Software Products industry

56 companies · ₹1.2 L cr · 12 with AI deep dives · Q1FY27 report

Revenue inflection broad; margin peak concentrated in one name while the majority invest through the cycle

Turning upmargin troughed at 27.6% and has risen for 3 quarters to 41.2%, on positive revenue growth

Revenue YoY: +41.6%
EBITDA margin: 41.2%; +1100bps YoY
Price, 1 year: -23.4%; 27% of names up
P/E vs own 5y: -0.7%; 32.0x now

Exhibit 1The quarter in numbers

constant panel of 10 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	5,416 cr	4,316 cr	+25.5%	3,825 cr	+41.6%	5,416 cr	0.0%
EBITDA margin	41.2%	33.0%	+820bps	30.2%	+1100bps	41.2%	0bps

Revenue

Jun 26: 5,416 cr
Mar 26: 4,316 cr
QoQ: +25.5%
Jun 25: 3,825 cr
YoY: +41.6%
Peak: 5,416 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 41.2%
Mar 26: 33.0%
QoQ: +820bps
Jun 25: 30.2%

Sept 26: 3 of 12 reported so far, so it is not in the trend above.

Breadth: 82% of 11 companies grew revenue year on year (was 82% a quarter earlier) and 46% expanded margin (was 46%).

Exhibit 2What it costs

19.91x - 45.74x across the panel today

The median name trades at 32.0x, -0.7% against this industry's own 5-year median of 32.2x, and -55.0% against its own peak of 71.1x.

Exhibit 3Structure

₹1.2 L cr

Oracle Financial Services Software Ltd is 72.9% of this industry by market cap. The top 5 are 89.1% and the top 10 are 95.9%.

large 1small 8micro 4712 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 32.03x, 5y ROCE above its median of 3.81%, 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.

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Exhibit 5Coverage (25 of 56)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Oracle Financial Services Software Ltd	₹86,076 cr	24.1x	23.0x	45.4%	45.3%	+6.6%	Unlock
Tanla Platforms Ltd	₹7,518 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindAI embedded in products is now a shipping feature, not a roadmap item5 managements

Multiple managements described AI as already integrated in core products. OFSS stated it had evolved to an 'AI-first, AI-ready architecture' enabling banks to deploy agents across…

OFSS: “We have evolved to an AI-first, AI-ready architecture, which is the foundation. And it…”

mixed6 managements headwind4 managements

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.

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AppendixThe other 31 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Omega Interactive Technologies Ltd	₹83 cr	3.3x	6.6x	24.6%	8.4%	+268.6%	Unlock