Systango TechnologiesShare price, financial results, shareholding and management

NSE Emerge · SYSTANGOSoftware engineering servicesListed 15 March 2023
systango.com ↗Live price on NSE ↗ISIN INE0O7R01011 · Lot 400 shares · ₹88,360
₹220.90
+1.80% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹324 cr
Stock P/E
10.2peers 20.1
Book value
₹92.4
Price to book
2.39
EV / operating profit
9.1
Market cap to sales
3.58
Returns and growth
ROCE · FY26
33.0%
ROE · FY26
26.8%
ROE, 3-year average
25.7%
Operating margin · FY26
37.7%peers 20.8%
Sales growth, 3 years
20.2%
Profit growth, 3 years
31.6%
Safety
Debt to equity
0.00peers 0.04
Borrowings
₹0.1 cr
Interest cover
654.0×
Cash from business / op. profit
99%
Debtor days
48
Pledged
0.00%
Ownership and share
Promoter holding
72.17%
Change in promoter holding
+0.04 pts
Shareholders
2,637
52-week high / low
₹411 / ₹199
Dividend yield
Paid
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Systango Technologies share price chart

₹220.90-13.86% 1 year

Close on 6 Nov 2026 · +1.84% on the day · Vol 23,200

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
+1.0%
3 months
+5.0%
6 months
-20.1%
1 year
-13.9%
Traded a day, 20 days
₹0.24 cr
Taken for delivery
67%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+35%+34%
3 years, a year+20%+32%
Latest half, H2 FY26+17%-3%

About Systango Technologies: business, products and customers

Systango Technologies writes custom software for companies abroad, mostly in the United Kingdom and the United States, from its engineering centre in Indore. Its work covers artificial intelligence, cloud, data and blockchain, and its shares trade on NSE Emerge.

Systango sells engineering time. Clients, from start-ups to larger firms, hire it to build software from prototype to launch, to supply dedicated developers who work inside their own teams, or to run and maintain systems for a recurring fee; a few in-house tools such as a learning platform and a document processor are licensed too. Work is priced at a fixed price or on time and materials under a master services agreement.

Almost all of the engineers sit in Indore, while sales are earned abroad in pounds and dollars, much of it booked through the UK and US subsidiaries that the parent bills for its services. So revenue and margins move with the number of billable engineers, the rate charged per hour and currency, and the company holds large treasury investments whose income adds to profit on top of the operating business.

Read more about the business

The company has no order book and no long term contracts, and a few clients give most of the revenue, so winning or losing one large client changes a year. It says it is exploring acquisitions, signed a binding agreement in 2025 to acquire Tech Alchemy in the UK, and added a strategic alliance with Alibaba Cloud during FY26.

The offer document names InfoBeans Technologies, Innovana Thinklabs and Ksolves India as competitors offering software products and services similar to its own.

From the offer document, the annual report for FY26, the investor presentations of July 2025, November 2025 and June 2026, and the November 2023 earnings call.

Read the deeper study ↓

In its favour

  • Sales have grown fast: 20% a year over three years.
  • It earns a high return on the money it uses: ROCE 33% in FY26.
  • It brings in more cash than it shows as profit: ₹33.8 cr against ₹31.9 cr in FY26.
  • It has little debt for its size: debt to equity 0.00.
  • The promoters own a large part of the company: 72.17%.
  • It paid a dividend in the past year.

To watch

  • Whether the company completes an acquisition, such as the Tech Alchemy deal signed in 2025, and uses the ₹8.0 cr of issue money set aside for it (Investor presentation, July 2025, p.21; Annual report FY26, p.26).
  • The share of revenue from the top three clients, which rose to 46% in the first half of FY26 (Investor presentation, November 2025, p.34).
  • Results for the half year to September 2026, after the second half of FY26 brought a lower margin than the first (Investor presentation, June 2026, p.24).
  • Work under the Alibaba Cloud alliance announced in FY26 (Annual report FY26, p.11).
  • Customers take longer to pay than before: 48 days in FY26, against 0 in FY20.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Systango Technologies revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown fast. Last year profit grew roughly in step with sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
0255075100Sales, FY20: 14 ₹ cr14Net profit, FY20: 3 ₹ cr3FY20Sales, FY21: 23 ₹ cr23Net profit, FY21: 6 ₹ cr6FY21Sales, FY22: 33 ₹ cr33Net profit, FY22: 7 ₹ cr7FY22Sales, FY23: 52 ₹ cr52Net profit, FY23: 14 ₹ cr14FY23Sales, FY24: 57 ₹ cr57Net profit, FY24: 17 ₹ cr17FY24Sales, FY25: 67.1 ₹ cr67.1Net profit, FY25: 23.7 ₹ cr23.7FY25Sales, FY26: 90.4 ₹ cr90.4Net profit, FY26: 31.9 ₹ cr31.9FY26
The latest halves, ₹ crore
SalesNet profit
0204060Sales, H1FY23: 22 ₹ cr22Net profit, H1FY23: 4 ₹ cr4H1FY23Sales, H2FY23: 30 ₹ cr30Net profit, H2FY23: 10 ₹ cr10H2FY23Sales, H1FY24: 27 ₹ cr27Net profit, H1FY24: 8 ₹ cr8H1FY24Sales, H2FY24: 30 ₹ cr30Net profit, H2FY24: 9 ₹ cr9H2FY24Sales, H1FY25: 29 ₹ cr29Net profit, H1FY25: 10 ₹ cr10H1FY25Sales, H2FY25: 38.4 ₹ cr38.4Net profit, H2FY25: 14 ₹ cr14H2FY25Sales, H1FY26: 45.5 ₹ cr45.5Net profit, H1FY26: 18.3 ₹ cr18.3H1FY26Sales, H2FY26: 44.9 ₹ cr44.9Net profit, H2FY26: 13.6 ₹ cr13.6H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.

Systango Technologies half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY23H2FY23H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales223027302938.3645.4944.89
Expenses162019202023.9226.2930.05
Operating profit6989814.4419.2014.84
OPM29.0%32.0%30.0%32.0%30.0%37.6%42.2%33.0%
Interest000000.050.030.03
Depreciation000000.330.370.37
Profit before tax5129121117.6021.6117.57
Net profit410891014.0318.3013.57

Systango Technologies profit and loss

Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Sales142333525767.1490.38
Expenses111625363944.2156.34
Operating profit378161822.9334.04
OPM22.0%29.0%23.0%30.0%31.0%34.1%37.7%
Other income011146.825.94
Interest000000.080.06
Depreciation001110.580.74
Exceptional and other items·-1·1···
Profit before tax378172129.1039.18
Tax rate0.0%14.3%12.5%17.6%19.0%18.5%18.6%
Net profit367141723.7331.88
EPS ₹45.822.102.539.5411.5416.1821.73
Dividend payout109.0%0.0%0.0%0.0%0.0%0.0%32.0%

The years to FY24 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

Earnings per share before FY21 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.

Systango Technologies profitability

Margins and returns on capital

Last year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%20%40%60%FY20: 22.0%22.0%FY20FY21: 29.0%29.0%FY21FY22: 23.0%23.0%FY22FY23: 30.0%30.0%FY23FY24: 31.0%31.0%FY24FY25: 34.1%34.1%FY25FY26: 37.7%37.7%FY26
Per cent
FY20FY21FY22FY23FY24FY25FY26
Operating margin22.0%29.0%23.0%30.0%31.0%34.1%37.7%
Tax rate0.0%14.3%12.5%17.6%19.0%18.5%18.6%
ROCE·90.0%55.2%42.0%29.6%32.2%33.0%
ROE·77.2%48.3%35.0%24.1%26.2%26.8%
Dividend payout109.0%0.0%0.0%0.0%0.0%0.0%32.0%

Systango Technologies debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
050100150Net worth, FY20: 4.6 ₹ cr4.6Borrowings, FY20: 0 ₹ cr0FY20Net worth, FY21: 11 ₹ cr11Borrowings, FY21: 0 ₹ cr0FY21Net worth, FY22: 18 ₹ cr18Borrowings, FY22: 0 ₹ cr0FY22Net worth, FY23: 62 ₹ cr62Borrowings, FY23: 1 ₹ cr1FY23Net worth, FY24: 79 ₹ cr79Borrowings, FY24: 0 ₹ cr0FY24Net worth, FY25: 102 ₹ cr102Borrowings, FY25: 0 ₹ cr0FY25Net worth, FY26: 135 ₹ cr135Borrowings, FY26: 0.1 ₹ cr0.1FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
010203040Cash from the business, FY20: 4 ₹ cr4Net profit, FY20: 3 ₹ cr3FY20Cash from the business, FY21: 7 ₹ cr7Net profit, FY21: 6 ₹ cr6FY21Cash from the business, FY22: 3 ₹ cr3Net profit, FY22: 7 ₹ cr7FY22Cash from the business, FY23: 5 ₹ cr5Net profit, FY23: 14 ₹ cr14FY23Cash from the business, FY24: 9 ₹ cr9Net profit, FY24: 17 ₹ cr17FY24Cash from the business, FY25: 12.4 ₹ cr12.4Net profit, FY25: 23.7 ₹ cr23.7FY25Cash from the business, FY26: 33.8 ₹ cr33.8Net profit, FY26: 31.9 ₹ cr31.9FY26

Bars below the line are cash going out.

Systango Technologies balance sheet

At each 31 March · ₹ crore

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Equity capital0.5533151514.6714.67
Reserves4815476487.63120.80
Net worth4.5511186279102.30135.47
Borrowings000100.030.06
Other liabilities2.45446710.0914.97
Total liabilities715226986112.42150.50
Fixed assets112345.224.93
Capital work in progress0001100
Investments41011155759.80102.79
Other assets249502447.4042.78
Receivables·····15.4711.77
Inventory·····00
Cash·····20.2115.73
Trade payables·····0.401.04

Systango Technologies cash flow

₹ crore

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Cash from operations4735912.3833.77
Cash from investing-3-6-1-7-402.37-40.83
Cash from financing-1013200.792.59
Net cash flow01330-3115.54-4.47
Capital spending·····0.830.54

Working capital

Days

Days
FY20FY21FY22FY23FY24FY25FY26
Debtor days00345698448
Cash conversion cycle00345698448
Working capital days-50-53-2144718938

Systango Technologies peers and competitors

Listed SME companies in the same industry

By sales, Systango Technologies is number 11 of the 33 listed SME companies in it - software.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
All E Technologies2369.213825.717.8%0.00
Sotefin Bharat44926.41171724.0%0.29
S A Tech Software India4722.41122.14.9%0.66
Capitalnumbers Infotech1796.91052624.0%0.00
Fidel Softech24617.810213.816.7%0.77
Trident Techlabs18230.097.26.113.3%0.36
Systango Technologies32410.290.431.937.7%0.00
Kody Technolab2,192130.880.316.829.7%0.04
Delaplex13610.668.912.818.8%0.00
TAC Infosec82336.657.322.553.8%0.01
ENS Enterprises13816.451.48.422.8%-
Median of the 10 others20920.199.815.320.8%0.04

Systango Technologies shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.

Promoters
72.17%
+0.21 pts since Mar 23
Foreign investors (FIIs)
0.47%
-2.85 pts since Mar 23
Indian institutions (DIIs)
1.69%
-0.97 pts since Mar 23
HNIs (over ₹2 lakh each)
3.92%
-1.96 pts since Mar 23
Small holders (up to ₹2 lakh)
17.27%
+9.56 pts since Mar 23
Companies and others
4.48%
-3.99 pts since Mar 23
Number of shareholders
2,637
551 in Mar 23

Systango Technologies shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26
Promoters71.96%71.96%71.96%72.04%72.07%72.13%72.17%
Foreign investors (FIIs)3.32%0.22%0.22%0.20%0.21%0.20%0.47%
Indian institutions (DIIs)2.66%1.68%1.42%0.97%1.21%1.50%1.69%
HNIs (over ₹2 lakh each)5.88%5.09%2.97%3.02%3.45%3.51%3.92%
Small holders (up to ₹2 lakh)7.71%13.62%20.70%20.68%18.84%18.17%17.27%
Companies and others8.47%7.43%2.73%3.09%4.22%4.49%4.48%
Number of shareholders5519563,2103,5683,0722,9902,637

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Systango Technologies study: the business from its own documents

Read from 10 of the company's own documents

Systango Technologies so far

From the company's own record

  1. 15 March 2023Listed on NSE Emerge
  2. 31 March 2026Promoters at 72.17%
  3. 27 Nov 2025Highest close since listing, ₹385.53

Systango Technologies key facts from the filings

Each figure with the document it comes from

UK share of revenue
68%
Share of first half FY26 revenue from the UK; the USA gave 24% and the rest of the world 8%.Investor presentation, November 2025, p.7
Top three clients
46%
Share of first half FY26 revenue from three clients, up from 38% in FY25; the top ten gave 78%.Investor presentation, November 2025, p.34
Technical staff
267
Engineers at September 2025, against 281 in FY23; revenue has grown on a flat bench of people.Investor presentation, November 2025, p.34
Operating margin
37.7%
FY26 operating profit margin, against 34.2% in FY25, well above the 25% floor the company aims for.Annual report FY26, p.50
Billing to own subsidiaries
₹42.0 cr
FY26 services between the parent and its UK and US subsidiaries (₹31.2 cr and ₹10.9 cr), the route by which much overseas work is billed.Annual report FY26, p.52
Show 5 more facts
Treasury investments
₹102.7 cr
Current and non-current investments at March 2026, with ₹15.7 cr more in cash and bank; the company has no debt.Investor presentation, June 2026, p.29; reported figures, our arithmetic
Other income
₹5.9 cr
FY26 consolidated other income, mainly from cash and investments and currency gains, against profit before tax of ₹39.2 cr.Annual report FY26, p.25; Transcript, November 2023, p.4
Acquisition money unspent
₹8.0 cr
Public issue money set aside for strategic investments and acquisitions, none of it used by March 2026.Annual report FY26, p.26
Employees on the rolls
282
Permanent staff of the parent at March 2026; median pay rose 8.5% in FY26.Annual report FY26, p.54
Interim dividend
₹7 per share
Declared in May 2026 for FY26.Annual report FY26, p.27

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

The company gives no order book and no current sales or profit guidance. In its FY26 annual report the founders say they will keep exploring acquisitions, win clients through partners in the US, UK and Europe, and invest in AI, cloud and data skills. On the November 2023 call the Managing Director aimed for about 30% growth in FY24 and revenue of USD 25 million by FY25, and for an operating margin above 25%.

NoneOrder book disclosedFY26
25%+Margin the company aims forNovember 2023 call
What management saidWhenWhat happened
Revenue growth of about 30% in FY24November 2023 call₹56.6 cr against ₹52.3 cr in FY23
Revenue of USD 25 million by the end of FY25November 2023 call₹67.1 cr in FY25
EBITDA margin above 25%November 2023 call37.6% in FY26

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

Systango earns its money by charging overseas clients in pounds and dollars for engineers who are paid in rupees in Indore, and it does this at a high margin.

Its weak spots are a few clients giving most of the revenue, no long term contracts and a bench of engineers that has not grown.

AverageCan it set its own prices?It has lifted what it earns per engineer by moving into specialist AI and blockchain work, but price is one of the main ways IT firms compete.
The evidence. The Managing Director said growth would come from raising the hourly rate through specialised services, and the offer document names price as a principal element of competition.Transcript, November 2023, p.4; Offer document, p.114
AverageHow strong is it against rivals?It holds partner badges from Google, AWS and Alibaba Cloud, but faces many Indian and overseas software firms offering similar work.
The evidence. The company cites Google recognition for generative AI, AWS partner status and a new Alibaba Cloud alliance; the offer document names InfoBeans, Innovana Thinklabs and Ksolves as similar competitors.Annual report FY26, p.6 and p.11; Offer document, p.114
WatchWho are its customers?A handful of overseas clients, mostly in the UK, give most of the revenue, and their share has been rising.
The evidence. The top three clients gave 46% and the top ten 78% of first half FY26 revenue; the UK alone gave 68%.Investor presentation, November 2025, p.7 and p.34
StrongDoes it need a lot of money?It needs little money to grow, as it has no plants, and it carries no debt with large investments on its books.
The evidence. The offer document says capacity measures do not apply as it has no plant and machinery; the June 2026 deck shows no debt and investments of ₹102.7 cr at March 2026.Offer document, p.113; Investor presentation, June 2026, p.3 and p.29
AverageCan it keep finding new work?It keeps adding clients and partners, but it has no order book and its staff count has been flat for years.
The evidence. It added four new FinTech clients in the first half of FY26 and a partnership with Chesamel; technical staff were 267 against 281 in FY23.Investor presentation, November 2025, p.29 and p.34
AverageDo good and bad years swing a lot?Demand follows how much clients abroad spend on technology, and currency moves change rupee revenue.
The evidence. The Managing Director described a slow first half of FY24 as clients turned cautious; the annual report lists cautious client IT spending and currency moves among its main risks.Transcript, November 2023, p.5; Annual report FY26, p.50

Who runs Systango Technologies?

Promoters, directors and officers; tap a name for the background

VRVinita RathiPromoter, Managing Director and Chief Executive Officer · holds 36.37%

A Bachelor of Engineering who joined the company in 2006; described as a technology entrepreneur with over 17 years in software engineering, product development and digital transformation. FY26 remuneration ₹0.90 cr.

Offer document, p.143; Investor presentation, June 2026, p.8; Annual report FY26, p.54
NRNilesh RathiPromoter, Whole Time Director and Chief Financial Officer · holds 35.74%

Holds a Bachelor of e-Commerce and joined the company in 2006; described as having over 20 years in technology consulting, operations and strategic management. FY26 remuneration ₹0.90 cr.

Offer document, p.143; Investor presentation, June 2026, p.8; Annual report FY26, p.54
SDSarita Devi KhandelwalNon-Executive Director

Holds a Master of Arts and over 12 years of professional experience, and guides people operations; the offer document names Sarita Devi Khandelwal as the mother of Vinita Rathi. Receives no remuneration.

Investor presentation, June 2026, p.8; Offer document, p.144; Annual report FY26, p.54
NTNarender Tulsidas KabraIndependent Director

A banker with over 34 years in Indian banking, including senior roles at Bank of Maharashtra in credit, risk, information technology and human resources; holds a Bachelor of Textile.

Investor presentation, June 2026, p.8; Offer document, p.133
VJVikas JainIndependent Director

Holds a Bachelor of Science from Devi Ahilya University, Indore, with over 16 years in web development, implementation and support. Chairman of the audit committee.

Investor presentation, June 2026, p.8; Annual report FY26, p.29

Systango Technologies latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹44.9 cr (+17%), net profit ₹13.6 cr (-3%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 72.13% to 72.17%.

Systango Technologies announcements

48 on record, latest first; each opens the filing on the exchange

Systango Technologies annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Systango Technologies share split, bonus and dividends

From the corporate actions the company announces on the exchange

  • DividendINTERIM DIVIDEND - RS 7 PER SHAREex-date 21 May 2026
Checks we ran on Systango Technologies' data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (1,46,68,800 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • !Earnings per share changes basis between FY20 (₹45.82) and FY21 (₹2.10) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
  • ✓Revenue and profit are reported for every year shown, FY20 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Systango Technologies

What does Systango Technologies do?

Systango Technologies writes custom software for companies abroad, mostly in the United Kingdom and the United States, from its engineering centre in Indore. Its work covers artificial intelligence, cloud, data and blockchain, and its shares trade on NSE Emerge.

What is the share price of Systango Technologies?

₹221 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Systango Technologies?

₹324 cr at the close on 6 Nov 2026, on 1,46,68,800 shares.

What is the P/E of Systango Technologies?

10.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Systango Technologies' revenue and profit?

Revenue ₹90 cr and profit after tax ₹32 cr in FY26.

Who are the promoters of Systango Technologies?

Vinita Rathi, Nilesh Rathi; promoters held 72.17% at 31 March 2026.

What is Systango Technologies' website?

www.systango.com

More SME companies like Systango Technologies

Other listed SME companies in it - software, the closest in size first, each read from its own documents.

Every listed SME company in IT - Software → · SME companies listed in 2023 →

Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 48 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.