Ramco Systems Q4 Results Review - Performance Revives; Commentary Confident On Ebitda Neutral: Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Ramco Systems Ltd. reported USD revenue growth of 2.3% QoQ (our estimate: -2.6%) led by Aviation segment growth of 14% QoQ. Ebitda margins finally turned positive after 10 quarters and stood at +1.6% against -3.5% in Q3 (our estimate: +2.9%) led by steady focus on cost optimization, which management aims to sustain throughout FY25. Ebitda (Ex of Fx) stood at Rs 76 million.Management refrained from providing specific guidance but emphasized three key priorities: Maintaining a healthy order book, which ensures revenue visibility;Sustaining robust growth in recurring revenues; andContinued focus on improving Ebitda and conserving cash..Ramco Systems expects growth to accelerate by FY26, while in the interim focus will be on improving profitability. Taking this commentary into account, we have revised our FY25/FY26 revenue growth estimates by 3%/2% and in-turn expect it to turn PAT positive by H2 FY26. Maintain ‘Buy’ rating with a DCF based target price of Rs 450 (implies P/S of ~2.7 times on FY26E basis)..Click on the attachment to read the full report:.MPS Q4 Results Review - Revenue Inline; Miss On Profitability; Expect 25%+ PAT Growth In FY25: Dolat Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Ramco Systems Q4 Results Review - Performance Revives; Commentary Confident On Ebitda Neutral: Dolat Capital

Order book surges; secures record deal in Q4: fuels confidence

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