# IT Product Companies — company-by-company sector analysis

> IT Product Companies: Oracle Financial Services Software Ltd owns the largest revenue base; Rategain Travel Technologies Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

IT Product Companies has outperformed NIFTY 500 by 3.5% over 52 weeks and 15.5% over 13 weeks. 3 of 9 covered companies beat NIFTY on Mansfield relative strength, while 5 of 9 beat the sector itself. Oracle Financial Services Software Ltd leads with revenue of ₹8,945 crore, based on 9 of 9 comparable companies through Jun 2026.

### Is the IT Product Companies sector outperforming NIFTY 500?

IT Product Companies has outperformed NIFTY 500 by 3.5% over 52 weeks and 15.5% over 13 weeks. 3 of 9 covered companies beat NIFTY on Mansfield relative strength, while 5 of 9 beat the sector itself.

### Which IT Product Companies company is largest by revenue?

Oracle Financial Services Software Ltd leads with revenue of ₹8,945 crore, based on 9 of 9 comparable companies through Jun 2026.

### Which IT Product Companies company is growing fastest?

Rategain Travel Technologies Ltd has the fastest current revenue growth at 69.4%, across 9 of 9 comparable companies.

### Which IT Product Companies company has the strongest 4-Factor Sector Score?

Oracle Financial Services Software Ltd ranks first at 65.8/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which IT Product Companies company reports the most CAPEX?

Oracle Financial Services Software Ltd reports the largest latest CAPEX at ₹3 crore, with 2 of 9 companies comparable.

### Which IT Product Companies company has the least gross debt?

Nucleus Software Exports Ltd has the lowest comparable gross debt at ₹9 crore. Rategain Travel Technologies Ltd has the highest at ₹949 crore.

### Which IT Product Companies company has the lowest comparable PEG?

Newgen Software Technologies Ltd has the lowest comparable Guarded PEG at 0.73, among 6 of 9 companies that pass the metric’s comparability rules.

### How much history does this IT Product Companies comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

IT Product Companies has outperformed NIFTY 500 by 3.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.5%. 3 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Rategain Travel Technologies Ltd is the strongest against the sector itself at +32.2%.

13-week sector return versus NIFTY 500: 16%
52-week sector return versus NIFTY 500: 3.5%
Stocks leading NIFTY: 3/9
Stocks leading sector: 5/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 9
Combined market value: ₹1.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Oracle Financial Services Software Ltd (OFSS): 66/100 — Favorable setup; evidence 100%
   - Growth & earnings 30.4/35 | Capital efficiency 20.4/25 | Valuation 2.5/20 | Relative strength 12.5/20
   - Exact sum: 30.4 + 20.4 + 2.5 + 12.5 = 65.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Ramco Systems Ltd (RAMCOSYS): 59/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 23.7/35 | Capital efficiency 11.3/25 | Valuation 9.3/20 | Relative strength 14.4/20
   - Exact sum: 23.7 + 11.3 + 9.3 + 14.4 = 58.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Rategain Travel Technologies Ltd (RATEGAIN): 57/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.9/35 | Capital efficiency 9.0/25 | Valuation 11.8/20 | Relative strength 20.0/20
   - Exact sum: 15.9 + 9 + 11.8 + 20 = 56.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 40.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 56/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 28.9/35 | Capital efficiency 9.5/25 | Valuation 17.7/20 | Relative strength 0.0/20
   - Exact sum: 28.9 + 9.5 + 17.7 + 0 = 56.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -35% and the one-year return is -51.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Newgen Software Technologies Ltd (NEWGEN): 52/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 15.7/35 | Capital efficiency 17.1/25 | Valuation 15.2/20 | Relative strength 4.1/20
   - Exact sum: 15.7 + 17.1 + 15.2 + 4.1 = 52.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. Intellect Design Arena Ltd (INTELLECT): 49/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 17.7/35 | Capital efficiency 15.5/25 | Valuation 10.4/20 | Relative strength 5.7/20
   - Exact sum: 17.7 + 15.5 + 10.4 + 5.7 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Accelya Solutions India Ltd (ACCELYA): 49/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 6.7/35 | Capital efficiency 16.1/25 | Valuation 13.8/20 | Relative strength 12.2/20
   - Exact sum: 6.7 + 16.1 + 13.8 + 12.2 = 48.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Nucleus Software Exports Ltd (NUCLEUS): 43/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 7.3/35 | Capital efficiency 16.1/25 | Valuation 9.5/20 | Relative strength 9.9/20
   - Exact sum: 7.3 + 16.1 + 9.5 + 9.9 = 42.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Network People Services Technologies Ltd (NPST): 37/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 8.4/35 | Capital efficiency 14.6/25 | Valuation 2.6/20 | Relative strength 11.0/20
   - Exact sum: 8.4 + 14.6 + 2.6 + 11 = 36.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Oracle Financial Services Software Ltd is the scale leader at ₹8,945 crore, 194.4% ahead of Intellect Design Arena Ltd. Rategain Travel Technologies Ltd's growth is 69.4% from a ₹1,824 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Oracle Financial Services Software Ltd is the scale benchmark; Rategain Travel Technologies Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Oracle Financial Services Software Ltd's growth falls below Rategain Travel Technologies Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Oracle Financial Services Software Ltd · ₹8,945 crore | 194.4% versus #2 · Intellect Design Arena Ltd | 7/8 recent comparable periods | 9/9 companies · 160 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Oracle Financial Services Software Ltd (OFSS): ₹8.9K Cr
2. Intellect Design Arena Ltd (INTELLECT): ₹3.0K Cr
3. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): ₹1.9K Cr
4. Rategain Travel Technologies Ltd (RATEGAIN): ₹1.8K Cr
5. Newgen Software Technologies Ltd (NEWGEN): ₹1.6K Cr

### Revenue growth — fastest growers
1. Rategain Travel Technologies Ltd (RATEGAIN): 69%
2. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 46%
3. Oracle Financial Services Software Ltd (OFSS): 29%
4. Intellect Design Arena Ltd (INTELLECT): 22%
5. Ramco Systems Ltd (RAMCOSYS): 16%

### 20-quarter Revenue history
- OFSS: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹3.1K Cr
- RATEGAIN: Sep 2021 ₹85 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹261 Cr | Jun 2025 ₹273 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹540 Cr | Mar 2026 ₹716 Cr | Jun 2026 —
- INTELLECT: Sep 2021 ₹452 Cr | Dec 2021 ₹508 Cr | Mar 2022 ₹509 Cr | Jun 2022 ₹541 Cr | Sep 2022 ₹528 Cr | Dec 2022 ₹547 Cr | Mar 2023 ₹616 Cr | Jun 2023 ₹639 Cr | Sep 2023 ₹619 Cr | Dec 2023 ₹634 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹606 Cr | Sep 2024 ₹558 Cr | Dec 2024 ₹610 Cr | Mar 2025 ₹726 Cr | Jun 2025 ₹702 Cr | Sep 2025 ₹758 Cr | Dec 2025 ₹731 Cr | Mar 2026 ₹847 Cr | Jun 2026 —
- NEWGEN: Sep 2021 ₹185 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹231 Cr | Jun 2022 ₹188 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹305 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹293 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹375 Cr | Jun 2024 ₹315 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹400 Cr | Mar 2026 ₹453 Cr | Jun 2026 ₹357 Cr
- NPST: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹130 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹273 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹303 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹412 Cr | Jun 2025 ₹332 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹526 Cr | Mar 2026 ₹618 Cr | Jun 2026 —
- RAMCOSYS: Sep 2021 ₹141 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹120 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹157 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹185 Cr | Jun 2026 ₹173 Cr
- NUCLEUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹169 Cr | Mar 2023 ₹206 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹210 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹229 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹225 Cr | Jun 2026 —
- ACCELYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹112 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹136 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- OFSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4% | Sep 2022 7.4% | Dec 2022 14% | Mar 2023 15% | Jun 2023 4.3% | Sep 2023 4.9% | Dec 2023 26% | Mar 2024 12% | Jun 2024 19% | Sep 2024 16% | Dec 2024 -6.0% | Mar 2025 4.5% | Jun 2025 6.4% | Sep 2025 6.9% | Dec 2025 15% | Mar 2026 20% | Jun 2026 69%
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 47% | Dec 2022 39% | Mar 2023 66% | Jun 2023 80% | Sep 2023 88% | Dec 2023 83% | Mar 2024 40% | Jun 2024 22% | Sep 2024 18% | Dec 2024 11% | Mar 2025 2.0% | Jun 2025 5.0% | Sep 2025 6.5% | Dec 2025 94% | Mar 2026 174% | Jun 2026 —
- INTELLECT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 17% | Dec 2022 7.7% | Mar 2023 21% | Jun 2023 18% | Sep 2023 17% | Dec 2023 16% | Mar 2024 -0.3% | Jun 2024 -5.2% | Sep 2024 -9.9% | Dec 2024 -3.8% | Mar 2025 18% | Jun 2025 16% | Sep 2025 36% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- NEWGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 26% | Mar 2023 32% | Jun 2023 34% | Sep 2023 30% | Dec 2023 27% | Mar 2024 23% | Jun 2024 25% | Sep 2024 23% | Dec 2024 18% | Mar 2025 15% | Jun 2025 1.9% | Sep 2025 11% | Dec 2025 5.0% | Mar 2026 5.4% | Jun 2026 11%
- NPST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 50% | Dec 2022 100% | Mar 2023 200% | Jun 2023 700% | Sep 2023 367% | Dec 2023 210% | Mar 2024 110% | Jun 2024 146% | Sep 2024 139% | Dec 2024 -32% | Mar 2025 -41% | Jun 2025 -42% | Sep 2025 -30% | Dec 2025 152% | Mar 2026 138% | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 42% | Dec 2023 35% | Mar 2024 46% | Jun 2024 114% | Sep 2024 65% | Dec 2024 69% | Mar 2025 51% | Jun 2025 32% | Sep 2025 43% | Dec 2025 56% | Mar 2026 50% | Jun 2026 —
- RAMCOSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 -16% | Dec 2022 1.2% | Mar 2023 1.6% | Jun 2023 16% | Sep 2023 6.6% | Dec 2023 0.6% | Mar 2024 4.1% | Jun 2024 -1.8% | Sep 2024 12% | Dec 2024 22% | Mar 2025 18% | Jun 2025 18% | Sep 2025 23% | Dec 2025 14% | Mar 2026 19% | Jun 2026 7.1%
- NUCLEUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 1.9% | Jun 2024 -5.8% | Sep 2024 -1.5% | Dec 2024 1.0% | Mar 2025 9.1% | Jun 2025 12% | Sep 2025 5.9% | Dec 2025 6.8% | Mar 2026 -1.8% | Jun 2026 —
- ACCELYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 10% | Jun 2024 4.9% | Sep 2024 0.0% | Dec 2024 6.4% | Mar 2025 4.6% | Jun 2025 3.1% | Sep 2025 7.1% | Dec 2025 0.0% | Mar 2026 -0.7% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Oracle Financial Services Software Ltd leads both opm at 60% and margin change at +14 percentage points.

Investor read: Oracle Financial Services Software Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Oracle Financial Services Software Ltd · 60% | 140% versus #2 · Accelya Solutions India Ltd | 3/8 recent comparable periods | 9/9 companies · 171 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Oracle Financial Services Software Ltd (OFSS): 60%
2. Accelya Solutions India Ltd (ACCELYA): 25%
3. Intellect Design Arena Ltd (INTELLECT): 22%
4. Network People Services Technologies Ltd (NPST): 21%
5. Rategain Travel Technologies Ltd (RATEGAIN): 21%

### Margin change — fastest expanders
1. Oracle Financial Services Software Ltd (OFSS): +14.0 pp
2. Newgen Software Technologies Ltd (NEWGEN): +2.0 pp
3. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 0.0 pp
4. Rategain Travel Technologies Ltd (RATEGAIN): −2.0 pp
5. Ramco Systems Ltd (RAMCOSYS): −3.3 pp

### 20-quarter OPM history
- OFSS: Sep 2021 49% | Dec 2021 46% | Mar 2022 43% | Jun 2022 46% | Sep 2022 41% | Dec 2022 42% | Mar 2023 44% | Jun 2023 42% | Sep 2023 39% | Dec 2023 48% | Mar 2024 45% | Jun 2024 49% | Sep 2024 45% | Dec 2024 42% | Mar 2025 45% | Jun 2025 46% | Sep 2025 42% | Dec 2025 42% | Mar 2026 51% | Jun 2026 60%
- RATEGAIN: Sep 2021 4.7% | Dec 2021 9.4% | Mar 2022 14% | Jun 2022 10.0% | Sep 2022 14% | Dec 2022 17% | Mar 2023 18% | Jun 2023 18% | Sep 2023 20% | Dec 2023 20% | Mar 2024 21% | Jun 2024 19% | Sep 2024 22% | Dec 2024 22% | Mar 2025 23% | Jun 2025 18% | Sep 2025 18% | Dec 2025 16% | Mar 2026 21% | Jun 2026 —
- INTELLECT: Sep 2021 26% | Dec 2021 26% | Mar 2022 24% | Jun 2022 21% | Sep 2022 15% | Dec 2022 18% | Mar 2023 22% | Jun 2023 23% | Sep 2023 19% | Dec 2023 21% | Mar 2024 22% | Jun 2024 20% | Sep 2024 15% | Dec 2024 19% | Mar 2025 28% | Jun 2025 20% | Sep 2025 20% | Dec 2025 14% | Mar 2026 22% | Jun 2026 —
- NEWGEN: Sep 2021 25% | Dec 2021 29% | Mar 2022 29% | Jun 2022 10% | Sep 2022 17% | Dec 2022 23% | Mar 2023 32% | Jun 2023 13% | Sep 2023 20% | Dec 2023 24% | Mar 2024 33% | Jun 2024 15% | Sep 2024 23% | Dec 2024 28% | Mar 2025 32% | Jun 2025 14% | Sep 2025 26% | Dec 2025 27% | Mar 2026 34% | Jun 2026 16%
- NPST: Sep 2021 18% | Dec 2021 17% | Mar 2022 18% | Jun 2022 27% | Sep 2022 22% | Dec 2022 33% | Mar 2023 31% | Jun 2023 31% | Sep 2023 32% | Dec 2023 33% | Mar 2024 34% | Jun 2024 35% | Sep 2024 35% | Dec 2024 31% | Mar 2025 33% | Jun 2025 29% | Sep 2025 29% | Dec 2025 27% | Mar 2026 21% | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 9.0% | Dec 2022 5.0% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 10% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 10% | Mar 2026 9.0% | Jun 2026 —
- RAMCOSYS: Sep 2021 3.7% | Dec 2021 -6.6% | Mar 2022 -8.4% | Jun 2022 -26% | Sep 2022 -34% | Dec 2022 -22% | Mar 2023 -28% | Jun 2023 -18% | Sep 2023 -100% | Dec 2023 -3.5% | Mar 2024 1.6% | Jun 2024 2.5% | Sep 2024 12% | Dec 2024 9.0% | Mar 2025 27% | Jun 2025 18% | Sep 2025 22% | Dec 2025 25% | Mar 2026 24% | Jun 2026 15%
- NUCLEUS: Sep 2021 4.3% | Dec 2021 4.6% | Mar 2022 16% | Jun 2022 11% | Sep 2022 8.8% | Dec 2022 28% | Mar 2023 40% | Jun 2023 30% | Sep 2023 25% | Dec 2023 23% | Mar 2024 28% | Jun 2024 15% | Sep 2024 16% | Dec 2024 16% | Mar 2025 33% | Jun 2025 16% | Sep 2025 11% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- ACCELYA: Sep 2021 31% | Dec 2021 35% | Mar 2022 37% | Jun 2022 41% | Sep 2022 45% | Dec 2022 36% | Mar 2023 37% | Jun 2023 40% | Sep 2023 38% | Dec 2023 36% | Mar 2024 38% | Jun 2024 37% | Sep 2024 38% | Dec 2024 36% | Mar 2025 34% | Jun 2025 39% | Sep 2025 36% | Dec 2025 34% | Mar 2026 25% | Jun 2026 —

### 20-quarter Margin change history
- OFSS: Sep 2021 +0.9 pp | Dec 2021 −3.2 pp | Mar 2022 −5.5 pp | Jun 2022 −6.3 pp | Sep 2022 −8.0 pp | Dec 2022 −4.2 pp | Mar 2023 +0.8 pp | Jun 2023 −4.2 pp | Sep 2023 −2.2 pp | Dec 2023 +6.0 pp | Mar 2024 +1.0 pp | Jun 2024 +7.0 pp | Sep 2024 +6.0 pp | Dec 2024 −6.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 +6.0 pp | Jun 2026 +14.0 pp
- RATEGAIN: Sep 2021 — | Dec 2021 +15.1 pp | Mar 2022 +12.8 pp | Jun 2022 +7.4 pp | Sep 2022 +9.4 pp | Dec 2022 +7.6 pp | Mar 2023 +3.8 pp | Jun 2023 +8.0 pp | Sep 2023 +5.9 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −4.0 pp | Dec 2025 −6.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- INTELLECT: Sep 2021 +2.4 pp | Dec 2021 +0.4 pp | Mar 2022 −1.5 pp | Jun 2022 −2.6 pp | Sep 2022 −10.1 pp | Dec 2022 −7.6 pp | Mar 2023 −1.7 pp | Jun 2023 +2.2 pp | Sep 2023 +3.6 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 −3.0 pp | Sep 2024 −4.0 pp | Dec 2024 −2.0 pp | Mar 2025 +6.0 pp | Jun 2025 0.0 pp | Sep 2025 +5.0 pp | Dec 2025 −5.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- NEWGEN: Sep 2021 −1.4 pp | Dec 2021 −8.5 pp | Mar 2022 −4.0 pp | Jun 2022 −4.0 pp | Sep 2022 −8.5 pp | Dec 2022 −5.6 pp | Mar 2023 +2.9 pp | Jun 2023 +2.7 pp | Sep 2023 +3.4 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +4.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +2.0 pp
- NPST: Sep 2021 −7.8 pp | Dec 2021 — | Mar 2022 +1.6 pp | Jun 2022 +15.7 pp | Sep 2022 +4.7 pp | Dec 2022 +16.3 pp | Mar 2023 +12.5 pp | Jun 2023 +4.5 pp | Sep 2023 +9.7 pp | Dec 2023 0.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −6.0 pp | Sep 2025 −6.0 pp | Dec 2025 −4.0 pp | Mar 2026 −12.0 pp | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −5.2 pp | Sep 2023 −1.0 pp | Dec 2023 +5.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- RAMCOSYS: Sep 2021 −23.7 pp | Dec 2021 −37.0 pp | Mar 2022 −28.7 pp | Jun 2022 −33.8 pp | Sep 2022 −37.8 pp | Dec 2022 −15.8 pp | Mar 2023 −19.6 pp | Jun 2023 +7.3 pp | Sep 2023 −65.8 pp | Dec 2023 +19.0 pp | Mar 2024 +29.6 pp | Jun 2024 +20.8 pp | Sep 2024 +111.5 pp | Dec 2024 +12.4 pp | Mar 2025 +25.1 pp | Jun 2025 +15.5 pp | Sep 2025 +10.8 pp | Dec 2025 +16.2 pp | Mar 2026 −2.4 pp | Jun 2026 −3.3 pp
- NUCLEUS: Sep 2021 −20.3 pp | Dec 2021 −16.8 pp | Mar 2022 −9.3 pp | Jun 2022 +9.9 pp | Sep 2022 +4.5 pp | Dec 2022 +23.4 pp | Mar 2023 +23.7 pp | Jun 2023 +18.6 pp | Sep 2023 +16.2 pp | Dec 2023 −5.0 pp | Mar 2024 −12.0 pp | Jun 2024 −15.0 pp | Sep 2024 −9.0 pp | Dec 2024 −7.0 pp | Mar 2025 +5.0 pp | Jun 2025 +1.0 pp | Sep 2025 −5.0 pp | Dec 2025 −1.0 pp | Mar 2026 −17.0 pp | Jun 2026 —
- ACCELYA: Sep 2021 +12.9 pp | Dec 2021 +3.7 pp | Mar 2022 +9.9 pp | Jun 2022 +3.6 pp | Sep 2022 +13.5 pp | Dec 2022 +0.6 pp | Mar 2023 −0.0 pp | Jun 2023 −0.9 pp | Sep 2023 −6.9 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 −3.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 +2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −9.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Oracle Financial Services Software Ltd leads with ₹3,414 crore of TTM profit, 895.3% above Intellect Design Arena Ltd. Ramco Systems Ltd shows ≥100% on the scoring scale growth from a ₹42 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Oracle Financial Services Software Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Oracle Financial Services Software Ltd · ₹3,414 crore | 895.3% versus #2 · Intellect Design Arena Ltd | 6/8 recent comparable periods | 9/9 companies · 160 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Oracle Financial Services Software Ltd (OFSS): ₹3.4K Cr
2. Intellect Design Arena Ltd (INTELLECT): ₹343 Cr
3. Newgen Software Technologies Ltd (NEWGEN): ₹314 Cr
4. Rategain Travel Technologies Ltd (RATEGAIN): ₹194 Cr
5. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): ₹139 Cr

### Profit growth — fastest growers
1. Ramco Systems Ltd (RAMCOSYS): 100%
2. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 58%
3. Oracle Financial Services Software Ltd (OFSS): 42%
4. Intellect Design Arena Ltd (INTELLECT): 2.7%
5. Newgen Software Technologies Ltd (NEWGEN): -1.0%

### 20-quarter Net profit history
- OFSS: Sep 2021 ₹448 Cr | Dec 2021 ₹435 Cr | Mar 2022 ₹482 Cr | Jun 2022 ₹492 Cr | Sep 2022 ₹398 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹479 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹417 Cr | Dec 2023 ₹741 Cr | Mar 2024 ₹560 Cr | Jun 2024 ₹617 Cr | Sep 2024 ₹578 Cr | Dec 2024 ₹541 Cr | Mar 2025 ₹644 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹546 Cr | Dec 2025 ₹610 Cr | Mar 2026 ₹842 Cr | Jun 2026 ₹1.4K Cr
- RATEGAIN: Sep 2021 ₹-2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- INTELLECT: Sep 2021 ₹79 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹120 Cr | Jun 2026 —
- NEWGEN: Sep 2021 ₹37 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹106 Cr | Jun 2026 ₹63 Cr
- NPST: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- RAMCOSYS: Sep 2021 ₹-13 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹-51 Cr | Sep 2022 ₹-60 Cr | Dec 2022 ₹-50 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-47 Cr | Sep 2023 ₹-146 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹25 Cr | Jun 2026 ₹1 Cr
- NUCLEUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹38 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- ACCELYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹21 Cr | Jun 2026 —

### 20-quarter Profit growth history
- OFSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.1% | Sep 2022 -11% | Dec 2022 0.5% | Mar 2023 -0.6% | Jun 2023 1.8% | Sep 2023 4.8% | Dec 2023 70% | Mar 2024 17% | Jun 2024 23% | Sep 2024 39% | Dec 2024 -27% | Mar 2025 15% | Jun 2025 4.1% | Sep 2025 -5.5% | Dec 2025 13% | Mar 2026 31% | Jun 2026 121%
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 183% | Jun 2023 213% | Sep 2023 131% | Dec 2023 208% | Mar 2024 47% | Jun 2024 80% | Sep 2024 73% | Dec 2024 43% | Mar 2025 10% | Jun 2025 4.4% | Sep 2025 -1.9% | Dec 2025 -54% | Mar 2026 27% | Jun 2026 —
- INTELLECT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.8% | Sep 2022 -42% | Dec 2022 -38% | Mar 2023 -4.2% | Jun 2023 36% | Sep 2023 54% | Dec 2023 35% | Mar 2024 -20% | Jun 2024 -20% | Sep 2024 -27% | Dec 2024 -16% | Mar 2025 86% | Jun 2025 25% | Sep 2025 96% | Dec 2025 -62% | Mar 2026 -12% | Jun 2026 —
- NEWGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -19% | Dec 2022 -2.1% | Mar 2023 40% | Jun 2023 58% | Sep 2023 60% | Dec 2023 45% | Mar 2024 31% | Jun 2024 60% | Sep 2024 46% | Dec 2024 31% | Mar 2025 2.9% | Jun 2025 4.2% | Sep 2025 17% | Dec 2025 -29% | Mar 2026 -1.9% | Jun 2026 26%
- NPST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 300% | Jun 2023 — | Sep 2023 400% | Dec 2023 250% | Mar 2024 150% | Jun 2024 220% | Sep 2024 260% | Dec 2024 -29% | Mar 2025 -50% | Jun 2025 -56% | Sep 2025 -44% | Dec 2025 140% | Mar 2026 140% | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 1,400% | Mar 2024 138% | Jun 2024 750% | Sep 2024 150% | Dec 2024 33% | Mar 2025 63% | Jun 2025 53% | Sep 2025 75% | Dec 2025 85% | Mar 2026 32% | Jun 2026 —
- RAMCOSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 395% | Jun 2026 -48%
- NUCLEUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.9% | Mar 2024 -24% | Jun 2024 -44% | Sep 2024 -27% | Dec 2024 -15% | Mar 2025 25% | Jun 2025 17% | Sep 2025 -21% | Dec 2025 -40% | Mar 2026 -46% | Jun 2026 —
- ACCELYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 -100% | Jun 2024 -3.1% | Sep 2024 0.0% | Dec 2024 3.2% | Mar 2025 — | Jun 2025 9.7% | Sep 2025 -6.3% | Dec 2025 -56% | Mar 2026 -30% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Oracle Financial Services Software Ltd reports ₹3 crore of CAPEX; Network People Services Technologies Ltd has the highest covered intensity at 25%. Coverage is only 2 of 9 companies and 20 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Oracle Financial Services Software Ltd · ₹3 crore | 200% versus #2 · Network People Services Technologies Ltd | 8/8 recent comparable periods | 2/9 companies · 20 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Oracle Financial Services Software Ltd (OFSS): ₹3 Cr
2. Network People Services Technologies Ltd (NPST): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Network People Services Technologies Ltd (NPST): 25%
2. Oracle Financial Services Software Ltd (OFSS): 0.1%

### 20-quarter CAPEX history
- OFSS: Sep 2021 ₹10 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- NPST: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- OFSS: Sep 2021 0.8% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 0.7% | Sep 2022 1.0% | Dec 2022 0.2% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.8% | Dec 2023 0.4% | Mar 2024 0.2% | Jun 2024 0.9% | Sep 2024 0.4% | Dec 2024 0.1% | Mar 2025 0.6% | Jun 2025 1.3% | Sep 2025 1.2% | Dec 2025 0.2% | Mar 2026 0.1% | Jun 2026 —
- NPST: Sep 2021 25% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Oracle Financial Services Software Ltd has the clearest covered balance-sheet capacity with ₹5,406 crore net cash and gross debt of ₹32 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Nucleus Software Exports Ltd · ₹9 crore | 35.7% versus #2 · Network People Services Technologies Ltd | 8/8 recent comparable periods | 9/9 companies · 160 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Nucleus Software Exports Ltd (NUCLEUS): ₹9 Cr
2. Network People Services Technologies Ltd (NPST): ₹14 Cr
3. Oracle Financial Services Software Ltd (OFSS): ₹32 Cr
4. Newgen Software Technologies Ltd (NEWGEN): ₹39 Cr
5. Ramco Systems Ltd (RAMCOSYS): ₹43 Cr

### Net debt — lowest net debt
1. Oracle Financial Services Software Ltd (OFSS): ₹-5.4K Cr
2. Newgen Software Technologies Ltd (NEWGEN): ₹-1.1K Cr
3. Intellect Design Arena Ltd (INTELLECT): ₹-692 Cr
4. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): ₹-491 Cr
5. Nucleus Software Exports Ltd (NUCLEUS): ₹-405 Cr

### 20-quarter Gross debt history
- OFSS: Sep 2021 ₹67 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹949 Cr | Jun 2026 —
- INTELLECT: Sep 2021 ₹28 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- NEWGEN: Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹39 Cr
- NPST: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹70 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹141 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- RAMCOSYS: Sep 2021 ₹58 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹141 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- NUCLEUS: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ACCELYA: Sep 2021 ₹39 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹87 Cr | Jun 2026 —

### 20-quarter Net debt history
- OFSS: Sep 2021 ₹-4.1K Cr | Dec 2021 ₹-4.5K Cr | Mar 2022 ₹-4.9K Cr | Jun 2022 ₹-3.8K Cr | Sep 2022 ₹-4.4K Cr | Dec 2022 ₹-4.9K Cr | Mar 2023 ₹-5.3K Cr | Jun 2023 ₹-3.9K Cr | Sep 2023 ₹-4.4K Cr | Dec 2023 ₹-4.7K Cr | Mar 2024 ₹-5.4K Cr | Jun 2024 ₹-5.4K Cr | Sep 2024 ₹-4.8K Cr | Dec 2024 ₹-5.3K Cr | Mar 2025 ₹-5.8K Cr | Jun 2025 ₹-4.2K Cr | Sep 2025 ₹-4.8K Cr | Dec 2025 ₹-4.7K Cr | Mar 2026 ₹-5.4K Cr | Jun 2026 —
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-369 Cr | Jun 2022 ₹-369 Cr | Sep 2022 ₹-392 Cr | Dec 2022 ₹-392 Cr | Mar 2023 ₹-299 Cr | Jun 2023 ₹-299 Cr | Sep 2023 ₹-390 Cr | Dec 2023 ₹-390 Cr | Mar 2024 ₹-1.0K Cr | Jun 2024 ₹-531 Cr | Sep 2024 ₹-1.0K Cr | Dec 2024 ₹-1.0K Cr | Mar 2025 ₹-1.1K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹739 Cr | Jun 2026 —
- INTELLECT: Sep 2021 ₹-225 Cr | Dec 2021 ₹-225 Cr | Mar 2022 ₹-378 Cr | Jun 2022 ₹-490 Cr | Sep 2022 ₹-425 Cr | Dec 2022 ₹-425 Cr | Mar 2023 ₹-97 Cr | Jun 2023 ₹-97 Cr | Sep 2023 ₹-135 Cr | Dec 2023 ₹-135 Cr | Mar 2024 ₹-272 Cr | Jun 2024 ₹-271 Cr | Sep 2024 ₹-231 Cr | Dec 2024 ₹-231 Cr | Mar 2025 ₹-459 Cr | Jun 2025 ₹-459 Cr | Sep 2025 ₹-339 Cr | Dec 2025 ₹-339 Cr | Mar 2026 ₹-692 Cr | Jun 2026 —
- NEWGEN: Sep 2021 ₹-362 Cr | Dec 2021 ₹-362 Cr | Mar 2022 ₹-340 Cr | Jun 2022 ₹-340 Cr | Sep 2022 ₹-306 Cr | Dec 2022 ₹-306 Cr | Mar 2023 ₹-297 Cr | Jun 2023 ₹-297 Cr | Sep 2023 ₹-549 Cr | Dec 2023 ₹-549 Cr | Mar 2024 ₹-692 Cr | Jun 2024 ₹-692 Cr | Sep 2024 ₹-685 Cr | Dec 2024 ₹-685 Cr | Mar 2025 ₹-871 Cr | Jun 2025 ₹-871 Cr | Sep 2025 ₹-930 Cr | Dec 2025 ₹-930 Cr | Mar 2026 ₹-1.1K Cr | Jun 2026 ₹-1.1K Cr
- NPST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-19 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-59 Cr | Jun 2024 ₹-63 Cr | Sep 2024 ₹-123 Cr | Dec 2024 ₹-123 Cr | Mar 2025 ₹-84 Cr | Jun 2025 ₹-84 Cr | Sep 2025 ₹-340 Cr | Dec 2025 ₹-340 Cr | Mar 2026 ₹-295 Cr | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹119 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹-292 Cr | Dec 2023 ₹-292 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹-193 Cr | Sep 2024 ₹-114 Cr | Dec 2024 ₹-114 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹-633 Cr | Sep 2025 ₹-559 Cr | Dec 2025 ₹-559 Cr | Mar 2026 ₹-491 Cr | Jun 2026 —
- RAMCOSYS: Sep 2021 ₹38 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-83 Cr | Jun 2026 —
- NUCLEUS: Sep 2021 ₹-482 Cr | Dec 2021 ₹-482 Cr | Mar 2022 ₹-339 Cr | Jun 2022 ₹-339 Cr | Sep 2022 ₹-353 Cr | Dec 2022 ₹-353 Cr | Mar 2023 ₹-271 Cr | Jun 2023 ₹-271 Cr | Sep 2023 ₹-410 Cr | Dec 2023 ₹-410 Cr | Mar 2024 ₹-396 Cr | Jun 2024 ₹-396 Cr | Sep 2024 ₹-319 Cr | Dec 2024 ₹-319 Cr | Mar 2025 ₹-357 Cr | Jun 2025 ₹-357 Cr | Sep 2025 ₹-364 Cr | Dec 2025 ₹-364 Cr | Mar 2026 ₹-405 Cr | Jun 2026 —
- ACCELYA: Sep 2021 ₹-36 Cr | Dec 2021 ₹-42 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-89 Cr | Sep 2022 ₹-89 Cr | Dec 2022 ₹-75 Cr | Mar 2023 ₹-75 Cr | Jun 2023 ₹-89 Cr | Sep 2023 ₹-89 Cr | Dec 2023 ₹-104 Cr | Mar 2024 ₹-104 Cr | Jun 2024 ₹-125 Cr | Sep 2024 ₹-125 Cr | Dec 2024 ₹-122 Cr | Mar 2025 ₹-122 Cr | Jun 2025 ₹-78 Cr | Sep 2025 ₹-78 Cr | Dec 2025 ₹-32 Cr | Mar 2026 ₹-32 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Accelya Solutions India Ltd leads ROCE at 53.6%, 8.3 percentage points above Oracle Financial Services Software Ltd. Zaggle Prepaid Ocean Services Ltd has the strongest latest improvement at +38.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Accelya Solutions India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Accelya Solutions India Ltd · 53.6% | 18.3% versus #2 · Oracle Financial Services Software Ltd | 2/8 recent comparable periods | 9/9 companies · 137 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Accelya Solutions India Ltd (ACCELYA): 54%
2. Oracle Financial Services Software Ltd (OFSS): 45%
3. Newgen Software Technologies Ltd (NEWGEN): 25%
4. Network People Services Technologies Ltd (NPST): 20%
5. Ramco Systems Ltd (RAMCOSYS): 19%

### ROCE change — fastest improvers
1. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): +38.3 pp
2. Ramco Systems Ltd (RAMCOSYS): +15.1 pp
3. Oracle Financial Services Software Ltd (OFSS): +6.6 pp
4. Intellect Design Arena Ltd (INTELLECT): −1.7 pp
5. Rategain Travel Technologies Ltd (RATEGAIN): −2.7 pp

### 20-quarter ROCE history
- OFSS: Sep 2021 36% | Dec 2021 34% | Mar 2022 31% | Jun 2022 35% | Sep 2022 32% | Dec 2022 30% | Mar 2023 29% | Jun 2023 35% | Sep 2023 33% | Dec 2023 33% | Mar 2024 31% | Jun 2024 42% | Sep 2024 40% | Dec 2024 35% | Mar 2025 34% | Jun 2025 41% | Sep 2025 38% | Dec 2025 41% | Mar 2026 40% | Jun 2026 —
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 0.7% | Jun 2022 — | Sep 2022 3.7% | Dec 2022 — | Mar 2023 6.5% | Jun 2023 — | Sep 2023 12% | Dec 2023 20% | Mar 2024 10% | Jun 2024 19% | Sep 2024 11% | Dec 2024 22% | Mar 2025 12% | Jun 2025 17% | Sep 2025 10% | Dec 2025 14% | Mar 2026 8.9% | Jun 2026 —
- INTELLECT: Sep 2021 21% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 16% | Dec 2023 23% | Mar 2024 16% | Jun 2024 18% | Sep 2024 12% | Dec 2024 15% | Mar 2025 13% | Jun 2025 17% | Sep 2025 14% | Dec 2025 17% | Mar 2026 11% | Jun 2026 —
- NEWGEN: Sep 2021 25% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 20% | Dec 2023 27% | Mar 2024 20% | Jun 2024 28% | Sep 2024 22% | Dec 2024 32% | Mar 2025 21% | Jun 2025 28% | Sep 2025 21% | Dec 2025 26% | Mar 2026 20% | Jun 2026 23%
- NPST: Sep 2021 8.1% | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 8.3% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 49% | Dec 2023 83% | Mar 2024 55% | Jun 2024 110% | Sep 2024 65% | Dec 2024 96% | Mar 2025 49% | Jun 2025 57% | Sep 2025 7.5% | Dec 2025 18% | Mar 2026 9.3% | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 53% | Jun 2023 34% | Sep 2023 23% | Dec 2023 10% | Mar 2024 10% | Jun 2024 25% | Sep 2024 32% | Dec 2024 19% | Mar 2025 7.9% | Jun 2025 15% | Sep 2025 12% | Dec 2025 18% | Mar 2026 46% | Jun 2026 —
- RAMCOSYS: Sep 2021 4.3% | Dec 2021 — | Mar 2022 -11% | Jun 2022 — | Sep 2022 -29% | Dec 2022 — | Mar 2023 -34% | Jun 2023 — | Sep 2023 -67% | Dec 2023 -54% | Mar 2024 -53% | Jun 2024 -40% | Sep 2024 -15% | Dec 2024 -12% | Mar 2025 -1.8% | Jun 2025 1.4% | Sep 2025 10% | Dec 2025 9.4% | Mar 2026 13% | Jun 2026 —
- NUCLEUS: Sep 2021 7.6% | Dec 2021 — | Mar 2022 4.2% | Jun 2022 — | Sep 2022 7.0% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 32% | Dec 2023 44% | Mar 2024 25% | Jun 2024 31% | Sep 2024 20% | Dec 2024 27% | Mar 2025 18% | Jun 2025 27% | Sep 2025 17% | Dec 2025 23% | Mar 2026 11% | Jun 2026 —
- ACCELYA: Sep 2021 — | Dec 2021 28% | Mar 2022 — | Jun 2022 35% | Sep 2022 — | Dec 2022 50% | Mar 2023 — | Jun 2023 54% | Sep 2023 61% | Dec 2023 52% | Mar 2024 49% | Jun 2024 50% | Sep 2024 47% | Dec 2024 51% | Mar 2025 56% | Jun 2025 48% | Sep 2025 53% | Dec 2025 48% | Mar 2026 44% | Jun 2026 —

### 20-quarter ROCE change history
- OFSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 −3.8 pp | Mar 2023 −1.9 pp | Jun 2023 −0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +2.6 pp | Mar 2024 +2.1 pp | Jun 2024 +6.8 pp | Sep 2024 +7.0 pp | Dec 2024 +2.4 pp | Mar 2025 +2.2 pp | Jun 2025 −1.1 pp | Sep 2025 −2.0 pp | Dec 2025 +5.9 pp | Mar 2026 +6.6 pp | Jun 2026 —
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 — | Sep 2023 +8.2 pp | Dec 2023 — | Mar 2024 +3.7 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 +2.2 pp | Mar 2025 +1.4 pp | Jun 2025 −1.9 pp | Sep 2025 −1.0 pp | Dec 2025 −7.9 pp | Mar 2026 −2.7 pp | Jun 2026 —
- INTELLECT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 −5.5 pp | Jun 2023 — | Sep 2023 −2.3 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 −7.4 pp | Mar 2025 −3.3 pp | Jun 2025 −1.0 pp | Sep 2025 +1.9 pp | Dec 2025 +1.5 pp | Mar 2026 −1.7 pp | Jun 2026 —
- NEWGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.5 pp | Dec 2022 — | Mar 2023 −2.3 pp | Jun 2023 — | Sep 2023 +2.4 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 +4.4 pp | Mar 2025 +1.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.6 pp | Dec 2025 −6.1 pp | Mar 2026 −1.3 pp | Jun 2026 −4.6 pp
- NPST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 — | Mar 2023 +20.5 pp | Jun 2023 — | Sep 2023 +41.1 pp | Dec 2023 — | Mar 2024 +26.3 pp | Jun 2024 — | Sep 2024 +15.6 pp | Dec 2024 +12.5 pp | Mar 2025 −5.9 pp | Jun 2025 −52.6 pp | Sep 2025 −57.5 pp | Dec 2025 −77.5 pp | Mar 2026 −39.3 pp | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −42.2 pp | Jun 2024 −8.9 pp | Sep 2024 +9.4 pp | Dec 2024 +8.4 pp | Mar 2025 −2.4 pp | Jun 2025 −10.7 pp | Sep 2025 −20.6 pp | Dec 2025 −0.9 pp | Mar 2026 +38.3 pp | Jun 2026 —
- RAMCOSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −33.3 pp | Dec 2022 — | Mar 2023 −22.6 pp | Jun 2023 — | Sep 2023 −38.0 pp | Dec 2023 — | Mar 2024 −19.0 pp | Jun 2024 — | Sep 2024 +51.9 pp | Dec 2024 +42.1 pp | Mar 2025 +51.1 pp | Jun 2025 +41.7 pp | Sep 2025 +25.1 pp | Dec 2025 +21.2 pp | Mar 2026 +15.1 pp | Jun 2026 —
- NUCLEUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 +17.3 pp | Jun 2023 — | Sep 2023 +24.5 pp | Dec 2023 — | Mar 2024 +3.6 pp | Jun 2024 — | Sep 2024 −11.9 pp | Dec 2024 −17.3 pp | Mar 2025 −7.5 pp | Jun 2025 −3.7 pp | Sep 2025 −3.1 pp | Dec 2025 −3.5 pp | Mar 2026 −6.5 pp | Jun 2026 —
- ACCELYA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +21.7 pp | Mar 2023 — | Jun 2023 +19.1 pp | Sep 2023 — | Dec 2023 +2.5 pp | Mar 2024 — | Jun 2024 −3.8 pp | Sep 2024 −14.4 pp | Dec 2024 −1.5 pp | Mar 2025 +7.5 pp | Jun 2025 −2.4 pp | Sep 2025 +6.7 pp | Dec 2025 −3.4 pp | Mar 2026 −12.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Newgen Software Technologies Ltd has the lowest comparable Guarded PEG at 0.73×, 24% below Zaggle Prepaid Ocean Services Ltd. Only 6 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Newgen Software Technologies Ltd · 0.73× | 24% versus #2 · Zaggle Prepaid Ocean Services Ltd | 0/8 recent comparable periods | 6/9 companies · 49 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Newgen Software Technologies Ltd (NEWGEN): 0.7
2. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 1.0
3. Rategain Travel Technologies Ltd (RATEGAIN): 1.0
4. Intellect Design Arena Ltd (INTELLECT): 1.8
5. Oracle Financial Services Software Ltd (OFSS): 3.4

### P/E — lowest P/E
1. Accelya Solutions India Ltd (ACCELYA): 16.6
2. Nucleus Software Exports Ltd (NUCLEUS): 16.9
3. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 19.5
4. Newgen Software Technologies Ltd (NEWGEN): 21.0
5. Oracle Financial Services Software Ltd (OFSS): 27.2

### 20-quarter Guarded PEG history
- OFSS: Sep 2021 1.5 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 2.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.0 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 4.2 | Jun 2025 4.8 | Sep 2025 — | Dec 2025 2.3 | Mar 2026 4.0 | Jun 2026 3.4
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.8 | Jun 2024 — | Sep 2024 — | Dec 2024 1.4 | Mar 2025 2.4 | Jun 2025 0.7 | Sep 2025 1.5 | Dec 2025 3.3 | Mar 2026 1.0 | Jun 2026 —
- INTELLECT: Sep 2021 — | Dec 2021 1.2 | Mar 2022 0.7 | Jun 2022 0.8 | Sep 2022 1.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0 | Mar 2024 — | Jun 2024 2.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NEWGEN: Sep 2021 — | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.9 | Dec 2022 — | Mar 2023 — | Jun 2023 3.5 | Sep 2023 2.1 | Dec 2023 1.6 | Mar 2024 1.1 | Jun 2024 1.3 | Sep 2024 1.7 | Dec 2024 1.9 | Mar 2025 1.2 | Jun 2025 2.4 | Sep 2025 2.3 | Dec 2025 3.0 | Mar 2026 — | Jun 2026 0.7
- NPST: Sep 2021 — | Dec 2021 — | Mar 2022 0.9 | Jun 2022 — | Sep 2022 — | Dec 2022 7.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.2 | Jun 2025 — | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —

### 20-quarter P/E history
- OFSS: Sep 2021 22.4 | Dec 2021 18.3 | Mar 2022 16.5 | Jun 2022 14.2 | Sep 2022 13.9 | Dec 2022 14.4 | Mar 2023 15.6 | Jun 2023 18.5 | Sep 2023 19.6 | Dec 2023 19.9 | Mar 2024 35.5 | Jun 2024 38.6 | Sep 2024 42.3 | Dec 2024 43.9 | Mar 2025 29.7 | Jun 2025 32.8 | Sep 2025 30.8 | Dec 2025 28.5 | Mar 2026 24.7 | Jun 2026 36.2
- RATEGAIN: Sep 2021 — | Dec 2021 -440.4 | Mar 2022 425.9 | Jun 2022 141.3 | Sep 2022 177.3 | Dec 2022 96.4 | Mar 2023 80.3 | Jun 2023 66.1 | Sep 2023 75.7 | Dec 2023 77.3 | Mar 2024 61.7 | Jun 2024 58.5 | Sep 2024 50.8 | Dec 2024 45.5 | Mar 2025 25.7 | Jun 2025 25.6 | Sep 2025 36.4 | Dec 2025 36.4 | Mar 2026 27.9 | Jun 2026 —
- INTELLECT: Sep 2021 31.1 | Dec 2021 31.5 | Mar 2022 34.4 | Jun 2022 24.7 | Sep 2022 20.2 | Dec 2022 19.4 | Mar 2023 20.4 | Jun 2023 31.9 | Sep 2023 32.9 | Dec 2023 35.9 | Mar 2024 44.1 | Jun 2024 45.5 | Sep 2024 43.0 | Dec 2024 47.1 | Mar 2025 33.7 | Jun 2025 47.7 | Sep 2025 38.8 | Dec 2025 34.2 | Mar 2026 23.2 | Jun 2026 —
- NEWGEN: Sep 2021 30.2 | Dec 2021 28.0 | Mar 2022 22.0 | Jun 2022 15.2 | Sep 2022 15.4 | Dec 2022 16.3 | Mar 2023 20.5 | Jun 2023 27.0 | Sep 2023 33.6 | Dec 2023 53.3 | Mar 2024 49.2 | Jun 2024 54.1 | Sep 2024 73.7 | Dec 2024 78.0 | Mar 2025 44.8 | Jun 2025 51.5 | Sep 2025 39.5 | Dec 2025 36.0 | Mar 2026 18.4 | Jun 2026 20.4
- NPST: Sep 2021 29.8 | Dec 2021 30.4 | Mar 2022 29.2 | Jun 2022 33.8 | Sep 2022 47.3 | Dec 2022 82.3 | Mar 2023 202.5 | Jun 2023 81.3 | Sep 2023 74.8 | Dec 2023 100.0 | Mar 2024 107.6 | Jun 2024 117.6 | Sep 2024 150.7 | Dec 2024 103.5 | Mar 2025 94.7 | Jun 2025 88.1 | Sep 2025 103.9 | Dec 2025 98.2 | Mar 2026 64.5 | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 80.9 | Dec 2023 89.9 | Mar 2024 98.9 | Jun 2024 77.4 | Sep 2024 92.2 | Dec 2024 93.6 | Mar 2025 59.6 | Jun 2025 60.3 | Sep 2025 47.2 | Dec 2025 42.1 | Mar 2026 21.0 | Jun 2026 —
- RAMCOSYS: Sep 2021 45.8 | Dec 2021 422.2 | Mar 2022 344.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -36.0 | Jun 2025 -111.6 | Sep 2025 212.7 | Dec 2025 249.1 | Mar 2026 31.6 | Jun 2026 44.3
- NUCLEUS: Sep 2021 20.2 | Dec 2021 24.4 | Mar 2022 25.0 | Jun 2022 38.6 | Sep 2022 23.9 | Dec 2022 21.7 | Mar 2023 21.8 | Jun 2023 25.7 | Sep 2023 15.7 | Dec 2023 19.3 | Mar 2024 15.3 | Jun 2024 22.8 | Sep 2024 20.0 | Dec 2024 17.3 | Mar 2025 13.7 | Jun 2025 18.9 | Sep 2025 19.6 | Dec 2025 18.1 | Mar 2026 12.2 | Jun 2026 —
- ACCELYA: Sep 2021 47.0 | Dec 2021 29.2 | Mar 2022 23.7 | Jun 2022 19.1 | Sep 2022 22.1 | Dec 2022 22.9 | Mar 2023 17.6 | Jun 2023 17.8 | Sep 2023 20.6 | Dec 2023 18.1 | Mar 2024 20.5 | Jun 2024 22.2 | Sep 2024 23.7 | Dec 2024 19.2 | Mar 2025 16.1 | Jun 2025 16.8 | Sep 2025 16.8 | Dec 2025 15.4 | Mar 2026 14.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Accelya Solutions India Ltd leads ev/ebitda at 8.2×; Zaggle Prepaid Ocean Services Ltd leads p/bv at 1.92×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Accelya Solutions India Ltd · 8.2× | 0% versus #2 · Nucleus Software Exports Ltd | 0/8 recent comparable periods | 9/9 companies · 156 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Accelya Solutions India Ltd (ACCELYA): 8.2
2. Nucleus Software Exports Ltd (NUCLEUS): 8.2
3. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 10.4
4. Intellect Design Arena Ltd (INTELLECT): 12.0
5. Newgen Software Technologies Ltd (NEWGEN): 13.5

### P/BV — lowest P/BV
1. Zaggle Prepaid Ocean Services Ltd (ZAGGLE): 1.9
2. Nucleus Software Exports Ltd (NUCLEUS): 2.1
3. Intellect Design Arena Ltd (INTELLECT): 3.2
4. Newgen Software Technologies Ltd (NEWGEN): 4.1
5. Rategain Travel Technologies Ltd (RATEGAIN): 5.3

### 20-quarter EV/EBITDA history
- OFSS: Sep 2021 13.6 | Dec 2021 11.2 | Mar 2022 10.0 | Jun 2022 8.4 | Sep 2022 8.3 | Dec 2022 8.6 | Mar 2023 9.1 | Jun 2023 10.5 | Sep 2023 11.2 | Dec 2023 11.9 | Mar 2024 23.8 | Jun 2024 25.7 | Sep 2024 28.3 | Dec 2024 29.8 | Mar 2025 18.9 | Jun 2025 21.5 | Sep 2025 20.0 | Dec 2025 18.6 | Mar 2026 16.1 | Jun 2026 23.9
- RATEGAIN: Sep 2021 — | Dec 2021 211.4 | Mar 2022 210.6 | Jun 2022 160.1 | Sep 2022 44.9 | Dec 2022 37.0 | Mar 2023 39.2 | Jun 2023 41.1 | Sep 2023 48.5 | Dec 2023 53.8 | Mar 2024 42.3 | Jun 2024 37.2 | Sep 2024 32.1 | Dec 2024 29.2 | Mar 2025 16.5 | Jun 2025 16.1 | Sep 2025 23.5 | Dec 2025 23.4 | Mar 2026 15.6 | Jun 2026 —
- INTELLECT: Sep 2021 21.9 | Dec 2021 22.2 | Mar 2022 24.0 | Jun 2022 16.7 | Sep 2022 13.2 | Dec 2022 11.8 | Mar 2023 11.4 | Jun 2023 17.2 | Sep 2023 18.2 | Dec 2023 20.1 | Mar 2024 24.9 | Jun 2024 24.0 | Sep 2024 23.4 | Dec 2024 25.3 | Mar 2025 17.6 | Jun 2025 26.1 | Sep 2025 20.9 | Dec 2025 18.8 | Mar 2026 12.0 | Jun 2026 —
- NEWGEN: Sep 2021 18.0 | Dec 2021 16.7 | Mar 2022 14.6 | Jun 2022 10.0 | Sep 2022 10.4 | Dec 2022 10.9 | Mar 2023 13.6 | Jun 2023 18.7 | Sep 2023 23.5 | Dec 2023 37.4 | Mar 2024 35.7 | Jun 2024 40.0 | Sep 2024 53.8 | Dec 2024 56.5 | Mar 2025 32.4 | Jun 2025 36.4 | Sep 2025 27.6 | Dec 2025 25.3 | Mar 2026 12.1 | Jun 2026 13.5
- NPST: Sep 2021 15.3 | Dec 2021 11.9 | Mar 2022 11.2 | Jun 2022 13.2 | Sep 2022 18.3 | Dec 2022 30.1 | Mar 2023 74.5 | Jun 2023 42.8 | Sep 2023 43.0 | Dec 2023 57.4 | Mar 2024 63.0 | Jun 2024 70.6 | Sep 2024 94.9 | Dec 2024 69.0 | Mar 2025 62.8 | Jun 2025 57.5 | Sep 2025 70.3 | Dec 2025 54.0 | Mar 2026 33.9 | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 52.2 | Dec 2023 49.4 | Mar 2024 47.2 | Jun 2024 43.8 | Sep 2024 52.6 | Dec 2024 61.9 | Mar 2025 38.1 | Jun 2025 37.8 | Sep 2025 25.9 | Dec 2025 23.2 | Mar 2026 10.4 | Jun 2026 —
- RAMCOSYS: Sep 2021 10.3 | Dec 2021 13.4 | Mar 2022 18.1 | Jun 2022 124.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 71.9 | Mar 2025 30.3 | Jun 2025 19.4 | Sep 2025 17.1 | Dec 2025 16.3 | Mar 2026 8.4 | Jun 2026 15.6
- NUCLEUS: Sep 2021 13.2 | Dec 2021 15.5 | Mar 2022 14.1 | Jun 2022 18.5 | Sep 2022 12.5 | Dec 2022 11.3 | Mar 2023 12.8 | Jun 2023 16.7 | Sep 2023 10.8 | Dec 2023 13.3 | Mar 2024 10.6 | Jun 2024 15.7 | Sep 2024 13.5 | Dec 2024 11.6 | Mar 2025 9.1 | Jun 2025 13.0 | Sep 2025 12.8 | Dec 2025 12.0 | Mar 2026 8.2 | Jun 2026 —
- ACCELYA: Sep 2021 20.5 | Dec 2021 14.2 | Mar 2022 11.9 | Jun 2022 9.8 | Sep 2022 11.7 | Dec 2022 12.8 | Mar 2023 10.0 | Jun 2023 10.4 | Sep 2023 12.3 | Dec 2023 10.8 | Mar 2024 12.3 | Jun 2024 12.3 | Sep 2024 13.3 | Dec 2024 10.6 | Mar 2025 8.9 | Jun 2025 10.2 | Sep 2025 10.2 | Dec 2025 9.4 | Mar 2026 8.2 | Jun 2026 —

### 20-quarter P/BV history
- OFSS: Sep 2021 5.9 | Dec 2021 5.6 | Mar 2022 5.0 | Jun 2022 3.9 | Sep 2022 4.0 | Dec 2022 4.1 | Mar 2023 4.0 | Jun 2023 4.5 | Sep 2023 4.8 | Dec 2023 5.6 | Mar 2024 11.7 | Jun 2024 10.9 | Sep 2024 12.6 | Dec 2024 15.5 | Mar 2025 9.7 | Jun 2025 9.9 | Sep 2025 8.8 | Dec 2025 9.2 | Mar 2026 8.2 | Jun 2026 11.4
- RATEGAIN: Sep 2021 — | Dec 2021 — | Mar 2022 5.8 | Jun 2022 4.5 | Sep 2022 4.5 | Dec 2022 4.7 | Mar 2023 6.0 | Jun 2023 7.2 | Sep 2023 9.1 | Dec 2023 10.2 | Mar 2024 11.0 | Jun 2024 11.4 | Sep 2024 5.9 | Dec 2024 5.5 | Mar 2025 3.4 | Jun 2025 3.7 | Sep 2025 5.3 | Dec 2025 4.2 | Mar 2026 3.0 | Jun 2026 —
- INTELLECT: Sep 2021 6.5 | Dec 2021 6.3 | Mar 2022 7.3 | Jun 2022 6.1 | Sep 2022 3.8 | Dec 2022 3.3 | Mar 2023 3.0 | Jun 2023 4.7 | Sep 2023 4.7 | Dec 2023 5.1 | Mar 2024 6.7 | Jun 2024 6.0 | Sep 2024 5.5 | Dec 2024 5.5 | Mar 2025 3.7 | Jun 2025 6.4 | Sep 2025 4.9 | Dec 2025 4.7 | Mar 2026 3.0 | Jun 2026 —
- NEWGEN: Sep 2021 6.3 | Dec 2021 5.9 | Mar 2022 5.0 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 3.9 | Jun 2023 4.8 | Sep 2023 6.4 | Dec 2023 10.6 | Mar 2024 10.8 | Jun 2024 12.9 | Sep 2024 16.2 | Dec 2024 17.5 | Mar 2025 10.8 | Jun 2025 13.2 | Sep 2025 8.3 | Dec 2025 7.5 | Mar 2026 3.8 | Jun 2026 4.4
- NPST: Sep 2021 2.2 | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 2.3 | Sep 2022 3.1 | Dec 2022 6.2 | Mar 2023 15.8 | Jun 2023 24.0 | Sep 2023 29.8 | Dec 2023 40.8 | Mar 2024 57.0 | Jun 2024 75.6 | Sep 2024 97.2 | Dec 2024 56.4 | Mar 2025 50.2 | Jun 2025 67.4 | Sep 2025 64.2 | Dec 2025 6.8 | Mar 2026 5.4 | Jun 2026 —
- ZAGGLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.6 | Dec 2023 5.1 | Mar 2024 6.6 | Jun 2024 6.0 | Sep 2024 9.4 | Dec 2024 10.8 | Mar 2025 7.8 | Jun 2025 8.7 | Sep 2025 3.8 | Dec 2025 3.6 | Mar 2026 2.1 | Jun 2026 —
- RAMCOSYS: Sep 2021 2.3 | Dec 2021 2.3 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.0 | Jun 2023 1.3 | Sep 2023 2.2 | Dec 2023 2.9 | Mar 2024 2.6 | Jun 2024 2.2 | Sep 2024 4.6 | Dec 2024 5.0 | Mar 2025 4.0 | Jun 2025 4.7 | Sep 2025 5.9 | Dec 2025 6.6 | Mar 2026 4.2 | Jun 2026 7.6
- NUCLEUS: Sep 2021 2.6 | Dec 2021 2.5 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 2.1 | Dec 2022 2.1 | Mar 2023 3.5 | Jun 2023 4.7 | Sep 2023 4.4 | Dec 2023 5.7 | Mar 2024 4.6 | Jun 2024 4.9 | Sep 2024 4.3 | Dec 2024 3.7 | Mar 2025 3.0 | Jun 2025 4.0 | Sep 2025 3.2 | Dec 2025 2.9 | Mar 2026 2.3 | Jun 2026 —
- ACCELYA: Sep 2021 8.1 | Dec 2021 6.5 | Mar 2022 5.9 | Jun 2022 5.4 | Sep 2022 7.0 | Dec 2022 8.3 | Mar 2023 7.2 | Jun 2023 7.5 | Sep 2023 9.0 | Dec 2023 7.8 | Mar 2024 8.7 | Jun 2024 8.9 | Sep 2024 9.8 | Dec 2024 7.9 | Mar 2025 6.6 | Jun 2025 7.4 | Sep 2025 7.7 | Dec 2025 7.0 | Mar 2026 6.3 | Jun 2026 —

## Market action

Rategain Travel Technologies Ltd has the strongest one-year price move in IT Product Companies at +93.3%. It also leads on Mansfield relative strength against NIFTY at +40.6%. 3 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Rategain Travel Technologies Ltd (RATEGAIN): 93%
2. Ramco Systems Ltd (RAMCOSYS): 80%
3. Oracle Financial Services Software Ltd (OFSS): 21%
4. Accelya Solutions India Ltd (ACCELYA): -17%
5. Network People Services Technologies Ltd (NPST): -20%

### Strongest relative strength versus NIFTY 500
1. Rategain Travel Technologies Ltd (RATEGAIN): 41%
2. Ramco Systems Ltd (RAMCOSYS): 39%
3. Oracle Financial Services Software Ltd (OFSS): 26%
4. Network People Services Technologies Ltd (NPST): -0.8%
5. Accelya Solutions India Ltd (ACCELYA): -8.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Oracle Financial Services Software Ltd (OFSS) — market value ₹92.8K Cr; latest fundamentals Jun 2026
- Rategain Travel Technologies Ltd (RATEGAIN) — market value ₹10.7K Cr; latest fundamentals Mar 2026
- Intellect Design Arena Ltd (INTELLECT) — market value ₹10.3K Cr; latest fundamentals Mar 2026
- Newgen Software Technologies Ltd (NEWGEN) — market value ₹7.2K Cr; latest fundamentals Jun 2026
- Network People Services Technologies Ltd (NPST) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Zaggle Prepaid Ocean Services Ltd (ZAGGLE) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Ramco Systems Ltd (RAMCOSYS) — market value ₹2.7K Cr; latest fundamentals Jun 2026
- Nucleus Software Exports Ltd (NUCLEUS) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Accelya Solutions India Ltd (ACCELYA) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 7. Unverified: 2. Withheld: 0. Graded companies: 9.

2 of 9 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | NUCLEUS | Nucleus Software Exports Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ACCELYA | Accelya Solutions India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty IT Product Companies index?

The Nifty IT Product Companies index tracks India's listed IT Product Companies companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the IT Product Companies sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best IT Product Companies stocks in India?

Ranked by this page's four-factor score, Oracle Financial Services Software Ltd places first among 9 listed IT Product Companies companies, followed by Ramco Systems Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many IT Product Companies stocks are listed in India?

This comparison covers 9 listed IT Product Companies companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which IT Product Companies company is the biggest?

Oracle Financial Services Software Ltd is the largest, with trailing-twelve-month revenue of ₹8,945 crore, ahead of Intellect Design Arena Ltd at ₹3,038 crore. That covers 9 of 9 companies with comparable reporting through Jun 2026.

### Which IT Product Companies company is growing fastest?

Rategain Travel Technologies Ltd has the fastest revenue growth at 69.4% year on year, across 9 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which IT Product Companies company has the best profit margins?

Oracle Financial Services Software Ltd has the highest operating margin at 60%, from 9 of 9 comparable companies. Oracle Financial Services Software Ltd shows the biggest recent improvement, at +14 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which IT Product Companies company makes the most profit?

Oracle Financial Services Software Ltd earns the most, at ₹3,414 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Ramco Systems Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which IT Product Companies company earns the highest return on capital?

Accelya Solutions India Ltd leads on return on capital employed at 53.6%, across 9 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which IT Product Companies stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Newgen Software Technologies Ltd screens cheapest at 0.73×. Only 6 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which IT Product Companies company has the strongest balance sheet?

Nucleus Software Exports Ltd carries the lowest comparable gross debt at ₹9 crore, from 9 of 9 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the IT Product Companies sector beating the market?

IT Product Companies has outperformed NIFTY 500 by 3.5% over the last 52 weeks and 15.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which IT Product Companies stock has the strongest price momentum?

Rategain Travel Technologies Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which IT Product Companies company scores highest for research priority?

Oracle Financial Services Software Ltd scores 65.8 out of 100 with 100% evidence confidence, from 30.4 points on growth and earnings, 20.4 on capital efficiency, 2.5 on valuation and 12.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many IT Product Companies companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the IT Product Companies sector?

The 9 IT Product Companies companies on this page carry ₹1,33,055 crore of combined market value. Oracle Financial Services Software Ltd is the largest at ₹92,753 crore, about 70% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the IT Product Companies sector's P/E ratio?

The median price-to-earnings ratio across the 9 IT Product Companies companies on this page is 27.2×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the IT Product Companies sector performing?

3 of the 9 covered IT Product Companies companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 3.5% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/it-product-companies