R Systems International Is A 'Buy' For Systematix As It Initiates Coverage, Sees 16% Upside

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Systematix Report

We initiate coverage on R Systems International Ltd. with a Buy rating and a target price of Rs 507, based on 27 times PE on CY26E earnings per share.

R Systems International is entering a new growth phase, supported by renewed leadership, operational focus, and the strategic backing of its new promoter, Blackstone. The company has steadily moved beyond its legacy image to become a credible player in product engineering, digital transformation, and AI adoption.

Developments over the last year include-

1. client additions through the Blackstone network,

2. strengthening of leadership, and

3. launch of OptimaAI, its proprietary AI platform, which is gaining early traction.

Their recent acquisition of Novigo Solutions adds strong Agentic AI and automation capabilities, enhancing cross-sell potential and deepening presence in the Middle East and South India.

1. We expect growth to accelerate meaningfully over CY25-26, supported by increased client activity,

2. better deal wins, and

3. expansion in high-potential areas like GCC setups and AI solutions.

We estimate 17%/21/30% CAGR in revenue/Ebitda/PAT, respectively, over CY24–26E, with Ebitda margin expected to remain stable.

The company is strategically reinvesting gains towards strengthening its technology offerings, driving deal conversions, and expanding its client base.

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