R Systems International Ltd.
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ABOUT
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 a healthy return on capital (ROCE) of 32.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.46x)
- Company has been maintaining a healthy dividend payout of 38.2%
- Company comfortably covers its interest (19.0x coverage)
- Stock looks reasonably valued - P/E of 15.7 is below its historical median
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 15.8% versus prior year
- Total debt has risen sharply - up 3968.5% year on year
- Stock is trading at 6.4x its book value
* 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 |
| RSYSTEMS | 255.60 | 15.71 | 3028.76 | 2.35 | 55.57 | -26.74 | 601.70 | 30.23 | 30.99 | 18.39 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 407 | 457 | 416 | 417 | 432 | 444 | 449 | 442 | 462 | 499 | 555 | 575 | 602 | |
| 354 | 375 | 353 | 363 | 371 | 376 | 378 | 372 | 392 | 427 | 462 | 474 | 523 | |
| Operating Profit | 53 | 82 | 63 | 53 | 61 | 68 | 71 | 71 | 70 | 72 | 94 | 101 | 79 |
| OPM % | 13.00% | 17.99% | 15.09% | 12.80% | 14.19% | 15.37% | 15.72% | 15.94% | 15.19% | 14.46% | 16.85% | 17.50% | 13.15% |
| 4 | 0 | 2 | 2 | 4 | 2 | 4 | 2 | 47 | 2 | -22 | 20 | 1 | |
| Interest | 2 | 3 | 3 | 3 | 2 | 2 | 2 | 1 | 2 | 4 | 7 | 10 | 9 |
| Depreciation | 10 | 17 | 17 | 17 | 17 | 17 | 16 | 15 | 16 | 17 | 19 | 22 | 22 |
| Profit before Tax | 46 | 62 | 45 | 36 | 47 | 52 | 57 | 57 | 99 | 53 | 46 | 90 | 81 |
| Tax % | 68.31% | 29.22% | -3.08% | 24.46% | 46.86% | 22.92% | 31.16% | 31.98% | 23.52% | 33.91% | 20.47% | 27.02% | 30.97% |
| Net Profit | 0 | 0 | 0 | 0 | 25 | 40 | 39 | 39 | 76 | 35 | 36 | 65 | 56 |
| 1.22 | 3.72 | 3.88 | 2.32 | 2.10 | 3.37 | 3.30 | 3.26 | 6.41 | 2.99 | 3.08 | 5.52 | 4.69 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2023 | Dec 2024 | Dec 2025 | TTM | |
|---|---|---|---|---|
| 1,685 | 1,742 | 1,958 | 2,230 | |
| 1,432 | 1,485 | 1,651 | 1,885 | |
| Operating Profit | 252 | 257 | 307 | 345 |
| OPM % | 14.98% | 14.75% | 15.66% | 15.48% |
| 12 | 8 | 29 | 2 | |
| Interest | 9 | 8 | 14 | 30 |
| Depreciation | 54 | 65 | 66 | 79 |
| Profit before Tax | 200 | 192 | 255 | 269 |
| Tax % | 29.95% | 31.50% | 27.03% | 28.46% |
| Net Profit | 140 | 131 | 186 | 193 |
| EPS | 11.84 | 11.09 | 15.73 | — |
| Dividend Payout % | 57.42% | 112.73% | 38.15% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 17%
- 5 Years:
- 5%
- 3 Years:
- -20%
- 1 Year:
- -44%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- 25%
- Last Year:
- 28%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|
| Equity Capital | 12 | 12 | 12 |
| Minority Interest | 241 | 241 | 433 |
| 600 | 582 | 729 | |
| 121 | 64 | 394 | |
| Trade Payables | 37 | 41 | 114 |
| 273 | 237 | 359 | |
| Total Liabilities | 1,283 | 1,176 | 2,041 |
| 625 | 569 | 1,123 | |
| 250 | 257 | 411 | |
| Cash & Bank | 252 | 194 | 314 |
| 156 | 156 | 193 | |
| Total Assets | 1,283 | 1,176 | 2,041 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|
| 211 | 235 | 220 | |
| Cash from Investing | -223 | 15 | -326 |
| Cash from Financing | -41 | -216 | 209 |
| -52 | 34 | 103 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2019 | Dec 2021 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|
| PER SHARE | |||||
| EPS (₹) | 4.86 | 11.95 | 11.84 | 11.09 | 15.73 |
| Book Value (₹) | 28.27 | 38.91 | 51.68 | 50.22 | 62.59 |
| Dividend per Share (₹) | 1.50 | 5.70 | 6.80 | 12.50 | 6.00 |
| Cash EPS (₹) | 6.10 | 14.30 | 16.44 | 16.61 | 21.33 |
| PROFITABILITY | |||||
| Operating Margin % | 9.02% | 13.91% | 14.98% | 14.75% | 15.66% |
| Net Margin % | 7.18% | 12.24% | 8.32% | 7.53% | 9.51% |
| ROE % | 17.60% | 31.89% | 24.22% | 21.76% | 27.89% |
| ROCE % | 21.96% | 38.41% | 34.35% | 30.73% | 30.99% |
| 12.59% | 21.57% | 13.38% | 10.67% | 11.57% | |
| EFFICIENCY | |||||
| Debtor Days | 61 | 49 | 55 | 53 | 62 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 |
| 61 | 49 | 55 | 53 | 62 | |
| FINANCIAL HEALTH | |||||
| Debt to Equity (x) | 0.02x | 0.00x | 0.09x | 0.01x | 0.42x |
| Interest Coverage (x) | 46.96x | 35.62x | 23.35x | 23.81x | 19.00x |
| 3.15x | 3.28x | 1.70x | 2.24x | 1.90x | |
| GROWTH | |||||
| Revenue Growth % | 15.64% | 31.23% | 11.13% | 3.40% | 12.43% |
| Operating Profit Growth % | 15.54% | 56.68% | 25.64% | 0.53% | 35.83% |
| Net Profit Growth % | 13.87% | 72.91% | 0.30% | -6.37% | 41.94% |
| 17.34% | 74.85% | 0.30% | -6.37% | 41.83% | |
| VALUATION | |||||
| P/E (x) | 14.40x | 27.14x | 46.33x | 41.94x | 25.66x |
| P/B (x) | 2.48x | 8.34x | 10.62x | 9.26x | 6.45x |
| Dividend Yield % | 2.14% | 1.76% | 1.24% | 2.69% | 1.49% |
| 7.88x | 17.82x | 23.87x | 20.04x | 13.26x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-24 - R Systems International Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-24 - R Systems International Limited has informed the Exchange regarding Cessation of Mr Piyush Jain as Company Secretary & Compliance Officer of the company with effect from the closing hours on August 24, 2026.
2026-08-18 - The Nomination, Remuneration and Compensation Committee of the Board of Directors of R Systems International Limited (the Company ), by way of resolution passed through circulation on August 18, 2026, has approved the allotment of 3,270 equity shares of face value INR 1/- each upon exercise of 3,270 Restricted Stock Units ( RSUs ) under Company s Management Incentive Plan 2023.
2026-08-12 - R Systems International Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-11 - R Systems International Limited has informed the Exchange about Transcript of the Investors/ Analysts Call held on August 05, 2026.
2026-08-11 - R Systems International Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-07 - R Systems International Limited has informed the Exchange about Schedule of meet
2026-08-06 - Copy of Newspaper Publication published in Business Standard (English) all editionsand Business Standard (Hindi), New Delhi edition on August 06, 2026
2026-08-05 - R Systems International Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for RSYSTEMS
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