RSYSTEMS

R Systems International share price & financials

Price
₹264.15
Market cap
₹2.9k Cr
Sector
Information Technology
Calls analysed
8
Latest concall · Q1 FY27 · call held 05 Aug 2026

R Systems International Limited Q2 2026

Revenue ₹601.7 cr +30%Adjusted EBITDA ₹120.7 cr +51%Adjusted EBITDA Margin 20.1% Adjusted Net Profit ₹62.9 cr +35%

What went well

  • Q2 Revenue reached ₹601.7 crores ($63.6 million), a 30.2% YoY growth in rupees and 17.7% in dollars, driven by volume, rupee depreciation, and Novigo acquisition.
  • Adjusted EBITDA margin for Q2 stood at 20.1%, expanding 281 bps YoY, supported by improved revenue mix, utilization, and favorable exchange rates.
  • H1 Adjusted Net Profit grew 54.4% YoY to ₹138.7 crores ($14.9 million), with H1 revenue increasing 30.1% YoY to ₹1,176.5 crores.

What to watch

  • Q2 Adjusted Net Profit declined 17.1% QoQ to ₹62.9 crores from ₹75.8 crores in Q1, primarily due to a one-time currency hedging benefit in Q1 and Q2 exchange loss.
  • Other income was negative ₹87 lakh in Q2, a significant drop from ₹13.1 crores in Q1, impacted by a ₹9 crores realized loss on forward contracts.
Read the full call →

What R Systems International Limited does

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

  • Technology, Internet, Platforms and Services (TIPS)
  • Banking, Financial Services and Insurance (BFSI)
  • Healthcare
  • Manufacturing & Logistics (M&L)
  • Telecom, Media & Entertainment (TME)
Workforce
5,300+ professionals (as of Dec 31, 2025)
Offices
30 offices
Development and service centers
22 centers
Countries of operation
20 countries
Active clients (FY2025)
300+
Clients generating $1M+ annual revenue
50 accounts (28 above $2M, 3 above $5M, 1 above $10M)
Founded 1993Headquarters Noida, Uttar Pradesh, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 4 delivered 3 missed 8 open
  • EBITDA Margin delivered said Q2 FY25 Promised: sustainable growth in them / maintain around 16.7% Q1 FY27: 20.1% actual, continuing to significantly exceed the high 16s target.
  • Total Revenue at risk said Q3 FY25 Promised: $500 million target in the next three to four years Q1 FY27: Not mentioned for the sixth consecutive quarter.
  • Revenue Growth on track said Q2 FY25 Promised: volume growth momentum is definitely there / market-leading growth Q1 FY27: 4.7% QoQ (INR) / 1.2% QoQ (USD) growth. TTM ACV slightly up to $82.9M. Management confident in organic growth traction.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 30.3%, net profit down 26.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue444 449 442 462 499 +12%555 +24%575 +30%602 +30%
EBITDA68 71 71 70 72 +6%94 +32%104 +46%111 +59%
Net profit40 39 39 76 35 −12%36 −8%65 +67%56 −26%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −48.0% 1Y

₹250₹300₹350₹400₹450Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 7 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹462.65 on 10 Sept 2025 → ₹240.36. High ₹462.65 (10 Sept 2025), low ₹220.16 (3 Jul 2026).

How the price took the results

close before → close after

Q1 FY27
−6.0%
5 Aug
Q4 FY26
+5.0%
7 May
Q3 FY26
−1.2%
11 Feb
Q2 FY26
−1.8%
7 Nov

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.

Financials, as filed

Revenue grew 7.8% a year over 2 years, FY23 to FY25. Operating margin widened to 15.7%.

Year endingFY23FY24FY25
Revenue₹1.7k Cr₹1.7k Cr₹2.0k Cr
Operating profit₹252 Cr₹254 Cr₹307 Cr
Operating margin15.0%14.6%15.7%
Interest₹10 Cr₹9 Cr₹14 Cr
Depreciation₹54 Cr₹67 Cr₹67 Cr
Net profit₹140 Cr₹131 Cr₹186 Cr
Net margin8.3%7.5%9.5%
Cash from operations₹211 Cr₹235 Cr₹220 Cr
Free cash flow₹193 Cr₹224 Cr₹213 Cr
ROCE26.0%21.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹448 Cr₹534 Cr₹600 Cr₹612 Cr₹780 Cr₹1.1k Cr
Borrowings₹58 Cr₹77 Cr₹131 Cr₹73 Cr₹410 Cr₹369 Cr
Other liabilities₹174 Cr₹210 Cr₹572 Cr₹519 Cr₹901 Cr₹643 Cr
Total liabilities₹692 Cr₹833 Cr₹1.3k Cr₹1.2k Cr₹2.1k Cr₹2.1k Cr
Fixed assets₹127 Cr₹156 Cr₹627 Cr₹571 Cr₹1.1k Cr₹1.1k Cr
Capital work in progress₹0 Cr₹3 Cr₹0 Cr₹4 Cr₹0 Cr₹1 Cr
Investments₹13 Cr₹14 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹552 Cr₹661 Cr₹688 Cr₹641 Cr₹977 Cr₹1.0k Cr
Total assets₹692 Cr₹833 Cr₹1.3k Cr₹1.2k Cr₹2.1k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −2.30 pp while the public added +2.08 pp. The shareholder count grew 18% to 44,973.

Promoters
51.9%
FIIs
3.8%
DIIs
6.5%
Public
37.8%

Since Jun 2025

  • DIIs −2.30 pp
  • Public +2.08 pp
  • FIIs +0.26 pp

How it drifted, 12 quarters

Over this window the public fell from 47.2% to 37.8% — −9.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.9%, FIIs 0.2%, DIIs 0.7%, Public 47.2%.Dec '23: Promoters 51.9%, FIIs 0.3%, DIIs 0.8%, Public 47.1%.Mar '24: Promoters 51.9%, FIIs 0.6%, DIIs 1.0%, Public 46.5%.Jun '24: Promoters 51.9%, FIIs 0.6%, DIIs 1.1%, Public 46.4%.Sep '24: Promoters 51.9%, FIIs 0.4%, DIIs 1.7%, Public 46.0%.Dec '24: Promoters 51.9%, FIIs 4.0%, DIIs 7.4%, Public 36.6%.Mar '25: Promoters 51.9%, FIIs 4.0%, DIIs 8.7%, Public 35.5%.Jun '25: Promoters 51.9%, FIIs 3.6%, DIIs 8.8%, Public 35.7%.Sep '25: Promoters 51.9%, FIIs 3.6%, DIIs 8.9%, Public 35.6%.Dec '25: Promoters 51.9%, FIIs 3.5%, DIIs 9.4%, Public 35.1%.Mar '26: Promoters 51.9%, FIIs 3.8%, DIIs 8.6%, Public 35.8%.Jun '26: Promoters 51.9%, FIIs 3.8%, DIIs 6.5%, Public 37.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of R Systems International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bcp Asia Ii Topco Ii Pte Ltd 51.85%unchanged
Bhavook Tripathi 20.47%unchanged
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house2.44%unchanged
Clarus Capital I VC / PE2.22%−0.90 pp
DSP Small Cap Fund Mutual fund2.10%unchanged
Sundaram Mutual Fund A/C Sundaram Long Term Micro Cap Tax Advantage Fund - Series V Mutual fund1.84%newly disclosed
Bcp Asia Ii Holdco Ii Pte Ltd 0.00%unchanged
Sundaram Mutual Fund A/C Sundaram Services Fund Mutual fund—off the list
Carnelian Bharat Amritkaal Fund AIF—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.

What the price assumes

Expensive

To justify its price of ₹240, this stock must grow earnings at 7% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹176 — downside of 27%.

Growth the price implies
7.3% a year
for 7 years, fading to 4%
It has actually compounded at
1.4% a year
net profit, FY23–FY26 · EPS 1.6%
The gap
0.1 pp
-27% downside if it only repeats history
Price today ₹240.36 Value at the reference growth ₹175.99

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse R Systems International Limited

Guides on how to read this kind of business and the numbers that matter.