R Systems International Ltd.

•

₹ 239.25-0.97%

2026-08-21

rsystems.comBSE: 532735NSE: RSYSTEMS

Market Cap₹ 2,824 Cr.

Current Price₹ 242

High / Low₹ 497 / 214

Stock P/E0.0

Book Value₹ 79

Price to Book7.47

Dividend Yield2.52 %

ROCE37.7 %

ROE39.7 %

Face Value₹ 1

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ABOUT

KEY POINTS

PROS

Company has a healthy return on capital (ROCE) of 41.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 36.7%
Company has been maintaining a healthy dividend payout of 31.9%
Company comfortably covers its interest (21.1x coverage)
Stock looks reasonably valued - P/E of 21.4 is below its historical median
Company has a consistent dividend-paying track record

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (39.3% of PBT)
Total debt has risen sharply - up 3968.5% year on year
Stock is trading at 7.5x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	TCS	2287.00	16.62	827456.62	4.81	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1117.05	14.97	453305.21	4.30	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1322.50	20.60	358882.21	4.08	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	179.50	13.45	177780.78	6.13	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1582.20	30.20	155076.76	3.22	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4535.00	25.72	134517.77	1.65	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11720.00	29.90	102061.42	3.41	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5510.00	45.20	86920.25	0.73	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1815.00	45.76	80390.07	0.87	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2420.00	24.18	46192.17	2.56	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3538.70	28.44	37537.66	1.64	3571.00	1029.71	29401.00	1014.73	27.70	18.65
12.	RSYSTEMS	238.30	14.65	2823.76	2.52	55.57	-26.74	601.70	30.23	30.99	18.39

Detailed Comparison with:

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
	229	243	207	209	226	235	242	277	259	288	310	320	343
	186	189	171	176	182	186	198	218	212	228	244	245	292
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	63	1	3	11	21	1	16	3	48	57	3	26	1
Interest	2	2	3	3	2	1	2	1	2	4	7	9	9
Depreciation	6	6	6	6	6	6	5	11	5	6	6	13	14
	99	46	31	35	58	43	52	50	87	107	31	79	51
Tax %	29.92%	25.71%	-21.15%	10.97%	29.44%	15.42%	23.98%	30.66%	22.31%	12.09%	17.25%	20.24%	30.46%
Net Profit	69	34	37	32	41	36	40	34	68	94	26	63	36
	6	3	3	3	3	3	3	3	6	8	2	5	0
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 229
: 186
Operating Profit: —
OPM %: —
Other Income: 63
Interest: 2
Depreciation: 6
: 99
Tax %: 29.92%
Net Profit: 69
: 6
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 243
: 189
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 6
: 46
Tax %: 25.71%
Net Profit: 34
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 207
: 171
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 3
Depreciation: 6
: 31
Tax %: -21.15%
Net Profit: 37
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 209
: 176
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 3
Depreciation: 6
: 35
Tax %: 10.97%
Net Profit: 32
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 226
: 182
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 2
Depreciation: 6
: 58
Tax %: 29.44%
Net Profit: 41
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 235
: 186
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 6
: 43
Tax %: 15.42%
Net Profit: 36
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 242
: 198
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 2
Depreciation: 5
: 52
Tax %: 23.98%
Net Profit: 40
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 277
: 218
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 1
Depreciation: 11
: 50
Tax %: 30.66%
Net Profit: 34
: 3
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 259
: 212
Operating Profit: —
OPM %: —
Other Income: 48
Interest: 2
Depreciation: 5
: 87
Tax %: 22.31%
Net Profit: 68
: 6
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 288
: 228
Operating Profit: —
OPM %: —
Other Income: 57
Interest: 4
Depreciation: 6
: 107
Tax %: 12.09%
Net Profit: 94
: 8
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 310
: 244
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 7
Depreciation: 6
: 31
Tax %: 17.25%
Net Profit: 26
: 2
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 320
: 245
Operating Profit: —
OPM %: —
Other Income: 26
Interest: 9
Depreciation: 13
: 79
Tax %: 20.24%
Net Profit: 63
: 5
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 343
: 292
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 9
Depreciation: 14
: 51
Tax %: 30.46%
Net Profit: 36
: 0
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025	TTM
	904	911	1,101	1,260
	724	738	875	1,009
Operating Profit	250	219	334	—
OPM %	28	24	30	—
Other Income	71	46	108	87
Interest	8	8	14	28
Depreciation	24	23	22	40
	218	189	274	269
Tax %	21	21	19	19
Net Profit	173	149	223	219
EPS	15	13	19	—
Dividend Payout %	46	100	32	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	15	13	19	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	15	13	19	—

Dec 2023

: 904
: 724
Operating Profit: 250
OPM %: 28
Other Income: 71
Interest: 8
Depreciation: 24
: 218
Tax %: 21
Net Profit: 173
EPS: 15
Dividend Payout %: 46
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15

Dec 2024

: 911
: 738
Operating Profit: 219
OPM %: 24
Other Income: 46
Interest: 8
Depreciation: 23
: 189
Tax %: 21
Net Profit: 149
EPS: 13
Dividend Payout %: 100
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Dec 2025

: 1,101
: 875
Operating Profit: 334
OPM %: 30
Other Income: 108
Interest: 14
Depreciation: 22
: 274
Tax %: 19
Net Profit: 223
EPS: 19
Dividend Payout %: 32
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19

TTM

: 1,260
: 1,009
Operating Profit: —
OPM %: —
Other Income: 87
Interest: 28
Depreciation: 40
: 269
Tax %: 19
Net Profit: 219
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 16%
5 Years:: 5%
3 Years:: -22%
1 Year:: -43%

RETURN ON EQUITY

10 Years:: —
5 Years:: 32%
3 Years:: 37%
Last Year:: 40%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025
LIABILITIES	-	-	-
Equity Capital	12	12	12
	471	471	628
	55	5	44
Trade Payables	11	10	23
	235	209	528
Total Liabilities	784	707	1,235
ASSETS	-	-	-
	93	72	106
	373	374	775
	103	110	197
Cash & Bank	113	39	56
	102	113	101
Total Assets	784	707	1,235
Total Debt	58	8	315
Net Working Capital	61	104	136
Contingent Liabilities	0	0	0
Book Value per Share	40.81	40.85	54.03
Face Value	1.00	1.00	1.00
Total Debt	58	8	315
Net Working Capital	61	104	136
Contingent Liabilities	0	0	0
Book Value per Share	40.81	40.85	54.03
Face Value	1.00	1.00	1.00

Dec 2023

Equity Capital: 12
: 471
: 55
Trade Payables: 11
: 235
Total Liabilities: 784
: 93
: 373
: 103
Cash & Bank: 113
: 102
Total Assets: 784
Total Debt: 58
Net Working Capital: 61
Contingent Liabilities: 0
Book Value per Share: 40.81
Face Value: 1.00
Total Debt: 58
Net Working Capital: 61
Contingent Liabilities: 0
Book Value per Share: 40.81
Face Value: 1.00

Dec 2024

Equity Capital: 12
: 471
: 5
Trade Payables: 10
: 209
Total Liabilities: 707
: 72
: 374
: 110
Cash & Bank: 39
: 113
Total Assets: 707
Total Debt: 8
Net Working Capital: 104
Contingent Liabilities: 0
Book Value per Share: 40.85
Face Value: 1.00
Total Debt: 8
Net Working Capital: 104
Contingent Liabilities: 0
Book Value per Share: 40.85
Face Value: 1.00

Dec 2025

Equity Capital: 12
: 628
: 44
Trade Payables: 23
: 528
Total Liabilities: 1,235
: 106
: 775
: 197
Cash & Bank: 56
: 101
Total Assets: 1,235
Total Debt: 315
Net Working Capital: 136
Contingent Liabilities: 0
Book Value per Share: 54.03
Face Value: 1.00
Total Debt: 315
Net Working Capital: 136
Contingent Liabilities: 0
Book Value per Share: 54.03
Face Value: 1.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025
	177	166	138
Cash from Investing	-208	59	-339
Cash from Financing	-32	-206	218
	-63	19	18
Free Cash Flow	177	166	97
OCF / Net Profit	1.02	1.12	0.62
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	1.02	1.12	0.62
Cumulative 5-Year FCF	0	0	0

Dec 2023

: 177
Cash from Investing: -208
Cash from Financing: -32
: -63
Free Cash Flow: 177
OCF / Net Profit: 1.02
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.02
Cumulative 5-Year FCF: 0

Dec 2024

: 166
Cash from Investing: 59
Cash from Financing: -206
: 19
Free Cash Flow: 166
OCF / Net Profit: 1.12
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.12
Cumulative 5-Year FCF: 0

Dec 2025

: 138
Cash from Investing: -339
Cash from Financing: 218
: 18
Free Cash Flow: 97
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2019	Dec 2021	Dec 2023	Dec 2024	Dec 2025
PER SHARE	-	-	-	-	-
EPS (₹)	4.31	9.78	14.66	12.56	18.82
Book Value (₹)	22.95	29.92	40.81	40.85	54.03
Dividend per Share (₹)	1.50	5.70	6.80	12.50	6.00
Cash EPS (₹)	5.02	11.02	16.69	14.47	20.71
PROFITABILITY	-	-	-	-	-
Operating Margin %	14.68%	18.64%	19.88%	18.98%	20.56%
Net Margin %	13.14%	20.04%	19.19%	16.30%	20.25%
ROE %	18.94%	33.22%	39.74%	30.75%	39.69%
ROCE %	23.09%	39.81%	48.51%	37.01%	37.66%
	14.92%	25.25%	26.07%	19.92%	22.95%
EFFICIENCY	-	-	-	-	-
Debtor Days	56	47	45	43	51
Inventory Days	0	0	0	0	0
Payable Days	0	0	0	0	0
	56	47	45	43	51
FINANCIAL HEALTH	-	-	-	-	-
Debt to Equity (x)	0.02x	0.00x	0.12x	0.02x	0.49x
Interest Coverage (x)	149.26x	36.52x	27.88x	25.31x	21.11x
	2.89x	4.11x	1.25x	1.75x	1.68x
GROWTH	-	-	-	-	-
Revenue Growth %	23.50%	31.63%	11.06%	0.84%	20.78%
Operating Profit Growth %	50.12%	56.33%	58.52%	-12.45%	52.34%
Net Profit Growth %	66.04%	66.05%	53.90%	-14.36%	50.03%
	71.11%	67.92%	53.89%	-14.36%	49.91%
VALUATION	-	-	-	-	-
P/E (x)	16.26x	33.17x	37.43x	37.04x	21.44x
P/B (x)	3.05x	10.85x	13.45x	11.38x	7.47x
Dividend Yield %	2.14%	1.76%	1.24%	2.69%	1.49%
	10.79x	24.32x	25.71x	24.96x	15.09x

Dec 2019

EPS (₹): 4.31
Book Value (₹): 22.95
Dividend per Share (₹): 1.50
Cash EPS (₹): 5.02
Operating Margin %: 14.68%
Net Margin %: 13.14%
ROE %: 18.94%
ROCE %: 23.09%
: 14.92%
Debtor Days: 56
Inventory Days: 0
Payable Days: 0
: 56
Debt to Equity (x): 0.02x
Interest Coverage (x): 149.26x
: 2.89x
Revenue Growth %: 23.50%
Operating Profit Growth %: 50.12%
Net Profit Growth %: 66.04%
: 71.11%
P/E (x): 16.26x
P/B (x): 3.05x
Dividend Yield %: 2.14%
: 10.79x

Dec 2021

EPS (₹): 9.78
Book Value (₹): 29.92
Dividend per Share (₹): 5.70
Cash EPS (₹): 11.02
Operating Margin %: 18.64%
Net Margin %: 20.04%
ROE %: 33.22%
ROCE %: 39.81%
: 25.25%
Debtor Days: 47
Inventory Days: 0
Payable Days: 0
: 47
Debt to Equity (x): 0.00x
Interest Coverage (x): 36.52x
: 4.11x
Revenue Growth %: 31.63%
Operating Profit Growth %: 56.33%
Net Profit Growth %: 66.05%
: 67.92%
P/E (x): 33.17x
P/B (x): 10.85x
Dividend Yield %: 1.76%
: 24.32x

Dec 2023

EPS (₹): 14.66
Book Value (₹): 40.81
Dividend per Share (₹): 6.80
Cash EPS (₹): 16.69
Operating Margin %: 19.88%
Net Margin %: 19.19%
ROE %: 39.74%
ROCE %: 48.51%
: 26.07%
Debtor Days: 45
Inventory Days: 0
Payable Days: 0
: 45
Debt to Equity (x): 0.12x
Interest Coverage (x): 27.88x
: 1.25x
Revenue Growth %: 11.06%
Operating Profit Growth %: 58.52%
Net Profit Growth %: 53.90%
: 53.89%
P/E (x): 37.43x
P/B (x): 13.45x
Dividend Yield %: 1.24%
: 25.71x

Dec 2024

EPS (₹): 12.56
Book Value (₹): 40.85
Dividend per Share (₹): 12.50
Cash EPS (₹): 14.47
Operating Margin %: 18.98%
Net Margin %: 16.30%
ROE %: 30.75%
ROCE %: 37.01%
: 19.92%
Debtor Days: 43
Inventory Days: 0
Payable Days: 0
: 43
Debt to Equity (x): 0.02x
Interest Coverage (x): 25.31x
: 1.75x
Revenue Growth %: 0.84%
Operating Profit Growth %: -12.45%
Net Profit Growth %: -14.36%
: -14.36%
P/E (x): 37.04x
P/B (x): 11.38x
Dividend Yield %: 2.69%
: 24.96x

Dec 2025

EPS (₹): 18.82
Book Value (₹): 54.03
Dividend per Share (₹): 6.00
Cash EPS (₹): 20.71
Operating Margin %: 20.56%
Net Margin %: 20.25%
ROE %: 39.69%
ROCE %: 37.66%
: 22.95%
Debtor Days: 51
Inventory Days: 0
Payable Days: 0
: 51
Debt to Equity (x): 0.49x
Interest Coverage (x): 21.11x
: 1.68x
Revenue Growth %: 20.78%
Operating Profit Growth %: 52.34%
Net Profit Growth %: 50.03%
: 49.91%
P/E (x): 21.44x
P/B (x): 7.47x
Dividend Yield %: 1.49%
: 15.09x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.93	51.93	51.93	51.90	51.89	51.89	51.88	51.85	51.85
	0.60	0.43	3.99	3.96	3.57	3.60	3.55	3.76	3.82
	1.10	1.72	7.44	8.66	8.83	8.95	9.41	8.60	6.53
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.38	45.93	36.64	35.48	35.71	35.57	35.15	35.79	37.80

Jun 2024

: 51.93
: 0.60
: 1.10
Government: 0.00
: 46.38

Sep 2024

: 51.93
: 0.43
: 1.72
Government: 0.00
: 45.93

Dec 2024

: 51.93
: 3.99
: 7.44
Government: 0.00
: 36.64

Mar 2025

: 51.90
: 3.96
: 8.66
Government: 0.00
: 35.48

Jun 2025

: 51.89
: 3.57
: 8.83
Government: 0.00
: 35.71

Sep 2025

: 51.89
: 3.60
: 8.95
Government: 0.00
: 35.57

Dec 2025

: 51.88
: 3.55
: 9.41
Government: 0.00
: 35.15

Mar 2026

: 51.85
: 3.76
: 8.60
Government: 0.00
: 35.79

Jun 2026

: 51.85
: 3.82
: 6.53
Government: 0.00
: 37.80

Documents

Announcements

Allotment of Securities
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.
Copy of Newspaper Publication
2026-08-12 - R Systems International Limited has informed the Exchange about Copy of Newspaper Publication

Annual Reports

Credit Ratings

Credit Rating- Revision
2026-07-07 - R Systems International Limited has informed the Exchange about Credit Rating- Revision

Concalls

Aug 2026
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May 2026
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Feb 2026
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