R Systems International Ltd(RSYSTEMS)

NSE: RSYSTEMSBSE: 532735

₹ 248.6-1.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,946 crWebsite: www.rsystems.comUpdated: 24 Oct 2026

About

R Systems International Ltd is an IT services and BPO company focused on software product engineering, data, AI, and cloud services, serving mid-market enterprises primarily in the Americas. In CY2025 the company reported revenue of INR 1,958.2 crores ($224.8M), and in Q2 CY2026 quarterly revenue crossed INR 600 crore for the first time at INR 601.7 crores ($63.6M), up 17.7% year-on-year in dollar terms. The company was recognised as a Leader in the Everest Group Peak Matrix for Software Product Engineering Services for mid-market enterprises.^[1][2][3]

Business segments

Information technology services contributed 89.4% of revenue (INR 1,755.99 crore, EBIT margin 10.8%) in FY2025, covering software product engineering, data, AI and cloud engagements.^[4]
Business process outsourcing services contributed 10.6% of revenue (INR 208.56 crore, EBIT margin 43.1%) in FY2025, reflecting a structurally higher-margin segment mix.^[4]
Segment revenue shares were broadly stable YoY in FY2025: IT services share shifted - 0.1 pp and BPO +0.1 pp.^[4]

Services and technology platforms

Data, AI and cloud services combined crossed 50% of total revenues in Q2 CY2026 and continue to rise as a share of the portfolio.^[2]
AI and AI-enabled services were approximately 29% of total revenue in Q1 CY2026, up from 28 - 30% disclosed at the end of CY2025.^[5][1]
EXIQO AI Studio, launched in Q1 CY2026, combines AI-EV-trained talent with the Optima AI platform (50+ agents, 1,500+ prompts, 130+ project learnings) for enterprise agentic AI across SDLC, legacy modernisation and business workflows.^[5]
OptimaAI workbench spans 25+ agentic tools covering the full SDLC; approximately 80% of employees use it internally and ~40% of work is delivered through the platform as of Q4 CY2025.^[3][1]

Key operating metrics

Trailing 12-month ACV bookings (excluding renewals) were $82.9M in Q2 CY2026, up from $82.4M in Q1 CY2026 and $76.5M in Q4 CY2025, with average deal sizes approximately 2x the level of 18 months prior.^[2][5][1][3]
Utilisation reached 80.5 - 81% in Q2 CY2026, within management's target band, after being deliberately held at ~80.5% in Q1 CY2026 to fund AI centre-of-excellence bench investment.^[2][5]
Attrition was approximately 11% on a trailing 12-month basis in Q1 CY2026.^[5]
Billed DSO was approximately 55 - 56 days and billed-plus-unbilled DSO approximately 75 days in Q2 CY2026, improved from 60 - 64 days billed and 74 days combined in Q1 CY2026.^[2][5]
Headcount was approximately 5,400 in Q1 CY2026, broadly flat year-on-year despite material revenue growth, reflecting AI-led productivity gains.^[5]

Geography and client mix

Americas accounted for 71.5% of revenues in Q2 CY2026, up from 69.3% in Q1 CY2026; APAC declined to 15.3% from 17.5% as larger projects concluded; Europe and MEA were broadly stable.^[2]
Top single client was 6.0% of revenues in Q2 CY2026; top 10 clients represented 25.2% of revenues in CY2025, up from 22.7% in CY2024.^[2][1]
Revenue from private-equity-backed portfolio companies approached approximately 20% of total revenues as of Q4 CY2025, with over a dozen PE firms' PortCos served.^[1]
India revenue mix grew from 2.3% to 2.9% in Q3 CY2025, driven by GCC (Global Capability Centre) initiatives targeting mid-market enterprises.^[3]

Novigo acquisition and MEA expansion

Novigo acquisition closed mid-November 2025, adding a Middle East and Africa geography (MEA rose to 1.1% of revenue mix vs 0.5% prior year) and an enterprise playbook for agentic implementations.^[1]
Novigo's annualised revenue was restated from ~$32M to ~$21 - 22M after aligning accounting policies (gross-to-net revenue recognition on licences; fixed-price norms) to R Systems standards in Q1 CY2026.^[5]
Novigo's enterprise domain depth is being leveraged for agentic business operations offerings across BFSI, travel and transportation; geopolitical tension in the Middle East remains a headwind for Novigo's regional pipeline as of Q2 CY2026.^[2]

Recent deal wins and vertical focus

Five large deal wins in Q2 CY2026 spanned telecom, BFSI (GCC/lending, insurance, financial markets) and AdTech; all were AI-first mandates, with EXIQO AI Studio cited as a key differentiator.^[2]
Fixed-price project mix rose to approximately 15 - 16% of revenue in CY2025, up from approximately 10% in CY2024, as AI-led delivery enables outcome-based pricing with speed-to-market premiums.^[5][3]
R Systems was recognised as a Leader in the Everest Group Peak Matrix for Software Product Engineering Services for mid-market enterprises, providing access to RFP processes and deal-adviser networks.^[3]

Leadership and organisational changes

Farooq Ahmad joined as Chief Revenue Officer in Q1 CY2026 to lead North America go-to-market, bringing three decades of Bay Area technology experience.^[5]
Management is pursuing further inorganic M&A with criteria of differentiated capability and revenue/margin accretion, with current focus on completing Novigo integration first.^[2]

Market Cap

₹2,946 Cr

High / Low

₹436 / 214

Stock P/E

15.9

Price / Book

2.8

Book Value

₹67

EPS

₹15.7

No. of Shares

11.85 Cr

ROCE

23.1%

ROE

26.3%

OPM

14.6%

Debt / Equity

0.40

Sales

₹1,958 Cr

Net Profit

₹186 Cr

Promoter holding

51.8%

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R Systems International Ltd(RSYSTEMS)

About

Business segments

Services and technology platforms

Key operating metrics

Geography and client mix

Novigo acquisition and MEA expansion

Recent deal wins and vertical focus

Leadership and organisational changes

Signal history

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AI Deep Dive

Verdict

Company data

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