What’s new

• Novus is developing NoCXy AI, an AI-powered decision engine for loyalty, using IPO proceeds.
• The platform deploys 12 AI agents across three pillars: Member Experience, Merchant & Partner, and Platform Intelligence.
• CFO Vibhore Rastogi called it the next phase of the tech roadmap, but no commercial launch date was given.

Why it matters

For a nano-cap with zero debt and a 15.1% ROE, the AI pivot is a high-stakes bet. A product without a launch date or revenue forecast isn't a revenue stream. It's a cost. The market already knew about the strategic shift from the prior earnings call. This filing adds a name, not a number.

What we’re watching

• Any launch timeline or pilot partnerships for NoCXy AI.
• Whether product revenue appears in the next quarterly results.
• Burn rate: IPO proceeds are finite — how long can development continue without commercial sales?

The full read

Novus Loyalty is building NoCXy AI, a 12-agent AI decision engine for loyalty. It says the platform will automate rewards, detect fraud, and optimise customer journeys. The ₹219-cr nano-cap is funding development with IPO proceeds and carries zero debt. CFO Vibhore Rastogi calls it the next phase of the tech roadmap. Hardly a surprise. The market already knew about the product pivot from the prior earnings call. This filing adds a brand name and an architecture, not a financial impact. No launch date, no revenue guidance. For a company targeting >100% revenue growth in FY27, a new product can drive that or consume cash without delivering. The open question is launch timing and the first customer contract.

Primary source: BSE · NSE

What’s new

• Management targets >100% revenue growth for FY27.
• The company plans to shift from a 70% service-based model to 90% product-based over five to seven years.
• International revenue is targeted at ₹6 cr for FY27, up from ₹3.3 cr in FY26.

Why it matters

Novus Loyalty is betting its future on a product-led transition to expand margins. While the growth targets are aggressive, the company's ability to execute this shift while managing international acquisitions will determine if it can sustain its current momentum.

What we’re watching

• Quarterly progress on the transition to a 90% product-based revenue mix.
• Integration of planned acquisitions in the US and Australia.
• Actual conversion of the ₹6 cr international revenue target.

The full read

Novus Loyalty is aiming for a massive scale-up in FY27, with management guiding for revenue growth of more than 100%. This growth is expected to be supported by the deployment of IPO proceeds and the maturation of existing customer programs.

It is an aggressive target.

In FY26, the company recorded revenue of ₹127 crore, with EBITDA and PAT growing by 120% and 150% respectively. Beyond the top-line expansion, CEO Deepak Tomar is initiating a long-term shift in the business model, aiming to move from a 70% service-based revenue structure to a 90% product-based model over the next five to seven years to improve margins. International expansion is also on the agenda, with the company targeting ₹6 crore in overseas revenue for FY27, nearly doubling the ₹3.3 crore reported in FY26, through expansion into the Middle East and Africa alongside small acquisitions in the US and Australia.

Primary source: BSE · NSE