking software licensed to banks and NBFCs worldwide.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 194 | −3.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.3 | −12.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 23.0 | −42.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 13.25 | −3.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 10.16 | −6.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 1.64 | +4.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 8 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Product Development | bring as many as used cases into implementations | Q4 FY25 | Company launched release 9.0 with embedded AI capabilities and mentioned tangible progress on its enterprise AI foundation. This continues to fulfill the promise. | Achieved |
| Financial Performance | bounce back on the financial numbers also in coming quarters | Q1 FY25 | Financial performance deteriorated significantly, with EBITDA collapsing to INR 7.6 crore and PAT declining 32.2% YoY. The bounce back has not materialized. | Missed |
| Revenue Growth | robust order book is going to definitely positively impact [revenue] in positive terms for quite a few quarters | Q4 FY26 | In the first quarter of the lag period, revenue declined 6.4% QoQ. This is not a positive impact, putting the promise at risk. | At Risk |
6 of Nucleus Software Exports Limited's 14 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,003.2 on 24 Oct 2025 → ₹668.25. High ₹1,037.7 (3 Nov 2025), low ₹619.8 (8 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Nucleus Software Exports Limited develops and licenses banking and lending software, primarily under the FinnOne and FinnOne Neo brands, used by banks and non-banking financial companies (NBFCs) for retail and corporate lending as well as transaction processing. Revenue comes from two lines: licensing/product sales of these platforms, and projects & services engagements covering implementation, customization, and migration for client financial institutions. The company operates from India and pursues international growth through market development efforts in Japan and a newly established subsidiary in Vietnam targeting Southeast Asia.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
2 of 8 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Product Development | bring as many as used cases into implementations | Q4 FY25 | Company launched release 9.0 with embedded AI capabilities and mentioned tangible progress on its enterprise AI foundation. This continues to fulfill the promise. | Achieved |
| Financial Performance | bounce back on the financial numbers also in coming quarters | Q1 FY25 | Financial performance deteriorated significantly, with EBITDA collapsing to INR 7.6 crore and PAT declining 32.2% YoY. The bounce back has not materialized. | Missed |
| Revenue Growth | robust order book is going to definitely positively impact [revenue] in positive terms for quite a few quarters | Q4 FY26 | In the first quarter of the lag period, revenue declined 6.4% QoQ. This is not a positive impact, putting the promise at risk. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Nucleus Software Exports Limited Q1 FY27
Nucleus Software reported a mixed Q1 FY27 with strong order book growth and revenue increase, driven by new logos and strategic AI initiatives. However, profitability was significantly impacted by rising operating costs, leading to a sharp decline in EBITDA and PAT margins. The company is focusing on cost control and expects benefits in subsequent quarters, while continuing to invest in AI and market expansion.
Read the full callNucleus Soft. Q4 FY26
Nucleus Software reported a mixed Q4 FY26, with consolidated revenue remaining largely flat YoY at INR 224.77 crore, while EBITDA and Net Profit saw significant YoY declines. However, the company demonstrated strong order book growth, reaching INR 1,044.31 crore, and added 7 new logos. Management highlighted strategic investments in sales, AI-enabled transformation tools, and focus on co-lending and gold loan segments, despite facing challenges like a key customer loss and increased employee costs.
Read the full callNucleus Soft. Q3 FY26
Nucleus Software reported a mixed Q3 FY26 with consolidated revenue growing 3.06% QoQ to INR 220.03 crores and EBITDA increasing 41.77% QoQ to INR 32.72 crores, driven by improved cost of delivery. However, net profit declined 21.22% QoQ to INR 20.70 crores. The company added two new logos this quarter, bringing the total to seven for the financial year, and continues to focus on migrating legacy customers to its new platform, a process expected to take 3-4 years. Capital allocation discussions highlighted a cautious approach to cash deployment, considering potential AI investments.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −42% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 185 | 189 | 213 | 201 | 196 | 202 | 207 | 194 |
| Expenses | 155 | 160 | 141 | 169 | 175 | 173 | 174 | 187 |
| Operating profit | 30 | 29 | 72 | 32 | 21 | 29 | 33 | 6 |
| Operating margin | 16.0% | 15.0% | 34.0% | 16.0% | 11.0% | 14.0% | 16.0% | 3.3% |
| Other income | 23 | 15 | 17 | 24 | 19 | -4 | 12 | 28 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 4 | 3 | 3 | 3 | 4 | 4 | 5 | 5 |
| Profit before tax | 50 | 40 | 85 | 53 | 37 | 20 | 40 | 29 |
| Tax rate | 26.0% | 24.0% | 26.0% | 25.0% | 24.0% | 15.0% | 16.0% | 20.0% |
| Net profit | 37 | 31 | 63 | 40 | 28 | 17 | 33 | 23 |
| EPS (₹ per share) | 13.87 | 11.73 | 24.01 | 15.04 | 10.58 | 6.62 | 12.71 | 8.72 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 634 | 766 | 769 | 806 |
| Expenses | 477 | 552 | 608 | 691 |
| Operating profit | 157 | 214 | 161 | 115 |
| Other income | 34 | 49 | 70 | 51 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 19 | 13 | 14 | 16 |
| Profit before tax | 172 | 249 | 216 | 150 |
| Net profit | 128 | 185 | 162 | 118 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 27 | 27 | 27 | 26 | 26 | 26 |
| Reserves | 443 | 561 | 722 | 757 | 822 | 848 |
| Borrowings | 1 | 6 | 4 | 2 | 8 | 8 |
| Other liabilities | 230 | 247 | 319 | 325 | 373 | 340 |
| Total liabilities | 700 | 840 | 1,072 | 1,110 | 1,230 | 1,223 |
| Fixed assets | 43 | 36 | 45 | 48 | 77 | 76 |
| Capital work in progress | 0 | 1 | 1 | 0 | 0 | 0 |
| Investments | 494 | 540 | 664 | 656 | 676 | 659 |
| Other assets | 162 | 263 | 363 | 407 | 477 | 488 |
| Total assets | 700 | 840 | 1,072 | 1,110 | 1,230 | 1,223 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 106 | 56 | 52 | 212 | 139 | 102 |
| Cash from investing | -126 | 159 | -13 | -197 | -13 | -33 |
| Cash from financing | -11 | -211 | -21 | -29 | -125 | -36 |
| Net cash flow | -31 | 4 | 18 | -15 | 1 | 33 |
| Free cash flow | 103 | 32 | 48 | 184 | 124 | 74 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 65 | 62 | 103 | 75 | 61 | 51 |
| Cash conversion cycle | 65 | 62 | 103 | 75 | 61 | 51 |
| Working capital days | -72 | -89 | -21 | -42 | -47 | -52 |
| Return on capital employed | 23.0% | 7.0% | 29.0% | 32.0% | 23.0% | 17.0% |
| Dividend payout | 23.0% | 45.0% | 21.0% | 18.0% | 20.0% | 28.0% |
The businesses behind the company’s reported revenue.
India contributes 56.1% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹118.06 crore
₹25.48 crore
₹22.81 crore
₹17.68 crore
₹11.47 crore
₹8.84 crore
₹4.06 crore
₹2.03 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| India | 118.06 | 56.1% |
| Middle East | 25.48 | 12.1% |
| South East Asia | 22.81 | 10.8% |
| Others | 17.68 | 8.4% |
| Europe | 11.47 | 5.5% |
| Far East | 8.84 | 4.2% |
| Australia | 4.06 | 1.9% |
| Africa | 2.03 | 1.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| India | — | — | — | — | 58% | 57% | 58% | 56% | -6.8% |
| Middle East | — | — | — | — | 11% | — | 13% | 12% | +9.7% |
| South East Asia | — | — | — | — | 12% | — | 11% | 11% | -12.9% |
| Others | — | — | — | — | 7% | 7% | 8% | 8% | +11.1% |
| Europe | — | — | — | — | 5% | 5% | 4% | 5% | +6.9% |
| Far East | — | — | — | — | 3% | — | 4% | 4% | +26.5% |
| Australia | — | — | — | — | 3% | 2% | 2% | 2% | -30.6% |
| Africa | — | — | — | — | 1% | 1% | 1% | 1% | -5.1% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹668, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~-2%. At that growth it is worth ₹265 — downside of 60%.
Ownership
Promoters hold 73.59% as of Sept 2026; institutions cut 0.99 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Nucleus Software Exports Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 33.59% | unchanged | |
| 11.44% | unchanged | |
| 9.06% | unchanged | |
| 5.98% | unchanged | |
| 3.80% | unchanged | |
| 3.80% | unchanged | |
| 3.28% | unchanged | |
| 2.28% | unchanged | |
| 0.27% | unchanged | |
| 0.09% | unchanged | |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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