External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Systems Limited (SYS) announced its 1Q2026 results, posting a consolidated PAT of Rs3bn (EPS of Rs2.05) up 21% YoY but down by 2% QoQ. The result came in below our expectations primarily due to lower-than-expected gross margins.</li><li>Net sales for the quarter clocked in at Rs24bn, up 33% YoY, supported by the Middle East segment, which grew from Rs10.2bn in 1Q2025 to Rs14.0 in 1Q2026.</li><li>The North American region also witnessed a revenue growth of 33% YoY and 39% QoQ, most likely due to the consolidation of Confiz accounts following the acquisition. The company expects the full impact of this acquisition to materialize in the second half of 2026.</li></ul>

Systems Limited (SYS) announced its 1Q2026 results, posting a consolidated PAT of Rs3bn (EPS of Rs2.05) up 21% YoY but down by 2% QoQ. The result came in below our expectations primarily due to lower-than-expected gross margins.Net sales for the quarter clocked in at Rs24bn, up 33% YoY, supported by the Middle East segment, which grew from Rs10.2bn in 1Q2025 to Rs14.0 in 1Q2026.The North American region also witnessed a revenue growth of 33% YoY and 39% QoQ, most likely due to the consolidation of Confiz accounts following the acquisition. The company expects the full impact of this acquisition to materialize in the second half of 2026.

Systems Limited (SYS): 1Q2026 EPS At Rs2.05, Up 21% YoY