1. Novigo acquisition - R Systems completed the 100% acquisition of Novigo on November 13, 2025, for ₹400 crore upfront plus stock consideration at 8x FY26-27 EBITDA. Novigo adds ₹264 crore revenue at \~25% EBITDA margin, is EPS-accretive from year 1, and opens the Middle East, which is 47% of its customer revenue.
2. Agentic AI offerings - Agentic business operations are seeing significant traction, with joint Novigo offerings showing green shoots in pipeline and deal conversions. Management expects this to build toward reportable annuity revenue, a new recurring earnings stream for a company where annuity revenue is still low.
3. EXIQO AI Studio - EXIQO launched commercially on March 19, 2026, delivering \~2x productivity and 55% gains in turnaround time, with engagements moving from scoping to production within 90 days. AI-influenced revenue already stands at \~29% of total and data, AI, and cloud together exceed 50%, giving this platform direct line to the largest revenue pool.
4. GCC services - The GCC offering, launched six quarters ago, has helped eight to nine organizations form centers and was named a Horizon 2 GCC Accelerator by HFS. India's revenue share grew from 2.3% to 2.9% partly due to GCC initiatives over three quarters, with a key win at a U.S. small business lender.
5. UiPath Diamond partnership - R Systems was elevated to UiPath Diamond Partner, the highest tier, and named an Agentic Automation Fast Track Partner on November 21, 2025. This gives early access to UiPath's agentic automation capabilities and a differentiated position in a fast-growing automation market.
6. Private equity channel - Over 20% of revenue now comes from PE portfolio companies, with relationships across 45-plus companies including Blackstone, KKR, and Thoma Bravo. The Blackstone ecosystem alone contributes \~10-12% of revenue, and a focused GCC scale offering creates a new demand channel.
7. Velotio amalgamation - The NCLT sanctioned the amalgamation of Velotio and Scaleworx effective May 1, 2026, simplifying the group structure. Velotio grew at \~51% CAGR from FY2020-24 and projects 17.2% revenue growth through FY2031, now consolidated under one entity.
8. Mexico delivery center - The new Mexico entity provides a nearshore option for Spanish-speaking North American clients, with five clients already engaged. This adds a delivery region that can win cost-sensitive work that might otherwise go to competitors with deeper LATAM presence.