NUCLEUS

Nucleus Software Exports share price & financials

Builds FinnOne/FinnOne Neo lending and transaction-banking software licensed to banks and NBFCs worldwide.

Price: ₹785.35
Market cap: ₹1.8k Cr
Sector: Information Technology
Calls analysed: 8

Latest concall · Q1 FY27 · call held 31 Jul 2026

Nucleus Software Exports Limited Q1 FY27

Consolidated Revenue ₹210.4 cr +3%EBITDA ₹7.6 cr EBITDA Margin 3.6% −77%Profit After Tax ₹23.9 cr −32%

What went well

Consolidated revenue grew by 6.4% QoQ to INR 210.4 crore.
Order book position significantly increased to INR 1,244 crore, reflecting 19.15% QoQ growth.
Successful launch of full-blown release 9.0 with embedded AI capabilities.

What to watch

EBITDA margin sharply declined to 3.6% from 15.4% QoQ and 15.5% YoY.
Profit after tax degrew by 30.9% QoQ and 32.2% YoY to INR 23.9 crore.

Read the full call →

What Nucleus Software Exports Limited does

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

Product
Projects & Services

New client logos added (FY26): 7 new logos (vs 3 in FY25)
Sales & account management headcount added (FY26): 40-50 new sales executives, plus a new Chief Business Officer
Geographic footprint: Registered office in New Delhi, India; active market-development push in Japan; new subsidiary established in Vietnam for Southeast Asia expansion
Product lines under active development: Co-lending and gold loan lending capabilities
Platform migration focus: Ongoing migration of the client base from the legacy FinnOne platform to FinnOne Neo

Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 6 missed 6 open

Product Development delivered said Q4 FY25 Promised: bring as many as used cases into implementations Q1 FY27: Company launched release 9.0 with embedded AI capabilities and mentioned tangible progress on its enterprise AI foundation. This continues to fulfill the promise.
Financial Performance missed said Q1 FY25 Promised: bounce back on the financial numbers also in coming quarters Q1 FY27: Financial performance deteriorated significantly, with EBITDA collapsing to INR 7.6 crore and PAT declining 32.2% YoY. The bounce back has not materialized.
Revenue Growth at risk said Q4 FY26 Promised: robust order book is going to definitely positively impact [revenue] in positive terms for quite a few quarters Q1 FY27: In the first quarter of the lag period, revenue declined 6.4% QoQ. This is not a positive impact, putting the promise at risk.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 3.7%, net profit down 31.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	202	206	229	218	214 +6%	220 +7%	225 −2%	210 −4%
Expenses	170	172	154	184	190	187	190	202
EBITDA	32	33	74	34	23 −28%	33 +0%	35 −53%	8 −76%
Margin	16%	16%	33%	16%	11%	15%	16%	4%
Other income	19	16	17	18	16	-4	12	28
Interest	0	0	0	0	0	0	0	0
Depreciation	4	4	3	3	4	4	5	5
Profit before tax	47	45	88	48	35 −26%	25 −44%	42 −52%	30 −37%
Tax rate	29%	22%	26%	27%	26%	16%	17%	21%
Net profit	33	35	65	35	26 −21%	21 −40%	35 −46%	24 −31%
EPS	12.56	13.28	24.60	13.37	9.99	7.86	13.12	9.07

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −32.5% 1Y

1Y: ₹1,032.4 on 10 Sept 2025 → ₹696.45. High ₹1,066.8 (18 Sept 2025), low ₹686.05 (31 Jul 2026).

How the price took the results

close before → close after

Q1 FY27: −7.1%; 31 Jul
Q4 FY26: −1.1%; 26 May
Q3 FY26: −0.3%; 11 Feb
Q2 FY26: −4.0%; 10 Nov

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.

Financials, as filed

Revenue grew 11.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 14.3%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹634 Cr	₹826 Cr	₹832 Cr	₹877 Cr
Operating profit	₹157 Cr	₹221 Cr	₹168 Cr	₹125 Cr
Operating margin	24.8%	26.8%	20.2%	14.3%
Interest	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Depreciation	₹19 Cr	₹16 Cr	₹15 Cr	₹16 Cr
Net profit	₹128 Cr	₹192 Cr	₹163 Cr	₹117 Cr
Net margin	20.2%	23.2%	19.6%	13.3%
Cash from operations	₹50 Cr	₹222 Cr	₹151 Cr	₹117 Cr
Free cash flow	₹47 Cr	₹194 Cr	₹136 Cr	₹89 Cr
ROCE	27.0%	32.0%	23.0%	17.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹29 Cr	₹27 Cr	₹27 Cr	₹27 Cr	₹26 Cr	₹26 Cr
Reserves	₹643 Cr	₹467 Cr	₹584 Cr	₹751 Cr	₹822 Cr	₹881 Cr
Borrowings	₹6 Cr	₹2 Cr	₹6 Cr	₹5 Cr	₹8 Cr	₹9 Cr
Other liabilities	₹206 Cr	₹241 Cr	₹257 Cr	₹332 Cr	₹373 Cr	₹350 Cr
Total liabilities	₹885 Cr	₹737 Cr	₹874 Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr
Fixed assets	₹50 Cr	₹59 Cr	₹50 Cr	₹59 Cr	₹77 Cr	₹89 Cr
Capital work in progress	₹1 Cr	₹0 Cr	₹1 Cr	₹1 Cr	₹0 Cr	₹0 Cr
Investments	₹635 Cr	₹480 Cr	₹525 Cr	₹649 Cr	₹676 Cr	₹644 Cr
Other assets	₹200 Cr	₹198 Cr	₹298 Cr	₹406 Cr	₹477 Cr	₹533 Cr
Total assets	₹885 Cr	₹737 Cr	₹874 Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹696, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~-2%. At that growth it is worth ₹281 — downside of 60%.

Growth the price implies: 14.3% a year; for 7 years, fading to 4%
It has actually compounded at: -3.0% a year; net profit, FY23–FY26 · EPS -2.4%
The gap: 0.2 pp; -60% downside if it only repeats history

Price today ₹696.45 Value at the reference growth ₹281.21

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

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