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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹575 Cr
verified against source
Revenue YoY
29.9%
reported change
EBITDA
₹115.7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
R Systems delivered a strong Q1 FY26 with revenue of ₹574.8 crore (+29.9% YoY), driven by volume growth, rupee depreciation, and the Novigo acquisition. Adjusted EBITDA margin expanded 276 bps YoY to 20.1%, aided by operational leverage and favorable forex. PAT surged 74.8% YoY to ₹75.8 crore. Organic revenue was flat QoQ due to fewer days and Q4 true-ups, but management expressed high confidence in a rebound. The company launched its AI studio 'Exico' and reported $82.5 million in TTM ACV wins, up from $76.5 million last quarter. AI-enabled services now contribute ~29% of revenue. Key risk: competitive pressure from new AI services firms backed by frontier model vendors and private equity.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of maintaining adjusted EBITDA margins above 17%, with current quarter at 20.1%.
- Management expressed high confidence that organic growth will turn positive in Q2, citing strong deal momentum and ACV wins.
- After aligning accounting policies, Novigo's annual revenue is restated to ~$21-22M, down from earlier ~$32M.
Risks flagged
- Blackstone and Anthropic partnership could create a new competitor targeting mid-market enterprises, potentially pressuring pricing and market share.
- Organic revenue was flat QoQ, partly due to fewer days and Q4 true-ups; management expects recovery but any delay could impact growth trajectory.
- Novigo's business was affected by the Middle East crisis in Q1, which could persist and weigh on combined growth.
Key quotes
- AI in SDLC is a huge benefit or efficiency gainer for all parties. For us who are doing the work, we can do the work in a much lesser effort and much lesser time.
- The gap between where the organizations are already spending and doing stuff on AI versus only 15% getting it deployed is the clear opportunity for organizations like us.
- Our right to win is built on the fact that this platform provides reusable artifacts and enables any organization to achieve enterprise ready AI outcomes within a matter of weeks.
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