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Newgen Software Technologies Ltd.
NSE: NEWGENTechnologySoftware - Infrastructure
- Last close
- ₹442.45
- Day change
- −₹13.00 (−2.85%)vs
- Market cap
- ₹6,726 crIndian rupees
- Research updated
- 2 reports
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About Newgen Software Technologies
Newgen Software Technologies Ltd. is a premier provider of business software solutions that enhance enterprise-level operations. Specializing in digital transformation, Newgen offers an array of products designed to streamline business processes, manage processes and content, and foster collaboration. The company's flagship offerings include its Business Process Management (BPM), Enterprise Content Management (ECM), and Customer Communication Management (CCM) suites. Headquartered in India, Newgen Software extends its expertise to a range of industries such as banking, government, insurance, and shared services. These sectors benefit from Newgen's solutions, optimizing their business operations and achieving greater agility. In the financial market, Newgen Software Technologies Ltd. holds significance by driving the digitalization of processes across critical sectors, thus influencing operational efficiencies and customer service standards. By leveraging robust technology and a comprehensive suite of software solutions, Newgen continues to play a vital role in helping organizations transition to digital ecosystems, thus keeping them competitive in a rapidly evolving market landscape.
- Sector
- Technology
- Industry
- Software - Infrastructure
- Listing
- NSE: NEWGEN
- Employees
- 3,788
- Headquarters
- New Delhi, India
- ISIN
- INE619B01017
- Website
- newgensoft.com
Public research · Report of
Business model & financial foundation
Newgen Software (NSE: NEWGEN), Enterprise application software (low-code process automation, content and communication management): revenue of ₹1,574 crore in FY26 (+5.9% on FY25), an EBITDA margin of 25.8%, net profit of ₹300.6 crore and net cash of ₹1,075 crore.
- Revenue, FY26 (₹ crore)
- 1,574
- consolidated
- Revenue growth, FY26
- +5.9%
- on FY25
- EBITDA margin, FY26
- 25.8%
- EBITDA (Operating EBITDA before exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 300.6
- to owners
- Return on equity, FY26
- 18.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,075
- Net debt including treasury investments/current deposits
- Market capitalisation (₹ crore)
- 6,981
- at the close of 23 Oct 2026
Company profile
Newgen Software sells NewgenONE, a low-code platform for process automation, content services and customer communication management, mainly to banks (68% of FY26 revenue), insurers, healthcare providers and governments in about 79 countries. Revenue comes from upfront licences, implementation, and annuity streams (ATS/AMC, support and SaaS), which made up 62% of FY26 revenue of INR1,574cr. The company carries net cash, has no funded debt and is promoter controlled.
| Item | Value |
|---|---|
| Legal name | Newgen Software Technologies Limited |
| Exchange and ticker | NSE: NEWGEN; BSE: 540900 |
| ISIN | INE619B01017 |
| CIN | L72200DL1992PLC049074 |
| Sector | Information Technology |
| Industry | Enterprise application software (low-code process automation, content and communication management) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹6,981 crore (23 Oct 2026) |
| Shares outstanding | 14.15 crore shares (FY26) |
| Price | ₹475.8 (close, 23 Oct 2026) |
| 52-week range | ₹401.0 - ₹1,042 (to 23 Oct 2026) |
| Website | https://newgensoft.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Newgen Software Inc. | 100% | US sales and delivery subsidiary; material subsidiary |
Eight wholly owned subsidiaries with no associates or joint ventures; Newgen Software Inc. (USA) is the material subsidiary. The others are overseas sales and service entities.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 53.52% | 53.52% | 53.45% | 53.45% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.34% | 14.48% | 13.78% | 13.83% |
| Domestic institutions | 9.68% | 8.85% | 8.15% | 8.59% |
| of which mutual funds | 4.12% | 3.33% | 2.71% | 2.51% |
| Retail | 12.03% | 15.38% | 17.15% | 16.48% |
| Other | 7.43% | 7.77% | 7.47% | 7.65% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Newgen sells low-code process automation, content services and communication software to banks, government and enterprises. Revenue combines upfront licence and implementation work with ATS/AMC, support and SaaS annuities. Q2FY27 recurring revenue remained the stabiliser: annuity grew 14.7% YoY and SaaS 36.4%.
| Segment | revenue, FY26 (₹ crore) | Share | segment profit, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India | 453.0 | 28.8% | 72.4 | 17.7% | 272.5 | 24.5% |
| Europe, Middle East and Africa | 489.1 | 31.1% | 140.3 | 34.3% | 382.2 | 34.4% |
| Asia Pacific | 263.3 | 16.7% | 88.3 | 21.6% | 175.2 | 15.8% |
| United States | 369.0 | 23.4% | 108.3 | 26.5% | 282.1 | 25.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Intellect Design Arena (INTELLECT) | Indian banking software product company with a licence, implementation and AMC model and the same BFSI client base |
| Nucleus Software Exports (NUCLEUS) | Indian lending software product vendor to banks with comparable licence and annuity revenue streams |
| Tata Elxsi (TATAELXSI) | |
| Persistent Systems (PERSISTENT) | Indian mid-cap software engineering firm with a meaningful platform and IP component |
| Mastek (MASTEK) | Indian mid-cap digital transformation and enterprise application vendor with a UK/US mix |
| Route Mobile (ROUTE) | Indian listed software platform firm of similar size, though its CPaaS model differs |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 779.0 | 974.0 | 1,244 | 1,487 | 1,574 |
| Cost of revenue (vendor classification) * | 403.1 | 521.1 | 625.8 | 741.8 | 787.3 |
| Other operating costs (vendor classification) * | 153.0 | 201.1 | 278.6 | 310.4 | 340.4 |
| EBITDA (vendor classification) * | 221.0 | 243.0 | 319.3 | 409.3 | 443.6 |
| Operating EBIT excluding other income and exceptional | 205.5 | 220.7 | 260.3 | 343.2 | 369.2 |
| Total statutory finance costs | 2.07 | 3.40 | 4.18 | 4.77 | 5.47 |
| Profit before tax after exceptional items | 203.5 | 217.3 | 304.2 | 402.0 | 387.3 |
| Total current and deferred tax expense | 39.2 | 40.3 | 52.6 | 86.7 | 86.7 |
| Statutory profit after tax | 164.2 | 177.0 | 251.6 | 315.2 | 300.6 |
| Diluted EPS as reported, bonus adjusted (₹) | 11.75 | 6.28 | 17.50 | 21.89 | 21.24 |
| Employee benefits expense | 628.3 | 741.0 | 742.3 | ||
| Other operating expenses | 327.2 | 369.6 | 426.4 | ||
| Separate materials/traded goods cost | 0.00 | 0.00 | 0.00 | ||
| Operating EBITDA before exceptional items | 288.3 | 376.2 | 405.8 | ||
| Other income | 48.1 | 63.6 | 67.0 | ||
| Depreciation and amortisation | 28.0 | 33.0 | 36.6 | ||
| Exceptional items signed PBT contribution | 0.00 | 0.00 | -43.4 | ||
| Profit attributable to owners | 251.6 | 315.2 | 300.6 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share of associate and JV profit | 0.00 | 0.00 | 0.00 | ||
| Employee stack: salaries wages bonus | 564.6 | 668.5 | 694.0 | ||
| Employee stack: provident funds | 16.2 | 19.3 | 19.8 | ||
| Employee stack: compensated absences excluding exceptional | 7.40 | 8.78 | 9.65 | ||
| Employee stack: equity settled share payment expense/credit | 24.0 | 25.1 | -4.31 | ||
| Employee stack: defined benefit excluding exceptional | 7.57 | 8.93 | 11.6 | ||
| Employee stack: staff welfare | 8.58 | 10.4 | 11.6 | ||
| Other stack: rent | 3.39 | 4.53 | 4.73 | ||
| Other stack: repairs maintenance | 5.62 | 6.22 | 4.70 | ||
| Other stack: rates taxes | 10.9 | 13.0 | 16.4 | ||
| Other stack: travelling conveyance | 61.0 | 83.1 | 82.7 | ||
| Other stack: legal professional fees excluding exceptional | 69.0 | 73.5 | 73.1 | ||
| Other stack: auditors | 0.68 | 0.72 | 0.78 | ||
| Other stack: outsourced technical services | 8.78 | 3.70 | 9.72 | ||
| Other stack: cloud hosting | 24.6 | 29.9 | 51.1 | ||
| Other stack: electricity water | 4.33 | 4.43 | 4.28 | ||
| Other stack: advertising sales promotion | 15.9 | 25.6 | 24.5 | ||
| Other stack: memberships subscriptions | 5.85 | 7.08 | 8.00 | ||
| Other stack: brokerage commission | 15.6 | 11.1 | 14.8 | ||
| Other stack: communication | 4.26 | 4.40 | 4.63 | ||
| Other stack: software licence maintenance | 16.6 | 20.7 | 19.0 | ||
| Other stack: CSR | 3.79 | 4.36 | 5.71 | ||
| Other stack: donations | 0.40 | 0.39 | 0.44 | ||
| Other stack: recruitment charges | 4.02 | 3.50 | 1.95 | ||
| Other stack: insurance | 19.8 | 17.4 | 17.9 | ||
| Other stack: operation maintenance | 5.78 | 8.13 | 9.37 | ||
| Other stack: printing stationery scanning | 3.82 | 4.38 | 3.68 | ||
| Other stack: subcontracting | 4.95 | 0.26 | 7.00 | ||
| Other stack: loss allowance receivables and contract assets | 32.6 | 36.7 | 46.8 | ||
| Other stack: security | 2.51 | 2.84 | 3.15 | ||
| Other stack: net foreign exchange loss | 0.00 | 0.60 | 9.12 | ||
| Other stack: bond redemption loss | 0.00 | 0.00 | 0.12 | ||
| Other stack: miscellaneous expenses | 2.96 | 3.01 | 2.68 | ||
| Finance cost: leases | 3.05 | 4.52 | 4.47 | ||
| Finance cost: loan interest | 0.31 | 0.14 | 0.00 | ||
| Finance cost: other | 0.82 | 0.11 | 1.00 | ||
| D&A: PPE depreciation | 13.4 | 16.0 | 17.1 | ||
| D&A: ROU depreciation | 11.0 | 13.3 | 15.1 | ||
| D&A: intangible amortisation | 3.65 | 3.74 | 4.45 | ||
| Current income tax expense | 59.5 | 98.7 | 108.5 | ||
| Deferred income tax charge/credit signed | -6.92 | -12.0 | -21.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 811.4 | 982.5 | 1,224 | 1,516 | 1,777 |
| Borrowings including current and noncurrent leases | 27.8 | 42.7 | 48.5 | 53.5 | 39.4 |
| Cash and cash equivalents | 103.6 | 108.0 | 124.6 | 103.8 | 103.5 |
| Net trade receivables excluding contract assets | 278.9 | 388.2 | 443.5 | 556.7 | 708.2 |
| Trade payables MSME and other | 36.5 | 34.9 | 47.6 | 50.5 | 55.1 |
| PPE plus intangible assets plus ROU assets | 211.0 | 228.5 | 245.4 | 256.1 | 236.2 |
| Capital work in progress | 0.00 | 2.80 | 0.00 | 1.08 | |
| Total assets | 1,107 | 1,345 | 1,686 | 2,045 | 2,442 |
| Current treasury investments | 365.0 | 508.4 | 703.1 | ||
| Other current bank balances including deposits | 251.4 | 311.7 | 308.0 | ||
| Net debt including treasury investments/current deposits | -692.4 | -870.4 | -1,075 | ||
| Inventory | n.a. | n.a. | n.a. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after income taxes paid | 140.5 | 122.4 | 281.4 | 215.0 | 231.9 |
| Free cash flow (vendor definition) * | 130.1 | 119.6 | 267.6 | 191.6 | 222.1 |
| Cash dividend paid positive outflow | -24.5 | -31.5 | 35.0 | 56.1 | 70.8 |
| Gross cash capex positive outflow | -12.6 | -16.7 | 13.8 | 23.4 | 9.75 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares for EPS | 13.88 | 13.92 | 14.38 | 14.40 | 14.15 |
| Period-end paid-up shares excluding dilution | 13.98 | 14.02 | 14.12 | ||
| Other income detail: interest security deposits | 0.31 | 0.50 | 0.64 | ||
| Other income detail: bonds interest | 4.26 | 4.25 | 4.25 | ||
| Other income detail: bank deposit interest | 21.5 | 23.1 | 24.8 | ||
| Other income detail: lease termination gain | 0.00 | 1.27 | 0.00 | ||
| Other income detail: PPE disposal gain | 0.13 | 0.13 | 0.80 | ||
| Other income detail: mutual fund sales net gain | 2.55 | 9.14 | 11.9 | ||
| Other income detail: FVTPL fair value changes | 13.6 | 19.8 | 15.6 | ||
| Other income detail: liabilities provisions written back | 1.21 | 4.76 | 5.52 | ||
| Other income detail: net FX gain | 3.59 | 0.00 | 0.00 | ||
| Other income detail: miscellaneous | 0.94 | 0.62 | 3.53 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 381.1 | 429.9 | 320.7 | 400.8 | 400.3 | 452.7 | 356.7 | 422.2 |
| Cost of revenue (vendor classification) * | 188.3 | 194.9 | 181.5 | 189.4 | 182.8 | 190.1 | ||
| Other operating costs (vendor classification) * | 84.5 | -82.3 | 94.2 | 104.7 | 117.7 | 110.7 | ||
| EBITDA (vendor classification) * | 116.7 | 151.2 | 74.4 | 126.3 | 156.5 | 92.2 | ||
| Operating EBIT excluding other income and exceptional | 99.7 | 128.6 | 35.9 | 93.3 | 97.2 | 142.8 | 46.7 | |
| Total statutory finance costs | 1.40 | 1.41 | 1.22 | 1.18 | 2.08 | 0.99 | 0.86 | 0.90 |
| PBT after exceptional items | 106.6 | 141.3 | 64.1 | 105.3 | 80.1 | 137.8 | 82.1 | 110.2 |
| Total current and deferred tax expense | 17.6 | 32.9 | 14.4 | 23.6 | 17.2 | 31.5 | 19.3 | 23.3 |
| Statutory profit after tax | 89.0 | 108.3 | 49.7 | 81.7 | 62.8 | 106.3 | 62.8 | 86.9 |
| Diluted EPS as reported (₹) | 6.16 | 7.58 | 3.45 | 5.69 | 4.37 | 7.51 | 4.41 | 6.12 |
| Employee benefits expense | 188.2 | 194.1 | 181.5 | 188.6 | 189.4 | 182.8 | 190.1 | 191.5 |
| Other expenses | 84.5 | 98.6 | 94.1 | 109.8 | 104.7 | 117.7 | 110.7 | 121.7 |
| Other income excluding exceptional items | 8.38 | 14.1 | 29.4 | 13.2 | 20.0 | 4.35 | 36.3 | 11.4 |
| Depreciation and amortisation | 8.66 | 8.65 | 9.06 | 9.10 | 9.06 | 9.37 | 9.21 | 9.43 |
| Profit attributable to owners | 89.0 | 108.3 | 49.7 | 81.7 | 62.8 | 106.3 | 62.8 | 86.9 |
| Operating EBITDA before exceptional items | 108.3 | 137.2 | 45.0 | 102.4 | 106.2 | 152.1 | 55.9 | 109.0 |
| Exceptional signed PBT contribution | 0.00 | 0.00 | 0.00 | 0.00 | -35.1 | -8.33 | 0.00 | 0.00 |
| PAT attributable to non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of associate and JV profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Separate materials/traded goods cost | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.8% | 25.0% | 27.7% | 19.5% | 5.9% |
| EBITDA margin | 23.2% | 25.3% | 25.8% | ||
| Net margin | 20.2% | 21.2% | 19.1% | ||
| Return on equity | 22.8% | 23.0% | 18.3% | ||
| Return on capital employed | 27.0% | 23.7% | 22.7% | 24.1% | 21.8% |
| Return on assets | 16.6% | 16.9% | 13.4% | ||
| Net debt (₹ crore) | -692.4 | -870.4 | -1,075 | ||
| Net debt / EBITDA | -2.40x | -2.31x | -2.65x | ||
| Interest cover | 99.3x | 64.9x | 62.3x | 71.9x | 67.5x |
| Asset turnover | 0.77x | 0.79x | 0.82x | 0.80x | 0.70x |
| Receivable days | 131 | 145 | 130 | 137 | 164 |
| Payable days (on revenue) | 17 | 13 | 14 | 12 | 13 |
| Cash conversion | 1.12x | 0.68x | 0.77x | ||
| Capex intensity | 1.6% | 1.7% | 1.1% | 1.6% | 0.6% |
| Free cash flow (₹ crore) | 127.9 | 105.8 | 267.6 | 191.6 | 222.1 |
| Dividend payout | 13.9% | 17.8% | 23.6% | ||
| EPS, diluted (₹) | 11.75 | 6.28 | 17.50 | 21.89 | 21.24 |
| Book value per share (₹) | 58.44 | 70.57 | 85.11 | 105.3 | 125.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including treasury investments/current deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported, bonus adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Newgen Software Technologies includes
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Newgen Software Technologies
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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