I have compared 3 IT product companies focused on BFSI segment (though products are different) Intellect, Newgen and OFSS and following is the outcome. Since you mentioned Tata Elxsi, I have also included it in analysis.
Intellect has significantly higher Unbilled as % of revenue, while Newgen has highest receivables. This may be within the ambit of accounting standards and logic, but higher unbilled is not a comforting factor. As per my limited understanding, I would rate OFSS at 1, Tata Elxsi at 2, Newgen at 3 and Intellect at 4 in the above analysis (limited to just 1 parameter and surely not comprehensive). Moreover, another aggressive accounting by Intellect is capitalization of product development cost, which both Newgen and OFSS charge to P&L.
Disc: Invested in Tata Elxsi and Newgen
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