Excelsoft Technologies Ltd

PIT shareholding change

• PIT disclosure: change in Mr. Mysore Adarsh's shareholding includes spouse's 457,500 shares received Aug 17, 2026.

Promoter shareholding change

• Excelsoft Technologies Limited promoter group shareholding change disclosed; letter dated 18 August 2026.

Overview

• Target Company: Excelsoft Technologies Limited.
• Disclosing party: Mysore Sudhindratheertha Adarsh (Promoter Group) and PACs.
• Transaction type: Acquisition of voting rights by promoter group.
• Date of transaction: August 14, 2026; Mode: Open Market.

Pre-Transaction Holdings

• Mysore Sudhindratheertha Adarsh: 4,57,500 shares (0.40%).
• Dhananjaya Sudhanva: 3,88,43,702 shares (33.75%).
• Lajwanti Sudhanva: 1,17,56,225 shares (10.22%).
• Shruthi Sudhanva: 4,57,500 shares (0.40%).
• Pedanta Technologies Private Limited: 1,64,85,710 shares (14.32%).
• Total pre-holding: 6,80,00,637 shares (59.09%).

Transaction Details

• Shares carrying voting rights acquired: 30,000 (0.02%).
• Instrument: Equity shares carrying voting rights.
• Mode: Open Market.
• Date of acquisition: August 14, 2026.

Post-Transaction Holdings

• Mysore Sudhindratheertha Adarsh: 4,87,500 shares (0.42%).
• Dhananjaya Sudhanva: 3,88,43,702 shares (33.75%).
• Lajwanti Sudhanva: 1,17,56,225 shares (10.22%).
• Shruthi Sudhanva: 4,57,500 shares (0.40%).
• Pedanta Technologies Private Limited: 1,64,85,710 shares (14.32%).
• Total post-holding: 6,80,30,637 shares (59.11%).

Capital Context

• Before: 59.09% of TC equity/voting capital.
• After: 59.11% of TC equity/voting capital.
• Total diluted voting capital after: 59.11%.

Financial Performance

• Q1 FY27 revenue: INR 802.63 million, up 44.05% YoY.
• Q1 EBITDA: INR 130.31 million; margin 16.24%.
• Q1 PAT: INR 92.28 million; margin 11.5%.
• ETS revenue share: 63.4%; Assessment & proctoring: 23.5%.
• Top 5 customers ~70% of revenue; top 10 ~83%.
• Nearshore revenue: ~INR 10 crores; nearshore margin ~26%.
• Nearshore engagements for the year: ~INR 40 crores revenue.
• One-time costs: recruitment ~INR 84 lakh; AI training ~INR 62 lakh.
• Excluding one-time costs, core margins broadly stable YoY.
• AQA revenue booked in current quarter: INR 2.5 crores.
• AQA billing expected in current year: INR 12-15 crores.
• CFO appointment approved: Poonacha Paruvangada appointed CFO.

Operations and Segment Trends

• Nearshore expansion into US, UK, and Dubai; stronger pipeline.
• ETS remains largest segment; diversified mix with learning solutions contributing.
• Nearshore enables larger engagements; closer customer collaboration and faster execution.
• AQA engagement progressing; pilot modules well-received and scalable.

Balance Sheet and Cash Flow

• Cash balance: INR 400 crores including FDs.
• Amortization/quarter: INR 6.5 crores.
• Fresh capitalization: INR 4 crores.

Projects and Capex

• Investments include expanded nearshore delivery and global sales team.
• Recruitment costs ~INR 84 lakh; advanced AI training ~INR 62 lakh; front-loaded.
• Exploring Canada office (Toronto) to facilitate US business development.
• Acquisition pipeline: three targets (US and India); non-binding offers; final stage.

Outlook and Guidance

• Revenue guidance for FY27: INR 350 crores to INR 360 crores.
• EBITDA margin guidance for FY27: 24% to 25%.
• Product revenue growth guidance: 25% to 30% for the product line.
• Nearshore gross margin target: 35% to 40% over time.

Q&A Highlights

• Revenue split: product and services show uniform growth; no material shift.
• Margin trajectory: near-term investment weighs on EBITDA; long-term margins to improve.
• AQA: current quarter revenue booked INR 2.5 crores; year billing INR 12-15 crores; next year not quantified.
• Product growth outlook remains 25-30% for FY27.
• Nearshore: INR 40 crores top-line; 26% current quarter margin; potential 35-40% long-term.
• Government exams: NTA engaging; opportunities discussed for high-stakes tests.

Risks and Watchpoints

• Margin moderation linked to near-term investments; stabilization timeframe uncertain.
• Execution risk in nearshore–onshore mix and larger engagements.
• Reliance on AQA and government-related opportunities; visibility contingent on wins.

Meeting Details

• Date and time: August 10, 2026 at 13:34 IST.
• Type: earnings call; Mode: virtual; post-earnings audio recording available.

Participants

• Key participants: Company Secretary, Chief Compliance Officer, and Chief Investor Relations Officer.

Purpose

• Purpose: disclose audio recording of Q1 FY2027 post-earnings call.

Additional Notes

• Audio recording available on company website (Investors section); uploaded on August 10, 2026.

Issue Overview

• IPO of equity shares; total issue size disclosed; no undersubscription reported; no net-proceeds revision indicated.
• Main objectives: capex for Mysore land/building; upgrade electrical and IT infrastructure; general corporate purposes; and issue-related expenses.

Utilisation of Proceeds

• Utilisation broadly as disclosed; delays observed for several objects.
• Board resolution extended timelines to future fiscal year due to regulatory approvals and component shortages.
• Mysore land/building: partial utilisation; remaining funds; project ongoing.
• External electrical upgrades: no utilisation this quarter; funds remain unutilised.
• IT infrastructure upgrades: partial utilisation; remaining funds.
• General Corporate Purposes: partial utilisation; small remaining un utilised.
• Issue-related expenses: fully utilised.
• Unutilised proceeds parked in fixed deposits and bank balances.
• GCP: no detailed quarterly utilisation.

Governance & Compliance

• Approvals obtained: Board approved extension; no further statutory approvals required.
• Material events: regulatory delays and component shortages; may affect viability.
• Other: none reported.

General Corporate Purpose (GCP)

• GCP details: no explicit utilisation reported this quarter; board allocation approval not indicated.

Appointment of CFO

• Type of change: Appointment of CFO and KMP.
• Name and designation: Mr. Poonacha Paruvangada Appaiah, Chief Financial Officer.
• Effective date: August 07, 2026; tenure until resignation, retirement, or termination.
• Reason: Board approved following Nomination and Remuneration Committee recommendation.
• Profile: ~30 years in strategic financial management and leadership.
• Qualifications: ICAI Associate, ICMAI, B.Com.
• Prior roles: VP Finance & Accounts, India Cements; senior finance leader at United Breweries.
• Relationships: Appointee has no relationship with other Directors or KMP.
• Debarment: Not subject to SEBI or other regulatory debarment.

Financial results

• Unaudited standalone and consolidated results for quarter ended June 30, 2026 approved.
• Limited Review Reports on standalone and consolidated results approved.

Key management and disclosures

• Mr. Poonacha Paruvangada Appaiah appointed as Chief Financial Officer and KMP, effective August 7, 2026.
• Board authorized five KMP to determine materiality and disclosure to exchanges.

AGM and governance

• 26th AGM approved to be held on September 24, 2026 via VC/OAVM.
• Scrutinizer appointed: Padmavathi & Vijayesh Associates LLP for remote voting.

Corporate actions: Canada subsidiary

• Approved a wholly owned Canada subsidiary; subject to regulatory approvals; initial cash up to INR 3 million.
• Excelsoft to hold 100% of the Canada subsidiary.

Regulatory and auditor notes

• Auditor notes foreign subsidiaries' results are unaudited and not reviewed; no material misstatement.