Reliable Data Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • BFSI SEGMENT: 64.0% • NON BFSI SEGMENT: 36.0%
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 has delivered good profit growth of 22.5% CAGR over last 5 years
- Latest quarter profit grew 42.1% YoY, showing strong momentum
- Company has delivered good sales growth of 23.2% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Attractively priced for its growth - PEG of 0.4
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (132.0% of PBT)
- Recent results are weak - TTM profit is down 18.5% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.13x)
- Free cash flow has been persistently negative
- Operating margins have contracted to 2.7% from 14.5%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2312.00 | 16.80 | 836501.83 | 4.76 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1128.00 | 15.11 | 457768.62 | 4.26 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1310.25 | 20.41 | 355557.97 | 4.12 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.60 | 13.23 | 174910.92 | 6.23 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1597.00 | 30.48 | 156527.36 | 3.19 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4516.00 | 25.61 | 133954.19 | 1.66 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12050.00 | 30.75 | 104935.17 | 3.32 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5624.00 | 46.13 | 88718.60 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1963.70 | 49.51 | 86987.61 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2457.05 | 24.55 | 46899.54 | 2.52 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3498.50 | 28.11 | 37111.23 | 1.66 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| RELIABLE | 141.70 | 16.14 | 146.23 | 0.00 | 23.90 | 1320.93 | 575.66 | 1359.07 | 18.53 | 7.92 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | 18 | 21 | 28 | 20 | 24 | 33 | 53 | 39 | 69 | 23 | 55 | 58 | |
| 10 | 15 | 18 | 23 | 17 | 21 | 26 | 50 | 35 | 63 | 18 | 52 | 54 | |
| Operating Profit | 3 | 3 | 3 | 5 | 4 | 3 | 7 | 3 | 4 | 6 | 6 | 3 | 3 |
| OPM % | 23.59% | 14.29% | 13.15% | 16.97% | 17.99% | 12.57% | 20.77% | 6.40% | 10.80% | 8.29% | 25.06% | 4.96% | 5.73% |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 4 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 0 | 0 | 2 | 1 | 0 | 1 | 1 | 1 | 2 | 1 | 0 | 1 |
| Profit before Tax | 2 | 2 | 1 | 2 | 2 | 2 | 5 | 5 | 2 | 3 | 4 | 2 | 3 |
| Tax % | 27.50% | 25.70% | 28.86% | 13.43% | 22.04% | 21.84% | 24.26% | 18.66% | 25.99% | 26.07% | 26.12% | 21.95% | 26.01% |
| Net Profit | 0 | 0 | 0 | 0 | 1 | 1 | 4 | 4 | 2 | 2 | 3 | 1 | 2 |
| 1.12 | 1.29 | 1.44 | 1.68 | 1.12 | 1.32 | 3.99 | 3.75 | 1.63 | 2.17 | 3.05 | 1.24 | 2.32 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | 33 | 43 | 47 | 46 | 44 | 53 | 73 | 79 | 131 | 205 | |
| 23 | 29 | 35 | 38 | 39 | 40 | 46 | 64 | 66 | 127 | 188 | |
| Operating Profit | 3 | 4 | 9 | 9 | 7 | 4 | 8 | 9 | 13 | 4 | 18 |
| OPM % | 12.42% | 13.01% | 19.92% | 18.35% | 16.07% | 9.17% | 14.20% | 12.68% | 16.49% | 2.71% | 8.60% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 18 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 4 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 2 | 3 | 4 | 4 |
| Profit before Tax | 2 | 3 | 7 | 7 | 6 | 2 | 5 | 6 | 7 | 14 | 12 |
| Tax % | 32.79% | 35.30% | 28.69% | 27.97% | 33.24% | 29.83% | 29.03% | 21.07% | 23.11% | 24.07% | 25.51% |
| Net Profit | 1 | 2 | 5 | 5 | 4 | 2 | 4 | 5 | 5 | 10 | 9 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.65 | 3.63 | 4.62 | 5.13 | 10.03 | — |
| Dividend Payout % | 0.00% | 0.00% | 10.02% | 20.30% | 0.00% | 1.25% | 1.48% | 0.43% | 0.59% | 0.40% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 23%
- 3 Years:
- 35%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 20%
- 5 Years:
- 26%
- 3 Years:
- 44%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 37%
- 3 Years:
- 31%
- 1 Year:
- -5%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 12%
- 3 Years:
- 14%
- Last Year:
- 19%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | 10 |
| Minority Interest | 0 | 1 | 2 | 3 | 3 | 3 | 4 | 10 | 10 | 14 |
| 8 | 9 | 21 | 24 | 25 | 24 | 27 | 34 | 39 | 47 | |
| 7 | 7 | 7 | 8 | 13 | 17 | 17 | 32 | 42 | 51 | |
| Trade Payables | 1 | 0 | 1 | 1 | 4 | 11 | 7 | 17 | 8 | 17 |
| 7 | 8 | 15 | 16 | 12 | 10 | 11 | 11 | 13 | 13 | |
| Total Liabilities | 24 | 27 | 53 | 59 | 68 | 76 | 76 | 115 | 123 | 152 |
| 4 | 9 | 10 | 9 | 8 | 8 | 9 | 19 | 17 | 23 | |
| Capital Work in Progress | 3 | 0 | 0 | 0 | 0 | 18 | 23 | 24 | 24 | 21 |
| 3 | 0 | 12 | 9 | 8 | 5 | 4 | 4 | 8 | 8 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52 | 73 | |
| Cash & Bank | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | 1 |
| 13 | 17 | 30 | 40 | 51 | 45 | 39 | 67 | 20 | 26 | |
| Total Assets | 24 | 27 | 53 | 59 | 68 | 76 | 76 | 115 | 123 | 152 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 2 | -4 | 4 | -4 | -3 | 8 | -8 | -0 | -28 | |
| Cash from Investing | -3 | -2 | -13 | -0 | 6 | 1 | -7 | -5 | -5 | 1 |
| Cash from Financing | 1 | -0 | 20 | -1 | -1 | 2 | -0 | 21 | 6 | 25 |
| -1 | -1 | 1 | 0 | -1 | -0 | -0 | 1 | 1 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 12.93 | 14.86 | 4.99 | 4.93 | 3.16 | 1.60 | 3.37 | 4.62 | 5.13 | 10.03 |
| Book Value (₹) | 87.93 | 100.48 | 33.61 | 37.52 | 34.43 | 33.53 | 36.60 | 43.14 | 47.60 | 55.35 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.50 | 1.00 | 0.00 | 0.02 | 0.05 | 0.02 | 0.03 | 0.04 |
| Cash EPS (₹) | 3.04 | 3.51 | 5.50 | 5.54 | 4.28 | 2.04 | 3.98 | 6.54 | 8.43 | 13.74 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 13.20% | 13.95% | 20.39% | 19.09% | 16.86% | 10.00% | 14.50% | 14.33% | 16.49% | 2.71% |
| Net Margin % | 4.94% | 5.25% | 11.31% | 10.71% | 8.15% | 3.84% | 7.02% | 6.55% | 6.67% | 7.93% |
| ROE % | 15.83% | 18.41% | 25.19% | 16.35% | 11.05% | 4.86% | 10.35% | 11.58% | 11.30% | 19.49% |
| ROCE % | 16.81% | 21.54% | 28.81% | 20.79% | 16.19% | 8.51% | 14.73% | 13.30% | 12.11% | 18.53% |
| 5.67% | 6.79% | 12.22% | 8.89% | 5.89% | 2.37% | 4.94% | 5.01% | 4.46% | 7.54% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 78 | 79 | 105 | 114 | 106 | 162 | 178 | 151 | 199 | 175 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Payable Days | 8398 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -8320 | 79 | 105 | 114 | 106 | 162 | 179 | 151 | 199 | 176 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.90x | 0.87x | 0.29x | 0.29x | 0.29x | 0.35x | 0.38x | 0.65x | 0.78x | 0.81x |
| Interest Coverage (x) | 4.02x | 3.35x | 6.75x | 6.51x | 4.83x | 2.60x | 3.64x | 3.61x | 3.40x | 4.37x |
| 1.14x | 1.29x | 1.89x | 2.03x | 2.39x | 1.70x | 1.68x | 1.30x | 1.63x | 1.66x | |
| GROWTH | ||||||||||
| Revenue Growth % | 7.87% | 26.15% | 31.25% | 7.71% | -1.64% | -3.36% | 20.25% | 36.40% | 9.00% | 64.51% |
| Operating Profit Growth % | -18.50% | 33.36% | 91.80% | 0.82% | -13.13% | -42.68% | 74.43% | 34.73% | 27.00% | 62.51% |
| Net Profit Growth % | -25.04% | 34.14% | 182.93% | 1.93% | -25.08% | -54.51% | 119.79% | 27.26% | 11.00% | 95.62% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 11.00% | 95.63% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.79x | 7.07x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.38x | 1.28x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 0.06% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.82x | 5.53x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-17 - Reliable Data Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Reliable Data Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-06 - Reliable Data Services Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-07-06 - Reliable Data Services Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-26 - Reliable Data Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-25 - The Exchange had sought clarification from Reliable Data Services Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
2026-06-03 - Reliable Data Services Limited has informed the Exchange regarding 'Boardcommnentsonfineleviedbythexchange'.
2026-06-01 - Reliable Data Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-05-30 - Reliable Data Services Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
News
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