Oracle Financial Services Appoints Avadhut Ketkar as MD and CEO

MUMBAI — Oracle Financial Services Software Limited (OFSS), a majority-owned subsidiary of Oracle Corporation, announced a top-level management restructuring alongside strong financial results for the first quarter ended June 30. Managing Director and Chief Executive Officer Makarand Padalkar has tendered his resignation, effective at the close of business hours on July 23.

The company's Board of Directors has approved the appointment of Avadhut Ketkar—who currently serves as Chief Financial Officer—as the new Managing Director and CEO for a three-year term starting July 24. To fill the CFO vacancy, the board appointed Chief Accounting Officer Manish Bhandari as Chief Financial Officer and Key Managerial Personnel.

Leadership Succession and Governance Details

The succession plan ensures operational continuity as OFSS scales its global banking technology footprint. Makarand Padalkar, who has been with the company for over two decades, will remain briefly during a transition period to oversee the handoff.

The board approved key executive transitions during its meeting:

• Outgoing CEO: Makarand Padalkar steps down as MD and CEO effective July 23.

• Incoming CEO: Avadhut Ketkar takes over as Additional Director, designated as MD and CEO, effective July 24, subject to shareholder approval.

• Incoming CFO: Manish Bhandari assumes the role of Chief Financial Officer effective July 24.

The board also reconstituted several statutory committees, including the Risk Management, Stakeholders Relationship, and Audit Committees, effective July 24.

Q1 Financial Performance Highlights

Alongside the executive announcements, OFSS disclosed its consolidated financial results for the June quarter, driven by strong deal momentum and enterprise modernization contracts.

Financially, the company achieved significant growth across metrics:

1. Revenue from Operations: Consolidated revenue reached Rs 31.25 billion (Rs 3,125 crore), up 69% year-on-year.

2. Consolidated Net Profit: Net income climbed 121% year-on-year to Rs 14.16 billion (Rs 1,416 crore).

3. Products Segment: The core products business generated Rs 29.36 billion (Rs 2,936 crore), marking a 75% increase.

4. Order Backlog: Remaining Performance Obligations (RPO) stood at Rs 73.45 billion (Rs 7,345 crore), up 16% year-on-year.

The sharp surge in top-line growth was supported by landmark licensing deals signed with leading international banking institutions adopting OFSS’s AI-first core banking software suites.

Impact on Investors and Sector Outlook

Market analysts note that elevation of internal veterans—Ketkar and Bhandari—minimizes execution risks as OFSS capitalizes on global cloud migration trends in core banking. The company's expansion in RPO indicates a multi-year pipeline of software delivery and consulting revenues, providing long-term predictability for equity shareholders.

Official Sources Section

The information presented in this news report is sourced directly from statutory communications, corporate press releases, and exchange filings submitted to:

• Oracle Financial Services Software Regulatory Outcome Filing under SEBI LODR Regulations.

• National Stock Exchange of India (NSE) corporate action disclosures.

• BSE Limited Listing Announcements corporate board disclosures.

Quote Section

According to official filings submitted by OFSS to stock exchanges:

"The Board of Directors approved the appointment of Mr. Avadhut Ketkar as Managing Director and Chief Executive Officer, and Mr. Manish Bhandari as Chief Financial Officer, effective July 24, 2026, following the resignation of Mr. Makarand Padalkar. For the June quarter, consolidated revenue reached Rs 3,125 crore with net profit standing at Rs 1,416 crore."

Why It Matters

• For Banking Sector Clients: Ensures leadership continuity as global institutions implement OFSS's cloud and AI-driven core banking platforms.

• For Equity Shareholders: Validates strong revenue execution with a 121% surge in net profit and growing order backlog.

• For Corporate Governance: Demonstrates structured succession planning by promoting internal executive leadership.

Key Facts at a Glance

• New MD & CEO: Avadhut Ketkar (effective July 24).

• New CFO: Manish Bhandari (effective July 24).

• Outgoing CEO: Makarand Padalkar (resigns effective July 23).

• June Quarter Revenue: Rs 31.25 billion (up 69% YoY).

• June Quarter Net Profit: Rs 14.16 billion (up 121% YoY).

Frequently Asked Questions (FAQs)

Who is the new CEO of Oracle Financial Services Software?

Avadhut Ketkar, previously the company's Chief Financial Officer, has been appointed as Managing Director and CEO effective July 24.

Why did Makarand Padalkar step down?

Makarand Padalkar tendered his resignation as Managing Director and CEO, effective July 23, to facilitate leadership transition after a long tenure with the company.

What were OFSS's financial results for the June quarter?

OFSS reported consolidated revenue from operations of Rs 31.25 billion (Rs 3,125 crore) and a consolidated net profit of Rs 14.16 billion (Rs 1,416 crore).

Where are Oracle Financial Services Software shares listed?

OFSS shares are actively traded on both the National Stock Exchange of India (NSE) under the ticker OFSS and BSE Limited under scrip code 532466.

Source: Official corporate disclosures from Oracle Financial Services Software Limited, regulatory filings on the National Stock Exchange of India (NSE), and announcements on BSE Limited.