Nucleus Software Exports financials and balance sheet

NSE: NUCLEUSBSE: 531209IT - SoftwareSmall Cap

₹646.95₹7.30 (1.12%)BSE ₹647.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹654.25.

52-week range of traded prices to 23 Oct 2026

₹609.30Low, 8 Oct 2026₹1,064.80High, 6 Nov 2025

Next results date: the board meets on 31 Oct 2026 to consider: financial results and other business matters.

Market cap: ₹1,703 Cr1,130th largest listed
P/E: 16.2
P/E without one-offs: 14.5
P/B: 1.9
Dividend yield: 1.93%
ROE: 12.2%
ROE without one-offs: 13.7%
ROCE: 9.0%
Debt to equity: 0.00
Volume, NSE: 17,87552.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Nucleus Software Exports annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹876 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue876
Employee costs−589
Other expenses−161
Operating profit126
Depreciation−16
Other income+64
One-off items−22
Finance costs−1.4
Profit before tax150
Tax−33
Net profit117

What the company owns

Plant, investments and other assets₹731 Cr
Current investments₹291 Cr
Cash and bank₹123 Cr
Receivables₹121 Cr

What pays for it: net worth and liabilities

Net worth₹907 Cr
Other liabilities₹340 Cr
Owed to suppliers₹18 Cr

Nucleus Software Exports business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Nucleus Software Exports segment results by quarter

Revenue by segment

₹876 CrTotal

India₹511 Cr58.3% of total
South East Asia₹101 Cr11.5% of total
Middle East₹100 Cr11.4% of total
Others₹64 Cr7.3% of total
Europe₹40 Cr4.5% of total
Far East₹31 Cr3.6% of total
Australia₹19 Cr2.2% of total
Africa₹9 Cr1.1% of total

Profit by segment

India₹277 Cr79.9% of total
Middle East₹14 Cr3.9% of total
Others₹27 Cr7.7% of total
Europe₹16 Cr4.5% of total
Far East₹5 Cr1.6% of total
Australia₹5 Cr1.5% of total
Africa₹3 Cr0.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
149
181
195
216
330
438
480
511
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
78
95
113
119
224
298
292
277
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
South East Asia
Revenue, ₹ crore
113
104
98
89
97
107
99
101
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
16
15
11
−7
−11
−8
−14
−26
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Middle East
Revenue, ₹ crore
76
78
73
67
75
102
91
100
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
31
34
6
18
22
8
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1
22
28
31
43
50
51
64
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
11
13
9
19
22
20
27
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Europe
Revenue, ₹ crore
50
38
30
33
32
53
49
40
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
10
7
2
6
18
18
16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Far East
Revenue, ₹ crore
63
54
39
25
23
33
29
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
24
19
11
−3
0
0
5
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Australia
Revenue, ₹ crore
9
27
33
19
18
28
24
19
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
13
17
6
9
17
9
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Africa
Revenue, ₹ crore
22
17
17
18
15
15
8
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13
6
11
9
9
8
6
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	484	521	514	497	634	826	832	876
Company revenue, as in its results	484	521	514	497	634	826	832	876
Revenue	149	181	195	216	330	438	480	511
Revenue growth	–	21.2%	8.1%	10.4%	53.3%	32.6%	9.6%	6.4%
Profit	78	95	113	119	224	298	292	277
Profit growth	–	22.1%	19.4%	5.5%	87.6%	33.1%	−1.8%	−5.4%
Margin	52.0%	52.4%	57.9%	55.3%	67.7%	68.0%	60.9%	54.1%
Return on capital	–	–	–	–	581.1%	–	–	–
Assets	38	60	52	39	131	115	78	88
Liabilities	56	61	62	80	93	168	142	133
Capital employed	−18	−1	−10	−41	38	−53	−64	−46
Revenue	113	104	98	89	97	107	99	101
Revenue growth	–	−7.7%	−5.7%	−9.8%	9.8%	10.1%	−7.6%	1.9%
Profit	16	15	11	−7	−11	−8	−14	−26
Profit growth	–	−5.2%	−30.4%	–	–	–	–	–
Margin	14.4%	14.8%	10.9%	−7.8%	−10.8%	−7.2%	−14.5%	−26.0%
Return on capital	1,887.2%	399.5%	–	–	–	–	–	–
Assets	45	35	16	25	27	36	35	28
Liabilities	44	31	39	52	47	49	43	58
Capital employed	1	4	−23	−26	−21	−13	−8	−30
Revenue	76	78	73	67	75	102	91	100
Revenue growth	–	1.8%	−6.0%	−8.4%	12.6%	35.8%	−10.5%	9.6%
Profit	29	31	34	6	18	22	8	14
Profit growth	–	4.1%	11.6%	−82.7%	202.0%	24.1%	−65.2%	77.3%
Margin	38.5%	39.3%	46.7%	8.8%	23.6%	21.6%	8.4%	13.6%
Assets	15	10	11	8	16	25	22	29
Liabilities	34	33	29	31	24	40	48	44
Capital employed	−19	−23	−18	−23	−7	−14	−26	−16
Revenue	1	22	28	31	43	50	51	64
Revenue growth	–	–	24.2%	10.3%	40.6%	15.4%	1.8%	26.4%
Profit	−2	11	13	9	19	22	20	27
Profit growth	–	–	20.7%	−34.8%	123.0%	14.7%	−10.6%	34.8%
Margin	−168.2%	49.2%	47.8%	28.2%	44.8%	44.5%	39.1%	41.7%
Return on capital	−76.3%	1,171.3%	1,302.9%	–	–	–	451.0%	–
Assets	3	5	9	5	9	4	22	12
Liabilities	0	4	8	9	12	7	18	22
Capital employed	3	1	1	−4	−3	−3	4	−11
Revenue	50	38	30	33	32	53	49	40
Revenue growth	–	−24.9%	−20.4%	9.4%	−1.9%	65.0%	−7.5%	−19.3%
Profit	18	10	7	2	6	18	18	16
Profit growth	–	−48.0%	−26.5%	−78.5%	301.3%	204.5%	−4.5%	−10.3%
Margin	36.2%	25.1%	23.2%	4.5%	18.6%	34.3%	35.4%	39.4%
Return on capital	–	–	6,354.5%	–	308.7%	137.2%	–	329.4%
Assets	7	3	6	4	5	18	4	6
Liabilities	11	9	6	5	3	5	4	2
Capital employed	−3	−6	0	−1	2	13	0	5
Revenue	63	54	39	25	23	33	29	31
Revenue growth	–	−15.1%	−27.8%	−35.1%	−7.8%	42.5%	−11.9%	7.7%
Profit	24	19	11	−3	0	0	5	5
Profit growth	–	−20.7%	−40.5%	–	–	–	3,221.4%	15.7%
Margin	37.2%	34.8%	28.7%	−12.4%	−1.9%	0.4%	16.0%	17.2%
Return on capital	334.4%	327.8%	–	−281.1%	−10.1%	–	242.2%	463.8%
Assets	14	11	4	6	12	5	5	5
Liabilities	7	5	5	5	7	11	4	4
Capital employed	7	6	−1	1	4	−6	2	1
Revenue	9	27	33	19	18	28	24	19
Revenue growth	–	191.0%	21.6%	−41.7%	−5.7%	52.4%	−12.5%	−20.2%
Profit	3	13	17	6	9	17	9	5
Profit growth	–	288.7%	33.6%	−67.4%	58.1%	96.6%	−47.6%	−40.9%
Margin	34.8%	46.4%	51.0%	28.5%	47.8%	61.7%	37.0%	27.4%
Assets	1	2	2	7	1	0	10	1
Liabilities	3	16	16	24	18	4	14	5
Capital employed	−2	−14	−14	−17	−17	−3	−4	−5
Revenue	22	17	17	18	15	15	8	9
Revenue growth	–	−20.2%	−0.3%	4.8%	−18.8%	3.9%	−45.7%	–
Profit	13	6	11	9	9	8	6	3
Profit growth	–	−55.4%	85.3%	−17.4%	2.8%	−14.8%	−23.1%	–
Margin	61.8%	34.5%	64.1%	50.5%	63.9%	52.4%	74.2%	29.4%
Return on capital	–	–	–	117.0%	1,097.6%	673.7%	736.1%	–
Assets	4	2	10	16	6	3	4	2
Liabilities	14	9	14	8	5	2	3	3
Capital employed	−10	−7	−4	8	1	1	1	−1

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Nucleus Software Exports quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 25 May	Mar 2021Filed 4 Jun	Mar 2022Filed 21 May	Mar 2023Filed 26 May	Mar 2024Filed 6 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue from operations	372	412	484	521	514	497	634	826	832	876
	–	353	405	427	384	460	478	606	664	750
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	314	322	331	394	394	491	535	589
Other expenses	–	–	91	104	54	66	84	115	129	161
Operating profit before depreciation	–	59	79	94	129	37	157	220	168	126
Operating margin	–	14.3%	16.4%	18.1%	25.2%	7.4%	24.7%	26.7%	20.2%	14.3%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	64.8%	61.9%	64.4%	79.3%	62.1%	59.4%	64.2%	67.3%
Other expenses, % of revenue	–	–	18.9%	20.0%	10.4%	13.3%	13.2%	13.9%	15.5%	18.4%
Depreciation and amortisation	11	7	10	14	14	15	19	15	15	16
Operating profit after depreciation	–	52	69	81	115	22	138	206	154	109
Other income	30	29	27	37	40	35	34	51	66	64
Finance costs	–	1	1	1	1	1	1	1	1	1
Profit before one-off items and tax	70	80	96	117	154	56	171	256	219	172
One-off items	0	0	0	0	0	0	0	0	0	−22
Profit before tax	70	80	96	117	154	56	171	256	219	150
	8	17	22	28	36	15	43	64	56	33
Current tax	13	15	23	24	29	13	42	58	48	37
Deferred tax	−5	2	−2	4	6	1	1	7	8	−3
Net profit	63	63	75	89	118	41	128	192	163	117
Other comprehensive income	–	–	0	−7	2	−11	8	2	−4	9
Total comprehensive income	–	–	75	82	120	30	136	194	159	126
Net margin	16.8%	15.2%	15.4%	17.1%	23.0%	8.2%	20.1%	23.2%	19.6%	13.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 24 Apr	Mar 2020Filed 25 May	Mar 2021Filed 4 Jun	Mar 2022Filed 21 May	Mar 2023Filed 26 May	Mar 2024Filed 6 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	509	561	672	494	611	777	814	907
Share capital	29	29	29	27	27	27	26	26
Reserves	480	532	643	467	584	751	788	881
Borrowings	0	0	0	0	0	0	0	0
	169	189	198	218	233	295	283	282
Trade payables	12	15	13	14	12	16	13	18
Other financial liabilities	44	39	39	44	35	49	53	78
Other liabilities	108	129	139	154	168	225	202	177
Provisions	2	3	3	5	5	5	6	7
Tax owed	2	3	4	0	12	0	9	1
	8	14	15	26	31	41	56	76
Other financial liabilities	0	5	3	1	4	2	1	–
Other liabilities	0	0	0	0	–	0	0	5
Provisions	8	9	11	25	25	31	40	58
Deferred tax	0	0	1	0	2	8	15	13
Total assets	685	763	885	737	874	1,114	1,153	1,266
	326	318	270	282	391	502	609	677
Plant in use, after depreciation	45	34	23	31	23	35	40	61
Plant being built	0	0	0	0	0	0	0	0
Intangible assets	2	9	13	14	14	11	8	16
Goodwill	1	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	0	1	0	0
Property held to earn rent	0	14	14	14	13	13	13	12
Investments	248	231	177	194	299	321	404	353
Loans given	0	0	0	0	0	0	0	0
Other financial assets	4	4	21	11	28	100	126	223
Deferred tax	25	5	0	0	–	0	0	0
Other assets	2	21	21	17	12	22	18	12
	359	446	615	455	483	612	544	589
Trade receivables	71	90	86	83	175	166	137	121
Cash and cash equivalents	45	57	32	36	50	46	50	80
Other bank balances	38	32	13	20	1	28	72	43
Current investments	176	244	458	286	226	328	237	291
Loans given	0	0	0	0	1	0	0	0
Other financial assets	2	2	26	2	1	1	2	2
Other assets	27	21	0	28	30	42	45	51
Net debt	−259	−332	−503	−342	−277	−402	−360	−414

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 4 Jun	Mar 2022Filed 21 May	Mar 2023Filed 26 May	Mar 2024Filed 6 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	115	58	50	222	151	117
	161	74	77	300	190	151
	14	30	−87	71	18	40
Receivables	6	7	−91	6	33	18
Payables	−2	1	−2	4	−4	6
Other working capital	10	22	6	60	−12	16
Tax paid	−34	−16	−27	−77	−39	−34
Interest paid	1	0	0	0	0	0
Capital spending	3	24	4	29	15	28
Free cash flow	112	33	46	193	136	89
	−126	159	−13	−197	−21	−53
Plant and property sold	0	0	0	1	0	0
Interest received	11	17	8	−3	2	2
Dividends received	0	1	1	0	0	0
	−13	−213	−23	−30	−126	−37
Interest paid	−1	0	−1	−1	0	−1
Lease payments	−4	0	−3	0	−3	−3
Dividends paid	9	17	19	27	33	33
Shares bought back	0	191	0	0	–	0
Shares issued	0	0	0	0	0	0
Net change in cash	−24	3	14	−5	4	28

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares bought back is left blank for the year to Mar 2025: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Nucleus Software Exports dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 25 May	Mar 2021Filed 4 Jun	Mar 2022Filed 21 May	Mar 2023Filed 26 May	Mar 2024Filed 6 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Earnings per share	₹19.36	₹20.47	₹25.67	₹30.64	₹40.62	₹14.28	₹47.73	₹71.56	₹61.40	₹44.35
Diluted earnings per share	₹19.36	₹20.47	₹25.67	₹30.64	₹40.62	₹14.28	₹47.73	₹71.56	₹61.40	₹44.35
Dividend per share	₹5.00	₹8.00	₹9.00	₹9.00	₹9.00	₹7.00	₹10.00	₹12.50	₹12.50	₹12.50
Book value per share	–	–	₹175.12	₹193.14	₹231.41	₹184.39	₹228.11	₹290.41	₹309.24	₹344.64
Dividend payout	25.8%	37.1%	35.1%	29.4%	22.2%	45.8%	20.9%	17.5%	20.2%	28.2%
Shareholder yield	–	–	–	–	0.6%	18.8%	1.1%	0.8%	–	1.7%
Market cap at the year end (₹ crore)	797	1,164	987	522	1,397	1,109	1,712	3,172	2,113	1,903

Shareholder yield is left blank for the year to Mar 2025: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.Nucleus Software Exports PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 25 May	Mar 2021Filed 4 Jun	Mar 2022Filed 21 May	Mar 2023Filed 26 May	Mar 2024Filed 6 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue growth	6.8%	10.6%	17.5%	7.6%	−1.4%	−3.2%	27.6%	30.3%	0.7%	5.3%
Operating profit growth	–	–	35.0%	18.9%	37.3%	−71.4%	323.4%	40.6%	−23.6%	−25.4%
Net profit growth	93.1%	−0.2%	19.2%	19.4%	32.5%	−65.3%	212.4%	49.9%	−14.9%	−28.4%
Earnings per share growth	93.0%	5.7%	25.4%	19.4%	32.6%	−64.8%	234.2%	49.9%	−14.2%	−27.8%
	–	–	14.7%	16.6%	19.1%	7.0%	23.1%	27.6%	20.5%	13.6%
	–	–	–	2.0 pts	2.5 pts	−12.1 pts	16.1 pts	4.5 pts	−7.1 pts	−6.9 pts
From the net margin	–	–	–	1.6 pts	5.7 pts	−12.3 pts	10.2 pts	3.5 pts	−4.3 pts	−6.5 pts
From asset turnover	–	–	–	0.3 pts	−3.0 pts	−0.1 pts	4.9 pts	1.5 pts	−2.7 pts	−0.2 pts
From borrowing	–	–	–	0.1 pts	−0.3 pts	0.3 pts	1.1 pts	−0.5 pts	−0.1 pts	−0.2 pts
Return on capital employed	–	–	13.6%	14.4%	17.2%	4.4%	22.6%	26.5%	18.9%	12.0%
Cash conversion	–	–	–	–	97.4%	141.0%	39.0%	115.9%	92.6%	100.6%
Interest cover	–	101.3	135.9	72.0	94.6	26.7	135.3	216.7	204.7	77.4
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	54	63	61	61	100	73	60	50
Working capital days	–	–	−51	−53	−61	−77	−16	−38	−43	−45
Asset turnover	–	–	0.71	0.72	0.62	0.61	0.79	0.83	0.73	0.72
Assets per rupee of net worth	–	–	1.35	1.35	1.34	1.39	1.46	1.43	1.42	1.41
Sales per rupee of plant	–	–	10.82	15.44	22.14	16.04	27.18	23.78	20.64	14.46
Capital spending to depreciation	–	–	–	–	0.22	1.58	0.20	1.97	1.03	1.72
Plant being built, % of plant in use	–	–	0.0%	0.6%	2.0%	0.1%	1.8%	0.3%	0.5%	0.1%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.7%
Cash from operations against operating profit: 93.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.6%	11.3%	11.4%
Profit growth, yearly rate	13.7%	−0.2%	−3.0%
Return on equity, average	–	18.4%	20.5%
Return on capital employed, average	–	16.9%	19.1%
Operating margin, average	18.6%	18.7%	20.4%
Net margin, average	17.2%	16.9%	18.7%
Asset turnover, average	–	0.74	0.76
Interest cover, average	118.3	132.2	166.3
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	598	490	117
Cash from investing	−125	−270	−53
Cash from financing	−428	−192	−37
Capital spending	100	72	28
Dividends paid	129	93	33
Shares bought back	–	–	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	4	5	6	3	6
Altman Z-scorePublished threshold 1.1	–	–	8.08	8.42	9.96	6.82	7.81	8.03	7.52	7.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.44	−2.75	−1.18	−2.25	−2.53	−2.35
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	15.62	−21.62	11.25	16.75	2.90	4.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.78	0.91	0.88	1.04
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	19.26	−3.62	0.24	82.31	−35.11	−18.00	−17.12
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.16	0.69	0.73	0.13	1.54	0.40	0.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.08	0.14	0.00	0.04	0.00	0.01	0.00
Effective tax ratePublished threshold 17.16 per cent	10.94	21.68	22.59	23.80	23.31	26.29	25.30	25.10	25.59	22.11
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.88	9.32	−5.19	7.61	−0.53

A threshold marked as ours has no published figure; it is the line we read the check against.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Nucleus Software Exports business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

India

South East Asia

Middle East

Others

Europe

Far East

Australia

Africa