R Systems Affirmed 'AA-' Rating Amidst Blackstone Support

R Systems International's long-term facilities have been reaffirmed with a 'Crisil AA-/Stable' rating, as announced by Crisil Ratings. This rating acknowledges the company's robust business risk profile, characterized by healthy operating performance and improving margins, alongside a strong financial risk profile supported by low debt and substantial cash reserves.

Crucially, Blackstone Inc., through its fund BCP Asia II Topco II Pte. Ltd., holds a majority stake of 51.85% in R Systems as of May 31, 2026. Blackstone's strategic support includes introducing new customers from its portfolio, which is expected to enhance R Systems' customer base and diversification.

For 2025, R Systems reported revenues of Rs. 1,958 crore, marking a 12% increase, attributed to the Novigo acquisition and favorable currency movements. Crisil Ratings anticipates continued healthy double-digit revenue growth in 2026, primarily from the full-year impact of the Novigo acquisition completed in November 2025.

Despite potential challenges from geopolitical uncertainties and AI-driven disruptions affecting core revenue growth, R Systems is advancing its AI-first strategy through partnerships and acquisitions. As of December 31, 2025, the company's adjusted debt was Rs 410 crore, against a healthy adjusted networth of Rs 1,196 crore, indicating robust leverage and debt protection metrics.