Ramco Systems Limited (RAMCOSYS)

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Ramco Systems Limited (RAMCOSYS) · mywealthgrid

About

Ramco Systems Limited develops software products as a small-cap player (₹2,239.83 Cr market cap) in India's IT sector. The company has generated strong stock returns of 56.6% over the past year and maintains operating margins of 22–33%, though recent earnings have been inconsistent.

Founded: 1992
Face value: ₹10

Market cap

₹2,054 Cr

P/E

49.4×

P/B

5.9×

Dividend yield

ROE

12.6%

ROCE

17.6%

Debt / equity

OPM

22.6%

EPS (TTM)

₹11.1

Book value

₹93.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Net profit volatility: Quarterly profits have ranged from losses of ₹11.96 Cr to gains of ₹25.17 Cr with no clear trend. Verify the underlying causes—operational, seasonal, or accounting-driven.
Valuation risk: PE of 53.92 implies substantial growth expectations. Verify whether the company's product roadmap and market opportunity justify this multiple.
Modest profitability: ROE of 12.57% is low for a software company. Verify whether this reflects temporary earnings weakness or structural challenges.
Earnings visibility: EPS has swung from -₹3.20 to +₹6.70 across recent quarters. Verify what portion of volatility reflects business performance versus consolidation or exceptional items.

Generated analysis · source review pending

Growth drivers

Operating margins 22–33% offer earnings-growth room if revenue scales; verify whether recent volatility is settling.
Zero debt (D/E = 0) enables R&D and acquisition investment for growth; verify management's capital allocation strategy and priorities.
Small quarterly revenue base (₹85–185 Cr) offers scale potential in India's growing software market; verify addressable market and product competitiveness.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹546.3-1.3%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 22.6%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 18.5×

Cons

−Low return on equity of -18.5% (3-yr avg)
−Profit declined 5.6% a year over the last 5 years
−Modest revenue growth of 2.3% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 66
Growth: 30
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Oracle Financial Services Software LimitedOFSSOFSS	₹90,758 Cr	₹90,758 Cr	₹8,945 Cr	₹4,508 Cr	45.3%	₹3,413 Cr	34.4%	42.1%	32.6%	56
Tanla Platforms LimitedTANLATANLA	₹6,468 Cr	₹6,468 Cr	₹4,603 Cr	₹761 Cr	16.4%	₹533 Cr	11.5%	26.3%	21.4%	15
C.e. Info Systems LimitedMAPMYINDIAMAPMYINDIA	₹4,635 Cr	₹4,635 Cr	₹492 Cr	₹176 Cr	37%	₹138 Cr	28.3%	22.9%	15.8%	-138
Capillary Technologies India LimitedCAPILLARYCAPILLARY	₹4,410 Cr	₹4,455 Cr	₹735 Cr	₹93 Cr	12.6%	₹52 Cr	7.1%	3%	5.1%	48
Technvision Ventures LimitedTECHNVISNTECHNVISN	₹2,371 Cr	—	₹228 Cr	₹4 Cr	1.7%	₹0 Cr	0.1%	—	—	—
Mobavenue AI Tech LtdMOBAVENUEMOBAVENUE	₹2,238 Cr	₹2,247 Cr	₹218 Cr	₹45 Cr	20.8%	₹29 Cr	13.4%	60.8%	55.5%	—
Ramco Systems LimitedRAMCOSYSRAMCOSYS	₹2,054 Cr	₹2,054 Cr	₹712 Cr	₹155 Cr	22.6%	₹42 Cr	6%	17.6%	12.6%	15
Nucleus Software Exports LimitedNUCLEUSNUCLEUS	₹1,701 Cr	₹1,701 Cr	₹869 Cr	₹100 Cr	14.3%	₹105 Cr	13.3%	18.7%	13.6%	42
Blue Cloud Softech Solutions LtdBLUECLOUDSBLUECLOUDS	₹1,497 Cr	₹1,587 Cr	₹797 Cr	₹70 Cr	8.8%	₹44 Cr	5.6%	48.8%	44.5%	52
Subex LimitedSUBEXLTDSUBEXLTD	₹1,087 Cr	₹1,087 Cr	₹292 Cr	₹39 Cr	9.2%	₹30 Cr	10.2%	11%	8.8%	86
Unicommerce Esolutions LimitedUNIECOMUNIECOM	₹928 Cr	₹928 Cr	₹211 Cr	₹32 Cr	17.3%	₹22 Cr	10%	20%	15.6%	-34
Quick Heal Technologies LimitedQUICKHEALQUICKHEAL	₹749 Cr	₹749 Cr	₹249 Cr	₹-37 Cr	-11.3%	₹-11 Cr	-4.2%	-4.6%	-2.5%	-3,095

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	569	626	531	492	526	591	701
COGS	1	6	1	1	3	0	2
	465	449	532	626	677	515	540
	103	171	-2	-135	-154	76	159
OPM %	18.1%	27.4%	-0.4%	-27.5%	-29.4%	12.8%	22.6%
Depreciation	66	69	75	81	87	103	91
Interest	12	9	5	10	6	5	4
	9	15	9	6	4	6	-14
Profit before tax	34	108	-73	-221	-244	-26	49
Tax	23	51	-0	-14	-2	8	7
Tax %	67.6%	47.5%	-0.5%	-6.3%	-0.8%	29.3%	14.1%
	11	57	-73	-207	-242	-34	42
PAT margin %	1.9%	9.1%	-13.7%	-42%	-46%	-5.8%	6%
EPS (₹)	3.3	18.2	-23.9	-65.6	-68.5	-9.4	11.2
EPS adjusted (₹)	—	18.1	-23.8	-58.7	-68.2	-9.2	11.2
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	31	31	35	35	37	38
Reserves	621	550	498	276	278	312
Minority interest	3	3	3	4	4	4
	0	0	38	0	0	0
	286	291	359	353	349	391
Total equity & liabilities	941	875	933	668	669	745
	340	356	420	430	413	402
CWIP	0	0	0	0	0	0
Investments	3	3	12	2	29	2
	598	515	502	237	227	341
Total assets	941	875	933	668	669	745

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	18.1%	27.4%	-0.4%	-27.5%	-29.4%	12.8%	22.6%
EBIT margin %	6.4%	16.3%	-14.5%	-43.9%	-46%	-4.6%	9.6%
PAT margin %	1.9%	9.1%	-13.7%	-42%	-46%	-5.8%	6%
Working capital
Receivable days	—	106	115	113	66	57	58
Inventory days	—	0	0	0	0	0	0
Payable days	—	45	47	40	39	40	44
NWC days	—	61	67	73	27	17	15
Leverage
Current ratio	—	2.39	1.91	1.38	0.75	0.82	1.03
Debt to EBITDA	—	0	—	—	—	0	0
Debt to equity	—	0	0	0.07	0	0	0
Interest coverage	3.7	13.2	-12.5	-21.2	-38.2	-4.4	18.5
Asset turnover	—	0.67	0.61	0.53	0.79	0.88	0.94
Return ratios
Return on assets %	—	6%	-8.3%	-22.2%	-36.2%	-5.1%	5.6%
Return on capital employed %	—	15.5%	-9.6%	-32.9%	-46.2%	-5.3%	17.6%
Return on equity %	—	8.7%	-12.6%	-38.8%	-77.6%	-10.8%	12%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.03%	51.95%	51.89%	51.79%	53.44%	53.37%	53.21%	53.17%	53.1%	53.03%	55.68%	55.51%
	9.69%	10.09%	10.06%	10%	9.65%	9.69%	9.6%	9.89%	9.88%	9.95%	10.02%	11.48%
	5.93%	5.93%	5.92%	5.91%	5.64%	5.64%	5.62%	5.61%	5.77%	5.77%	2.03%	1.76%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	32.35%	32.03%	32.13%	32.3%	31.27%	31.3%	31.57%	31.33%	31.25%	31.25%	32.27%	31.25%
No. of shareholders	—	—	—	—	—	—	—	—	29,170	28,532	27,987	32,100

Promoter holding up 3.48 percentage points since Sep 2023.

178 deals · 16 Jun 2022 – 16 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	2,19,796	₹841.96	₹18.51 Cr
16 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	2,19,415	₹841.88	₹18.47 Cr
16 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,12,983	₹840.74	₹17.91 Cr
16 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,95,594	₹841.20	₹16.45 Cr
14 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,88,764	₹849.61	₹16.04 Cr
14 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,55,583	₹858.09	₹13.35 Cr
8 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,46,113	₹873.02	₹30.22 Cr
8 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	3,09,581	₹883.69	₹27.36 Cr
8 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	2,89,542	₹883.61	₹25.58 Cr
8 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	2,88,600	₹883.71	₹25.50 Cr

1–10 of 178

1 / 18

Mr. PUSAPADI RAMASUBRAMANIA RAJA VENKETRAMA RAJANon-Executive - Non Independent Director-Chairperson related to Promoter
K RamachandranSenior Vice President - Finance
Mr. POOSAPADI VENKETRAMA RAJA ABINAVRAMASUBRAMANIAMRAJExecutive Director-MD
Mr. ARRAKUNDAL VELAYUTHA RAJA DHARMAKRISHNANNon-Executive - Non Independent Director
Mr. SANKAR KRISHNANNon-Executive - Non Independent Director
Mr. R Ravi Kula ChandranChief Financial Officer
Mr. POSAPADI PERUMAL SUBBA RAJA JANARTHANA RAJANon-Executive - Independent Director
Mr. MAYURAM SWAMINATHAN KRISHNANNon-Executive - Independent Director
Mr. ARAVIND SRINIVASANNon-Executive - Independent Director
Mrs. CHITRA VENKATARAMANNon-Executive - Independent Director

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Schemes holding

across 1 fund houses

Held by these funds

1.52%

of the company's equity

All mutual funds

1.52%

shareholding pattern, Jun 2026

Portfolios as of

June 2026

no prior month

1 schemes

		Shares
Balanced Advantage Fund	HDFC Mutual Fund	5.7 L	47.64	0.04%	1.516%	—

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results23 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

1 Oct 2026, 12:42 pmCompany Update

Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('Listing Regulations') Ref: Our Intimation Dated September 11, 2025

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	18.1%	27.4%	-0.4%	-27.5%	-29.4%	12.8%	22.6%
EBIT margin %	6.4%	16.3%	-14.5%	-43.9%	-46%	-4.6%	9.6%
PAT margin %	1.9%	9.1%	-13.7%	-42%	-46%	-5.8%	6%
Working capital
Receivable days	—	106	115	113	66	57	58
Inventory days	—	0	0	0	0	0	0
Payable days	—	45	47	40	39	40	44
NWC days	—	61	67	73	27	17	15
Leverage
Current ratio	—	2.39	1.91	1.38	0.75	0.82	1.03
Debt to EBITDA	—	0	—	—	—	0	0
Debt to equity	—	0	0	0.07	0	0	0
Interest coverage	3.7	13.2	-12.5	-21.2	-38.2	-4.4	18.5
Asset turnover	—	0.67	0.61	0.53	0.79	0.88	0.94
Return ratios
Return on assets %	—	6%	-8.3%	-22.2%	-36.2%	-5.1%	5.6%
Return on capital employed %	—	15.5%	-9.6%	-32.9%	-46.2%	-5.3%	17.6%
Return on equity %	—	8.7%	-12.6%	-38.8%	-77.6%	-10.8%	12%

Date	Category	Subject	Filing
1 Oct 2026, 12:42 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('Listing Regulations') Ref: Our Intimation Dated September 11, 2025	PDF
10 Sept 2026, 1:25 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
3 Sept 2026, 5:29 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
27 Aug 2026, 1:00 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
27 Aug 2026, 10:34 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Aug 2026, 10:18 pm	Company Update General	Announcement Under Regulation 30 Of SEBI LODR - Approval Of Employee Stock Option Scheme 2026 (ESOS 2026) By The Shareholders On August 20, 2026	PDF
21 Aug 2026, 5:34 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
20 Aug 2026, 8:16 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	166	92	40	104	113	134
	-66	-85	-127	-77	-106	-46
	-103	-9	148	-56	13	-19
Net cash flow	-3	-3	61	-29	20	69
Free cash flow	166	92	40	104	113	134
CFO / Operating profit %	96.7%	—	—	—	149.9%	84.8%

Ramco Systems Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

Announcements

Not in the F&O segment

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Ramco Systems Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1