IT services firm delivering AI-led digital product engineering to enterprises across 20 countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 602 | +30.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.0 | +3.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 56.0 | −26.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 19.13 | +3.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 10.88 | −2.0 pts | Fiscal year | FY ending Dec 2025 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 24.15 | +9.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 7 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | sustainable growth in them / maintain around 16.7% | Q2 FY25 | 20.1% actual, continuing to significantly exceed the high 16s target. | Achieved |
| Total Revenue | $500 million target in the next three to four years | Q3 FY25 | Not mentioned for the sixth consecutive quarter. | At Risk |
| Revenue Growth | volume growth momentum is definitely there / market-leading growth | Q2 FY25 | 4.7% QoQ (INR) / 1.2% QoQ (USD) growth. TTM ACV slightly up to $82.9M. Management confident in organic growth traction. | On Track |
3 of R Systems International Limited's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹409.8 on 24 Oct 2025 → ₹251.95. High ₹431.85 (30 Oct 2025), low ₹220.16 (3 Jul 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
R Systems International is a Noida-headquartered IT services and digital product engineering company that builds and modernizes software platforms, engineering operations, experience design and application infrastructure for enterprise clients worldwide. It earns revenue mainly from technology, healthcare, manufacturing & logistics, telecom/media and banking & financial services clients, delivered through a global network of offices and development centers. In November 2025 it acquired Novigo Solutions, adding low-code and intelligent-automation capability (a UiPath Diamond-tier practice and a Microsoft Copilot Centre of Excellence) and expanding its Indian delivery footprint into Bengaluru and Mangaluru. The company also runs EXIQO, an AI studio combining its trained engineering workforce, its OptimaAI delivery framework and a governed methodology to take clients from AI pilots to production deployments.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
4 of 7 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | sustainable growth in them / maintain around 16.7% | Q2 FY25 | 20.1% actual, continuing to significantly exceed the high 16s target. | Achieved |
| Total Revenue | $500 million target in the next three to four years | Q3 FY25 | Not mentioned for the sixth consecutive quarter. | At Risk |
| Revenue Growth | volume growth momentum is definitely there / market-leading growth | Q2 FY25 | 4.7% QoQ (INR) / 1.2% QoQ (USD) growth. TTM ACV slightly up to $82.9M. Management confident in organic growth traction. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
R Systems International Limited Q2 2026
R Systems delivered a strong Q2 2026, with robust revenue and EBITDA growth, driven by AI-led solutions and strategic investments. Despite a QoQ dip in net profit due to one-time currency effects, the company maintained healthy margins and saw an uptick in utilization. Management expressed confidence in its AI-first strategy and pipeline quality, while actively seeking inorganic growth opportunities.
Read the full callR Systems Intl. Q4 FY26
R Systems International reported strong Q1 FY26 results with significant YoY and QoQ growth in revenue, adjusted EBITDA, and net profit, driven by strategic AI investments and Novigo integration. Margins expanded due to operational leverage and favorable exchange rates, despite a slight dip in gross margin from AI-related utilization. The company continues its 'AI-First' strategy, seeing positive deal momentum and a shift towards fixed-price contracts, while managing competitive threats and leveraging GCC trends as opportunities.
Read the full callR Systems Intl. Q4 CY25
R Systems International Limited reported a strong Q4 and full year CY25, driven by robust revenue growth and margin expansion. The company's strategic focus on AI-led offerings is gaining traction, with AI-based revenues contributing significantly. The Novigo acquisition is expected to further enhance profitability and market reach, while the company continues to invest in capabilities and manage its capital effectively.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Dec 2020 to Dec 2025).
Financials
Net profit, year on year: −26% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 444 | 449 | 442 | 462 | 499 | 555 | 575 | 602 |
| Expenses | 376 | 378 | 372 | 392 | 427 | 462 | 471 | 491 |
| Operating profit | 68 | 71 | 71 | 70 | 72 | 94 | 104 | 111 |
| Operating margin | 15.0% | 16.0% | 16.0% | 15.0% | 14.0% | 17.0% | 18.0% | 18.0% |
| Other income | 2 | 4 | 2 | 47 | 2 | -22 | 17 | 1 |
| Interest | 2 | 2 | 1 | 2 | 4 | 7 | 10 | 9 |
| Depreciation | 17 | 16 | 15 | 16 | 17 | 19 | 22 | 22 |
| Profit before tax | 52 | 57 | 57 | 99 | 53 | 46 | 90 | 81 |
| Tax rate | 23.0% | 31.0% | 32.0% | 24.0% | 34.0% | 20.0% | 27.0% | 31.0% |
| Net profit | 40 | 39 | 39 | 76 | 35 | 36 | 65 | 56 |
| EPS (₹ per share) | 3.37 | 3.30 | 3.26 | 6.41 | 2.98 | 3.08 | 5.52 | 4.69 |
| Line item | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Sales | 1,684 | 1,742 | 1,958 |
| Expenses | 1,433 | 1,488 | 1,653 |
| Operating profit | 252 | 254 | 307 |
| Other income | 11 | 12 | 29 |
| Interest | 10 | 9 | 14 |
| Depreciation | 54 | 67 | 67 |
| Profit before tax | 200 | 192 | 255 |
| Net profit | 140 | 131 | 186 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Jun 2025 | Dec 2025 | Jun 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 534 | 600 | 612 | 681 | 780 | 1,086 |
| Borrowings | 77 | 131 | 73 | 130 | 410 | 369 |
| Other liabilities | 210 | 572 | 519 | 542 | 901 | 643 |
| Total liabilities | 833 | 1,315 | 1,216 | 1,365 | 2,102 | 2,110 |
| Fixed assets | 156 | 627 | 571 | 581 | 1,125 | 1,109 |
| Capital work in progress | 3 | 0 | 4 | 2 | 0 | 1 |
| Investments | 14 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 661 | 688 | 641 | 782 | 977 | 1,001 |
| Total assets | 833 | 1,315 | 1,216 | 1,365 | 2,102 | 2,110 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 125 | 87 | 96 | 211 | 235 | 220 |
| Cash from investing | -32 | 19 | -8 | -219 | 14 | -311 |
| Cash from financing | 10 | -116 | -86 | -41 | -216 | 209 |
| Net cash flow | 103 | -9 | 2 | -49 | 33 | 118 |
| Free cash flow | 108 | 60 | 61 | 193 | 224 | 213 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Debtor days | 54 | 56 | 62 | 54 | 54 | 77 |
| Cash conversion cycle | 54 | 56 | 62 | 54 | 54 | 77 |
| Working capital days | 40 | 41 | 45 | 1 | 27 | 21 |
| Return on capital employed | 26.0% | 36.0% | 31.0% | 26.0% | 21.0% | 19.0% |
| Dividend payout | 0.0% | 48.0% | 55.0% | 57.0% | 113.0% | 38.0% |
The businesses behind the company’s reported revenue.
Information technology services contributes 90.1% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹543.70 crore
₹59.67 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Information technology services | 543.70 | 90.1% |
| Knowledge services | 59.67 | 9.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Information technology services | 90% | 89% | 89% | 89% | 89% | 90% | 90% | 90% | +31.5% |
| Knowledge services | — | — | — | — | — | — | — | 10% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹252, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹176 — downside of 30%.
Ownership
Promoters hold 51.84% as of Sept 2026; institutions cut 1.79 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of R Systems International Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 51.84% | unchanged | |
| 20.47% | unchanged | |
| Global fund house | 2.44% | unchanged |
| Mutual fund | 2.10% | newly disclosed |
| 1.84% | newly disclosed | |
| VC / PE | — | off the list |
| Mutual fund | — | off the list |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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