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Where Platform Meets Possibilities Earnings Presentation Q1 FY26
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Where Platform Meets Possibilities • 1,53,000 business touch points in Cash Logistics, 9% YoY growth • Strong order-win momentum, INR 500 Cr wins in Software, Managed Services and Cards • Won a multi-year software solutions contract for ICICI Bank’s entire ATM network for ALGO MVS • Launched new brand promise ‘UNIFIED PLATFORM. LIMITLESS POSSIBILITIES. ’ • Strategic acquisition in Vision AI business, investment of ~Rs. 80 Cr • We continue to focus on executing our order book while maintaining a stable business profile Q1 FY26 Update • Subdued consumption trends prevail, impacting retail spend and ATM transactions • ATM roll-outs by BLA operators slow, completed only 1/3rd roll-out (8k / 24k) • Large PSU bank cash outsourcing RFP (10K ATMs) cancelled & reissued as CMS was the only qualified bidder HIGHLIGHTS LOWLIGHTS .,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Q1 FY26 Financial Summary Steady performance despite consumption slowdown Revenue EBITDA PAT Q1-FY25 Q4-FY25 Q1-FY26 154 163 159 25.6% 26.4% 25.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 100 110 120 130 140 150 160 170 Q1-FY25 Q4-FY25 Q1-FY26 EBITDA EBITDA % 91 98 94 15.1% 15.8% 14.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 50 60 70 80 90 100 110 Q1-FY25 Q4-FY25 Q1-FY26 PAT PAT % ₹ Crs 599 619 627 YoY QoQ 5% 1% YoY QoQ 3% -2% YoY QoQ 3% -4% - - .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Q1 FY26 Segmental Financials Revenue EBIT EBIT % 387 414 417 239 244 258 Q1 FY 25 Q4 FY 25 Q1 FY 26 Cash MS 99 102 100 41 39 36 Q1 FY 25 Q4 FY 25 Q1 FY 26 25.5% 24.7% 23.9% 17.0% 15.9% 14.1% Q1 FY 25 Q4 FY 25 Q1 FY 26 BU YoY QoQ Cash 8% 1% MS 8% 5% BU YoY QoQ Cash 1% -2% MS -11% -7% ₹ Crs ■ ■ .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Strategic Acquisition to Scale Vision AI Business Binding agreement with Securens, #4 AIoT RMS player ✓ Market leader, BFSI ✓ Completed hardware development of CMS Edge, a custom-designed chipset ✓ Early entrant with strong brand equity, 12-year track-record with AI module trained on 10 yrs of data ✓ Strong presence in Retail sector ✓ Expertise in predictive analytics and compliance tech • ~Rs. 80 Cr investment to acquire upto 100% shareholding • Combined entity with 45,000+ sites: - 36% market share in BFSI - More than 2X the next competitor • Broader client base and synergy potential to drive growth in a key emerging business line • CMS has a strong track record of 8 successful programmatic M&A deals H/\WK/\f FROM CMS + CMS Edge ch1pset device HAWK.A.I surve1llanc• camera Control & Command Center, Mumbai SECURENS" -;:-. ~ RCTIVE DETERRENCE -=BYSECURENS =- ~ ~" " .,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities New Brand Positioning From ‘Connecting Commerce’ to ‘UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.’ • Retained ‘CMS’ Brand Name due to strong recognition, trust, and respect amongst our customers* • Refreshed positioning aligns with ‘CMS’ expanded capabilities and signals its evolution from a pure play cash logistics company to a broader business services institution • Expansion of sub-brands as distinct identities to tap into emerging growth segments *Brand Valuation Study by Brand Finance A website with colorful lines AI-generated content may be incorrect. Vision AI Solution (RMS) Direct to Retail Solution (D2R) Software Solution New website of CMS (click to explore).,,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES. H/\WK/\f FROM CMS re ta iii" ALGO FROM CMS FROMCMS
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Where Platform Meets Possibilities ONE CMS Consolidated business & ops teams into a unified organization to drive customer centricity Will enhance our efficiency and agility to help us achieve more with less, a core CMS value Chief Business Officer Chief Operations Officer • Associated with CMS since 2009 • President of Cash Logistics Association & Currency Cycle Association • IIM Ahmedabad • Associated with CMS since 2024 • Ex– OLA, Byju’s and Mphasis • Wharton Business School Anush Raghavan Puneet Bhirani
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Where Platform Meets Possibilities COMPANY OVERVIEW .,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities CMS Business Services Platform 7 high margin B2B business lines with ₹ ~100 -1000 Crs revenue 38% 20% 18% 25% Banking Automation Technology Solutions Txn Linked BLA Managed Solutions Revenue Mix (FY25) ATM Retail CIT Managed Services & Tech Solns 40% Cash Logistics 60% Technology Solutions • SaaS revenue model; 25%+ FY21-25 CAGR • ~10% revenue contribution by FY27 Managed Solutions • Tech oriented with strong operating leverage • Strong moat given unified ops Txn. Linked BLA • Selective exposure with large banks • <10% of overall revenue Banking Automation • Lower margin good ROCE business • Creates long-term services revenue ~84% subscription ~85% revenue route based with strong network effect ~18% ~55% ~27% ■ ■ ■ ■ ■ ■ ■ .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities CMS Platform Expansion Driving Growth Bank Cash Logistics Managed Services & T ech Solutions Banking Automation A TM-as- a-Service ALGO Software Vision AI Payment Cards Top-5 PSU Banks #1 #2 #3 #4 #5 Top-3 Pvt. Banks #1 #2 #3 Gaining wallet shareDeepening enterprise engagement 8 13 FY22 FY25 Number of Large BFSI Accounts (₹ 50 Cr+ Annual Revenue) I I . I . I . J I . I. I . . . . .1:: :::: :::: ::::!::: :::: :::: :::: :::: :::: :::1:::: :::: :::: :::: :::: :::: :::l :::: :::: :::: :::: :::: ::::l:::: :::: :::: :::: :::: :::J: :::: :::: :::: :::: :::: ::l: :::: :::: :::: :::: :::::::1 .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Track record of delivering high revenue & earnings growth Revenue EBITDA PAT 1,306 1,590 1,915 2,265 2,425 FY21 FY22 FY23 FY24 FY 25 302 402 541 604 63323.1% 25.3% 28.3% 26.7% 26.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 100 200 300 400 500 600 700 FY21 FY22 FY23 FY 24 FY25 EBITDA % ₹ Crs ₹ Crs FY21 FY22 FY23 FY24 FY 25 YoY 4 yr CAGR Revenue 1,306 1,590 1,915 2,265 2,425 7% 17% EBITDA 302 402 541 604 633 5% 20% PAT 169 224 297 347 372 7% 22% 169 224 297 347 37212.9% 14.1% 15.5% 15.3% 15.4% 0 50 100 150 200 250 300 350 400 FY21 FY22 FY23 FY24 FY 25 PAT % - - .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Balance sheet discipline Strong return profile & high Cash flow generation Strong cash flow generation… …delivering high post tax RoCEs… …increasing dividends 185 257 407 440 48261% 64% 75% 73% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 100 200 300 400 500 600 FY21 FY22 FY23 FY24 FY25 OCF (₹ Crore) OCF/EBITDA % 11.39 15.07 19.31 22.22 22.79 2.45 2.53 4.75 5.75 9.50 -1.00 1.00 3.00 5.00 7.00 9.00 11.00 13.00 15.00 0.00 5.00 10.00 15.00 20.00 25.00 FY21 FY22 FY23 FY24 FY25 EPS (₹) DPS (₹) 116 219 208 99 129 0 50 100 150 200 250 FY21 FY22 FY23 FY24 FY25 24.5% 23.4% 24.4% 25.4% 25.2% 15.0% 17.0% 19.0% 21.0% 23.0% 25.0% 27.0% FY21 FY22 FY23 FY24 FY25 Capex (₹ Crs) …reinvesting for growth - ₹ 1000 Crs+ Cash & equivalents (Mar’25), Debt Free, AA+ Rated - FY25 Final dividend of ₹ 3.25/share; special interim dividend of ₹ 3/share; total dividend - ₹ 9.5/ share ... _____ ./ - .,,,. CMS I UNIFIED PLATFORM LIMITLESS POSSIBILiTIES . -
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Where Platform Meets Possibilities FUTURE OUTLOOK .,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Fast-growing & underpenetrated organised retail opportunity • 550k+ out of 3mn retail touchpoints organized • ~1/3rd outsourced for Cash Logistics Data as of FY24, Frost and Sullivan, Industry and CMS estimates Payment Automation • Automation with Secure and Customizable user access • Real-Time store-level reconciliation • Unified Settlement Process In-Store Solutions • Cash Logistics • AIoT Remote Monitoring Organised Retail 77k FS and Insurance 75k Healthcare Services 45k Govt. and Utilities 40k e-com Logistics 30k Food & Hospitality 20k Fuel Stations 90k Automotive Sector 40k Other Sectors 150k 0 • .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES. retaili" Ill -FROM CMS
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Where Platform Meets Possibilities Vision AI : Rapid scale up | #1 in ATM | Large T AM Opportunity : Built 40+ deep learning AI modules BFSI Opportunity of INR 2,000 Crs+ Banking BFSI (ex Banking) Total # % penetration 260k ~45% 140k <20% ATMs Total # 30k+ 30k+ 15k+ NBFC & MFI Gold Loan Insurance Non- BFSI Opportunity Retail+ QSR 100k+ Warehousing / Dark Stores: 20k+ EV Charging 10k+ Ambulance Surveillance Delivery Vehicle Surveillance Crowd Alert Staff Attendance at Designated Area • Completed development of full solution stack of hardware & software • Marquee wins in FY25: o Build & Operate mandate with a leading bank across branch/ATM o Expanded in retail with a large win at quick commerce player • 29,000 sites, fastest growing business line .,,,. CM s I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES. H/\WK/\f FROM CMS
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Where Platform Meets Possibilities • Market consolidation • Low penetration in retail: 550K points (<35% covered) • Large TAM in Vision AI: ~35% of ~400k Bank ATMs/Branches use AIoT RMS solution • Growth in ATMs, bank branches: ATM interchange increased from INR 17/- to 19/- • 100K ATMs yet to O/S for Cash Logistics • Strategic M&A in identified adjacencies FY25 - FY27 Opportunity Compound Services Revenue @ 14-17% .,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities ANNEXURE .,,,. CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Our Long -term Growth: 11x Revenue and 16x PAT 2009 2015 2019 2022 2025 Revenue: ₹ 216 Cr PAT margin: 10.5% Revenue: ₹ 1,589 Cr PAT margin: 14.1% Revenue: ₹ 1,146 Cr PAT margin: 8.4% 17% Revenue & 19% PAT CAGR* Revenue: ₹ 1,128 Cr PAT margin: 8.0% Revenue: ₹ 2,425 Cr PAT margin: 15.4% *from continuing businesses 17% 19% .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Experienced board; Seasoned leadership Strong Management With Deep Industry Know- How Shyamala Gopinath Vishnu Jerome Founding Partner: Jerome Merchant+ Partners; Former Partner AZB & Partners Pankaj Khandelwal President & CFO 30+ years of industry experience Anush Raghavan Chief Business Officer 15+ years of industry experience Experienced Directors Sayali Karanjkar Non-Executive Independent Director, Co- founder of Paysense Rajiv Kaul Executive Vice Chairman, Whole Time Director & CEO 30+ years of industry experience Sanjay Singh Chief Human Resources Officer (CHRO) 30+ years Rajeev Bhatia Chief Information Officer (CIO) 20+ years of industry experience Former Deputy Governor, RBI Krzysztof Jamroz Executive Chairman at Roadrunner Sunil Mehta Former MD & CEO - PNB, CEO Indian Banks’ Association Puneet Bhirani Chief Operations Officer 25+ years of industry experience @ ~-1=1-WFW:1 m CRISIL ... --~ G Microsoft actis PSS Alli a 11\.,c HayGroup ® 803(~ .• ::•. ascent GARDANORLD ' Ir .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES. @ AT&T ~ PaySense Pav•i" G Swift ~t~~ntsBank A AXIS BANK
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Where Platform Meets Possibilities Recognised for our financial strength & governance The Award was presented by Union minister for Electronics & IT , I & B and Railways, Shri Ashwini Vaishnaw. The FE CFO Awards, now in its 7th year , was presented to 14 institutions in recognition of their pioneering work, led by a high- quality jury . Best CFO 2024 - Medium Sized EnterpriseFE~tQ Best CFO 2024 - Medium Sized Enterprise - .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Quarterly Consolidated Financial Performance Particulars (All figures in INR Mn) Q1’FY26 Q4’FY25 Q-o-Q Q1’FY25 Y-o-Y Operating Income 6,274 6,191 1.3% 5,994 4.7% Expenses 4,696 4,570 2.8% 4,471 5.0% Operating EBITDA 1,578 1,621 (2.7)% 1,523 3.6% EBITDA Margins (%) 25.15% 26.18% (103) Bps 25.41% (26) Bps Finance costs 41 46 (10.9)% 37 10.8% Depreciation and amortisation expense 445 427 4.2% 388 14.7% Other Income 164 138 18.8% 115 42.6% Profit before tax 1,256 1,286 (2.3)% 1,213 3.5% Tax 320 310 3.2% 305 4.9% Profit After Tax 936 976 (4.1)% 908 3.1% PAT Margins (%) 14.92% 15.76% (85) Bps 15.15% (23) Bps Other Comprehensive income for the year (2) (10) (80.0)% (2) 0.0% Total Comprehensive Income for the year 934 966 (3.3)% 906 3.1% .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Annual Consolidated Financial Performance Particulars (All figures in INR Mn) FY25 FY24 Y-o-Y Operating Income 24,245 22,647 7.1% Expenses 17,977 16,652 8.0% Operating EBITDA 6,268 5,995 4.6% EBITDA Margins (%) 25.85% 26.47% (62) Bps Finance costs 182 162 12.3% Depreciation and amortisation expense 1,615 1,502 7.5% Other Income 507 340 49.1% Profit before tax 4,978 4,671 6.6% Tax 1,253 1,200 4.4% Profit After Tax 3,725 3,471 7.3% PAT Margins (%) 15.36% 15.33% 3 Bps Other Comprehensive income for the year (15) (12) 25.0% Total Comprehensive Income for the year 3,710 3,459 7.3% .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Historical Consolidated Income Statement Particulars (All figures in INR Mn) FY22 FY23 FY24 FY25 Operating Income 15,897 19,147 22,647 24,245 Expenses 11,900 13,770 16,652 17,977 Operating EBITDA 3,997 5,377 5,995 6,268 EBITDA Margins (%) 25.14% 28.08% 26.47% 25.85% Finance costs 144 196 162 182 Depreciation and amortisation expense 918 1,318 1,502 1,615 Other Income 79 147 340 507 Profit before tax 3,014 4,010 4,671 4,978 Tax 774 1,038 1,200 1,253 Profit After Tax 2,240 2,972 3,471 3,725 PAT Margins (%) 14.09% 15.52% 15.33% 15.36% Other Comprehensive income for the year 4 4 (12) (15) Total Comprehensive Income for the year 2,244 2,976 3,459 3,710 .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Historical Consolidated Balance Sheet (All figures in INR Mn) FY22 FY23 FY24 FY25 Assets Non-current assets Property, plant and equipment 3,470 4,697 4,677 4,842 Capital work-in-progress 436 203 147 1525 Right-of-use assets 1,800 1,826 1,558 1,624 Goodwill 2,061 2,061 2,061 2,061 Other Intangible assets 173 109 64 46 Intangible assets under development 1 0 34 119 Financial assets Investments 0 338 600 1255 Other financial assets 331 319 481 795 Deferred tax assets (net) 304 369 390 399 Income tax assets (net) 226 196 206 77 Other non-current assets 210 112 187 366 Total of Non-current assets 9,012 10,230 10,405 13,109 Current assets Inventories 635 742 1,269 796 Financial assets Investments 1,235 2,455 4,251 4,908 Trade receivables 4,993 5,260 7,197 8,146 Cash and cash equivalents 643 963 1,590 2308 Bank balances other than above 774 599 1,080 648 Other financial assets 276 30 99 482 Other current assets 989 733 696 802 Total of Current assets 9,545 10,782 16,182 18,090 Total Assets 18,557 21,012 26,585 31,199 (All figures in INR Mn) FY22 FY23 FY24 FY25 Equity share capital 1,531 1,544 1,628 1,644 Other equity 11,030 14,081 17,840 21,021 Total equity attributable to equity holders 12,561 15,625 19,468 22,665 Liabilities Non-current liabilities Financial liabilities Lease liabilities 1,468 1,528 1,281 1,321 Provisions 201 211 239 254 Other Liabilities 9 6 82 58 Total of Non-current liabilities 1,678 1,745 1,602 1,633 Current liabilities Financial liabilities Lease liabilities 461 505 527 575 Trade Payables Dues of micro enterprises and small enterprises 80 52 65 102 Dues of creditors other than micro enterprises and small enterprises 2,379 2,200 3,965 3,399 Other financial liabilities 1,066 597 597 1935 Provisions 36 32 35 475 Other current liabilities 296 255 327 415 Total of Current liabilities 4,318 3,642 5,516 6,901 Total Liabilities 5,996 5,388 7,118 8,534 Total Equity & Liabilities 18,557 21,012 26,585 31,199 .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Historical Consolidated Cash Flow Statement (All figures in INR Mn) FY23 FY24 FY25 Cash flow from operating activities: Profit before tax 4,010 4,671 4,978 Adjustments to reconcile profit before tax to net cash flow: Depreciation & amortisation on Property, plant and equipment & Intangible asset 899 1,070 1,151 Depreciation on Right-of-use assets 419 432 464 Unrealised foreign exchange (gain) / loss (1) - (1) Lease rent concession (3) - - Bad and doubtful debts and bad debts written off 985 907 367 Debit balance written off - - - ATM Cash shortage and claims provision - - 524 (Profit) on disposal of property, plant and equipment (net) (11) (12) (24) Sundry balances written back (20) (22) (30) Impairment for doubtful claims receivables 4 - 35 Bad debts written back - - - Insurance claims receivables written off 12 17 7 Net gain on lease modification - (10) (9) Finance income (70) (137) (203) Profit on sale of current investments (30) (92) (151) Net change in fair value of current investments measured at FVTPL (12) (64) (88) Employee stock option compensation cost 93 366 307 Finance costs 196 162 182 Operating profit before working capital changes 6,471 7,288 7,509 Movement in working capital Increase / (Decrease) in trade payables and other liabilities (824) 1,991 (391) Increase / (Decrease) in provisions 12 15 (87) (Increase) in inventories (107) (527) 473 (Increase) in trade receivables (1,252) (2,844) (1,315) (Increase) / Decrease in other assets and prepayments 853 (296) (235) Cash flow generated from operations 5,153 5,627 5,954 Direct taxes paid (net of refunds) (1,085) (1,228) (1,129) Net cash flow from operating activities 4,068 4,399 4,825 (All figures in INR Mn) FY23 FY24 FY25 Cash flow from investing activities Proceeds from sale of property, plant and equipment 20 23 24 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (1,933) (1,084) (1,543) Investment in mutual funds and non convertible debentures (11,578) (15,408) (16,461) Proceeds from redemption of mutual funds 10,400 13,506 15,389 Loan given to Others - - - Investment in deposits with banks (1,071) (1,568) (649) Proceeds from maturity of deposits with banks (including interest) 937 1,281 575 Net cash flow (used in) / from investing activities (3,226) (3,250) (2,665) Cash flows from financing activities Proceeds from Issue of Equity Shares 157 1,154 243 Dividend paid (154) (1,135) (1,063) Finance costs - - (2) Finance costs on lease liability (184) (162) (180) Payment of principal portion of lease liabilities (341) (378) (440) Net cash flow (used in) financing activities (522) (521) (1,442) Net (decrease) / increase in cash and cash equivalents 320 628 718 Cash and cash equivalents at the beginning of the year 643 963 1,591 Cash and cash equivalents at the end of the year 963 1,591 2,309 .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities Capital Market Information (BSE: CMSINFO | 543441, NSE: CMSINFO) Share Price Movement (Up to 31st March, 2025) -25.00% 10.00% 45.00% 80.00% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 CMS BSE Sensex BSE Small Cap Shareholding Pattern (31st March, 2025) Mutual Funds 21.01% AIF 5.43% FII 37.80% Others 35.76% Share Price Data (As on 31st March, 2025) Face value (INR) 10.0 Market Price (INR) 461.0 52 Week H/L (INR) 615.9/377.7 Market Cap (INR Mn) 75,764.1 Equity Shares Outstanding (Mn) 164.4 Avg. trading volume (‘000) 792.1 .,,,. CMS I UNIFIED PLATFORM . LIMITLESS POSSIBILITIES.
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Where Platform Meets Possibilities cms.com THANK YOU ... CMS I UNIFIED PLATFORM. LIMITLESS POSSIBILITIES.