No, sorry, Visvanath, but I think I have made my point badly so the fault lies with me. It is about business definition. What sort of organisation were the railways? Transport, obviously. Goods and people, obviously. After 1945, they faced competition from the long range aircraft that could traverse a continent in a few hours as opposed to a railway which would take days. Jet aircraft in the 1950s cut that journey time even further, reducing costs along the way, reducing fares, (and the driver of that change, Juan Trippe, made a fortune out of it). The railways could have taken control of the transport industry by investing in aircraft, in the 1940s and '50s but they did not. They lost out to aircraft and nearly collapsed in the '60s because they defined themselves as "railways" not "transport". However, and here is my point, they did not provide their customer base with what they wanted, they did not move with their customers.
Now, does this organization Vijay belongs to generate an income stream? For how many people? Does it provide a service? What kind of service? Is the service they provide what their customers want? Is their current service adequate for their customer needs? I would suggest these are the kinds of questions that need be considered before ROI. I would also suggest that as other, similar, organisations offer better services, with improved tools, then Vijay's organization may find it has a shrinking customer base.
If there is an issue with the hardware, and newer versions of Moodle will, like all software, run better on newer hardware, replace the hardware, Do they need the latest and shiniest, no certainly not, I think two or three steps off the latest is a much better bet. I would also suggest that a regular upgrade schedule is essential business practice, even if it is an annual event, upgrades have to occur. Those upgrades can be the two or three steps back versions, at the time of upgrade, by the time of the next upgrade, it is likely to be 7 or more steps off the pace. Planning for improvement always generates a positive ROI.