RAMCO SYSTEMS LTD.

Builds and deploys enterprise software products, with the two main revenue engines being aviation maintenance software and global payroll managed services. The aviation product, Ramco Aviation, handles engine and APU maintenance, repair and overhaul workflows — including engineering, planning, supply chain, and accounting modules — and is used by over 90 aviation organisations covering more than 4,000 aircraft and 24,000-plus users; UK-based CFS Aero is a recent addition. The payroll line, Ramco Payce, runs payroll across multiple countries on a single platform and was deployed for engineering consultancy Aurecon across seven Asia Pacific markets; the payroll business grew 25% year-on-year in FY26. The company has also launched 'Chia', an AI agent platform, and signed an MoU with ST Engineering for aviation MRO solutions. About 57% of FY26 revenue was recurring, and management has flagged near-term moderation in aviation demand from West Asia geopolitical conditions. Employee costs at 45.8% of revenue are the largest expense, with other operating expenses at 31.3% and depreciation at 13%.