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Ramco Systems Ltd

RAMCOSYS
NSE
414.90
1.13%
Last Updated:
29 Apr '26, 4:00 PM
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Ramco Systems Ltd

RAMCOSYS
NSE
414.90
1.13%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
1,554Cr
Close
Close Price
414.90
Industry
Industry
IT Product Companies
PE
Price To Earnings
69.85
PS
Price To Sales
2.32
Revenue
Revenue
671Cr
Rev Gr TTM
Revenue Growth TTM
18.26%
PAT Gr TTM
PAT Growth TTM
-135.27%
Peer Comparison
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RAMCOSYS
VS

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
126140127128131137143157155161176179
Growth YoY
Revenue Growth YoY%
1.916.47.00.64.0-1.812.422.118.317.823.414.0
Expenses
ExpensesCr
162165253133129134126143114132136134
Operating Profit
Operating ProfitCr
-36-25-127-423171442293945
OPM
OPM%
-28.4-18.3-99.8-3.51.62.511.79.026.718.022.425.2
Other Income
Other IncomeCr
20211111241-20
Interest Expense
Interest ExpenseCr
322211111111
Depreciation
DepreciationCr
202221212322232335222323
PBT
PBTCr
-57-48-148-27-21-18-7-979171
Tax
TaxCr
-12-2-2-12131284-2
PAT
PATCr
-45-47-146-26-23-20-10-1051133
Growth YoY
PAT Growth YoY%
-71.67.8-141.248.049.458.293.461.4122.1105.5230.7131.8
NPM
NPM%
-36.0-33.5-114.9-20.4-17.5-14.3-6.8-6.53.30.77.21.8
EPS
EPS
-14.4-13.3-41.4-7.5-6.5-5.5-2.7-2.81.40.33.40.9

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
360441449469542569626531492526591671
Growth
Revenue Growth%
22.31.94.515.54.910.1-15.2-7.36.812.513.4
Expenses
ExpensesCr
293361441393454466455533628680516516
Operating Profit
Operating ProfitCr
678087688103171-2-135-15476155
OPM
OPM%
18.618.11.916.216.218.127.4-0.4-27.5-29.412.823.1
Other Income
Other IncomeCr
531010109159646-13
Interest Expense
Interest ExpenseCr
124114129510654
Depreciation
DepreciationCr
45464850516669758187103104
PBT
PBTCr
1533-30344234108-73-221-244-2634
Tax
TaxCr
29-41232523510-14-2812
PAT
PATCr
13241112171157-73-207-242-3422
Growth
PAT Growth%
91.3-55.06.446.2-35.4419.3-228.6-183.6-16.885.8164.2
NPM
NPM%
3.55.52.42.53.11.99.1-13.7-42.0-46.0-5.83.3
EPS
EPS
5.58.23.53.75.43.318.2-23.9-65.6-68.5-9.35.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
243030313131313135353737
Reserves
ReservesCr
228485510523547575621550488266278287
Current Liabilities
Current LiabilitiesCr
169125121179245280190214312260266291
Non Current Liabilities
Non Current LiabilitiesCr
2301916181890967785938385
Total Liabilities
Total LiabilitiesCr
652660677752843978941875933668669704
Current Assets
Current AssetsCr
249307274315364440455408430196219260
Non Current Assets
Non Current AssetsCr
404353403437479538487466504472450444
Total Assets
Total AssetsCr
652660677752843978941875933668669704

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
22193788501669240104113
Investing Cash Flow
Investing Cash FlowCr
-44-47-34-44-50-57-66-85-127-77-106
Financing Cash Flow
Financing Cash FlowCr
242283646-2-103-9148-5613
Net Cash Flow
Net Cash FlowCr
2-6114-324-361-2920
Free Cash Flow
Free Cash FlowCr
-23-27-5-36-46-8964-771534
CFO To PAT
CFO To PAT%
173.277.6337.566.449.6462.4292.1-125.9-19.5-42.9-331.3
CFO To EBITDA
CFO To EBITDA%
32.523.4439.410.19.649.096.7-4,712.2-29.8-67.2149.9

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,5712,1351,1641,1037332211,6218156699381,236
Price To Earnings
Price To Earnings
124.088.5109.497.944.821.829.10.00.00.00.0
Price To Sales
Price To Sales
4.44.82.62.41.40.42.61.51.41.82.1
Price To Book
Price To Book
6.24.22.22.01.30.42.51.41.33.13.9
EV To EBITDA
EV To EBITDA
27.326.6139.014.99.13.69.7-440.1-5.2-6.316.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
99.499.599.299.899.599.899.099.899.799.4100.0
OPM
OPM%
18.618.11.916.216.218.127.4-0.4-27.5-29.412.8
NPM
NPM%
3.55.52.42.53.11.99.1-13.7-42.0-46.0-5.8
ROCE
ROCE%
5.27.1-5.36.07.16.016.3-10.7-33.5-65.2-5.8
ROE
ROE%
5.04.72.02.12.91.88.7-12.6-39.5-80.2-10.8
ROA
ROA%
1.93.71.61.52.01.16.0-8.3-22.2-36.2-5.1
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). ---