Oracle Financial Services Software has initiated a postal ballot process to appoint Avadhut Ketkar as Managing Director and Chief Executive Officer. The company also seeks shareholder approval for the appointment of Andrew Mark Morawski as a Non-Executive, Non-Independent Director.

The postal ballot notice, dated August 24, 2026, outlines two ordinary resolutions for member approval via remote e-voting. The voting period commences on September 3, 2026, at 9:00 am and concludes on October 2, 2026, at 5:00 pm. Shareholders registered as of the August 28, 2026 cut-off date are eligible to participate.

Key Appointments and Terms

Mr. Ketkar, who joined the company at its inception, will serve a three-year term from July 24, 2026, to July 23, 2029. His gross salary is set within the scale of ₹1.40 crore to ₹2.80 crore per annum, inclusive of perquisites and allowances. The compensation package includes house rent allowance, insurance coverage, leave travel concession, and other benefits as per company policy. Additionally, he may receive an annual bonus and employee stock options as determined by the Board or the Nomination and Remuneration Committee.

Mr. Morawski, currently Executive Vice President of Global Field Operations at Oracle, will be appointed as a Non-Executive, Non-Independent Director liable to retire by rotation. He will not draw any remuneration from the company.

Voting Process and Details

The company engaged Central Depository Services (India) Limited (CDSL) to facilitate remote e-voting. The results, along with the Scrutinizer's report, will be communicated to stock exchanges and uploaded on the company’s website and CDSL’s portal by October 6, 2026. M/s. P. Diwan & Associates has been appointed as the Scrutinizer for the process.

Members can vote through their depository participants or directly via the CDSL e-voting platform. The resolutions require ordinary majority approval. The explanatory statement confirms that no other directors or key managerial personnel have any interest in these appointments.

Oracle Financial Services Software Limited announced a significant leadership transition at its 37th Annual General Meeting (AGM) held on July 23, 2026, marking the end of an era for long-serving leadership while confirming strong financial performance for the fiscal year ended March 31, 2026. Managing Director and Chief Executive Officer Makarand Padalkar stepped down effective July 23, 2026, to pursue retirement plans, with Chief Financial Officer Avadhut Ketkar assuming the role of MD and CEO from July 24, 2026. This change ensures continuity as the company navigates a period of robust growth, having reported a 12% increase in revenue to ₹76.7 billion and an 11% rise in net income to ₹26.4 billion during FY26.

The Board of Directors, chaired by Jane Murphy, confirmed that Manish Bhandari, currently the Chief Accounting Officer, will succeed Ketkar as CFO effective July 24, 2026. The meeting was conducted virtually in compliance with regulatory guidelines, with quorum confirmed by Company Secretary Onkarnath Banerjee. Shareholders voted on ordinary business resolutions including the adoption of audited financial statements, confirmation of dividends, and the reappointment of directors Kimberly Woolley and Gopala Ramanan Balasubramaniam who retired by rotation. A special resolution sought approval for director commission not exceeding 1% of net profits for five years from April 1, 2027.

Financial Performance and Dividends

The company delivered consistent financial results for FY26, sustaining a healthy net margin of 34% and an operating margin of 44%. The Board declared two interim dividends totaling ₹400 per equity share of ₹5 each, comprising a first interim dividend of ₹130 and a second interim dividend of ₹270. Over the last five years, the company has paid a cumulative dividend of ₹1,320 per equity share, reflecting its commitment to rewarding shareholders while maintaining financial strength for future investments.

Strategic Focus on AI and Cloud

Artificial intelligence emerged as a central theme during the AGM, with Simon de Montfort Walker, non-executive director, highlighting AI’s transformative potential in financial services. The company is leveraging Oracle’s industry-leading AI and cloud technologies to help banks modernize operations, enhance risk management, and improve regulatory compliance. Recent recognitions from IDC MarketScape, Chartis, and Celent underscored the company’s leadership in AI-enabled trade finance, loan origination, and digital core banking solutions.

Management emphasized that AI is not merely an automation tool but a strategic enabler allowing banks to deploy intelligent agents for real-time decision-making and personalized customer experiences. The company has evolved its architecture to be AI-first and AI-ready, enabling seamless integration with existing banking systems while maintaining strict governance, transparency, and security controls essential for regulated industries.

What the Numbers Show

The company’s financial health is further evidenced by a return on equity of 33% for consolidated financials and 38% for unconsolidated financials in FY26. Research and development spending accounted for approximately 10% of total revenue, supporting continuous innovation. Addressing shareholder concerns about customer concentration, management clarified that the 51% revenue share attributed to a single customer refers to Oracle Corporation, through which products and services are sold globally to end users. This structure is recognized per accounting standards and does not indicate dependency risk in the traditional sense. The company continues to invest conservatively in short-term deposits with highly rated banks to manage liquidity and foreign exchange risks using forward currency contracts.