Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Oracle Financial Services Software Limited
NSE: OFSSTechnologySoftware - Infrastructure
- Last close
- ₹9,677.00
- Day change
- −₹166.00 (−1.69%)vs
- Market cap
- ₹84,289 crIndian rupees
- Research updated
- 2 reports
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About Oracle Financial Services Software
Oracle Financial Services Software Limited is a prominent provider of IT solutions and services within the banking and financial sector. It primarily focuses on delivering enterprise-wide solutions that cater to the complex technological needs of traditional banks, insurance companies, and other financial institutions. The company's flagship product, the Oracle FLEXCUBE suite, is one of the leading banking solutions globally, offering comprehensive features that support core banking, lending, and trade finance. By leveraging cutting-edge technology, Oracle Financial Services Software Limited empowers financial entities to enhance operational efficiencies, improve customer service, and adhere to regulatory compliance standards. Significantly impacting sectors including retail banking, investment banking, and insurance, the company plays a crucial role in advancing digital transformation within the financial services industry. As a part of the Oracle Corporation family, it benefits from robust research and development capabilities and a broad global reach, solidifying its market significance as a leader in banking technology solutions.
- Sector
- Technology
- Industry
- Software - Infrastructure
- Listing
- NSE: OFSS
- Chief executive
- Mr. Avadhut D. Ketkar
- Employees
- 8,347
- Headquarters
- Mumbai, India
- ISIN
- INE881D01027
Public research · Report of
Business model & financial foundation
OFSS (NSE: OFSS), Banking software products and related services: revenue of ₹7,672 crore in FY26 (+12.1% on FY25), an EBITDA margin of 45.3%, net profit of ₹2,639 crore and net cash of ₹5,477 crore.
- Revenue, FY26 (₹ crore)
- 7,672
- consolidated
- Revenue growth, FY26
- +12.1%
- on FY25
- EBITDA margin, FY26
- 45.3%
- EBITDA before finance cost, derived / revenue
- Net profit, FY26 (₹ crore)
- 2,639
- to owners
- Return on equity, FY26
- 32.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -5,477
- Debt less gross cash equivalents and liquid bank deposits
- Market capitalisation (₹ crore)
- 90,238
- at the close of 23 Oct 2026
Company profile
OFSS sells banking and analytical software globally. Its Products segment comprises licence/cloud fees, maintenance and product consulting; its Services segment provides financial-services consulting and technology services. Oracle affiliates form an important distribution channel and related-party customer group.
| Item | Value |
|---|---|
| Legal name | Oracle Financial Services Software Limited |
| Exchange and ticker | NSE: OFSS; BSE: 532466 |
| ISIN | INE881D01027 |
| CIN | L72200MH1989PLC053666 |
| Sector | Information Technology |
| Industry | Banking software products and related services |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2022) |
| Market capitalisation | ₹90,238 crore (23 Oct 2026) |
| Shares outstanding | 8.70 crore shares (FY26) |
| Price | ₹9,677 (close, 23 Oct 2026) |
| 52-week range | ₹6,235 - ₹12,540 (to 23 Oct 2026) |
| Website | https://www.oracle.com/financialservices/ |
Corporate structure and shareholding
Parent: Oracle Global (Mauritius) Limited; ultimate parent Oracle Corporation.
| Entity | Holding | Business |
|---|---|---|
| Oracle Financial Services Software B.V. | 100% | Material Netherlands subsidiary; specific business split not retrieved |
| Oracle Financial Services Software Pte. Ltd. | 100% | Material Singapore subsidiary; specific business split not retrieved |
| Oracle Financial Services Software America, Inc. | 100% | Material US subsidiary; specific business split not retrieved |
| Oracle Financial Services Software, Inc. | 100% | Material indirect US subsidiary; specific business split not retrieved |
Sixteen wholly owned subsidiaries and a controlled employee trust are consolidated.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.46% | 72.44% | 72.41% | 72.39% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.36% | 8.04% | 9.70% | 11.43% |
| Domestic institutions | 8.82% | 9.12% | 8.79% | 7.77% |
| of which mutual funds | 5.81% | 5.53% | 5.42% | 5.57% |
| Retail | 7.99% | 7.77% | 6.72% | 5.62% |
| Other | 2.37% | 2.63% | 2.39% | 2.80% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
OFSS sells banking software products, licences, maintenance and implementation-related work globally, with a smaller IT solutions and consulting segment. Product licences and related activities generated INR1,715.8cr in Q2 FY27 versus INR190.8cr in services; the Q1 FY27 customer agreement recognised INR935.3cr of licence revenue and needs to be separated from the recurring run rate.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Product licenses and related activities | 6,942 | 90.5% | 3,442 | 100.9% | 2,696 | 27.1% |
| IT solutions and consulting services | 730.5 | 9.5% | 209.0 | 6.1% | 212.9 | 2.1% |
| Unallocated corporate items (not operating segment) | -241.3 | -7.1% | 7,025 | 70.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Consultancy Services (TCS) | Large banking technology vendor; service-heavy comparator |
| Infosys (INFY) | Finacle banking products within diversified services |
| HCL Technologies (HCLTECH) | Software products and enterprise services |
| LTIMindtree (LTM) | Renamed LTM Limited effective March17 2026; financial-services IT demand comparator |
| Intellect Design Arena (INTELLECT) | Listed banking-software product comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,221 | 5,698 | 6,373 | 6,847 | 7,672 |
| Cost of revenue (vendor classification) * | 2,406 | 2,774 | 2,983 | 2,908 | 3,040 |
| Other operating costs (vendor classification) * | 293.8 | 418.2 | 527.3 | 557.7 | 694.1 |
| EBITDA (vendor classification) * | 2,654 | 2,704 | 3,192 | 3,400 | 3,876 |
| Operating EBIT before finance cost, derived | 2,540 | 2,583 | 2,708 | 3,007 | 3,412 |
| Finance cost net of tax-interest credits | 28.1 | 0.50 | 2.50 | ||
| Profit before tax | 2,528 | 2,570 | 3,022 | 3,311 | 3,680 |
| Total income tax expense | 639.5 | 763.8 | 803.0 | 931.3 | 1,041 |
| Total consolidated profit after tax | 1,889 | 1,806 | 2,219 | 2,380 | 2,639 |
| Diluted earnings per share (₹) | 218.0 | 208.3 | 254.8 | 272.5 | 302.1 |
| Employee benefit expenses | 2,983 | 3,205 | 3,434 | ||
| Travel related expenses | 122.8 | 143.9 | 137.3 | ||
| Professional fees | 262.5 | 272.1 | 396.0 | ||
| Issuer other operating expenses | 222.3 | 149.8 | 227.6 | ||
| Travel, professional fees and other expenses | 607.6 | 565.8 | 760.9 | ||
| EBITDA before finance cost, derived | 2,783 | 3,076 | 3,477 | ||
| Total non-operating other and finance income | 342.2 | 304.2 | 270.6 | ||
| Depreciation and amortization | 74.3 | 69.1 | 65.4 | ||
| Profit attributable to equity holders | 2,219 | 2,380 | 2,639 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Materials or cost of goods sold | n.a. | n.a. | n.a. | ||
| Separately presented exceptional items | n.d. | n.d. | n.d. | ||
| Share of associates and joint ventures | n.a. | n.a. | n.a. | ||
| Issuer operating income after D&A and finance cost | 2,680 | 3,007 | 3,410 | ||
| Current income tax expense | 814.3 | 1,095 | 1,064 | ||
| Deferred income tax expense or credit | -11.4 | -163.9 | -23.0 | ||
| Basic EPS (₹) | 274.3 | 303.5 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 7,100 | 7,459 | 7,859 | 8,362 | 7,827 |
| Borrowings (non-current and current) | 83.4 | 69.4 | 43.0 | 0.00 | 0.00 |
| Cash and cash equivalents including money market funds | 1,675 | 2,036 | 3,483 | 1,214 | 1,488 |
| Net billed trade receivables | 926.3 | 1,083 | 1,319 | 1,184 | 1,351 |
| Trade payables MSME and other suppliers | 39.7 | 38.1 | 102.0 | 70.0 | 93.8 |
| Property, plant and equipment | 131.9 | 132.3 | |||
| Capital work in progress | 3.82 | 0.57 | 2.76 | 9.10 | 15.8 |
| Total assets | 8,735 | 9,276 | 9,936 | 10,135 | 9,934 |
| Bank deposits original maturity over three months | 2,055 | 4,737 | 4,022 | ||
| Reported interest-bearing debt including leases | 43.0 | 45.6 | 32.5 | ||
| Debt less gross cash equivalents and liquid bank deposits | -5,495 | -5,906 | -5,477 | ||
| Inventory | n.a. | n.a. | n.a. | ||
| Issued fully-paid shares at year end | 8.67 | 8.69 | 8.70 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash provided by operating activities | 1,791 | 2,199 | 2,638 | ||
| Free cash flow (vendor definition) * | 1,819 | 1,720 | 1,761 | 2,164 | 2,587 |
| Dividends paid (an outflow is negative) | -1,726 | -1,642 | -1,946 | -2,081 | -3,432 |
| Positive cash purchase of property plant and equipment | -37.6 | -38.0 | 30.1 | 35.2 | 51.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully-paid equity shares at year end | 8.62 | 8.64 | 8.67 | 8.69 | 8.70 |
| Weighted-average diluted equity shares | 8.71 | 8.73 | 8.74 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,715 | 1,716 | 1,852 | 1,789 | 1,966 | 2,065 | 3,125 | 1,907 |
| Cost of revenue (vendor classification) * | 851.8 | 811.0 | 839.0 | 957.2 | 822.6 | 1,075 | ||
| Other operating costs (vendor classification) * | 149.5 | 140.6 | 166.9 | 189.1 | 186.3 | 173.4 | ||
| EBITDA (vendor classification) * | 713.9 | 764.7 | 846.3 | 880.1 | 1,056 | 1,954 | ||
| Operating EBIT before finance cost, derived | 697.0 | 747.8 | 828.6 | 738.7 | 803.8 | 1,041 | 1,862 | |
| Finance cost including tax-interest credits | -3.30 | -9.30 | -4.30 | 7.80 | 6.90 | -7.90 | 0.70 | 1.10 |
| Profit before tax | 770.0 | 839.0 | 905.4 | 797.2 | 857.4 | 1,120 | 1,939 | 976.2 |
| Total income tax expense | 228.7 | 195.1 | 263.5 | 251.1 | 247.8 | 278.4 | 523.2 | 273.8 |
| Total consolidated profit after tax | 541.3 | 643.9 | 641.9 | 546.1 | 609.6 | 841.7 | 1,416 | 702.4 |
| Diluted earnings per share (₹) | 61.99 | 73.76 | 73.52 | 62.53 | 69.79 | 96.36 | 161.9 | 80.32 |
| Employee benefit expenses | 851.8 | 811.0 | 839.0 | 815.0 | 957.2 | 822.6 | 1,075 | 783.0 |
| Travel related expenses | 36.8 | 34.7 | 34.4 | 35.1 | 35.5 | 32.3 | 24.8 | 32.6 |
| Professional fees | 70.5 | 76.7 | 80.8 | 103.8 | 107.9 | 103.5 | 110.8 | 114.6 |
| Issuer other operating expenses | 42.2 | 29.2 | 51.7 | 79.7 | 45.7 | 50.5 | 37.8 | 50.8 |
| Travel, professional fees and other expenses | 149.5 | 140.6 | 166.9 | 218.6 | 189.1 | 186.3 | 173.4 | 198.0 |
| EBITDA before finance cost, derived | 713.9 | 764.7 | 846.3 | 755.2 | 819.6 | 1,056 | 1,877 | 925.6 |
| Total non-operating other and finance income | 69.7 | 81.9 | 72.5 | 66.3 | 60.5 | 71.3 | 77.6 | 65.5 |
| Depreciation and amortization | 16.9 | 16.9 | 17.7 | 16.5 | 15.8 | 15.4 | 14.7 | 13.8 |
| Profit attributable to equity holders | 541.3 | 643.9 | 641.9 | 546.1 | 609.6 | 841.7 | 1,416 | 702.4 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Materials or cost of goods sold | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 0.00 |
| Separately presented exceptional items | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Share of associates and joint ventures | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Issuer operating income after D&A and finance cost | 700.3 | 757.1 | 832.9 | 730.9 | 796.9 | 1,049 | 1,861 | |
| Current income tax expense | 220.4 | 386.3 | 273.4 | 230.8 | 262.5 | 297.1 | 512.4 | |
| Deferred income tax expense or credit | 8.30 | -191.2 | -9.90 | 20.3 | -14.7 | -18.7 | 10.8 | |
| Basic EPS (₹) | 62.37 | 74.15 | 73.88 | 62.84 | 70.08 | 96.72 | 162.6 | 80.66 |
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 | 4.8% | 9.1% | 11.8% | 7.4% | 12.1% |
| EBITDA margin | 43.7% | 44.9% | 45.3% | ||
| Net margin | 34.8% | 34.8% | 34.4% | ||
| Return on equity | 29.0% | 29.3% | 32.6% | ||
| Return on capital employed | 36.0% | 35.1% | 35.1% | 37.0% | 42.2% |
| Return on assets | 23.1% | 23.7% | 26.3% | ||
| Net debt (₹ crore) | -5,495 | -5,906 | -5,477 | ||
| Net debt / EBITDA | -1.97x | -1.92x | -1.58x | ||
| Interest cover | 96.3x | 6,014.4x | 1,364.8x | ||
| Asset turnover | 0.61x | 0.63x | 0.66x | 0.68x | 0.76x |
| Receivable days | 65 | 69 | 76 | 63 | 64 |
| Payable days (on revenue) | 3 | 2 | 6 | 4 | 4 |
| Cash conversion | 0.81x | 0.92x | 1.00x | ||
| Capex intensity | 0.7% | 0.7% | 0.5% | 0.5% | 0.7% |
| Free cash flow (₹ crore) | 1,761 | 2,164 | 2,587 | ||
| Dividend payout | 87.7% | 87.4% | 130.0% | ||
| EPS, diluted (₹) | 218.0 | 208.3 | 254.8 | 272.5 | 302.1 |
| Book value per share (₹) | 823.9 | 863.7 | 906.7 | 962.7 | 899.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA before finance cost, derived / 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): Debt less gross cash equivalents and liquid bank deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA before finance cost, derived.
- 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 earnings per share).
- 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 Oracle Financial Services Software 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.
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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 Oracle Financial Services Software
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
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