VGINFOTECH

Virtual Galaxy financials

Nagpur-based BFSI-focused software firm whose flagship e-Banker core-banking platform runs inside bank/NBFC branches, expanding into government-digitisation and cybersecurity platforms.

Market cap: ₹355 Cr
Sector: Information Technology
Calls analysed: 2

Latest concall · Q4 FY26 · call held 03 Jun 2026

Virtual Galaxy Q4 FY26

Revenue from Operations ₹182.1 cr +52%EBITDA ₹84.2 cr EBITDA Margin 46.2% Profit After Tax ₹46.1 cr

What went well

Revenue from operations stood at ₹182.1 crores for FY26, reflecting a year-on-year growth of 52%.
EBITDA margin was 46.2% (₹84.2 crores), consistent with historical performance, and PAT was ₹46.1 crores, translating to a 25.3% margin.
Recurring revenue reached ₹76.7 crores, comprising 42% of total revenue, indicating a strong SaaS model and client stickiness.

What to watch

Cash flow was impacted by last quarter billing, leading to a gap, though management expects it to turn positive in FY27.
High concentration in the BFSI segment, which currently accounts for 90% of revenue and order book, though diversification is a strategic focus.

Read the full call →

What Virtual Galaxy does

Virtual Galaxy Infotech Limited builds and owns the IP for software platforms sold to banks and NBFCs, government bodies, and enterprises needing cybersecurity. Its flagship e-Banker platform is a core banking system deployed inside client bank/NBFC branches in India and, for digital banking and financial-inclusion use cases, at banks in Africa and other developing countries. The company has diversified beyond BFSI into government digitalisation (e-Autopsy, e-APMC) and cybersecurity (CyberSentinel), and has built an AI agent, Virtual Vaani, that it is embedding across its platforms.

Segments

BFSI
Government digitalisation
Cybersecurity

e-Banker branch deployments: 1,746+ branches (FY26)
New branch additions in FY26: 97
International banking projects completed: 13
Core product platforms: e-Banker, e-Autopsy, e-APMC, CyberSentinel, Virtual Vaani

Founded 1997Headquarters Nagpur, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 2 delivered 4 missed 8 open

H2 FY26 Revenue delivered said Q2 FY26 Promised: More than H1 FY26 revenue (implied > INR 86.13 crores) Q4 FY26: Achieved. H1 FY26 revenue was INR 86.13 cr. Full year FY26 revenue was INR 182.1 cr, implying H2 revenue of INR 95.97 cr, which is greater than H1.
Full Year FY26 Revenue missed said Q2 FY26 Promised: INR 200 crores (implied) Q4 FY26: Missed. Full year FY26 revenue came in at INR 182.1 crores, falling short of the INR 200 crore implied target.
Annual Revenue Growth revised up said Q2 FY26 Promised: Similar to current growth (approx. 20%) for next 2-3 years Q4 FY26: FY26 growth was 52%, far exceeding the 20% baseline. Management has now issued new guidance for 40%+ CAGR for the next three years.

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

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 113.7%, net profit up 87.8% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q4 FY25	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	72	19	86	41	55 −24%	40 +114%
Expenses	41	9	48	23	27	18
EBITDA	31	10	38	18	28 −11%	23 +126%
Margin	43%	53%	45%	44%	51%	56%
Other income	0	0	0	0	1	0
Interest	1	1	1	1	1	1
Depreciation	3	3	7	4	8	9
Profit before tax	27	7	31	13	20 −26%	13 +90%
Tax rate	29%	28%	29%	28%	28%	29%
Net profit	19	5	22	10	14 −24%	9 +88%
EPS	10.45	2.68	8.85	3.85	5.83	3.70

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 −22.2% 1Y

1Y: ₹183.6 on 10 Sept 2025 → ₹142.8. High ₹190.3 (19 Sept 2025), low ₹104.5 (27 Mar 2026).

How the price took the results

close before → close after

Q4 FY26: +1.7%; 3 Jun
Q2 FY26: +0.5%; 28 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.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹11 Cr	₹11 Cr	₹11 Cr	₹11 Cr	₹25 Cr	₹25 Cr
Reserves	₹11 Cr	₹13 Cr	₹14 Cr	₹30 Cr	₹172 Cr	₹194 Cr
Borrowings	₹14 Cr	₹14 Cr	₹38 Cr	₹39 Cr	₹47 Cr	₹48 Cr
Other liabilities	₹34 Cr	₹31 Cr	₹24 Cr	₹36 Cr	₹32 Cr	₹32 Cr
Total liabilities	₹70 Cr	₹69 Cr	₹87 Cr	₹116 Cr	₹276 Cr	₹299 Cr
Fixed assets	₹45 Cr	₹44 Cr	₹33 Cr	₹30 Cr	₹87 Cr	₹193 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹14 Cr	₹43 Cr	₹60 Cr	₹10 Cr
Investments	₹4 Cr	₹2 Cr	₹3 Cr	₹3 Cr	₹0 Cr	₹0 Cr
Other assets	₹21 Cr	₹23 Cr	₹37 Cr	₹40 Cr	₹129 Cr	₹97 Cr
Total assets	₹70 Cr	₹69 Cr	₹87 Cr	₹116 Cr	₹276 Cr	₹299 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.

Who owns it

As disclosed at Jun 2026

Since May 2025, the public added +11.18 pp while DIIs trimmed −7.53 pp. The shareholder count shrank 47% to 1,752.

Promoters: 65.0%
FIIs: 1.1%
DIIs: 1.2%
Public: 32.7%

Since May 2025

Public +11.18 pp
DIIs −7.53 pp
FIIs −3.92 pp

How it drifted, 5 quarters

Over this window the public went from 21.5% to 32.7% — +11.2 pp.

May '25Dec '25Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Mindscope Advisors Llp +0.06 pp 1.47% held
Samruddhi Sachin Pande newly disclosed 0.00% held
Siddhanti Avinash Shende newly disclosed 0.00% held
Tanmay Avinash Shende newly disclosed 0.00% held

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Virtual Galaxy above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Avinash Narayanrao Shende	30.08%	unchanged
Sachin Purushottam Pande	30.08%	unchanged
Shilpa Avinash Shende	2.41%	unchanged
Sampada Sachin Pande	2.41%	unchanged
Mindscope Advisors Llp	1.47%	+0.06 pp
NBFCs registered with RBI NBFC / DFI	0.29%	unchanged
Sameer Pramod Salpekar	0.01%	unchanged
Samruddhi Sachin Pande	0.00%	newly disclosed
Siddhanti Avinash Shende	0.00%	newly disclosed
Tanmay Avinash Shende	0.00%	newly disclosed

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.

What the price assumes

Growth the price implies: -8.4% a year; for 7 years, fading to 4%
It has actually compounded at: Not enough history
The gap: —; between what it did and what it must do

Price today ₹142.8

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Virtual Galaxy

Guides on how to read this kind of business and the numbers that matter.