NSE: RSYSTEMS · BSE: 532735
R SYS INTERNATIONAL LTD
Delivers information technology and knowledge services to enterprise clients, with IT services accounting for 82.6% of segment revenue (₹264.723 crore) and knowledge services (formerly called business process outsourcing) accounting for 17.4% (₹55.618 crore) in the quarter ended March 2026. The IT services line covers digital engineering, platform modernisation, and AI-led transformation work — recent deal wins span an API platform for a global tech research firm, consumer loyalty for a global life-sciences company, and an AI platform for a major hyperscaler. Knowledge services covers outsourced research, analytics and process work. Q1 FY26 total revenue reached ₹574.8 crore (+29.9% YoY), with roughly 29% of revenue now coming from AI and AI-enabled services, delivered through the EXIQO AI Studio and Optima AI platform (50+ agents, 1,400+ AI EV-certified talent). Geographically, clients are split Americas 69.3%, APAC 17.5%, Europe 9.6% and MEA 3.6%, with the top-10 clients at ~24% of revenue and TTM ACV at $82.5M. Personnel costs are the dominant expense — utilisation was deliberately run at ~80.5% to invest in an AI/data bench, and gross margin was 36% versus 38.9% the prior quarter on that and one fewer billing day. Adjusted EBITDA margin came in at 20.1% (+276 bps YoY), helped by rupee depreciation and lower SG&A after an AR provision reversal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Information technology services (83%), Knowledge services (17%). People-intensive IT services and knowledge process outsourcing with an AI-first repositioning; geographic concentration in the Americas.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 444 | 449 | 442 | 462 | 499 | 555 | 575 | 602 |
| Profit before tax | 52 | 57 | 57 | 99 | 53 | 46 | 90 | 81 |
| Net profit | 40 | 39 | 39 | 76 | 35 | 36 | 65 | 56 |
| EPS (₹) | 3.37 | 3.30 | 3.26 | 6.41 | 2.99 | 3.08 | 5.52 | 4.69 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Information technology services | 1,882 | 89.8 |
| Knowledge Service | 56 | 2.7 |
| Business process outsourcing services | 159 | 7.6 |
| Total, before eliminations | 2,097 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.5 | 17.9 | 29 of 76 | 61% |
| P/B | 2.3 | 2.2 | 39 of 70 | 45% |
| ROCE | 10.0 | 9.6 | 42 of 86 | 52% |
| ROE | 9.4 | 9.2 | 34 of 70 | 52% |
| Debt / Equity | 0.2 | 0.0 | 53 of 70 | 25% |
| EBITDA margin | 18.6 | 13.0 | 25 of 69 | 65% |
| Revenue growth | 30.2 | 20.8 | 23 of 67 | 67% |
| Profit growth | (26.7) | 14.6 | 50 of 64 | 22% |
| Market cap | 2982 | 325 | 12 of 87 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 3 to approve quarterly results | results | low | — | — |
| 26 Oct 2026 · Vikas Basra appointed Chief AI Officer | general | low | — | — |
| 13 Oct 2026 · Notice to shareholders on proposed transfer of shares to IEPF | compliance | minimal | — | — |
| 12 Oct 2026 · Quarterly dematerialisation compliance certificate submitted to exchanges | compliance | minimal | — | — |
| 8 Oct 2026 · ICRA reaffirms issuer rating at AA- with Stable outlook | general | low | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 | compliance | minimal | — | — |
| 27 Sept 2026 · R Systems declares Rs 8 Second Interim Dividend, Record Date Oct 1 | general | low | — | — |
| 26 Sept 2026 · R Systems: TDS communication on Rs. 8 interim dividend | compliance | minimal | — | — |
| 25 Sept 2026 · Record date fixed for second interim dividend, Oct 1, 2026 | corporate actions | medium | — | — |
| 25 Sept 2026 · R Systems declares Rs 8 interim dividend; appoints new Company Secretary | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.