R Systems International Limited disclosed its financial results for Q2 and H1 2026 through a regulatory filing under SEBI Listing Regulations (Regulation 30).

Financial Performance - Q2 2026 (Consolidated)

  • Revenue: ₹6,017.01 mn (US$ 63.6 mn), representing 30.2% YoY growth in INR terms and 17.7% in US$ terms
  • Adjusted EBITDA: ₹1,207.50 mn (US$ 12.8 mn) at 20.1% margin, compared to 17.3% in Q2 2025, with 51.4% YoY growth
  • Adjusted Net Profit: ₹628.74 mn (US$ 6.6 mn), showing 35.4% YoY growth
  • Basic EPS: ₹4.69 (adjusted basic EPS excluding RSUs expense and non-recurring items: ₹5.31)
  • Employee benefits expense: ₹3,661.55 mn (including RSU cost of ₹62.37 mn)
  • Finance costs: ₹94.77 mn
  • Tax expense: ₹249.37 mn (current tax: ₹253.31 mn, deferred tax credit: ₹(3.94) mn)

Financial Performance - H1 2026 (Consolidated)

  • Revenue: ₹11,764.69 mn (US$ 126.4 mn), representing 30.1% YoY growth in INR terms and 20.3% in US$ terms
  • Adjusted EBITDA: ₹2,364.15 mn (US$ 25.4 mn) at 20.1% margin, compared to 17.3% in H1 2025, with 51.0% YoY growth
  • Adjusted Net Profit: ₹1,386.84 mn (US$ 14.9 mn), showing 54.4% YoY growth
  • Basic EPS: ₹10.21 (adjusted basic EPS excluding RSUs expense and non-recurring items: ₹11.70)

Operational Highlights

Management Commentary:

  • CEO Nitesh Bansal attributed growth to AInative strategy and mid-market enterprise AI adoption
  • Company recognized as Horizon 2 GCC Accelerator in HFS' Horizons: GCC Services, 2026 Report
  • Portfolio includes GCC Copilot, OptimaAI, EXIQO, and C-Osmosis with 1,400+ AI experts and 150+ reusable AI agents
  • CFO Nand Sardana highlighted improved utilization, operating leverage, and disciplined cost management

Key Deal Wins:

1. Global telecommunications and media company - advanced analytics, data science, and intelligence solutions

2. Leading US small business lender - established GCC for AI Product Engineering, Software Engineering, and Digital Operations Services

3. Global insurance and financial services provider - AI-powered quality engineering for HNW Reimagine initiative

4. Global financial services and market access provider - Microsoft Dynamics 365 Retail transformation

5. US-based AdTech company - core advertising platform modernization using AI-powered software engineering

Liquidity and Balance Sheet Position (as of June 30, 2026)

  • Cash and bank balances (net of short-term borrowing): ₹3,351 mn (vs ₹2,726 mn as of December 31, 2025)
  • Total equity attributable to shareholders: ₹10,983 mn (vs ₹10,323 mn as of December 31, 2025)
  • Trade receivables: ₹3,760.81 mn
  • Total assets: ₹21,104.50 mn
  • Total liabilities: ₹8,197.94 mn

Operational Metrics

Revenue by Verticals (Q2 2026):

  • Technology, Internet, Platforms & Services (TIPS): 41.39%
  • Banking, Finance & Insurance (BFSI): 20.47%
  • Telecom, Media & Entertainment (TME): 16.11%
  • Health: 11.45%
  • Manufacturing & Logistics (M&L): 10.58%

Geographic Revenue Mix (Q2 2026):

  • Americas: 71.50%
  • APAC: 15.28%
  • Europe: 9.67%
  • MEA: 3.55%

Client Concentration (Q2 2026):

  • Top 10 Clients: 24.39%
  • Top 5 Clients: 17.02%
  • Top 3 Clients: 12.10%
  • Largest Client: 5.99%

Utilization Rates (Q2 2026):

  • Onsite: 96.33%
  • Offshore: 78.95%
  • Blended: 81.13%

Employee Count (Q2 2026):

  • Technical: 4,728
  • Software services: 3,830 (Onsite: 614, Offshore: 3,216)
  • Knowledge Services: 865
  • Trainees: 33
  • Support: 542
  • Total: 5,270

Days Sales Outstanding (as of June 30, 2026):

  • Billed DSO: 55 days
  • Billed & Unbilled DSO: 75 days

Accounting Notes

  • Effective January 1, 2026, company designated certain foreign currency forward contracts as cash flow hedges under Ind AS 109
  • Q2 2025 included ₹435.95 mn profit on sale of land, building and assets at NOIDA office
  • Non-recurring items in Q2 2026 include severance payment of ₹16.17 mn
  • RSU cost: ₹62.37 mn in Q2 2026, ₹126.51 mn in H1 2026