Nucleus Software Exports · risk themes across the available quarters.
Bear-case history
When asked about previously mentioned customer losses (2 customers in prior quarters), management said they 'don't recollect' discussing specific customer churn, deflecting the question about revenue impact from customer attrition.
PAT declined 41% YoY while revenue grew only 7%, with delivery costs at 70% and expected upward pressure from labor code changes. EPS fell from ₹13.28 to ₹7.86 YoY.
Total order book declined from ₹671 crore (Q2) to ₹657 crore (Q3), with project & services component falling sharply from ₹91 crore to ₹68 crore, signaling pipeline stress.
Australia market (entered 2015, re-entered 2021) shows no meaningful scale despite limited competition. Management cited slow progress with no clear acceleration plan.