Ramco Systems Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • HR & Payroll (HRP): 39.9% • Aviation: 33.6% • Enterprise Resource Planning (ERP): 26.5%
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
- Latest quarter profit grew 78.0% YoY, showing strong momentum
- Operating margins have improved to 18.0% from -17.4%
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (740.9% of PBT)
- Recent results are weak - TTM profit is down 58.5% versus prior year
- Company has a low return on capital employed of -4.4%
- Company has a low return on equity of -5.2% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.47x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2300.90 | 16.72 | 832485.76 | 4.78 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1130.00 | 15.14 | 458580.27 | 4.25 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1294.00 | 20.15 | 351148.26 | 4.17 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.80 | 13.25 | 175109.01 | 6.22 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1592.00 | 30.38 | 156037.29 | 3.20 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4550.00 | 25.80 | 134962.70 | 1.65 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12067.35 | 30.79 | 105086.26 | 3.31 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5655.00 | 46.38 | 89207.62 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1967.45 | 49.61 | 87153.72 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2425.35 | 24.23 | 46294.46 | 2.56 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3492.45 | 28.07 | 37047.05 | 1.66 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| RAMCOSYS | 611.35 | 55.39 | 2298.47 | 0.00 | 0.56 | -48.06 | 172.77 | 7.10 | 16.27 | 14.73 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 65 | 57 | 69 | 83 | 66 | 81 | 94 | 85 | 88 | 87 | 91 | 97 | 85 | |
| 77 | 102 | 68 | 63 | 67 | 66 | 62 | 43 | 61 | 64 | 63 | 65 | 88 | |
| Operating Profit | -12 | -44 | 1 | 20 | -1 | 15 | 32 | 42 | 27 | 23 | 28 | 33 | -2 |
| OPM % | -18.55% | -77.24% | 2.06% | 23.65% | -1.52% | 18.31% | 34.14% | 49.10% | 30.59% | 26.33% | 30.29% | 33.56% | -2.88% |
| 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 1 | -20 | 2 | 13 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 20 | 20 | 20 | 21 | 20 | 21 | 21 | 34 | 21 | 21 | 22 | 22 | 22 |
| Profit before Tax | -33 | -65 | -19 | -2 | -21 | -7 | 10 | 7 | 8 | 1 | -16 | 13 | 11 |
| Tax % | 5.28% | 5.14% | 5.49% | 13.75% | 4.91% | 4.87% | 5.15% | 4.78% | 41.90% | 33.10% | 23.02% | 11.49% | 19.12% |
| Net Profit | -31 | -62 | -18 | -2 | -20 | -7 | 10 | 7 | 5 | 1 | -12 | 11 | 9 |
| -8.86 | -17.47 | -5.17 | -0.59 | -5.68 | -1.84 | 2.73 | 1.85 | 1.31 | 0.25 | -3.20 | 3.03 | 2.31 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 278 | 285 | 316 | 306 | 345 | 280 | 248 | 274 | 325 | 363 | 361 | |
| 230 | 169 | 198 | 199 | 207 | 278 | 307 | 315 | 245 | 298 | 280 | |
| Operating Profit | 48 | 116 | 118 | 106 | 138 | 1 | -59 | -41 | 80 | 65 | 81 |
| OPM % | 17.12% | 40.83% | 37.26% | 34.79% | 39.86% | 0.53% | -23.71% | -14.91% | 24.52% | 18.02% | 22.37% |
| 10 | 19 | 10 | 27 | 15 | 15 | 16 | 7 | 11 | 31 | -4 | |
| Interest | 2 | 2 | 4 | 11 | 8 | 5 | 9 | 6 | 4 | 4 | 3 |
| Depreciation | 46 | 49 | 49 | 61 | 63 | 70 | 74 | 80 | 97 | 86 | 87 |
| Profit before Tax | 9 | 85 | 74 | 61 | 81 | -58 | -126 | -120 | -11 | 7 | 9 |
| Tax % | -449.83% | 22.37% | 29.44% | 59.39% | 45.56% | 14.38% | 10.42% | 5.41% | 4.76% | 26.67% | 4.40% |
| Net Profit | 51 | 66 | 52 | 25 | 44 | -50 | -113 | -113 | -10 | 5 | 9 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 14.43 | -16.26 | -35.84 | -31.92 | -2.70 | 1.38 | — |
| 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:
- 3%
- 5 Years:
- 1%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -10%
- 5 Years:
- -35%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- 6%
- 3 Years:
- 30%
- 1 Year:
- 46%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- -7%
- 3 Years:
- -5%
- Last Year:
- 1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 624 | 696 | 749 | 772 | 822 | 774 | 772 | 664 | 705 | 719 | |
| 6 | 38 | 81 | 143 | 50 | 44 | 93 | 45 | 37 | 28 | |
| Trade Payables | 20 | 20 | 21 | 26 | 29 | 43 | 47 | 36 | 34 | 35 |
| 12 | 23 | 25 | 68 | 96 | 85 | 119 | 136 | 124 | 149 | |
| Total Liabilities | 693 | 808 | 907 | 1,040 | 1,028 | 977 | 1,066 | 916 | 938 | 970 |
| 263 | 257 | 260 | 322 | 328 | 345 | 408 | 419 | 403 | 396 | |
| 180 | 302 | 302 | 369 | 369 | 369 | 403 | 392 | 433 | 406 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62 | 57 | 65 | |
| Cash & Bank | 2 | 3 | 3 | 3 | 2 | 3 | 54 | 9 | 8 | 66 |
| 247 | 246 | 342 | 346 | 329 | 260 | 201 | 34 | 36 | 35 | |
| Total Assets | 693 | 808 | 907 | 1,040 | 1,028 | 977 | 1,066 | 916 | 938 | 970 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 102 | 98 | 62 | 105 | 144 | 79 | -18 | 74 | 101 | 116 | |
| Cash from Investing | -101 | -138 | -99 | -118 | -41 | -72 | -83 | -64 | -121 | -45 |
| Cash from Financing | 8 | 33 | 41 | -3 | -104 | -9 | 152 | -51 | 19 | -12 |
| 9 | -7 | 4 | -16 | -1 | -2 | 51 | -40 | -1 | 59 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 16.65 | 21.53 | 16.94 | 8.12 | 14.38 | -16.20 | -32.05 | -31.92 | -2.70 | 1.38 |
| Book Value (₹) | 214.94 | 237.74 | 254.53 | 261.92 | 277.22 | 260.94 | 228.92 | 197.26 | 198.93 | 201.87 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 31.90 | 37.46 | 33.09 | 27.91 | 34.86 | 6.45 | -11.08 | -9.25 | 23.29 | 24.20 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 20.64% | 47.44% | 40.28% | 43.48% | 44.09% | 5.86% | -17.44% | -14.91% | 24.52% | 18.02% |
| Net Margin % | 18.23% | 23.10% | 16.44% | 8.14% | 12.82% | -17.87% | -45.60% | -41.28% | -3.10% | 1.43% |
| ROE % | 8.16% | 9.53% | 6.89% | 3.15% | 5.34% | -6.03% | -14.02% | -15.02% | -1.40% | 0.69% |
| ROCE % | 1.67% | 11.68% | 9.26% | 8.00% | 9.91% | -6.29% | -13.63% | -13.83% | -0.80% | 1.34% |
| 7.36% | 8.78% | 6.05% | 2.56% | 4.28% | -4.98% | -11.06% | -11.42% | -1.09% | 0.54% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 174 | 149 | 157 | 174 | 134 | 122 | 113 | 97 | 67 | 62 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 8685 | 0 | 0 | 0 | 1874 | 0 | 0 | 0 | 0 | 0 |
| -8511 | 149 | 157 | 174 | -1740 | 122 | 113 | 97 | 67 | 62 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.01x | 0.05x | 0.10x | 0.12x | 0.00x | 0.00x | 0.05x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 6.34x | 51.24x | 18.56x | 6.53x | 11.26x | -10.94x | -13.00x | -20.73x | -1.41x | 2.97x |
| 4.94x | 2.52x | 2.39x | 2.05x | 3.48x | 2.42x | 1.53x | 1.01x | 1.13x | 1.31x | |
| GROWTH | ||||||||||
| Revenue Growth % | 6.04% | 2.53% | 10.78% | -3.12% | 12.80% | -18.96% | -11.37% | 10.64% | 18.55% | 11.66% |
| Operating Profit Growth % | -18.02% | 135.64% | -5.92% | 4.56% | 14.39% | -89.22% | -363.69% | 21.92% | 369.06% | 29.66% |
| Net Profit Growth % | 254.07% | 29.91% | -21.19% | -52.03% | 77.67% | -212.99% | -126.14% | -0.15% | 91.10% | 151.40% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.40% | 91.54% | 151.15% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 249.58x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.34x | 1.67x | 1.71x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -27.55x | 13.55x | 10.41x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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
2026-08-19 - Ramco Systems Limited has informed the Exchange regarding a press release dated August 19, 2026, titled "Pem-Air Selects Ramco Aviation".
News
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