Software Products industry
58 companies · ₹1.4 L cr · 9 with AI deep dives · Q1FY27 report
Revenue re-accelerates broadly but margin gains are concentrated - breadth at 42% exposes a split recovery
- Revenue YoY
- +41.3%
- EBITDA margin
- 41.0%
- +1110bps YoY
- Price, 1 year
- -20.6%
- 33% of names up
- P/E vs own 5y
- +7.7%
- 33.1x now
Exhibit 1The quarter in numbers
constant panel of 11 companies above ₹500 cr- Jun 26
- 5,449 cr
- Mar 26
- 4,355 cr
- QoQ
- +25.1%
- Jun 25
- 3,855 cr
- YoY
- +41.3%
- Peak
- 5,449 cr
- vs peak
- 0.0%
- Jun 26
- 41.0%
- Mar 26
- 32.8%
- QoQ
- +820bps
- Jun 25
- 29.9%
- YoY
- +1110bps
- Peak
- 41.0%
- vs peak
- 0bps
Breadth: 83% of 12 companies grew revenue year on year (was 83% a quarter earlier) and 42% expanded margin (was 42%).
Exhibit 2What it costs
19.39x - 48.72x across the panel todayThe median name trades at 33.1x, +7.7% against this industry's own 5-year median of 30.7x, and -38.4% against its own peak of 53.7x.
Exhibit 3Structure
₹1.4 L crOracle Financial Services Software Ltd is 75.5% of this industry by market cap. The top 5 are 89.3% and the top 10 are 95.9%.
Exhibit 4Screen
P/E below the sub-industry median of 33.06x, 5y ROCE above its median of 5.52%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 58)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1.0 L cr
- P/E
- 29.8x
- EV/EBITDA
- -
- ROCE
- 43.2%
- Margin
- 51.9%
- Rev YoY
- +68.7%
- Mcap
- ₹3,679 cr
- P/E
- 69.7x
- EV/EBITDA
- 28.3x
- ROCE
- 5.4%
- Margin
- 17.6%
- Rev YoY
- -
- Mcap
- ₹1,715 cr
- P/E
- 20.2x
- EV/EBITDA
- 15.7x
- ROCE
- 10.2%
- Margin
- 15.1%
- Rev YoY
- +42.0%
- Mcap
- ₹218 cr
- P/E
- 5.8x
- EV/EBITDA
- 6.4x
- ROCE
- 22.8%
- Margin
- 33.5%
- Rev YoY
- -
- Mcap
- ₹183 cr
- P/E
- 7.7x
- EV/EBITDA
- 14.6x
- ROCE
- 18.1%
- Margin
- 7.8%
- Rev YoY
- +268.6%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Five independent managements described shipping AI capabilities within core products: OFSS (AI-first architecture enabling AI agents across banking processes), Nucleus (FinnOne…
- OFSS (Q1FY27): “We have evolved to an AI-first, AI-ready architecture, which is the foundation. And it…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 33 companies
1-30- Mcap
- ₹105 cr
- P/E
- -
- EV/EBITDA
- -40.1x
- ROCE
- 1.6%
- Margin
- -174.2%
- Rev YoY
- -17.1%
- Mcap
- ₹2 cr
- P/E
- -
- EV/EBITDA
- -35.6x
- ROCE
- -14.8%
- Margin
- -212.5%
- Rev YoY
- -
3 more companies
This industry has 33 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →