NSE: RAMCOSYS · BSE: 532370
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%. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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 |
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 | 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. ◆ | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.0 | 18.1 | 26 of 32 | 19% |
| P/B | 5.5 | 1.5 | 33 of 38 | 14% |
| ROCE | 11.0 | 4.8 | 9 of 40 | 80% |
| ROE | 11.9 | 3.5 | 8 of 38 | 81% |
| Debt / Equity | 0.0 | 0.0 | 1 of 38 | 51% |
| 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 | 1964 | 41 | 7 of 44 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · 13,738 shares allotted on employee option exercises | capital market events | low | — | — |
| 23 Oct 2026 · Ramco Q2 FY27 revenue rises 4% QoQ but profit stays near breakeven | compliance | low | — | — |
| 23 Oct 2026 · Ramco Q2 profit falls 96 percent as standalone result swings to loss | results | high | — | — |
| 22 Oct 2026 · ICRA upgrades Ramco Systems credit ratings | credit debt | medium | — | — |
| 16 Oct 2026 · Board meeting on Oct 23, 2026 to approve Q2 FY27 results; trading window closed till Oct 25 | compliance | minimal | — | — |
| 16 Oct 2026 · Board meeting on Oct 23 to approve Q2 FY27 results | results | low | — | — |
| 13 Oct 2026 · Routine quarterly certificate for dematerialised securities filed with exchanges | compliance | minimal | — | — |
| 13 Oct 2026 · Ramco Aviation wins Frost & Sullivan 2026 Global Technology Innovation Leadership award | business updates | medium | — | — |
| 7 Oct 2026 · Ramco Systems partners with Baker Tilly SM Envoy for UAE payroll | compliance | low | — | — |
| 5 Oct 2026 · Ramco Systems partners with Altron to expand payroll in UAE and Saudi Arabia | strategic transactions | 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.