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Overview

Detailed Summary

R Systems International Limited is a global digital transformation and software product engineering services company focused on building AI-driven solutions, platform engineering, cloud migration and data capabilities for technology companies, vertical SaaS vendors, enterprises and private equity portfolio companies, leveraging its OptimaAI suite, AWS and Microsoft partnerships, and a presence across India, the Americas, Europe and APAC.
Trailing twelve months ACV bookings excluding renewals rose to $76.5 million, up from $57.4 million a year earlier, signaling improving new-business momentum and revenue visibility for R Systems International Limited, and indicating a pipeline that should support near-term revenue conversion if bookings-to-revenue cadence holds across 2026.
Financial momentum: CY2025 revenue was INR 19,582 million (US$224.8 million), up 12.4% YoY; adjusted EBITDA expanded to INR 3,427 million (17.5% margin) and adjusted net profit rose 24.6% YoY, with Q4 revenue of INR 5,551 million showing sequential acceleration and margin expansion supported by volume growth and rupee movement.
AI is now a material revenue influence: management reports ~40% internal OptimaAI adoption and roughly 27–30% of revenue either delivered as AI mandates or influenced by AI, with Novigo acquisition explicitly intended to accelerate enterprise-grade, agentic AI implementations and broaden R Systems International Limited’s TAM into larger enterprise engagements.
Key operational exposures and risks include geographic concentration to the Americas (~73% revenue), modest client concentration (top 10 clients ~25.2% of revenue), AR and unbilled balances ~INR 5,268 million with billed DSO ~56 days, and near-term cost impacts from labor-code provisions and acquisition-related expenses that management is actively managing.

Sector: IT - Software
Industry: IT Enabled Services / Business Process Outsourcing
Market Cap: 3,024 Cr
Volatility: High Risk
P/E Ratio: 28.7
Industry P/E: 23.6
PEG Ratio: 0.6
P/B Ratio: 3.8
52W High: 496.95
52W Low: 251.00

Sales CAGR

1Y: 3.40%
3Y: 16.43%
5Y: 18.40%
10Y: 13.60%

Profit CAGR

1Y: -6.37%
3Y: 8.67%
5Y: 23.60%
10Y: 5.64%

ROE

TTM: 23.52%
3Y: 18.17%
5Y: 20.14%
10Y: 19.93%

ROCE

TTM: 22.39%
3Y: 23.01%
5Y: 24.14%
10Y: 24.24%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RSYSTEMS	255.25	3,024 Cr	28.65	3.82	0.00	23.52	22.39	8.86
ROUTE	475.00	2,993 Cr	16.06	1.18	2.32	11.66	17.67	6.02
ZAGGLE	214.25	2,897 Cr	22.34	2.21	0.00	8.54	11.61	9.11
PROTEAN	552.75	2,245 Cr	24.90	2.21	1.81	8.94	11.30	6.88
NPST	1038.80	2,194 Cr	63.63	5.25	0.00	6.76	9.17	7.20
RPSGVENT	654.90	2,159 Cr	-23.16	0.81	0.00	-1.59	9.88	0.48
SAGL	29.98	2,090 Cr	370.12	18.82	0.00	6.36	5.60	0.42

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	457	416	417	432	444	449	442	462	499	555
Expenses	375	353	363	370	376	378	372	392	427	462
Operating Profit	82	63	54	62	68	71	71	70	72	94
OPM %	17.99	15.09	12.92	14.45	15.37	15.72	15.94	15.19	14.46	16.85
Other Income	-0.07	1.47	1.95	3.11	1.57	3.54	2.28	47	1.74	-22
Interest	2.77	2.89	2.84	2.00	1.61	1.95	1.49	2.14	3.72	6.82
Depreciation	17	17	17	17	17	16	15	16	17	19
Profit Before Tax	62	44	36	47	52	57	57	99	53	46
Tax %	29.32	-3.10	24.46	46.86	22.92	31.16	31.98	23.52	33.91	20.47
Net Profit	44	46	27	25	40	39	39	76	35	36
EPS in Rs	3.72	3.88	2.32	2.10	3.36	3.15	3.12	0.00	2.85	2.94

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	TTM
Sales	588	593	700	809	881	1,156	1,516	1,685	1,742	1,798
Expenses	518	560	643	736	764	995	1,316	1,432	1,485	1,518
Operating Profit	71	33	57	73	116	161	200	252	257	280
OPM %	12.01	5.57	8.18	9.02	13.22	13.91	13.18	14.98	14.75	15.55
Other Income	17	16	19	15	11	42	10	11	8.31	54
Interest	0.79	0.40	0.27	1.57	5.67	4.91	4.90	8.95	8.40	7.19
Depreciation	12	13	14	15	26	28	35	54	65	63
Profit Before Tax	76	35	63	72	96	170	170	200	192	264
Tax %	29.07	36.24	18.57	19.20	14.99	16.84	17.91	29.95	31.50	26.86
Net Profit	54	23	51	58	82	141	140	140	131	193
EPS in Rs	—	—	—	—	—	—	—	—	—	8.91
Dividend Payout %	0.00	0.00	14.49	31.12	0.00	48.10	55.04	57.43	118.04	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Equity Capital	13	12	12	12	12	12	12	12	12	12
Reserves	230	266	259	311	326	415	448	534	600	612
Borrowings	0.78	1.91	1.59	1.59	5.31	8.36	58	77	131	73
Other Liabilities	112	103	119	119	149	214	174	210	572	519
Total Liabilities	356	383	392	443	493	650	692	833	1,315	1,216
Fixed Assets	80	77	44	42	70	109	12	154	625	569
CWIP	0.00	2.63	0.06	1.62	1.96	0.02	0.00	2.54	0.16	4.05
Investments	41	29	25	22	36	15	15	16	1.60	1.45
Other Assets	235	274	323	377	385	526	665	661	688	641
Total Assets	356	383	392	443	493	650	692	833	1,315	1,216

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operating Activity	45	44	37	31	64	125	87	96	211	235
Cash from Investing Activity	40	10	-58	-35	6.06	-38	21	-21	-223	15
Cash from Financing Activity	-113	-19	-0.56	-8.79	-46	9.73	-116	-86	-41	-216
Net Cash Flow	-28	34	-22	-13	24	97	-7.41	-11	-52	34

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	51.67%	51.93%	51.93%	51.93%	51.93%	51.93%	51.93%	51.93%	51.90%	51.89%	51.89%	51.88%
FIIs	0.25%	0.17%	0.19%	0.25%	0.60%	0.59%	0.43%	3.99%	3.97%	3.57%	3.60%	3.55%
DIIs	0.01%	0.71%	0.69%	0.86%	1.11%	1.10%	1.72%	7.43%	8.66%	8.83%	8.95%	9.41%
Public	48.06%	47.19%	47.19%	46.97%	46.36%	46.38%	45.93%	36.64%	35.48%	35.71%	35.57%	35.15%
Total Shareholders	30,097	27,863	28,584	29,341	30,437	31,210	32,235	34,290	35,368	38,040	40,294	38,668

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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