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Ramco Systems Limited (RAMCOSYS)

₹571.55 -3.38% last close, 16 Oct

📊 NSE: RAMCOSYS 🏢 Computers - Software - Medium / Small 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 23 Oct 2026 (board meeting)

Ramco Systems Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Ramco Systems' revenue was ₹173 Cr (+4.8% year on year, -6.6% on the previous quarter), and net profit ₹0.6 Cr (-48.1% year on year); the operating margin was 14.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹173	+4.8%	-6.6%
Operating profit	₹25.5	-12.2%	-43.4%
Net profit	₹0.6	-48.1%	-97.8%
EPS (₹)	0.16	-36.0%	-97.6%
Operating margin	14.7%	—	—

Full quarterly financials → Results calendar →

RAMCOSYS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.25% of the RAMCOSYS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.48%. That is close to its usual level. It closed at a price band (circuit) on 1 session in about the last 20.

47.25%Delivery, 16 Oct

51.48%Own 20-session average

1.8×Volume vs its average

₹571.55NSE close · -3.38%

Delivery in the last 5 sessions: 46.3% · 40.6% · 55.1% · 44.3% · 47.2%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Ramco Systems Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Oct 2026, 04:24 PM

Ramco Systems Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation letter was issued by its Registrar and Share Transfer Agent, Cameo Corporate Services Limited, on October 8, 2026. The filing certifies that share certificates received for dematerialisation were duly verified, mutilated, cancelled, and substituted in the register of members within stipulated timelines. This is a purely procedural regulatory disclosure with no impact on the company's financials or operations.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
Confirmation letter issued by RTA Cameo Corporate Services Limited on October 8, 2026
Filing submitted to NSE and BSE on October 13, 2026

💡 No action is required as this is a recurring regulatory filing; investors should track upcoming Q2 financial results for operational updates.

Ramco Aviation Wins Frost & Sullivan 2026 Global Technology Innovation Leadership Award

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 13 Oct 2026, 03:51 PM

Ramco Systems announced that its aviation division received Frost & Sullivan's 2026 Global Technology Innovation Leadership Recognition in Enterprise Software Solutions for Aerospace. The evaluation highlighted Ramco's ability to integrate disconnected aviation operations and reduce work-scope creation time from over 20 days to less than one day using AI and automation. Ramco Aviation currently supports over 24,000 users across 4,000+ aircraft and 90+ aviation organizations globally. While reinforcing its technological credibility, the press release does not announce new revenue, order wins, or material financial impacts.

Received Frost & Sullivan's 2026 Global Technology Innovation Leadership Recognition in Enterprise Software Solutions for Aerospace
Highlighted capability to reduce work-scope creation from >20 days to <1 day via OEM documentation ingestion and AI
Ramco Aviation software currently manages 4,000+ aircraft across 90+ aviation organizations and 24,000+ users globally
Overall company base includes 800+ global customers with over 2 million users

💡 Track whether industry recognitions translate into large contract signings and order book accretion in upcoming quarterly filings (FY26 revenue stood at Rs 705.4 Cr).

Ramco Systems Partners with Baker Tilly SM Envoy to Expand Payroll Software in UAE

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 07 Oct 2026, 11:31 AM

Ramco Systems announced that its wholly owned subsidiary, Ramco Systems FZ-LLC, has partnered with UAE-based audit firm Baker Tilly SM Envoy Consultancy LLC. Under the alliance, Baker Tilly will offer Ramco Payce to its clients alongside existing tax, accounting, and advisory services, while Ramco handles implementation, hosting, and support. No immediate contract value or revenue commitment was disclosed for the partnership. The move leverages Baker Tilly's network of 200+ local team members and 20 partners/directors in the UAE to broaden distribution for Ramco's payroll suite.

Partnership formed between Ramco Systems FZ-LLC and Baker Tilly SM Envoy Consultancy LLC in the UAE.
Baker Tilly will bundle Ramco Payce alongside accounting and tax advisory services to its client base.
Deal value or revenue commitments were not disclosed in the filing.
Baker Tilly operates in the UAE with 20 partners/directors, a 200+ local team, and a 1,500+ offshore support unit.

💡 Track upcoming quarterly reports to see if Middle East channel partnerships contribute incrementally to SaaS subscription revenue growth.

Ramco Systems Partners with Altron to Expand Payroll Software in UAE and Saudi Arabia

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 05 Oct 2026, 11:45 AM

Ramco Systems' wholly owned subsidiary, Ramco Systems FZ-LLC, has partnered with South African technology group Altron to distribute and implement its Ramco Payce platform across the UAE and Saudi Arabia. Altron will manage customer front-line support, implementation, and commercial terms, while Ramco handles software, cloud hosting, and data residency in Saudi Arabia. The press release does not disclose financial terms, contract values, or revenue-sharing specifics relative to Ramco's TTM revenue of ₹713 Cr.

Subsidiary Ramco Systems FZ-LLC enters partnership covering UAE and Saudi Arabia markets
Altron to offer Ramco Payce to its regional enterprise customers, managing implementation and front-line support
Ramco Payce serves 500+ customers with global payroll coverage across 150+ countries
Deal value and commercial terms: not disclosed

💡 Track upcoming quarterly results to see if Middle East channel partnerships translate into measurable growth in the subscription order book or revenue from the region.

Philippines Tax Dispute Settled: Demand Reduced from ₹11.2 Cr to ₹0.46 Cr (PHP 3 Mln)

🟢 POSITIVE ⭐ 4/10

LEGAL 📅 01 Oct 2026, 12:30 PM

Ramco Systems Limited's wholly-owned subsidiary, Ramco System Inc., Philippines (RSI), has received a final decision regarding its FY 2022-23 tax dispute from the Commissioner of Internal Revenue (CIR). The initial demand of PHP 72.40 million (approx. ₹11.20 crore) has been substantially reduced to PHP 3 million (approx. ₹0.46 crore), inclusive of compromise penalties. RSI paid the settled amount of PHP 3 million on September 30, 2026, officially closing the matter. The final settlement represents less than 0.1% of TTM revenue (₹713 crore), eliminating a potential liability overhang.

Original tax demand from CIR was PHP 72.40 million (approx. ₹11.20 crore) for FY 2022-23
Final demand dropped almost all major claims, reducing exposure to PHP 3 million (approx. ₹0.46 crore)
Compromise penalty reduced from PHP 45,000 (approx. ₹0.07 million) to PHP 20,000 (approx. ₹0.03 million)
RSI paid the final settlement of PHP 3 million on September 30, 2026, fully concluding the litigation

💡 Track subsequent quarterly financial reports for any final tax adjustments, though no further dispute remains active for this claim.

Ramco Systems Grants 26,615 Stock Options at ₹10 Exercise Price Under ESOS 2022

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Sep 2026, 07:11 PM

Ramco Systems Limited announced that its Nomination and Remuneration Committee approved the grant of 26,615 stock options to eligible employees under the ESOS 2022 scheme on September 23, 2026. Each option is convertible into one equity share of face value ₹10 each. The exercise price has been determined at ₹10 per option, representing a discount to the market price. The scheme was previously approved by shareholders on August 10, 2022.

Nomination and Remuneration Committee approved grant of 26,615 stock options
Each option convertible into 1 equity share of face value ₹10
Exercise price set at ₹10 per option at a discount to market price
Grant effective as of September 23, 2026 under ESOS 2022 scheme approved on August 10, 2022

💡 Track subsequent vesting schedules and potential minor equity dilution upon eventual option exercise.

Ramco Systems Previews AI-Native Platform at 30-Year Malaysia Anniversary

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 10 Sep 2026, 01:25 PM

Ramco Systems marked 30 years of operations in Malaysia and previewed its upcoming AI-native enterprise platform. In Malaysia, the company currently processes monthly payroll for over 100,000 employees across 50+ organisations in more than 15 industries. The new AI platform aims to shift workflows from manual interpretation to automated, anomaly-flagged actions requiring only human approval. No commercial contract sizes, new deal wins, or immediate financial impacts were disclosed in the filing.

Celebrated 30 years of operating in Malaysia since 1996
Processes monthly payroll for >100,000 employees across 50+ Malaysian organisations
Customer base highlights include Valiram Group (600+ stores) and Hitachi Energy (8,000 employees across 20 countries)
Previewed third major architectural rebuild into an AI-native enterprise platform
Company serves 800+ customers globally with 2M+ users across products

💡 Track the commercial release timeline and customer adoption rates of the AI-native platform in upcoming quarterly disclosures to determine if it aids SaaS revenue growth.

Ramco Systems Signs MoU with Safran Helicopter Engines for Aviation Software Integration

🔵 WATCH ⭐ 5/10

OTHER 📅 03 Sep 2026, 05:26 PM

Ramco Systems has signed a Memorandum of Understanding (MoU) with Safran Helicopter Engines to enable direct integration of engine maintenance and configuration data into Ramco Aviation Software. The partnership will work toward awarding Ramco the EngineLife® Connect label, streamlining data ingestion for helicopter operators. Ramco's aviation suite currently manages 4,000+ aircraft with 24,000+ users across 90+ organizations globally, while Safran supports 2,500+ customers across 155 countries. No direct commercial contract value was disclosed in the filing.

Signed MoU with Safran Helicopter Engines to integrate post-shop visit engine data directly into Ramco Aviation Software.
Outcome includes qualification for Safran's EngineLife® Connect label for compatible connectivity solutions.
Safran Helicopter Engines has manufactured over 75,000 engines with 2,500+ customers across 155 countries.
Ramco Aviation Software platform currently serves 24,000+ users managing 4,000+ aircraft across 90+ aviation organizations.

💡 Track whether this OEM integration translates into new aviation SaaS contract wins or expands order book growth in upcoming quarterly disclosures.

Ramco Systems Deploys Ramco Payce Payroll Platform for Cromwell in Australia

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 10:51 AM

Ramco Systems announced the successful implementation of its Ramco Payce payroll software for Cromwell Property Group to manage payroll operations in Australia. The implementation handles payroll processing aligned with Australian statutory compliance requirements. Commercial terms and contract values were not disclosed in the filing. Ramco notes its Payce platform spans 150+ countries and is utilized by 500+ customers globally.

Successfully implemented Ramco Payce payroll solution for Cromwell Property Group in Australia.
Ramco Payce platform covers payroll operations across 150+ countries.
Ramco Payce serves 500+ customers globally, contributing to Ramco's base of 800+ enterprise clients and 2 million+ users.
Specific contract value and implementation revenue were not disclosed.

💡 Monitor quarterly SaaS/subscription revenue progression and order book additions in subsequent quarterly filings to evaluate traction in the global payroll vertical.

Ramco Systems Deploys Digital Task Card & Mobile Apps for Canada's Ornge

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 25 Aug 2026, 05:26 PM

Ramco Systems Canada Inc., a subsidiary of Ramco Systems Limited, announced the successful go-live of its Digital Task Card and Mechanic Anywhere Mobile Application for long-time client Ornge. The deployment transitions Ornge's maintenance operations to a paperless workflow across its AW-139 and PC-12 aircraft fleets in compliance with Transport Canada regulations. Commercial deal value was not disclosed in the press release.

Ornge successfully went live with Ramco's Digital Task Card with eSign-off across all maintenance bases
Digital rollout covers Ornge's AW-139 helicopter and PC-12 aircraft fleets
Solution satisfies Transport Canada's sign-off compliance requirements for real-time task execution
Ramco's Aviation Software currently supports 24,000+ users managing 4,000+ aircraft across 90+ aviation organizations globally

💡 Track execution milestones and conversion of unexecuted order book into recognized revenue in upcoming quarterly earnings.

Ramco Systems Shareholders Approve ESOS 2026 with Pool of 15 Lakh Options

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Aug 2026, 10:22 PM

Shareholders of Ramco Systems Limited have approved the Employee Stock Option Scheme 2026 (ESOS 2026) at the 29th Annual General Meeting held on August 20, 2026. The scheme creates a pool of up to 15,00,000 equity options convertible into 15,00,000 equity shares of face value Rs 10 each via fresh allotment. Vesting is scheduled over 1 to 10 years from the grant date, with an exercise window of up to 10 years post-vesting. The scheme represents potential equity dilution of approximately 4.0% based on the current market capitalisation of Rs 2,030 Cr.

Shareholders approved creation of 15,00,000 stock options under ESOS 2026
Each option is convertible into 1 equity share of face value Rs 10 via direct fresh issuance
Vesting period ranges from a minimum of 1 year to a maximum of 10 years from grant date
Exercise period extends up to a maximum of 10 years from the respective vesting date
Non-Executive Directors capped at 3,00,000 options per financial year and 5,00,000 options in aggregate

💡 Track subsequent disclosures on grant dates, exercise pricing discounts, and employee stock-based compensation expenses recognized under Ind-AS 102 in quarterly P&L results.

Ramco Systems Shareholders Approve All 4 AGM Resolutions Including ESOS 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 09:11 PM

Ramco Systems Limited announced the voting results and consolidated scrutinizer report for its 29th Annual General Meeting held on August 20, 2026. A total of 2,30,30,055 votes were polled, representing 61.26% of outstanding shares across 36,652 total shareholders on the record date. All four resolutions were passed with the requisite majority, including the adoption of FY26 financial statements (99.99% approval) and the approval of the Employee Stock Option Scheme (ESOS) 2026 (94.45% approval). Notably, public institutional voters unanimously voted against the ESOS resolutions (12,76,208 votes, 100% against within their category), but the scheme passed due to strong promoter and non-institutional support.

All 4 resolutions approved at the 29th AGM with 61.26% total voter turnout (2,30,30,055 votes cast)
Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.9997% votes in favour
Employee Stock Option Scheme - 2026 passed with 94.45% overall approval, despite 12,76,208 institutional votes against
Re-appointment of director Mr. A V Dharmakrishnan approved with 99.73% votes in favour

💡 Track the upcoming quarterly financial results for Q2 FY27 and monitor any potential equity dilution resulting from future option grants under ESOS 2026.

Ramco Systems Concludes 29th AGM; ESOS 2026 and FY26 Accounts Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 08:51 PM

Ramco Systems Limited conducted its 29th Annual General Meeting (AGM) via video conferencing on August 20, 2026, with 67 members in attendance. Key resolutions presented included the adoption of standalone and consolidated financial statements for FY26 (FY26 revenue: ₹705.41 Cr, PAT: ₹41.89 Cr), the reappointment of director Mr. A V Dharmakrishnan, and special resolutions regarding the Employee Stock Option Scheme – 2026 (ESOS 2026). Voting was conducted via remote e-voting and during the AGM, with official voting results to be disclosed within two working days.

29th AGM held on August 20, 2026, attended by 67 members via Video Conferencing
Shareholders voted on the adoption of FY26 audited standalone and consolidated financial statements
Special resolution presented for extending ESOS 2026 benefits to employees and directors of group/subsidiary/associate entities
Scrutinizer appointed; formal voting results to be submitted within 2 working days

💡 Track the formal voting results under Regulation 44 to confirm shareholder approval of ESOS 2026, and monitor Q2 FY27 operational execution against the company's SaaS and aviation order backlog.

Ramco Systems Shareholders Approve All 4 AGM Resolutions Including ESOP Scheme 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 05:33 PM

Ramco Systems Limited announced the voting results and Scrutinizer's Report for its 29th Annual General Meeting held on August 20, 2026. All 4 resolutions were passed with the requisite majority, with a total turnout of 61.26% (2,30,30,055 votes polled out of 3,75,96,664 shares). Key items approved include the adoption of FY26 financial statements, re-appointment of Director A V Dharmakrishnan, and implementation of the Employee Stock Option Scheme (ESOP) 2026 for company and subsidiary employees, despite 100% institutional dissent on the ESOP resolutions.

All 4 AGM resolutions passed with requisite majority across 2,30,30,055 total votes polled (61.26% of total capital).
Adoption of FY26 standalone and consolidated financial statements approved with 99.9997% votes in favor.
Re-appointment of Director Mr. A V Dharmakrishnan approved with 99.73% votes in favor.
Special resolutions for Employee Stock Option Scheme - 2026 passed with ~94.45% majority, despite 12,76,208 votes (100% of participating institutional voters) voting against.

💡 Track the implementation and quantum of grants under the new ESOP Scheme 2026 to monitor potential future equity dilution and stock-based compensation expenses.

Ramco Systems Concludes 29th AGM; Considers ESOS 2026 and FY26 Accounts

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 08:16 PM

Ramco Systems Limited held its 29th Annual General Meeting (AGM) via video conferencing on August 20, 2026, with 67 members in attendance. Key resolutions tabled before shareholders included the adoption of standalone and consolidated audited financial statements for FY26, the reappointment of director Mr. A V Dharmakrishnan, and the approval/extension of the Employee Stock Option Scheme 2026 (ESOS 2026) to group and subsidiary employees. Voting was conducted through remote e-voting (August 17–19, 2026) and during the AGM. Final voting results will be submitted within two working days.

29th AGM held on August 20, 2026, with 67 shareholders attending via Video Conferencing
Remote e-voting was conducted between August 17, 2026 (9:00 AM) and August 19, 2026 (5:00 PM)
Resolutions tabled include adoption of FY26 financials and implementation of ESOS 2026 for group/subsidiary employees
Voting results along with scrutinizer report to be filed within 2 working days

💡 Track the formal disclosure of voting results under Regulation 44(3) to confirm the passage of the ESOS 2026 resolution, alongside subsequent quarterly execution of the order pipeline.

View All RAMCOSYS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 12.2% YoY to INR 591.3 Cr in FY2025, primarily driven by improved order execution in the Aviation and ERP sectors. Recurring revenue grew at a healthy pace of 13% YoY in FY2024, while cloud-based subscription SaaS solutions now account for 60% of total revenue.

Geographic Revenue Split

The company operates through subsidiaries in 20+ countries including the USA (98% holding), Switzerland (100%), Malaysia (100%), Singapore (100%), and South Africa (100%). While specific % split per region is not disclosed, the global consolidated income for FY2023-24 was USD 64.41 million (INR 529.9 Cr).

Profitability Margins

Operating margin improved significantly to 13.7% in FY2025 from negative levels in FY2024, driven by a decline in provisioning for trade receivables and lower employee expenses. However, the company reported a net loss of INR 34.3 Cr in FY2025 due to high fixed costs, though this is a sharp improvement from the INR 243.78 Cr loss in FY2024.

EBITDA Margin

The company turned EBITDA positive in Q4 FY2024. Operating margins further expanded to 18.0% in Q1 FY2026 (up from 13.7% in FY2025) due to cost optimization measures and increased scale of operations.

Capital Expenditure

The company plans to spend approximately INR 80-100 Cr on Capex and R&D in FY2026, which is expected to be funded through internal accruals and promoter support.

Credit Rating & Borrowing

ICRA maintains a monitoring stance on the company's ability to achieve net profits. The company has high financial flexibility as part of the Ramco Group, supported by a recent INR 160 Cr equity infusion. It maintains a buffer in working capital limits of INR 45-50 Cr as of July 2025.

⚙️ Operational Drivers

Raw Materials

As a software company, the primary 'raw material' is human capital; employee expenses are the largest cost component and were reduced in FY2025 to improve margins.

Import Sources

Not applicable for software services; however, the company sources talent and maintains offices across 20+ global locations including India, USA, Singapore, and UAE.

Key Suppliers

Not applicable for software services; the company relies on its own proprietary software platforms and R&D.

Capacity Expansion

The company focuses on expanding its 'unexecuted order book' which stood at USD 188 million at the start of FY2025. Order bookings in Q4 FY2024 grew 19% YoY to USD 27.9 million.

Raw Material Costs

Not applicable; however, cost optimization measures led to a reduction in employee expenses and a decline in provisioning for trade receivables, which previously impacted margins.

Manufacturing Efficiency

Efficiency is measured by project execution timelines; typical execution for large MRO orders is 5 to 7 years, with revenue front-ended (approximately 40% in the first 2 years).

Logistics & Distribution

Distribution is handled digitally via cloud-based SaaS models, which now represent 60% of revenue, reducing physical distribution costs.

📈 Strategic Growth

Expected Growth Rate

17.80%

Growth Strategy

The turnaround strategy focuses on executing a USD 188 million order book, transitioning to a 60%+ SaaS/subscription revenue model to ensure recurring income, and targeting large-scale MRO (Maintenance, Repair, and Overhaul) contracts in the aviation sector, such as the Korean Air deal valued at over USD 10 million.

Products & Services

Enterprise Resource Planning (ERP) software, Aviation MRO software, Global Payroll solutions, and cloud-based SaaS subscription services.

Brand Portfolio

Ramco Systems, Ramco ERP, Ramco Aviation, Ramco Global Payroll.

New Products/Services

Modernized cloud-native ERP and Aviation software suites; subscription-based business now contributes 60% of revenue.

Market Expansion

Targeting global aviation majors and MRO providers; recently added 25 new clients in FY2025, contributing 6% of overall revenue.

Market Share & Ranking

Not disclosed, but recognized as an established player in the niche Aviation MRO software and ERP business.

Strategic Alliances

Part of the Ramco Group conglomerate; maintains a 30% associate stake in CityWorks (Pty.) Ltd., South Africa.

🌍 External Factors

Industry Trends

The industry is shifting toward subscription-based SaaS models (60% of RSL revenue). Future growth is driven by digital transformation in aviation MRO and integrated ERP solutions.

Competitive Landscape

Faces intense competition from large, well-capitalized global ERP and IT service providers.

Competitive Moat

Moat is built on niche product offerings in the aviation sector and a long-term track record with global industry majors. Sustainability depends on continuous R&D (INR 80-100 Cr/year) to prevent technology obsolescence.

Macro Economic Sensitivity

Highly sensitive to global IT spending trends and corporate CAPEX cycles, particularly in the aviation sector.

Consumer Behavior

Enterprise customers are increasingly preferring cloud-based, recurring-cost models over one-time license fees.

Geopolitical Risks

Exposure to 20+ countries including Sudan and China; vulnerable to changes in domestic and foreign government policies and trade barriers.

⚖️ Regulatory & Governance

Industry Regulations

Subject to global data privacy laws and software standards across 20+ jurisdictions; must comply with Section 197 of the Companies Act for director remuneration.

Environmental Compliance

Not a major factor for software services; ESG costs are not specifically disclosed as material.

Taxation Policy Impact

Effective tax rate is impacted by losses; the company reported a loss before tax of INR 265.42 Mln in FY2025.

Legal Contingencies

The company maintains adequate internal financial controls as per the Auditor's Report; no specific high-value pending court cases were quantified in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to achieve net profitability (PAT) despite being EBITDA positive, due to high fixed costs which led to a INR 34.3 Cr loss in FY2025.