Novus LoyaltyShare price, financial results, shareholding and management
- Market cap
- ₹283 cr
- Stock P/E
- 30.4peers 13.0
- Book value
- ₹39.9
- Price to book
- 4.56
- EV / operating profit
- -
- Market cap to sales
- 2.22
- ROCE · FY26
- 33.4%
- ROE · FY26
- 25.1%
- ROE, 3-year average
- 33.6%
- Operating margin · FY26
- 9.7%peers 17.0%
- Sales growth, 3 years
- 28.5%
- Profit growth, 3 years
- 110.2%
- Debt to equity
- 0.00peers 0.19
- Borrowings
- ₹0 cr
- Interest cover
- 247.2×
- Cash from business / op. profit
- 162%
- Debtor days
- 5
- Pledged
- 0.00%
- Promoter holding
- 70.06%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 412
- 52-week high / low
- ₹238 / ₹127
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Novus Loyalty share price chart
Close on 6 Nov 2026 · +1.96% on the day · Vol 31,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -18.3%
- 3 months
- +29.4%
- 6 months
- +7.4%
- Traded a day, 20 days
- ₹2.63 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +21% | +132% |
| 3 years, a year | +29% | +110% |
About Novus Loyalty: business, products and customers
Novus Loyalty runs reward points programmes for banks and companies: its software works out the points customers earn, and it supplies the gift vouchers, travel and goods those points are spent on. Its shares trade on BSE SME.
Novus Loyalty, based in Gurugram and founded in 2011 as Clavax Technologies, runs loyalty and rewards programmes for banks, card networks, fintechs and companies. Its software works out the points a customer earns on card or app spending; it also runs the catalogue where those points are spent on flights, hotels, gift cards and goods, sells merchant offers to bank customers and issues digital vouchers for corporate reward schemes. Clients named include Central Bank of India, NPCI, IDBI Bank, Bank of Maharashtra and Equitas Small Finance Bank, and the platform can run on a bank's own servers or as a subscription service.
The four lines earn very different money. In the half to September 2025 technology fees were 6.9% of revenue and merchant promotions 5.1%, while redemptions (40.6%) and digital vouchers (47.4%) include the cost of the rewards and vouchers bought from suppliers, so revenue is large against profit and the EBITDA margin was 9.7% in FY26. Management said on the May 2026 call that it is pushing technology and merchant promotions, which carry no direct cost, and that redemption revenue grows as a bank's programme matures over two to three years.
Read more about the business
Ten customers gave 92.2% of revenue in the half to September 2025, and ten suppliers made up all of its purchases. Before the IPO the company lent money to Managing Director Deepak Tomar and to promoter group companies, and it rents its registered office from Deepak Tomar; two group companies, Ace Clavax Solutions and Crocky Technologies, may carry on similar business. The FY26 annual report's management discussion describes real estate and construction material trading rather than the loyalty business.
The offer document compares Novus with one listed company, Pelatro Limited. On the May 2026 call management said Salesforce and other large loyalty firms bid against it for the Bank of Abyssinia order, that Zaggle Prepaid Ocean Services mainly runs spend management and employee rewards, and that Gyftr is a voucher supplier to Novus rather than a rival.
From the red herring prospectus (March 2026), the FY26 annual report, the June 2026 investor presentation and the earnings call of 26 May 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 29% a year over three years.
- It earns a high return on the money it uses: ROCE 33% in FY26.
- It brings in more cash than it shows as profit: ₹20 cr against ₹9.3 cr in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 70.06%.
To watch
- Results for the half to September 2026, against the guidance of more than 20% growth in FY27 (earnings call, 26 May 2026, p.6).
- Use of ₹43.1 cr of IPO money, including a planned small acquisition in the US or Australia (annual report FY26, p.64; earnings call, 26 May 2026, p.11 to 12).
- Dealings with the promoters: office rent paid to Deepak Tomar and any new loans to directors or the group companies Ace Clavax, Crocky and Atomiclaunch (red herring prospectus, p.34 to 35 and p.51 to 52; annual report FY26, p.54).
- The appeal against the ₹0.62 cr GST demand for FY22 (annual report FY26, p.64).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Novus Loyalty revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Novus Loyalty profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 60 | 73 | 105 | 127.42 |
| Expenses | 57 | 68 | 99 | 115.09 |
| Operating profit | 2 | 5 | 6 | 12.33 |
| OPM | 3.8% | 7.0% | 5.0% | 9.7% |
| Other income | 0 | 0 | 0 | 0.31 |
| Interest | 0 | 0 | 0 | 0.05 |
| Depreciation | 1 | 1 | 0 | 0.28 |
| Exceptional and other items | · | · | -1 | · |
| Profit before tax | 1 | 4 | 5 | 12.31 |
| Tax rate | 0.0% | 25.0% | 20.0% | 24.5% |
| Net profit | 1 | 3 | 4 | 9.29 |
| EPS ₹ | 539.22 | 2,902 | 3,667 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
Novus Loyalty profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 3.8% | 7.0% | 5.0% | 9.7% |
| Tax rate | 0.0% | 25.0% | 20.0% | 24.5% |
| ROCE | · | 38.1% | 45.4% | 33.4% |
| ROE | · | 37.5% | 38.1% | 25.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Novus Loyalty debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Novus Loyalty balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 16 |
| Reserves | 7 | 9 | 12 | 46 |
| Net worth | 7.01 | 9.01 | 12.01 | 62 |
| Borrowings | 4 | 1 | 0 | 0 |
| Other liabilities | 1.99 | 1.99 | 2.99 | 10 |
| Total liabilities | 13 | 12 | 15 | 72 |
| Fixed assets | 1 | 1 | 1 | 0 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 12 | 11 | 14 | 72 |
Novus Loyalty cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 3 | 2 | 3 | 20 |
| Cash from investing | -1 | 0 | 0 | 0 |
| Cash from financing | -1 | -3 | -1 | 40 |
| Net cash flow | 1 | -1 | 2 | 60 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 18 | 5 | 4 | 5 |
| Inventory days | 10 | 7 | 4 | 14 |
| Days payable | 35 | 2 | 0 | 1 |
| Cash conversion cycle | -7 | 9 | 8 | 19 |
| Working capital days | 24 | 42 | 34 | -6 |
Novus Loyalty peers and competitors
Listed SME companies in the same industryBy sales, Novus Loyalty is number 7 of the 22 listed SME companies in media.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Yaap Digital | 226 | 12.3 | 185 | 18.5 | 15.1% | 0.29 |
| Bright Outdoor Media | 742 | 30.9 | 153 | 24 | 21.0% | 0.00 |
| Graphisads | 43 | 10.1 | 141 | 4.3 | 5.1% | 0.27 |
| Pelatro | 408 | 22.5 | 138 | 18.1 | 18.8% | 0.12 |
| Novus Loyalty | 283 | 30.4 | 127 | 9.3 | 9.7% | 0.00 |
| Simca Advertising | 481 | 29.0 | 127 | 16.6 | 18.0% | 0.00 |
| Pramara Promotions | 137 | 13.7 | 112 | 10 | 15.0% | 0.34 |
| Cyber Media Research & Services | 21 | 5.9 | 90.8 | 3.5 | 5.1% | 0.26 |
| Adcounty Media India | 189 | 9.5 | 86 | 20 | 29.0% | 0.03 |
| Chatterbox Technologies | 45 | 5.0 | 84.2 | 9.1 | 16.0% | 0.00 |
| Value 360 Communications | 142 | 14.3 | 69 | 9.9 | 27.2% | 0.50 |
| Median of the 10 others | 166 | 13 | 120 | 13.3 | 17.0% | 0.19 |
Novus Loyalty shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Novus Loyalty shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Jun 26 | |
|---|---|---|
| Promoters | 70.06% | 70.06% |
| Foreign investors (FIIs) | 4.14% | - |
| Indian institutions (DIIs) | 7.72% | - |
| Number of shareholders | 248 | 412 |
Novus Loyalty study: the business from its own documents
Read from 5 of the company's own documentsNovus Loyalty key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹127.4 cr
- Up 21.8% from ₹104.6 cr; profit after tax rose to ₹9.3 cr from ₹3.7 cr.Investor presentation, June 2026, p.27
- Technology fees
- 6.9%
- Share of revenue in the half to September 2025; redemptions and vouchers, which carry a direct cost, made up 88.0%.Red herring prospectus, p.140
- Top ten customers
- 92.2%
- Share of revenue in the half to September 2025; the largest single customer gave 16.7%.Red herring prospectus, p.39
- Central Bank of India
- ₹88 cr
- Loyalty and engagement mandate won through the government e-marketplace, running across the bank's cards and digital channels.Investor presentation, June 2026, p.18; earnings call, 26 May 2026, p.4 and p.12 to 13
- Cash from operations
- ₹19.6 cr
- FY26, about twice the year's profit; it was ₹3.3 cr in FY25.Investor presentation, June 2026, p.29
Show 5 more facts
- IPO
- ₹60.15 cr
- At ₹146 a share, listed on 25 March 2026: 33 lakh new shares and 8.2 lakh sold by the two promoters.Investor presentation, June 2026, p.26; annual report FY26, p.24; red herring prospectus, p.1
- IPO money unspent
- ₹43.1 cr
- Held in bank fixed deposits at March 2026, set for product work, sales and an unidentified acquisition in FY27 and FY28.Annual report FY26, p.64; red herring prospectus, p.94 to 95
- Loan to the MD
- ₹2.1 cr
- Owed by Deepak Tomar at September 2025, down from ₹5.2 cr at March 2025; the March 2026 balance sheet shows no loans.Red herring prospectus, p.34 to 35; investor presentation, June 2026, p.28
- Overseas earnings
- ₹3.3 cr
- Foreign exchange earned in FY26, about 2.6% of revenue; exports were 18.3% of revenue in FY23. Reported results; our arithmetic.Annual report FY26, p.29; red herring prospectus, p.158
- GST demand
- ₹0.62 cr
- Raised for FY22 on return mismatches; the company has appealed and paid a pre-deposit.Annual report FY26, p.64; red herring prospectus, p.266 to 267
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the 26 May 2026 call the company said FY27 growth would be above 20%, with India growing 15% to 20% and international revenue at least doubling to more than ₹6 cr, and that margins would rise as technology and merchant promotions grow. It is setting up a UAE subsidiary, working through two partners in Africa and looking to acquire a small marketing agency in the US or Australia. It plans to spend about ₹12 cr each on sales and marketing, product development and acquisitions from the IPO money.
| What management said | When | What happened |
|---|---|---|
| IPO money for products, sales and acquisitions over FY27 and FY28 | Red herring prospectus, March 2026 | ₹43.1 cr unspent at March 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Novus earns fees for running banks' reward programmes, but most of its revenue is rewards and vouchers it sources from suppliers and passes on at a small margin.
Its weak spots are a handful of large bank clients that give almost all of its revenue, and past money dealings with its promoters.
WatchCan it set its own prices?Most of what it sells carries the cost of rewards and vouchers bought from others, and public sector banks award their programmes through tenders.
AverageHow strong is it against rivals?It offers the whole loyalty chain from points engine to rewards and has run NPCI's platform since 2019, but bids against much larger firms.
WatchWho are its customers?Mostly Indian banks and payment bodies, with ten customers giving almost all the revenue.
StrongDoes it need a lot of money?It is a software business with no plant, little money tied up in customers, and cash from operations above its profit.
AverageCan it keep finding new work?A large new bank mandate and its first African bank give work ahead, but the documents differ on how long contracts run.
AverageDo good and bad years swing a lot?Management says seasons matter little, but the business has changed shape quickly, with overseas sales shrinking and margins moving year to year.
Who runs Novus Loyalty?
Promoters, directors and officers; tap a name for the background
DTDeepak TomarPromoter, Chairman and Managing Director
B.Tech in Computer Engineering from Kurukshetra University (2002); technical head at Xicom Technologies from 2004 to 2010; a director since 26 June 2011, with 20 years in the industry. Re-designated Chairman and Managing Director for five years from 9 September 2025 at up to ₹0.50 cr a year. The company rents its registered office from Deepak Tomar at ₹5 lakh a month (₹0.53 cr in FY26) and had lent Deepak Tomar money before the IPO. Also a director of Crocky Technologies, Atomiclaunch Solutions and Ace Clavax Solutions, and the complainant in two pending cheque-dishonour cases worth ₹0.24 cr.
Red herring prospectus, p.178, p.180, p.182, p.34 to 35, p.165 and p.267 to 268; annual report FY26, p.54SSSweta SinghPromoter and Whole-time Director
B.E. in Electronics and Instrumentation from IET, Devi Ahilya Vishwavidyalaya (2005); earlier at CSC India, Xicom Technologies and Sapient Consulting; with the company for 14 years and 20 years in the industry. Paid ₹0.30 cr in FY26. Also a director of Crocky Technologies, Atomiclaunch Solutions and Ace Clavax Solutions. The prospectus states Deepak Tomar and Sweta Singh are related as spouses.
Red herring prospectus, p.178 and p.180 to 181; annual report FY26, p.54VRVibhore RastogiExecutive Director and Chief Financial Officer
BCA from Dr. Bhimrao Ambedkar University and a PGDBM from the New Delhi Institute of Management; with the company for eight years and earlier at Yes Bank. Director since 28 May 2025 and CFO since 9 September 2025; paid ₹0.15 cr in FY26.
Red herring prospectus, p.179, p.181 and p.35; annual report FY26, p.54RSRajesh SurekaIndependent Director, Chairman of the Audit Committee
Chartered Accountant and Company Secretary who began at Yes Bank, with over eight years in finance, compliance and governance. On the board since 16 August 2025.
Red herring prospectus, p.180 to 181; annual report FY26, p.3SSSushma SamarthIndependent Director
M.Tech from IIT Bombay and a management programme from the Indian School of Business; over 20 years at Infosys, Wipro and Orbitech; also a director of Ksolves India Limited. On the board since 16 August 2025; chairs the nomination and stakeholder committees.
Red herring prospectus, p.179 and p.181; annual report FY26, p.3 to 4PKPooja KansalIndependent Director
Company Secretary with a B.Com from the University of Delhi, in practice since 2020. On the board since 16 August 2025.
Red herring prospectus, p.179 to 181MMMukesh MakkarCompany Secretary and Compliance Officer
Company Secretary since 4 July 2025.
Red herring prospectus, p.34; annual report FY26, p.3LNL N Nangalya & Co.Statutory Auditor
FY26 opinion unmodified, with key audit matters on revenue recognition and the bonus and IPO share issues. The auditor notes the internal auditor was yet to be appointed and the GST demand under appeal; the secretarial auditor noted the company's registration number still showed it as unlisted. The prospectus's restated accounts were prepared by another firm, not the statutory auditor.
Annual report FY26, p.35, p.57 to 58 and p.64 to 65; red herring prospectus, p.44Novus Loyalty latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 70.06%.
Novus Loyalty announcements
4 on record, latest first; each opens the filing on the exchange
Novus Loyalty annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
Novus Loyalty share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Novus Loyalty's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY26 as reported add up to sales of ₹112.02 cr, the full year to ₹127.42 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,55,50,200 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹112.0 cr of sales against ₹127.4 cr for the full year, so the half-years of FY26 are held back.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Novus Loyalty
What does Novus Loyalty do?
Novus Loyalty runs reward points programmes for banks and companies: its software works out the points customers earn, and it supplies the gift vouchers, travel and goods those points are spent on. Its shares trade on BSE SME.
What is the share price of Novus Loyalty?
₹182 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Novus Loyalty?
₹283 cr at the close on 6 Nov 2026, on 1,55,50,200 shares.
What is the P/E of Novus Loyalty?
30.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Novus Loyalty's revenue and profit?
Revenue ₹127 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of Novus Loyalty?
Deepak Tomar, Sweta Singh; promoters held 70.06% at 30 June 2026.
What is Novus Loyalty's website?
www.novus-loyalty.com
More SME companies like Novus Loyalty
Other listed SME companies in media, the closest in size first, each read from its own documents.
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- PelatroPELATRO · NSE Emerge · Media · listed 2024Market cap ₹393 cr
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- Cash Ur Drive MarketingCUDML · NSE Emerge · Media · listed 2025Market cap ₹166 cr
- Simca AdvertisingSIMCA · NSE Emerge · Media · listed 2026Market cap ₹585 cr
- Value 360 CommunicationsVALUE360 · NSE Emerge · Media · listed 2026Market cap ₹129 cr
Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 4 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.