Ramco Systems Limited (RAMCOSYS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-279.0%

-₹950.56

vs ₹531.00 price

Levered DCF

₹40.14

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.2

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.75×	-35.4×	-4.02×	-2.91×	-11.07×	29.1×	22.09×	47.21×
P/B	3.68×	3.84×	3.12×	1.13×	1.4×	2.49×	0.37×	1.34×
P/S	1.84×	2.05×	1.85×	1.22×	1.53×	2.59×	0.39×	1.43×
EV / EBITDA	8.87×	19.14×	-6.72×	-5.31×	106.08×	8.91×	3.34×	8.65×
Gross margin	40.8%	25.4%	47.3%	38.7%	47.3%	57.2%	57.6%	56.6%
Operating margin	8.3%	-0.1%	-42.8%	-29.8%	-3.2%	22.8%	5.7%	12.6%
Net margin	6.0%	-5.8%	-46.0%	-42.0%	-13.8%	8.9%	1.8%	3.0%
Current ratio	1.03×	0.82×	0.75×	1.38×	1.91×	2.39×	1.57×	1.48×
Debt / equity	0.12×	0.17×	0.2×	0.2×	0.1×	0.1×	0.28×	0.14×
Interest coverage	14.42×	-0.16×	-28.73×	-13.09×	-2.55×	13.8×	2.42×	13.39×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.0%	-10.8%	-77.7%	-38.8%	-12.6%	8.6%	1.7%	2.8%
Return on invested capital	10.8%	-0.2%	-52.9%	-20.5%	-2.5%	9.9%	1.3%	4.0%
Return on assets	5.6%	-5.1%	-36.2%	-22.2%	-8.4%	5.9%	1.0%	1.9%
Free cash flow yield	4.7%	2.7%	1.5%	-12.8%	0.5%	5.9%	-3.6%	-6.0%
Earnings yield	3.3%	-2.8%	-24.9%	-34.3%	-9.0%	3.4%	4.5%	2.1%
Enterprise value	₹12.1B	₹12.2B	₹10.2B	₹6.9B	₹8.6B	₹16.7B	₹3.8B	₹8.4B
Net debt / EBITDA	-0.59×	0.13×	-0.3×	-0.7×	5.63×	0.25×	1.36×	0.73×
Cash conversion cycle (days)	1	10	-172	149	153	156	164	148