Nucleus Software Exports Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Nucleus Software Exports Ltd filed with BSE on 26 May 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
Nucleus Software reported consolidated Q4 FY26 revenue of INR 224.77 crore and full-year FY26 revenue of INR 876.03 crore, with EBITDA of INR 34.62 crore for the quarter and INR 124.15 crore for the year. Management said the order book stood at INR 1,044.31 crore as of March 31, 2026, up from INR 656.68 crore at the end of the prior quarter, and that seven new logos were added during FY26 versus three in FY25. Management also discussed the loss of Bajaj Finance as a customer, ongoing customer migration from FinnOne to FinnOne Neo, and continued investment in sales, marketing and international expansion including a new subsidiary in Vietnam.
Numbers mentioned
Consolidated revenue: INR 224.77 crore (Q4 FY26)
p. 4
“Our consolidated revenue for the quarter is at INR 224.77 crore against INR 220.03 crore QoQ, and INR 228.96 crore YoY.”
Tapan Jayaswal, page 4 of the filed PDF · View the filing
Consolidated revenue: INR 876.03 crore (FY26)
p. 4
“For the year it is INR 876.03 crore against INR 832.25 crore for the previous year.”
Tapan Jayaswal, page 4 of the filed PDF · View the filing
Product revenue: INR 189.05 crore (Q4 FY26)
p. 4
“Product revenue for the quarter is at INR 189.05 crore against INR 185.58 crore QoQ, and INR 199.56 crore YoY.”
Tapan Jayaswal, page 4 of the filed PDF · View the filing
EBITDA: INR 34.62 crore (Q4 FY26)
p. 4
“EBITDA for this quarter is at INR 34.62 crore against INR 32.72 crore QoQ and INR 74.33 crore YoY.”
Tapan Jayaswal, page 4 of the filed PDF · View the filing
EBITDA: INR 124.15 crore (FY26)
p. 4
“For the year, EBITDA is at INR 124.15 crore against INR 167.60 crore in the previous year.”
Tapan Jayaswal, page 4 of the filed PDF · View the filing
Net profit: INR 34.55 crore (Q4 FY26)
p. 5
“Net profit is at INR 34.55 crore for the quarter against INR 20.70 crore for the quarter and INR 64.77 crore YoY.”
Tapan Jayaswal, page 5 of the filed PDF · View the filing
Net profit: INR 116.74 crore (FY26)
p. 5
“For the year, it is at INR 116.74 crore against INR 163 crore in the previous year.”
Tapan Jayaswal, page 5 of the filed PDF · View the filing
EPS: INR 13.12 (Q4 FY26)
p. 5
“EPS for the quarter is at INR 13.12 as against INR 7.86 in the previous quarter and INR 24.60 in YoY.”
Tapan Jayaswal, page 5 of the filed PDF · View the filing
Order book: INR 1,044.31 crore (as of March 31, 2026)
p. 5
“The order book position is INR 1,044.31 crore including INR 899.44 crore of product business, and INR 144.87 crores of project and services business.”
Tapan Jayaswal, page 5 of the filed PDF · View the filing
Cash and cash equivalents: INR 972.37 crore (as of March 31, 2026)
p. 5
“Total cash and cash equivalent as of March 31, 2026 are INR 972.37 crore against INR 971.60 crore as on December 31, 2026.”
Tapan Jayaswal, page 5 of the filed PDF · View the filing
Top five client revenue contribution: 29.3% (Q4 FY26)
p. 5
“Revenue contribution from the top five clients of the quarter is 29.3% against 27% in the previous quarter.”
Tapan Jayaswal, page 5 of the filed PDF · View the filing
New logos added: 7 (FY26)
p. 9
“So, we have added seven new logos this year.”
Ashok Kumar Bhura, page 9 of the filed PDF · View the filing
Headcount: approx. 2,000 (end of Q4 FY26)
p. 11
“So head count at the end of the quarter was approx. 2,000, and which is pretty much same as maintained across last few quarters if you see.”
Ashok Kumar Bhura, page 11 of the filed PDF · View the filing
Receivables: INR 121.12 crore (Q4 FY26)
p. 5
“With regards to receivables, we are at INR 121.12 crore against INR 137.41 crore in the previous quarter.”
Tapan Jayaswal, page 5 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.
Order book revenue impact — next few quarters
stated conditionally by Ashok Kumar Bhura
p. 11
“But however, this robust order book is going to definitely positively impact in positive terms for quite a few quarters.”
Ashok Kumar Bhura, page 11 of the filed PDF · View the filing
Japan market results — upcoming quarter
stated as an aspiration by Pradeep Malik
p. 8
“So we have been making a conscious effort to tap some of the top Japanese banks, and there are some active discussions which are currently on, and we might see some results in upcoming quarter, because it takes time actually to get that the required level of confidence on the new product.”
Pradeep Malik, page 8 of the filed PDF · View the filing
Co-lending and gold loan product investment
stated firmly by Mukesh Bangia
p. 12
“So, these are going to be the key LOBs where we are going to invest.”
Mukesh Bangia, page 12 of the filed PDF · View the filing
Vietnam and new geography expansion
stated as an aspiration by Ashok Kumar Bhura
p. 15
“We have recently set our subsidiary in Vietnam.”
Ashok Kumar Bhura, 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 said Bajaj Finance had invested in a competitor company for strategic reasons, not due to pricing or product issues.
Answered by Ashok Kumar Bhura
Asked by Rushabh Shah: Why did Nucleus lose Bajaj Finance as a customer?
p. 6
“Okay so Bajaj Finance is not because of any other reason, but I would say they have been, on their own invested in a company which is a competitor to us so that was a strategic reason with which this decision was taken.”
Ashok Kumar Bhura, page 6 of the filed PDF · View the filing
Management described using AI-enabled in-house tools to facilitate transformation from legacy FinnOne to FinnOne Neo, noting older implementations have significant customization.
Answered by Abhishek Pallav
Asked by Rushabh Shah: Are customers migrating from FinnOne to FinnOne Neo, and what incentives are offered?
p. 7
“We have created our in-house transformation tool kit, which is AI enabled and we are making AI to detect the changes and mapping to the product capability and features that FinnOne Neo offers”
Abhishek Pallav, page 7 of the filed PDF · View the filing
Management said seven new logos were added in FY26 versus three in FY25, and the order book was above INR 1,000 crore versus around INR 600 crore last year.
Answered by Ashok Kumar Bhura
Asked by Samar Singh: How many logos were added this year and what is the order book?
p. 9
“So, we have added seven new logos this year. In financial year FY26 versus three logos in FY25, so trajectory is promising, and moving in the right direction.”
Ashok Kumar Bhura, page 9 of the filed PDF · View the filing
Management declined to comment on competitors but said the relationship with HDFC remains strong.
Answered by Vishnu R. Dusad
Asked by Samar Singh: Is Nucleus losing market share with HDFC Bank given the competitor now has a product line there?
p. 10
“Yeah. The relationship is nearly 30 years now, and it continues to go strong.”
Vishnu R. Dusad, page 10 of the filed PDF · View the filing
Management said most orders came from India and the US, with revenue recognition delayed due to implementation cycles rather than immediate reflection.
Answered by Ashok Kumar Bhura
Asked by Rahul Jain: Which markets and offices drove the strong order signing, and when will it flow into revenue?
p. 11
“It generally takes time. While we have received the order, there is a implementation cycle as well, which goes before we recognize the revenue.”
Ashok Kumar Bhura, page 11 of the filed PDF · View the filing
Management attributed the prior year's high base to a large deal booked in that quarter, plus a few Middle East orders postponed due to the war situation.
Answered by Ashok Kumar Bhura
Asked by Sanjyot Khare: Why was Q4 FY26 revenue flat compared to strong growth in Q4 FY25?
p. 14
“So that was on the back of one account where we cracked the deal and we were able to book the revenue in the last year in the quarter itself.”
Ashok Kumar Bhura, page 14 of the filed PDF · View the filing
Management said India remains the strongest growth centre while the company also looks to expand in other markets including Vietnam.
Answered by Ashok Kumar Bhura
Asked by Sanjyot Khare: Where is demand currently strongest - India, Middle East, or Southeast Asia?
p. 15
“Well, India remains our foothold and our strong, I would say, growth centre.”
Ashok Kumar Bhura, page 15 of the filed PDF · View the filing
Risks flagged
Orders postponed from Middle East due to geopolitical war situation
p. 15
“And, additionally, there were a few orders, at least couple of them which got postponed from Middle East because of the war situation.”
Vishnu R. Dusad, page 15 of the filed PDF · View the filing
Increased employee costs due to new labour code changes
p. 15
“There's also a significant impact because of the new labour code changes that would have added, to the employee costs going up.”
Swati Patwardhan, page 15 of the filed PDF · View the filing
Loss of NBFC customer due to strategic investment in a competitor
p. 6
“they have been, on their own invested in a company which is a competitor to us so that was a strategic reason with which this decision was taken.”
Ashok Kumar Bhura, page 6 of the filed PDF · View the filing
Uncertain business environment
p. 3
“We all know that we are going through a very uncertain time.”
Parag Bhise, page 3 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.