Virtual Galaxy Infotech Ltd(VGINFOTECH)

NSE: VGINFOTECH

₹ 130.25-1.70%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 324 crUpdated: 24 Oct 2026

About

Virtual Galaxy Infotech makes software products and services for banking and finance, ERP, e-governance, cloud computing, data management and system integration. Its main product is the e-Banker core banking platform, which runs at cooperative banks and other financial institutions. Revenue from operations was INR182.1 crores in FY26, with BFSI making up 90% of the revenue mix. The company listed on NSE Emerge in May 2025.^[1][2][3]

Revenue mix

BFSI made up 90% of the revenue mix in FY26, compared with about 91% in H1 FY26.^[2][3]
Recurring (SaaS) revenue was INR76.7 crores in FY26, about 42% of total revenue. In H1 FY26 it was INR36.26 crores, also about 42%.^[2][3]
SaaS services revenue was ₹17.9 Cr in Q1 FY27, up 69% YoY.^[4]
Management aims to shift the revenue mix from 90:10 BFSI vs other segments to 70:30 over the next three years.^[2]

Products and platforms

The company works in Banking Finance, ERP, E-Governance, Web Service, Cloud Computing, Data Management and System Integration (FY25 annual report).^[1]
The e-Banker core banking platform had 1,746 live branches in FY26. The 97 branches added in FY26 were the most the company has added in any year.^[2]
Virtual Vani, a conversational AI agent, was launched in FY26 and built into the core banking and cybersecurity products.^[2]
Products under development in H1 FY26 included Audit Flux, FinFlow, Transact Core and Virtual VANI AI. V-Pay was also in development as of FY25.^[3][1]
The company also offers CyberSentinel, a cybersecurity product, and sees demand for it from defence and government (Q4 FY26 call).^[2]

Customers and churn

The company had 180+ core banking clients as of Sep 2025.^[3]
17 new clients were added in FY26, bringing in INR15.73 crores of domestic revenue and about INR10 crores of export revenue.^[2]
New clients in FY26 included the Goa and Mizoram state cooperative banks, 10 Maharashtra DCCBs, Botswana Development Corporation and Sangli Urban Bank.^[2]
Client contracts typically run five to seven years, and churn was below 2% in FY26.^[2]

Order book and pipeline

The unexecuted order book was INR111.6 crores at the end of FY26, up from ₹103-105 crores as of Sep 2025.^[2][3]
The order book grew 100% YoY in Q1 FY27.^[4]
The active bid pipeline was about INR1,000 crores at the end of FY26. Historically, about 20% of bids have converted to orders.^[2]
About 350 middle- and upper-layer NBFCs must adopt core financial services solutions under RBI's Scale-Based Regulation framework (Q4 FY26 call).^[2]

Geography and exports

Export revenue was INR11.7 crores in FY26, or 6% of total revenue. In H1 FY26 it was ₹9.88 crores, or 11.47%.^[2][3]
The company has completed 13 international projects, 5 of them funded by the World Bank (as of FY26).^[2]
Overseas markets include the UAE, Tanzania, Malawi, Ethiopia, Botswana and Zimbabwe (H1 FY26).^[3]
Management aims to raise exports from 6% to 20-25% of revenue.^[2]

Operations and capex

A ₹23 crore term loan was taken in H1 FY26 to expand the company's own data centre, which hosts SaaS clients.^[3]
₹14.21 crores of software intangibles were capitalised in H1 FY26.^[3]
Headcount was 468 in FY25, up 31% YoY.^[4]
The company continued to invest in AI infrastructure to add compute capacity in Q1 FY27.^[4]

Recent developments

In Q1 FY27 the company won a US$1.1 million software development contract from Botswana Development Corporation and a US$550K digital payments order in Zimbabwe.^[4]
In Q1 FY27 the company signed a two-year MoU with Konkan Railway to pursue ERP, AI, cybersecurity and digital payments work together.^[4]
Revenue from operations grew 60% YoY to ₹40.4 Cr in Q1 FY27. Management repeated its FY27 revenue growth guidance of 40-50%.^[4]
The IPO was made under a prospectus dated May 15, 2025. As of 30 June 2026, the Rs 1,890.00 lakh and Rs 906.00 lakh allocations for hiring had not been used.^[5]

Market Cap

₹324 Cr

High / Low

₹184 / 100

Stock P/E

7.3

Price / Book

1.6

Book Value

₹88

EPS

₹18.5

No. of Shares

2.49 Cr

ROCE

33.7%

ROE

29.6%

OPM

36.8%

Debt / Equity

0.22

Sales

₹182 Cr

Net Profit

₹46 Cr

Promoter holding

65.0%

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