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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aviation software (Ramco Aviation), Global payroll (Ramco Payce), Other enterprise software. People-driven enterprise software products and services, asset-light
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 531 | 492 | 526 | 591 | 701 |
| EBITDA (ex other income) | (2) | (135) | (154) | 76 | 137 |
| margin % | (0.4) | (27.5) | (29.4) | 12.8 | 19.5 |
| Owners' profit | (73) | (207) | (242) | (34) | 42 |
| EPS, as reported (₹) | (23.87) | (65.60) | (68.51) | (9.35) | 11.19 |
| ROE % · ROCE % | (12.5) · (10.3) | (38.6) · (33.9) | (76.7) · (58.3) | (10.7) · (5.4) | 11.9 · 11.9 |
| Debt / equity (x) | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 92 | 40 | 104 | 113 | 134 |
| Capex | 0 | 0 | 0 | (0) | 0 |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 143 | 157 | 155 | 161 | 176 | 178 | 185 | 173 |
| Profit before tax | (7) | (9) | 7 | 9 | 17 | 1 | 22 | 3 |
| Net profit | (10) | (10) | 5 | 1 | 13 | 3 | 25 | 1 |
| EPS (₹) | (2.70) | (2.79) | 1.45 | 0.25 | 3.37 | 0.87 | 6.70 | 0.16 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 1,02,338 | 30.0 | 13.08 | 26.9 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 6,684 | 12.5 | 2.69 | 7.8 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 5,056 | 36.8 | 5.59 | 21.9 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 3,656 | 86.5 | 3.57 | 27.9 | 5.1 | 4.9 | — | 4.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Ramco Systems celebrates 30 years in Malaysia, previews AI-native platform | business updates | medium | — | — |
| 3 Sept 2026 · Ramco Systems signs MoU with Safran Helicopter Engines | compliance | low | — | — |
| 27 Aug 2026 · Ramco Canada customer Ornge goes live with digital maintenance tools | business updates | medium | — | — |
| 27 Aug 2026 · Ramco Payce Successfully Implemented at Cromwell in Australia | business updates | medium | — | — |
| 25 Aug 2026 · Ornge goes live with Ramco's Digital Task Card across maintenance bases | compliance | low | — | — |
| 21 Aug 2026 · Shareholders approve ESOS 2026 stock option scheme with 15 lakh options | capital market events | medium | — | — |
| 21 Aug 2026 · Ramco Systems AGM 2026: All 4 Resolutions Passed; ESOS 2026 Approved | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Ramco Systems 29th AGM held on Aug 20, 2026 - ESOS 2026 approved with 15 lakh options | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Ramco Systems 29th AGM: All 4 resolutions passed, ESOS 2026 approved | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 29th AGM Proceedings - ESOS 2026 approved with 15 lakh stock options | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| TECHNVISION VENTURES LTD. | 2,991 | 344.1 | 199.35 | 399.6 | 1.4 | 5.5 | 25.5 | (3.0) |
| RAMCO SYSTEMS LTD. ◆ | 2,239 | 53.6 | 6.33 | 14.7 | 11.9 | 11.0 | 2.3 | 16.0 |
| Mobavenue AI Tech Limited | 2,135 | 16.9 | 23.58 | 44.6 | 32.4 | 30.8 | — | 21.8 |
| NUCLEUS SOFTWARE EXPORTS | 1,828 | 17.3 | 2.01 | 10.4 | 12.9 | 15.2 | 11.3 | 16.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.6 | 19.0 | 34 of 41 | 18% |
| P/B | 6.3 | 1.6 | 34 of 38 | 11% |
| ROCE | 11.0 | 4.9 | 11 of 43 | 76% |
| ROE | 11.9 | 3.5 | 10 of 42 | 78% |
| Debt / Equity | 0.0 | 0.0 | 5 of 42 | 46% |
| EBITDA margin | 16.0 | 17.2 | 22 of 35 | 38% |
| Revenue growth | 7.1 | 9.7 | 20 of 33 | 41% |
| Profit growth | (48.1) | (12.0) | 27 of 41 | 35% |
| Market cap | 2239 | 38 | 6 of 44 | 88% |
| 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 |
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