TTM ACV Wins
$82.5M
+$6M QoQ
Trailing twelve-month annual contract value wins increased from $76.5M last quarter.
RSYSTEMSINTERNATIONAL
Information Technology
23 Apr 2026
R Systems International Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
AI Revenue Share
29%
Not disclosed
Approximately 29% of revenue now comes from AI and AI-enabled services.
Utilization Rate
80.5%
-350 bps vs peak
Deliberate reduction to invest in AI bench and COE; peak was ~84% two quarters ago.
Employee Headcount
5,400
Not disclosed
Global headcount stands at 5,400; attrition is ~11%, below industry average.
Management Guidance
EBITDA margin to remain in 17%+ range
Management reiterated guidance of maintaining adjusted EBITDA margins above 17%, with current quarter at 20.1%.
Management guidance marginsOrganic growth to resume from Q2
Management expressed high confidence that organic growth will turn positive in Q2, citing strong deal momentum and ACV wins.
Management guidance growthNovigo revenue restated to ~$21-22M annual run rate
After aligning accounting policies, Novigo's annual revenue is restated to ~$21-22M, down from earlier ~$32M.
Management guidance revenueKey Risks
Competition from AI services firms backed by frontier model vendors
Blackstone and Anthropic partnership could create a new competitor targeting mid-market enterprises, potentially pressuring pricing and market share.
medium · analyst_questionOrganic revenue flat in Q1 due to seasonality and accounting adjustments
Organic revenue was flat QoQ, partly due to fewer days and Q4 true-ups; management expects recovery but any delay could impact growth trajectory.
medium · data_observationMiddle East crisis impact on Novigo
Novigo's business was affected by the Middle East crisis in Q1, which could persist and weigh on combined growth.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was R Systems International's revenue in Q4 FY26?
R Systems International reported revenue of ₹575 Cr in Q4 FY26, representing a +29.9% change compared to the same quarter last year.
What guidance did R Systems International management give for FY27?
EBITDA margin to remain in 17%+ range: Management reiterated guidance of maintaining adjusted EBITDA margins above 17%, with current quarter at 20.1%. Organic growth to resume from Q2: Management expressed high confidence that organic growth will turn positive in Q2, citing strong deal momentum and ACV wins. Novigo revenue restated to ~$21-22M annual run rate: After aligning accounting policies, Novigo's annual revenue is restated to ~$21-22M, down from earlier ~$32M.
What are the key risks for R Systems International in FY27?
Key risks include Competition from AI services firms backed by frontier model vendors — Blackstone and Anthropic partnership could create a new competitor targeting mid-market enterprises, potentially pressuring pricing and market share.; Organic revenue flat in Q1 due to seasonality and accounting adjustments — Organic revenue was flat QoQ, partly due to fewer days and Q4 true-ups; management expects recovery but any delay could impact growth trajectory.; Middle East crisis impact on Novigo — Novigo's business was affected by the Middle East crisis in Q1, which could persist and weigh on combined growth..
Did R Systems International meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full R Systems International Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.