R S Software (India) Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹73 Cr
- ROE
- -66.85%
- Price to sales
- 3.15
- Debt to equity
- 0.51
- 52W high / low
- ₹71.2 / ₹21.9
- Sales growth (5Y)
- -6.65%
- EBITDA margin
- -104.90%
- Net profit margin
- -112.73%
- Promoter holding
- 40.88%
- Sales (last year)
- ₹23 Cr
Incorporated in 1987, R S Software (India) Ltd provides development, testing and maintenance of software for its clients[1]
Guidance scorecard · Q2 FY27 call
What R S Software (India) Ltd's management guided
and where it ranks in IT - Software
RevenueQ2 FY26 call
10–20%- The company is confident of significant growth over the next 3 to 5 years and believes investors will be happy if they stay invested.
- Revenue projections are not yet consistent due to long sales cycles and delayed project closures but are expected to improve in fiscal years 27 and 28 compared to fiscal 26.
- Key growth drivers include strengthening management, expanding sales coverage especially in North America, and gaining momentum in channel sales across Asia and the Middle East.
- The company is focused on payments modernization at the central bank level with active pipeline prospects globally, particularly in Asia and the Middle East.
2 more points from R S Software (India) Ltd's call on revenue
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MarginsQ2 FY26 call
FlatSee what R S Software (India) Ltd said on margins — free account, 30 seconds.
CapexQ2 FY26 call
- Raj Jain emphasized continuous investment in product development, having invested about Rs. 300 billion over the past 3.5 years.
- The company is focused on product reinvention and technology evolution, including AI deployment.
- The strategy centers on strengthening management, expanding sales coverage (especially in North America), and growing channel presence globally.
2 more points from R S Software (India) Ltd's call on capex
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FundraisingQ2 FY26 call
None plannedSee what R S Software (India) Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
- The company highlighted challenges in providing a sustainable project pipeline due to long sales cycles, especially with central banks and large institutions.
- Raj Jain mentioned an active pipeline with ongoing engagements, particularly in Asia and the Middle East, showing positive traction.
- They are investing in sales resources, e.g., appointing a full-time sales representative in Canada, to grow the order book in key geographies.
2 more points from R S Software (India) Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Software
on management's own guidance
- Strong growth2
- Strong growth1
- CapitalNumbersGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
IT - Software companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹569 Cr | 34.7 | |
| 2 | 40%+ | Flat | ₹336 Cr | 7.3 | |
| 3 | CapitalNumbers | 20–40% | Up 2%+ | ₹181 Cr | 9.2 |
| 4 | 20–40% | Up 2%+ | ₹159 Cr | 11.5 | |
| 5 | 20–40% | Up 0–2% | ₹1,826 Cr | 28.5 | |
| 6 | 20–40% | Flat | ₹4,341 Cr | 84.7 |
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Pro shows every company guiding 40%+ revenue growth →Full IT - Software rankingFinancials of R S Software (India) Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
R S Software (India) Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 40.67% | 40.67% | 40.67% | 40.67% | 40.50% | 40.50% | 40.70% | 40.88% | 40.88% | 40.88% | 40.88% | 40.88% |
| FIIs + | 1.95% | 0.99% | 1.04% | 3.22% | 3.30% | 1.24% | 0.91% | 0.77% | 0.83% | 0.96% | 0.77% | 0.77% |
| DIIs + | 0.05% | 0.05% | 0.05% | 0.41% | 0.06% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Government + | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public + | 57.31% | 58.28% | 58.22% | 55.67% | 56.14% | 58.20% | 58.33% | 58.28% | 58.21% | 58.11% | 58.28% | 58.29% |
| No. of Shareholders | 22,933 | 21,555 | 21,988 | 24,478 | 25,047 | 26,129 | 25,787 | 25,384 | 25,422 | 25,139 | 24,962 | 24,509 |
Pros & Cons
R S Software (India) Ltd
Key positives and risks surfaced from the company insights section.
- Stock is trading at 4.81 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.65% over past five years.
- Company has a low return on equity of -1.50% over last 3 years.
- Debtor days have increased from 73.7 to 123 days.
- Stock is trading at 4.81 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.65% over past five years.
- Company has a low return on equity of -1.50% over last 3 years.
- Debtor days have increased from 73.7 to 123 days.
Financials of R S Software (India) Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 10.94 | 19.30 | 18.23 | 18.75 | 17.20 | 12.68 | 8.68 | 7.77 | 6.07 | 5.35 | 5.95 | 5.88 | 5.92 |
| Expenses + | 9.94 | 9.89 | 12.43 | 11.96 | 11.47 | 9.90 | 10.37 | 10.28 | 10.85 | 11.71 | 14.86 | 10.22 | 9.13 |
| Operating Profit | 1.00 | 9.41 | 5.80 | 6.79 | 5.73 | 2.78 | -1.69 | -2.51 | -4.78 | -6.36 | -8.91 | -4.34 | -3.21 |
| OPM % | 9.14% | 48.76% | 31.82% | 36.21% | 33.31% | 21.92% | -19.47% | -32.30% | -78.75% | -118.88% | -149.75% | -73.81% | -54.22% |
| Other Income + | 2.08 | 0.18 | 2.14 | 0.09 | 0.12 | 0.08 | 0.30 | 0.16 | 0.12 | 0.00 | 0.18 | 0.01 | 0.01 |
| Interest | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 | 0.48 | 0.36 | 0.35 | 0.35 |
| Depreciation | 1.15 | 1.19 | 1.20 | 1.35 | 1.30 | 0.74 | 1.07 | 1.25 | 1.25 | 1.60 | 1.45 | 2.80 | 2.83 |
| Profit before tax | 1.88 | 8.36 | 6.70 | 5.50 | 4.52 | 2.10 | -2.48 | -3.61 | -5.92 | -8.44 | -10.54 | -7.48 | -6.38 |
| Tax % | 0.00% | 0.00% | 0.00% | 7.64% | -9.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit + | 1.88 | 8.37 | 6.71 | 5.09 | 4.94 | 2.10 | -2.48 | -3.61 | -5.92 | -8.44 | -10.54 | -7.48 | -6.38 |
| EPS in Rs | 0.76 | 3.06 | 2.64 | 1.79 | 1.94 | 0.62 | -0.95 | -1.40 | -2.29 | -3.26 | -4.32 | -2.90 | -2.49 |
Financials of R S Software (India) Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 376 | 190 | 76 | 63 | 65 | 60 | 35 | 28 | 30 | 60 | 57 | 25 | 23 |
| Expenses + | 283 | 186 | 111 | 108 | 103 | 97 | 53 | 40 | 35 | 41 | 44 | 47 | 46 |
| Operating Profit | 93 | 4 | -35 | -45 | -37 | -37 | -18 | -12 | -5 | 19 | 14 | -22 | -23 |
| OPM % | 25% | 1.9% | -46% | -71% | -57% | -61% | -50% | -44% | -16% | 32% | 24% | -89% | -99% |
| Other Income + | 12 | 15 | 12 | 9 | 6 | 12 | 2 | 4 | 1 | 4 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 1 | 17 | 1 | 0 | 0 | 0 | 0 | 1 | 2 |
| Depreciation | 6 | 4 | 4 | 2 | 3 | 4 | 5 | 4 | 4 | 5 | 4 | 6 | 9 |
| Profit before tax | 99 | 14 | -27 | -39 | -35 | -45 | -21 | -12 | -9 | 18 | 10 | -29 | -33 |
| Tax % | 32% | 26% | -37% | -30% | -18% | 64% | 0% | 31% | 0% | 0% | 0% | 0% | |
| Net Profit + | 67 | 11 | -17 | -26 | -28 | -74 | -21 | -16 | -9 | 18 | 10 | -28 | -33 |
| EPS in Rs | 26.22 | 4.13 | -6.35 | -10.04 | -10.56 | -27.99 | -7.80 | -5.89 | -3.17 | 7.04 | 3.38 | -11.27 | -12.97 |
| Dividend Payout % | 12% | 24% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of R S Software (India) Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 211 | 216 | 201 | 175 | 146 | 64 | 43 | 26 | 18 | 36 | 44 | 16 | 2 |
| Borrowings + | 0 | 0 | 1 | 0 | 0 | 0 | 8 | 0 | 2 | 2 | 1 | 15 | 15 |
| Other Liabilities + | 20 | 26 | 16 | 16 | 17 | 11 | 8 | 9 | 10 | 18 | 15 | 12 | 14 |
| Total Liabilities | 244 | 255 | 231 | 203 | 176 | 89 | 72 | 48 | 43 | 68 | 73 | 56 | 44 |
| Fixed Assets + | 12 | 9 | 8 | 13 | 12 | 20 | 15 | 10 | 10 | 6 | 10 | 32 | 29 |
| CWIP | 1 | 1 | 6 | 0 | 6 | 0 | 0 | 0 | 0 | 4 | 3 | 0 | 0 |
| Investments | 66 | 70 | 101 | 64 | 45 | 18 | 5 | 8 | 1 | 0 | 0 | 0 | 0 |
| Other Assets + | 165 | 175 | 116 | 126 | 112 | 51 | 52 | 29 | 32 | 58 | 60 | 25 | 15 |
| Total Assets | 244 | 255 | 231 | 203 | 176 | 89 | 72 | 48 | 43 | 68 | 73 | 56 | 44 |
Financials of R S Software (India) Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 61 | 19 | -39 | -37 | -30 | -41 | -15 | 9 | -10 | 16 | 8 | -7 |
| Cash from Investing Activity + | -10 | 10 | -23 | 43 | 17 | 34 | 15 | -2 | 6 | -0 | -8 | -10 |
| Cash from Financing Activity + | -11 | -4 | -3 | -0 | -1 | -3 | -1 | -8 | 0 | 0 | -0 | -0 |
| Net Cash Flow | 40 | 24 | -64 | 7 | -14 | -9 | -1 | -1 | -3 | 16 | 0 | -17 |
| Free Cash Flow | 58 | 18 | -48 | -40 | -38 | -47 | -15 | 10 | -10 | 11 | 1 | -16 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 65% | 527% | 111% | 81% | 79% | 111% | 85% | -107% | 195% | 84% | 59% | 30% |
Financials of R S Software (India) Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 34 | 67 | 58 | 34 | 35 | 106 | 51 | 11 | 69 | 30 | 123 |
| Inventory Days | 0 | 0 | 0 | 0 | ||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 46 | 34 | 67 | 58 | 34 | 35 | 106 | 51 | 11 | 69 | 30 | 123 |
| Working Capital Days | 44 | 20 | 96 | 89 | 102 | 134 | 250 | 100 | 134 | 94 | 146 | 104 |
| ROCE % | 49% | 3% | -15% | -22% | -21% | -27% | -31% | -23% | -24% | 44% | 18% | -52% |
Guidance history
How R S Software (India) Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY26 call → | 10–20% | Flat | — | None planned | — |
| Q4 FY25 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY18 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY17 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What R S Software (India) Ltd's management said in earlier quarters
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