Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,554Cr
Rev Gr TTM
Revenue Growth TTM
18.26%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RAMCOSYS
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 1.9 | 16.4 | 7.0 | 0.6 | 4.0 | -1.8 | 12.4 | 22.1 | 18.3 | 17.8 | 23.4 | 14.0 |
| 162 | 165 | 253 | 133 | 129 | 134 | 126 | 143 | 114 | 132 | 136 | 134 |
Operating Profit Operating ProfitCr |
| -28.4 | -18.3 | -99.8 | -3.5 | 1.6 | 2.5 | 11.7 | 9.0 | 26.7 | 18.0 | 22.4 | 25.2 |
Other Income Other IncomeCr | 2 | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 1 | -20 |
Interest Expense Interest ExpenseCr | 3 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 20 | 22 | 21 | 21 | 23 | 22 | 23 | 23 | 35 | 22 | 23 | 23 |
| -57 | -48 | -148 | -27 | -21 | -18 | -7 | -9 | 7 | 9 | 17 | 1 |
| -12 | -2 | -2 | -1 | 2 | 1 | 3 | 1 | 2 | 8 | 4 | -2 |
|
Growth YoY PAT Growth YoY% | -71.6 | 7.8 | -141.2 | 48.0 | 49.4 | 58.2 | 93.4 | 61.4 | 122.1 | 105.5 | 230.7 | 131.8 |
| -36.0 | -33.5 | -114.9 | -20.4 | -17.5 | -14.3 | -6.8 | -6.5 | 3.3 | 0.7 | 7.2 | 1.8 |
| -14.4 | -13.3 | -41.4 | -7.5 | -6.5 | -5.5 | -2.7 | -2.8 | 1.4 | 0.3 | 3.4 | 0.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 22.3 | 1.9 | 4.5 | 15.5 | 4.9 | 10.1 | -15.2 | -7.3 | 6.8 | 12.5 | 13.4 |
| 293 | 361 | 441 | 393 | 454 | 466 | 455 | 533 | 628 | 680 | 516 | 516 |
Operating Profit Operating ProfitCr |
| 18.6 | 18.1 | 1.9 | 16.2 | 16.2 | 18.1 | 27.4 | -0.4 | -27.5 | -29.4 | 12.8 | 23.1 |
Other Income Other IncomeCr | 5 | 3 | 10 | 10 | 10 | 9 | 15 | 9 | 6 | 4 | 6 | -13 |
Interest Expense Interest ExpenseCr | 12 | 4 | 1 | 1 | 4 | 12 | 9 | 5 | 10 | 6 | 5 | 4 |
Depreciation DepreciationCr | 45 | 46 | 48 | 50 | 51 | 66 | 69 | 75 | 81 | 87 | 103 | 104 |
| 15 | 33 | -30 | 34 | 42 | 34 | 108 | -73 | -221 | -244 | -26 | 34 |
| 2 | 9 | -41 | 23 | 25 | 23 | 51 | 0 | -14 | -2 | 8 | 12 |
|
| | 91.3 | -55.0 | 6.4 | 46.2 | -35.4 | 419.3 | -228.6 | -183.6 | -16.8 | 85.8 | 164.2 |
| 3.5 | 5.5 | 2.4 | 2.5 | 3.1 | 1.9 | 9.1 | -13.7 | -42.0 | -46.0 | -5.8 | 3.3 |
| 5.5 | 8.2 | 3.5 | 3.7 | 5.4 | 3.3 | 18.2 | -23.9 | -65.6 | -68.5 | -9.3 | 5.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 24 | 30 | 30 | 31 | 31 | 31 | 31 | 31 | 35 | 35 | 37 | 37 |
| 228 | 485 | 510 | 523 | 547 | 575 | 621 | 550 | 488 | 266 | 278 | 287 |
Current Liabilities Current LiabilitiesCr | 169 | 125 | 121 | 179 | 245 | 280 | 190 | 214 | 312 | 260 | 266 | 291 |
Non Current Liabilities Non Current LiabilitiesCr | 230 | 19 | 16 | 18 | 18 | 90 | 96 | 77 | 85 | 93 | 83 | 85 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 249 | 307 | 274 | 315 | 364 | 440 | 455 | 408 | 430 | 196 | 219 | 260 |
Non Current Assets Non Current AssetsCr | 404 | 353 | 403 | 437 | 479 | 538 | 487 | 466 | 504 | 472 | 450 | 444 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 22 | 19 | 37 | 8 | 8 | 50 | 166 | 92 | 40 | 104 | 113 |
Investing Cash Flow Investing Cash FlowCr | -44 | -47 | -34 | -44 | -50 | -57 | -66 | -85 | -127 | -77 | -106 |
Financing Cash Flow Financing Cash FlowCr | 24 | 22 | 8 | 36 | 46 | -2 | -103 | -9 | 148 | -56 | 13 |
|
Free Cash Flow Free Cash FlowCr | -23 | -27 | -5 | -36 | -46 | -8 | 96 | 4 | -77 | 15 | 34 |
| 173.2 | 77.6 | 337.5 | 66.4 | 49.6 | 462.4 | 292.1 | -125.9 | -19.5 | -42.9 | -331.3 |
CFO To EBITDA CFO To EBITDA% | 32.5 | 23.4 | 439.4 | 10.1 | 9.6 | 49.0 | 96.7 | -4,712.2 | -29.8 | -67.2 | 149.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,571 | 2,135 | 1,164 | 1,103 | 733 | 221 | 1,621 | 815 | 669 | 938 | 1,236 |
Price To Earnings Price To Earnings | 124.0 | 88.5 | 109.4 | 97.9 | 44.8 | 21.8 | 29.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 4.4 | 4.8 | 2.6 | 2.4 | 1.4 | 0.4 | 2.6 | 1.5 | 1.4 | 1.8 | 2.1 |
Price To Book Price To Book | 6.2 | 4.2 | 2.2 | 2.0 | 1.3 | 0.4 | 2.5 | 1.4 | 1.3 | 3.1 | 3.9 |
| 27.3 | 26.6 | 139.0 | 14.9 | 9.1 | 3.6 | 9.7 | -440.1 | -5.2 | -6.3 | 16.5 |
Profitability Ratios Profitability Ratios |
| 99.4 | 99.5 | 99.2 | 99.8 | 99.5 | 99.8 | 99.0 | 99.8 | 99.7 | 99.4 | 100.0 |
| 18.6 | 18.1 | 1.9 | 16.2 | 16.2 | 18.1 | 27.4 | -0.4 | -27.5 | -29.4 | 12.8 |
| 3.5 | 5.5 | 2.4 | 2.5 | 3.1 | 1.9 | 9.1 | -13.7 | -42.0 | -46.0 | -5.8 |
| 5.2 | 7.1 | -5.3 | 6.0 | 7.1 | 6.0 | 16.3 | -10.7 | -33.5 | -65.2 | -5.8 |
| 5.0 | 4.7 | 2.0 | 2.1 | 2.9 | 1.8 | 8.7 | -12.6 | -39.5 | -80.2 | -10.8 |
| 1.9 | 3.7 | 1.6 | 1.5 | 2.0 | 1.1 | 6.0 | -8.3 | -22.2 | -36.2 | -5.1 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Ramco Systems Limited is a globally recognized, next-generation enterprise software company with over 26 years of experience, headquartered in Chennai, India. A part of the USD 1 billion Ramco Group, the company specializes in cloud-native, AI-powered SaaS platforms for **Global Payroll, Aviation, Aerospace & Defense (AAD), ERP**, and **Logistics**. Serving over **800 global customers** and supporting more than **2 million users** across 30+ offices worldwide, Ramco focuses on digital transformation for asset-intensive and people-intensive industries through its proprietary innovation platform — **Ramco VirtualWorks®**.
---
### **Core Business Segments**
#### **1. Global Payroll & HR (HRP)**
- **Revenue Contribution**: ~38–40%, and projected to be the primary driver of new order demand over the next 1–2 years.
- **Flagship Product**: **Ramco Payce** – a modern, AI-driven global payroll platform.
- Supports **500+ customers** and payroll processing across **150+ countries**.
- Offers **on-cloud deployment** or **managed service models**, with integration into leading HCM systems such as **Workday**, **Oracle HCM**, and **Deloitte**.
- Employs **AI, ML, RPA**, and **serverless in-memory computing** to enable a **“touchless payroll” experience**.
- Recent enhancements: **Self-service reporting**, **serverless payroll processing**, **quick implementation toolkit**, **financial wellness tools**, and **voice-enabled navigation** (via Google Assistant and Alexa).
- **Technology Leadership**:
- Recognized as a **Leader** in the APAC region by **Everest Group’s 2025 PEAK Matrix® Assessment** for Multi-Country Payroll (MCP).
- Maintains payroll compliance via a **single codebase** covering **~65 countries**, a rare competitive advantage.
- Strategic partnerships with Deloitte, BDO India, and Oracle have significantly accelerated market expansion and platform adoption.
- **Recent Milestones**:
- Migrated a global workforce of over **100,000 employees** to Payce in a single system.
- Secured multi-million-dollar contract with an **Australian engineering firm** for 7,000 employees across 11 countries.
- Self-explaining payslip (AI chatbot) reduced payroll helpdesk queries by over **50%**.
---
#### **2. Aviation, Aerospace & Defense (AAD)**
- **Market Position**: A global leader in M&E/MRO (Maintenance & Engineering / Maintenance, Repair & Overhaul) software.
- **Flagship Product**: **Ramco Aviation Software 6.0** – a unified, cloud-based platform.
- Used by **24,000+ users** managing over **4,000 aircraft** across **90+ aviation organizations** globally.
- Clients include **Philippine Airlines**, **Korean Air**, **General Atomics Aeronautical Systems (GA-ASI)**, **Iberia Engineering**, and **Caverton Helicopters**.
- **Key Capabilities**:
- End-to-end modules: **Hangar MRO**, **Engine MRO**, **Component MRO**, **Line Maintenance**, **Supply Chain**, **Finance**, and **Flight Operations**.
- AI-native features: **Digital task cards**, **predictive maintenance**, **digital twins**, **cognitive discrepancy reporting**, and **predictive supply chain**.
- **Mobile-First Strategy**: Anywhere Apps – *Mechanic Anywhere*, *Tool Anywhere*, *Warehouse Anywhere*.
- **Growth Drivers**:
- Signed **MoU with The ePlane Company** for managing lifecycle operations of its **eVTOL (e200X)** air taxis, ambulances, and cargo aircraft.
- Won a multi-million-dollar contract to support **Korean Air’s development of Asia’s largest engine MRO complex**.
- Expanding into **U.S. defense market** via **Ramco Systems Defense & Security Inc. (RSDSI)** with military veteran leadership.
- Strong pipeline in **drones (UAS), eVTOLs, and urban air mobility (UAM)**.
---
#### **3. ERP (Enterprise Resource Planning)**
- **Architecture**: Cloud-native, multi-tenant, single codebase platform with **zero-capex, pay-as-you-go** model.
- **Industry Focus**: **Cement, Manufacturing, Logistics, Textiles, Real Estate, Facilities Management, IT/ITES, and Education**.
- **Key Features**:
- **AI-powered dashboards** (BINGO), **hyper-automation**, **no-code/low-code configurability**, and **role-based UX**.
- **Ramco AskMe**: AI-driven conversational ERP interface using **voice, chat, or email**.
- **Recent Implementations**:
- **Prism Johnson Limited (Cement Division)** to streamline manufacturing and business processes.
- **DLF Limited** to modernize ERP with AI/ML, migrating legacy data from 480+ companies.
- **Differentiators**:
- Replaces complex legacy systems (e.g., SAP) with faster **4–5 month implementation cycles** (vs. 18 months industry average).
- Unified financials, procurement, supply chain, manufacturing, and HR on a single platform.
---
#### **4. Logistics**
- **Target Clients**: Third-party logistics (3PL), express parcel services, freight forwarders.
- **Platform**: **End-to-end integrated suite** covering:
- **Transport Management (TMS)**
- **Warehouse Management (WMS)**
- **Fleet Management**
- **Supply Chain & Finance**
- **Innovations**:
- **Cold chain logistics** now supported (pharma, perishables).
- **AI-powered features**: Route optimization, warehouse automation, last-mile delivery, anomaly detection.
- Strategic integration with **HERE Technologies** for real-time **geolocation tracking**.
- **Performance**:
- Achieved **98–99% SLA adherence**.
- Reduced implementation time to **4–5 months**.
- Secured major contracts in **Australia**, **Middle East**, and **Southeast Asia**.
---
### **Technology & Innovation**
- **Proprietary Platform**: **Ramco VirtualWorks®** – powers rapid development, testing (DevOps), deployment, and integration of SaaS solutions.
- **AI/ML & Automation**:
- AI-driven workflows in payroll (anomaly detection, fraud prevention), aviation (predictive maintenance), and ERP (conversational interfaces).
- **NLP-powered bots** (CHIA) manage over 2 million conversations/year across HR and payroll.
- **"Zero UI" Vision**: Transactions via **voice ("Talk It")**, **chat ("Bot It")**, **email ("Mail It")**, and **mobile ("Thumb It")**, minimizing traditional screen interactions.
- **Low-Code Movement**: Investing in **low-code/no-code platforms** and **pre-configured toolkits** to accelerate deployment and customization.
---
### **Global Presence & Partnerships**
- **Geographic Reach**: 30+ offices in India, North America, Europe, APAC, Middle East, Africa, and Oceania.
- **Strategic Expansion**: Target high-growth regions — **India, Southeast Asia, Middle East, Australia, Europe, and North America**.
- **Key Strategic Alliances**:
- **Deloitte, Oracle, Workday, BDO India** – for bundled HR and payroll transformation services.
- **Vitesse, Wagestream, EarlySalary** – for integrated **financial wellness and earned wage access (EWA)**.
- **Recognition & Awards**:
- **Everest Group Leader 2025, NelsonHall NEAT Matrix Leader, ISG Star Performer**.
- Awards for **Payroll Software & Outsourcing** in Malaysia, Singapore, Hong Kong.
- **ISG Paragon Award 2024** for excellence in ANZ region.
---
### **Business Model & Financial Highlights**
- **Recurring Revenue**: ~60%, largely annuity-based (per employee/payslip/month), providing predictable income.
- **Revenue Generation**:
- Usage-based SaaS models in **Payroll** (per payslip) and **Logistics** (per parcel/transaction).
- Cloud ERP and managed services driving long-term client relationships.
- **Debt Free**: Achieved debt-free status in FY 2024–25, reflecting strong financial discipline.
- **Customer Wins**:
- Secured multiple **million-dollar deals** across aviation, utilities, manufacturing, and healthcare.
- Strong client retention, e.g., 5-year renewal with a major 3PL in ANZ.
---
### **Strategic Priorities (FY 2025–26)**
1. **Deepen AI/ML Integration**: Across all platforms for predictive automation and human-machine collaboration.
2. **Expand Geographic Footprint**: Focus on **India, MEA, Southeast Asia, and Australia**.
3. **Strengthen Vertical Focus**: Cement, textiles, defense, and cold chain logistics.
4. **Enhance SaaS Offerings**: Drive platform-led growth via partnerships and faster go-lives.
5. **Enter Adjacent Markets**: Urban air mobility, defense sustainment, drone MRO, and financial wellness.
6. **Scale Innovation**: Launch generative AI features, improve self-service tools, and expand API ecosystem (RDex).
---
### **Leadership & Governance**
- **CEO**: **Sundar Subramanian**, a strong advocate for innovation and vertical specialization.
- **Appointments**: Alaga Raja appointed to UAE subsidiary board to strengthen Middle East growth strategy.
- **Culture**: Flat organizational structure, innovation labs in Singapore, strong focus on internal talent development (Ramco NextGen).
---