Novus Loyalty Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Novus Loyalty Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Novus Loyalty held its first post-IPO earnings call, reporting FY26 revenue of about Rs 127 crore, up roughly 22% year-on-year, with EBITDA of about Rs 12.33 crore and PAT of about Rs 9.28 crore. Management attributed the improvement to maturing loyalty programs with banking clients, where point accrual and redemption cycles take several years to peak. The company also discussed plans to expand internationally into the UAE, Africa, US and Australia, and to shift its revenue mix toward higher-margin technology and merchant promotion lines.
Numbers mentioned
Revenue: about 127 crores (FY26)
p. 5
“So, during the year ended, we achieved a revenue of about 127 crores, which is about 22% increase, with regard to the previous fiscal year.”
Vibhor Rastogi, page 5 of the filed PDF · View the filing
EBITDA: about 12.33 crores (FY26)
p. 5
“The EBITDA was about 12.33 crores.”
Vibhor Rastogi, page 5 of the filed PDF · View the filing
PAT: about 9.28 crores (FY26)
p. 5
“The PAT was about 9.28 crores, and if we talk about the EBITDA margins, we have improved them from the last financial year.”
Vibhor Rastogi, page 5 of the filed PDF · View the filing
EBITDA margin: about 9.68% (FY26)
p. 5
“So, our EBITDA percentage is about 9.68 %, and the PAT has also seen a significant increase, and the PAT margin shot up to about 7.29%.”
Vibhor Rastogi, page 5 of the filed PDF · View the filing
PAT margin: about 7.29% (FY26)
p. 5
“the PAT margin shot up to about 7.29%.”
Vibhor Rastogi, page 5 of the filed PDF · View the filing
Central Bank order value: 88 crores
p. 4
“Recently, we acquired an order from the Central Bank worth 88 crores.”
Deepak Tomar, page 4 of the filed PDF · View the filing
Bank of Abyssinia technology revenue: 4 crore
p. 4
“We'll get a technology revenue of 4 crore only from the Bank of Abyssinia, and then other revenue lines are gonna open up once the technology revenue flows into the system, right?”
Deepak Tomar, page 4 of the filed PDF · View the filing
International revenue: 3.3 crore (FY26)
p. 10
“but we are expecting to at least double the international market.”
Deepak Tomar, page 10 of the filed PDF · View the filing
IPO issue size: around 60 Cr.
p. 3
“In 2026, we achieved a milestone where we launched an IPO, which was able to raise a total issue size of around 60 Cr., and we raised some money to further invest in the product.”
Deepak Tomar, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — above 20% · FY27
stated firmly by Deepak Tomar
p. 6
“100% above 20%, yeah.”
Deepak Tomar, page 6 of the filed PDF · View the filing
International revenue — at least double, if not triple · FY27
stated firmly by Deepak Tomar
p. 10
“At least double, if not triple.”
Deepak Tomar, page 10 of the filed PDF · View the filing
International revenue — more than 6 crore for 27 · FY27
stated firmly by Deepak Tomar
p. 10
“We expect more than 6 crore for 27, and then we expect close to 10 in 27, more than 10.”
Deepak Tomar, page 10 of the filed PDF · View the filing
EBITDA/PAT margins
stated firmly by Deepak Tomar
p. 7
“Margins will increase from where they are right now.”
Deepak Tomar, page 7 of the filed PDF · View the filing
India market growth — 15-20%
stated conditionally by Deepak Tomar
p. 8
“So, growth, focus of course, India, we are expecting 15-20% growth in Indian markets, but our major focus gonna be international markets.”
Deepak Tomar, page 8 of the filed PDF · View the filing
Business development and sales spend from IPO proceeds — 11 to 12 crores · this year and next year
stated firmly by Deepak Tomar
p. 7
“I think we're supposed to use 11 to 12 crores into the business expansion activities. So, at least 50% of that will be utilised this year, and then the other 50 will be utilised next year, max.”
Deepak Tomar, page 7 of the filed PDF · View the filing
Product mix (product vs services) — 90% product, 10% services
stated as an aspiration by Deepak Tomar
p. 9
“And then we want to bring it, like, 90% product, 10% services.”
Deepak Tomar, page 9 of the filed PDF · View the filing
Small acquisition in US/Australia — this year or next year
stated conditionally by Deepak Tomar
p. 11
“The plan is that as soon as we find the right candidate, I cannot give you… It's gonna happen this year or next year.”
Deepak Tomar, page 11 of the filed PDF · View the filing
Inorganic growth / acquisition — this year
stated firmly by Deepak Tomar
p. 15
“So, we're definitely looking for the right candidates. It's gonna happen, this year only, right?”
Deepak Tomar, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed growth above 20% is expected.
Answered by Deepak Tomar
Asked by Nishita Jain: Can revenue grow above 20% in FY27?
p. 6
“100% above 20%, yeah.”
Deepak Tomar, page 6 of the filed PDF · View the filing
Management said margins will increase, not just hold steady.
Answered by Deepak Tomar
Asked by Nishita Jain: Are the current margins of around 10% sustainable?
p. 7
“Margins will increase from where they are right now.”
Deepak Tomar, page 7 of the filed PDF · View the filing
Management said international revenue was about 2.6% last year and expects it to at least double or triple in absolute terms.
Answered by Deepak Tomar
Asked by Gaurav Hatalkar: What percentage of revenue is expected from international markets in the current and next year?
p. 10
“We are expecting, like in 2026, we only got about 3.3 crore from the international market, but we are expecting to at least double the international market.”
Deepak Tomar, page 10 of the filed PDF · View the filing
Management said breakage revenue goes to the client bank, not Novus, because it operates a B2B2C model and lacks a PPI license.
Answered by Deepak Tomar
Asked by Tanmay Mehta: What happens to unredeemed loyalty points - does Novus keep the breakage revenue?
p. 9
“No, we can't keep the breakage, because it's… we are a… we are not B2C, we are B2B2C.”
Deepak Tomar, page 9 of the filed PDF · View the filing
Management said Gyftr operates only in gift card/voucher distribution and acts as a vendor to Novus rather than a competitor.
Answered by Deepak Tomar
Asked by Aman Kamdar: Is Gyftr a competitor?
p. 13
“Actually, Gyftr is only on the voucher distribution side of it. They don't do loyalty, so they are not our competition at all.”
Deepak Tomar, page 13 of the filed PDF · View the filing
Management said Zaggle focuses on spend management and employee rewards, which overlaps only about 5-10% with Novus's broader loyalty business.
Answered by Deepak Tomar
Asked by Achuth Pabbath: Is Novus's business similar to Zaggle's?
p. 13
“No, no, Zaggle is into spend management system, like, so they don't do an end-to-end loyalty rewards platform.”
Deepak Tomar, page 13 of the filed PDF · View the filing
Management said there is some seasonality but it is a small factor affecting only 5-10% of the business.
Answered by Deepak Tomar
Asked by Sweta BK: Does the business have seasonality?
p. 15
“Yep, some seasonality is there in the business, like, but it depends on when you do, like, say, Of course, September, October, these are the… sometimes these are the more busy weeks, or more busy months for us.”
Deepak Tomar, page 15 of the filed PDF · View the filing
Risks flagged
Low redemption rates in the Indian banking ecosystem due to lack of point discovery by customers
p. 9
“in the Indian banking ecosystem, like, it's only about 7-10%, depending on which bank, which program, points are getting utilised.”
Deepak Tomar, page 9 of the filed PDF · View the filing
Reseller/agency margins in international markets reduce the company's take
p. 11
“Most of the time, when you work with the reseller, it's anything between 15% to 30% that goes to resellers.”
Deepak Tomar, page 11 of the filed PDF · View the filing
Direct procurement costs attached to redemption and voucher revenue lines reduce net margin
p. 8
“But for technology one, there is no direct cost attached to that, so the focus will be on technology and the merchant promotion, where we onboard a lot of merchants and promote them to our banking customers, right?”
Deepak Tomar, page 8 of the filed PDF · View the filing
Competition from large domestic and international players in bidding for contracts
p. 8
“So, of course, we have to participate with the local partner, and so all big loyalty companies participated in that, right?”
Deepak Tomar, page 8 of the filed PDF · View the filing
Retail sector demand declining as shoppers shift to e-commerce
p. 16
“One is retail by itself, going a little bit down, right?”
Deepak Tomar, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.