Ramco Systems Limited (RAMCOSYS) share price

₹594.55 on NSE as of 2026-09-11. -2.63% on the day. market cap ₹2,218 Cr. P/E 53.6. 52-week range ₹344.05 to ₹886.15. Information Technology.

What the company does

RSL was initially set up as a division of Ramco Industries Limited in 1989, before being spun off into an independent entity in 1999. Headquartered in Chennai, RSL is a leading cloud -based technology company with global operations. It provides ERP, HCM and aviation maintenance and engineering (M&E) as well as maintenance repair and overhaul (MRO) software to customers across the globe. It is part of the reputed Ramco Group of companies, a business conglomerate with intere sts in cement, cotton, synthetic yarn, cement software solutions, clean energy and biotechnology, among others.

Filed by ICRA, page 5.

Ramco Systems Q1 FY27: Revenue at a Record ₹172.77 Cr, Profit at ₹0.60 Cr

At a glance

Ramco Systems closed the June 2026 quarter with consolidated revenue of ₹172.77 crore, up 7.1% from ₹161.32 crore a year earlier and down 6.8% from ₹185.36 crore in the March quarter. Operating profit came in at ₹25.46 crore against ₹29.06 crore a year ago and ₹45.10 crore in the preceding quarter, taking operating margin to 14.74% from 24.33% in March. Net profit was ₹0.60 crore, versus ₹0.94 crore in the June 2025 quarter and ₹25.05 crore in March 2026. EPS was ₹0.16.

The company also reported the quarter in dollars: revenue of USD 18.38 million, EBITDA of USD 2.94 million and net profit of USD 0.06 million. Tax took ₹2.89 crore out of a pre-tax ₹3.45 crore, a rate the filing links to the company's election of the New Tax Regime effective Tax Year 2026-27, which required a remeasurement of deferred tax balances.

The quarter sits at the end of a year in which the annual numbers turned. FY26 closed with revenue of ₹700.95 crore, operating profit of ₹158 crore and net profit of ₹41.84 crore, the first profitable year after FY23, FY24 and FY25 delivered losses of ₹206.84 crore, ₹241.93 crore and ₹34.25 crore respectively. Cash and bank balances stood at ₹125.57 crore at March 2026 against borrowings of ₹42.83 crore.

Two names changed on the org chart in the same window: a new CEO from July 2, and a new CFO lined up for December 1. What the numbers underneath that reshuffle look like is where the rest of this goes.

Introduction

Ramco Systems was set up as a division of Ramco Industries in 1989 and spun off as an independent company in 1997. It sits inside the Ramco Group, a conglomerate whose other interests run to cement, cotton, synthetic yarn, clean energy and biotechnology — which makes an enterprise software company the odd one at the family dinner table, and also explains why one of its own ERP customers is a cement maker.

Headquartered in Chennai, the company sells multi-tenant cloud and mobile enterprise software across global payroll, ERP, logistics, and maintenance & engineering / MRO for aviation, plus service resource planning and enterprise asset management. It operates in 35+ countries with 30+ offices and reports 20 lakh+ users, through a consolidated structure of subsidiaries running from Switzerland and Canada to Sudan, Macau and Saudi Arabia — seventeen of them, plus one South African associate, all named in the quarter's review report.

The last three years have been busy at the announcement desk rather than the growth desk. A ₹130 crore preferential issue and warrants landed in Q4 FY23, followed by ₹30 crore of promoter warrants in July 2024; ICRA notes ₹160 crore of equity infusion by the promoter group and other investors over three years. Customer announcements through 2025 and 2026 have skewed heavily aviation — Philippine Airlines, Fly Vaayu, Indamer Technics, Hanjin, and in March 2026, Tata Advanced Systems selecting Ramco to implement Aviation MRO at its new C130J defence MRO facility. Prism Johnson went live on Ramco ERP for its cement division in December 2024.

ICRA reaffirmed its ratings on September 19, 2025 at [ICRA]BBB+(Stable) for long-term facilities and [ICRA]A2 for short-term, on ₹150 crore of rated limits. In the same report ICRA notes that new order bookings moderated in recent quarters, reducing the outstanding order book, which it attributes to the company's changing focus on strategic, profitable contracts. The disclosed unexecuted order book was USD 166.0 million for FY2025, against USD 187.55 million a year prior.

Business model

Ramco sells the software that runs the unglamorous middle of other companies. Four product families do the work.

Aviation, Aerospace & Defense covers MRO, maintenance & engineering, defence asset management, flight operations and fleet technical management — component, engine, line and hangar. This is the piece with an actual moat-shaped story: the company has expertise in the aviation sector and has forayed into US defence, and its customer announcements read like an airline directory. Enterprise Asset Management handles production, finance, supply chain, project and facility management for cement, ready-mix, manufacturing, energy and utilities. Payce, the global payroll suite, comes with a daily HR workspace, managed services, and an AI assistant named Chia — because in 2026 no product ships without an assistant with a first name. Logistics rounds it out with transport, warehouse, fleet, hub management, and rating & billing for third-party logistics and courier providers.

Revenue in FY24 split ERP ~27%, HRP ~40% and Aviation ~33%, and split again by delivery as software products ~45% and services ~55%. Geographically, FY24 was APAC ~38%, USA ~26%, India ~24%, Middle East & Africa ~10% and Europe ~2%. Europe at two percent, across offices in the UK, Switzerland, Germany and Spain, is a lot of business cards for a rounding error.

The economics are the recognisable ones for a mid-size enterprise software house: employee cost of ₹321.13 crore against FY26 revenue of ₹700.95 crore, meaning roughly forty-six paise of every rupee walks out the door on payday, and R&D that ran at 23.61% of turnover in FY2025 on a standalone basis, having peaked at 44.25% in FY2023. ICRA describes the model's shift from deferred licensing to subscription as having improved cash flow generation and reduced unbilled revenues.

Partners include Workday, Deloitte, KPMG, Oracle, Microsoft, Honeywell, AWS, TCS, Infosys and Tech Mahindra — a list containing several firms that also sell enterprise software, which is the modern arrangement where everyone is simultaneously a channel and a competitor.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ramco Systems Limited.

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