Newgen Software Technologies Limited

“Newgen is a capital-light, founder-led BPM platform with deep switching costs in BFSI and government workflows, compounding revenue at ~25% with rising SaaS mix, debt-free balance sheet, and ROIIC above 40% — trading at 16x forward earnings after a 64% peak-to-trough drawdown that reflects valuation normalization rather than any deterioration in business fundamentals. Governance concentration and the long-term competitive threat from hyperscaler low-code platforms are real but manageable risks that justify a discount, not avoidance. The base case supports a 4–6x return over a decade at current prices.”