Ramco Systems Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • HR & Payroll (HRP): 42.5% • Aviation: 34.2% • Enterprise Resource Planning (ERP): 23.3%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Promoters have been increasing their shareholding - up 3.7pp over 2 years
- Operating margins have improved to 6.3% from -26.1%
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (250.4% of PBT)
- Company has a low return on equity of -21.3% over last 3 years
- Company has a low return on capital employed of -14.6%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.50x)
- Working capital days have increased from -29 to 4 days
- Company has delivered a poor profit growth of -5.8% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2202.00 | 16.00 | 796702.87 | 5.00 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1038.20 | 13.91 | 421325.69 | 4.62 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1207.00 | 18.80 | 327539.38 | 4.47 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1539.50 | 29.38 | 150891.59 | 3.31 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4301.15 | 24.39 | 127581.28 | 1.74 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11760.00 | 30.01 | 102409.76 | 3.40 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5537.45 | 45.42 | 87353.27 | 0.72 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1847.40 | 46.58 | 81835.77 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2294.10 | 22.92 | 43790.98 | 2.70 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3334.95 | 26.80 | 35379.24 | 1.74 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| RAMCOSYS | 594.60 | 53.87 | 2235.50 | 0.00 | 0.56 | -48.06 | 172.77 | 7.10 | 16.27 | 14.73 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 140 | 127 | 128 | 131 | 137 | 143 | 157 | 155 | 161 | 176 | 178 | 185 | 173 | |
| 165 | 253 | 133 | 129 | 134 | 126 | 143 | 114 | 132 | 136 | 134 | 140 | 172 | |
| Operating Profit | -25 | -127 | -4 | 2 | 3 | 17 | 14 | 42 | 29 | 39 | 45 | 45 | 1 |
| OPM % | -18.25% | -99.85% | -3.45% | 1.61% | 2.51% | 11.65% | 8.99% | 26.74% | 18.01% | 22.42% | 25.17% | 24.34% | 0.73% |
| 0 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 1 | -20 | 1 | 2 | |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 22 | 21 | 21 | 23 | 22 | 23 | 23 | 35 | 22 | 23 | 23 | 23 | 23 |
| Profit before Tax | -48 | -148 | -27 | -21 | -18 | -7 | -9 | 7 | 9 | 17 | 1 | 22 | 3 |
| Tax % | 3.11% | 1.34% | 2.50% | -9.97% | -7.18% | -46.50% | -11.49% | 31.88% | 88.32% | 25.06% | -306.33% | -13.95% | 83.71% |
| Net Profit | 0 | 0 | 0 | 0 | -20 | -10 | -10 | 5 | 1 | 13 | 3 | 25 | 1 |
| -13.27 | -41.35 | -7.47 | -6.52 | -5.54 | -2.70 | -2.79 | 1.45 | 0.25 | 3.37 | 0.87 | 6.70 | 0.16 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 449 | 469 | 542 | 569 | 626 | 531 | 492 | 526 | 591 | 701 | 712 | |
| 440 | 394 | 453 | 471 | 462 | 532 | 653 | 738 | 553 | 657 | 582 | |
| Operating Profit | 10 | 75 | 89 | 98 | 165 | -1 | -161 | -212 | 38 | 44 | 131 |
| OPM % | 2.15% | 15.99% | 16.39% | 17.19% | 26.30% | -0.15% | -32.71% | -40.32% | 6.44% | 6.33% | 18.35% |
| 10 | 12 | 10 | 16 | 23 | 9 | 32 | 63 | 44 | 101 | -16 | |
| Interest | 3 | 2 | 5 | 13 | 10 | 7 | 11 | 8 | 6 | 5 | 4 |
| Depreciation | 48 | 50 | 51 | 66 | 69 | 75 | 81 | 87 | 103 | 91 | 92 |
| Profit before Tax | -31 | 34 | 42 | 34 | 108 | -73 | -221 | -244 | -26 | 49 | 43 |
| Tax % | 135.06% | 66.51% | 60.15% | 68.03% | 47.48% | 0.51% | 6.26% | 0.84% | -29.27% | 14.07% | 3.73% |
| Net Profit | 11 | 11 | 17 | 11 | 57 | -73 | -207 | -242 | -34 | 42 | 41 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 18.20 | -23.87 | -65.60 | -68.24 | -9.18 | 11.16 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 2%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 6%
- 5 Years:
- -6%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- 5%
- 3 Years:
- 30%
- 1 Year:
- 32%
RETURN ON EQUITY
- 10 Years:
- -10%
- 5 Years:
- -23%
- 3 Years:
- -21%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 31 | 31 | 31 | 31 | 31 | 35 | 35 | 37 | 37 |
| Minority Interest | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 4 | 4 | 4 |
| 479 | 495 | 520 | 548 | 597 | 530 | 449 | 219 | 234 | 267 | |
| 7 | 42 | 86 | 159 | 68 | 51 | 98 | 51 | 42 | 30 | |
| Trade Payables | 49 | 46 | 45 | 58 | 56 | 69 | 69 | 72 | 57 | 65 |
| 64 | 94 | 122 | 154 | 186 | 187 | 257 | 260 | 271 | 318 | |
| Total Liabilities | 629 | 709 | 805 | 950 | 941 | 871 | 912 | 640 | 644 | 722 |
| 267 | 260 | 264 | 339 | 340 | 356 | 420 | 430 | 413 | 402 | |
| 3 | 3 | 3 | 3 | 3 | 3 | 12 | 2 | 29 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95 | 92 | 112 | |
| Cash & Bank | 8 | 14 | 11 | 15 | 15 | 13 | 68 | 28 | 46 | 126 |
| 351 | 432 | 527 | 593 | 583 | 499 | 412 | 85 | 64 | 80 | |
| Total Assets | 629 | 709 | 805 | 950 | 941 | 871 | 912 | 640 | 644 | 722 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 37 | 9 | 12 | 54 | 169 | 99 | 43 | 104 | 113 | 134 | |
| Cash from Investing | -34 | -44 | -50 | -57 | -66 | -85 | -127 | -77 | -106 | -46 |
| Cash from Financing | 8 | 36 | 46 | -2 | -103 | -9 | 148 | -56 | 13 | -18 |
| 11 | -0 | 4 | -9 | -3 | -3 | 61 | -29 | 20 | 70 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Ramco Systems Limited has informed the Exchange regarding a press release dated September 10, 2026, titled "Ramco Systems Marks Three Decades in Malaysia at Ramco Now & Next Celebration, Previews New AI-Native Platform".
2026-09-03 - Ramco Systems Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Ramco Systems Signs MoU with Safran Helicopter Engines".
2026-08-27 - Ramco Systems Limited has informed the Exchange regarding a press release dated August 27, 2026, titled " Ramco Systems Announces Successful Implementation of Ramco Payce for Cromwell ".
2026-08-25 - Ramco Systems Limited has informed the Exchange regarding a press release dated August 25, 2026, titled "Ornge achieves paperless maintenance operations with Ramco's Digital Task Card and Mobile Apps".
2026-08-21 - Ramco Systems Limited has informed the Exchange about General Updates -Approval of Employee Stock Option Scheme 2026 (ESOS 2026) by the shareholders on August 20, 2026
2026-08-21 - Ramco Systems Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 20, 2026
2026-08-21 - Ramco Systems Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026
2026-08-21 - Ramco Systems Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 20, 2025. Further, the company has informed the Exchange regarding voting results.
2026-08-20 - Ramco Systems Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2025
News
Recent coverage and analyst commentary for RAMCOSYS
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