Slides
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Where Platform Meets Possibilities Earnings Presentation Q2 & H1 FY26
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Business momentum remains robust • New order wins of ₹500 Cr in Q2, total wins in H1 at ₹1,000 Cr • Expanding Direct -to-Retail strategy from E-commerce to BFSI , added 5,000 new retail points in H1 • HAWKAI solution deployed at quick -commerce leader, expanding to 1,800+ dark stores • Converted ₹100 Cr FY26 project revenue into ₹225 Cr long -term recurring revenue Margins impacted due to increased provisioning and lower network utilization • T emporary dip in ATM base due to slower ATM deployments by MSPs and delayed SBI contracting process • Lower retail volumes driven by subdued consumption • Incremental provisioning of ~10 Cr as a prudent measure due to payment delays amid stress in MSP ecosystem M&A • Securens acquisition completed • Evaluating opportunities in technology and payments sectors H1 FY26 update Flat rev enues, r eflecting so fter retail co nsum ption and t empo rary delays in k ey ban ks’ A T M r efresh cycle
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Revenue growth: • ATM Management Solutions business is expected to return to a growth trajectory in H2, and deliver double -digit growth in FY27 • SBI cash o/s RFP closed post extensive negotiations, at contracting & final approval stages, incremental ₹500 Cr revenue opportunity for next 7 -10 years • HAWKAI Solution is scaling robustly, with a target to expand to 50K sites by FY26, establishing a critical baseline to furthe r scale up to 80K sites by FY30 • Target to grow services revenue by 9% in H2 over H1 to regain growth momentum to build a strong base for FY27 Margin recovery driven by: • ATM deployments gaining traction: expected to be at ~75,000 by Mar’26 • Targeting 5% increase in ATM pricing • T ech investments in automation will help optimizing network costs: 10% reduction in # of routes and transition of 25% retail points to Gig model H2 FY26 outlook
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Q2 FY26 financial summary Revenue EBITDA PAT Q2-FY25 Q1-FY26 Q2-FY26 156 159 139 25% 25.3% 22.8% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 100 110 120 130 140 150 160 170 Q2-FY25 Q1-FY26 Q2-FY26 EBITDA EBITDA % 91 94 73 14.6% 14.9% 12.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 50 55 60 65 70 75 80 85 90 95 100 Q2-FY25 Q1-FY26 Q2-FY26 PAT PAT %₹ Crs 624 627 609 YoY QoQ -3% -3% YoY QoQ -11% -12% YoY QoQ -19% -22%
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Q2 FY26 segmental financials Revenue EBIT EBIT % 390 417 395 264 258 271 Q2 FY 25 Q1 FY 26 Q2 FY 26 97 100 59 40 36 38 Q2 FY 25 Q1 FY 26 Q2 FY 26 25.0% 23.9% 14.9%15.1% 14.1% 14.0% Q2 FY 25 Q1 FY 26 Q2 FY 26 BU YoY QoQ Cash 1% -5% MS 3% 5% BU YoY QoQ Cash -39% -41% MS -5% 4% ₹ Crs Cash Logistics MS and Tech Solutions Impact on EBIT% in Cash Logistics is due lower revenue impacting network utilization and higher provisioning
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H1 FY26 financial summary Revenue EBITDA PAT 310 298 H1-FY25 H1-FY26 777 812 503 528 H1-FY25 H1-FY26 182 167 H1-FY25 H1-FY26 1236 Cash Logistics MS and Tech Solutions 1224 1% -4% -8%₹ Crs
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H1 FY26 segmental financials ₹ Crs 777 812 H1-FY25 H1-FY26 196 159 H1-FY25 H1-FY26 -19%4% Cash Logistics 81 74 H1-FY25 H1-FY26 503 528 H1-FY25 H1-FY26 -8% 5% Revenue EBIT Revenue EBIT Managed Services & Technology Solutions
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COMPANY OVERVIEW
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STRENGTHEN CORE • Market share focus, large scale to drive lowest unit cost economics • World-class talent, tech & quality EXPAND TAM • Forward & backward integration to offer customer value • Drive higher growth through integrated offerings ROBUST PERFORMANCE • High margin profile and FCF generation • Disciplined capital allocation PLATFORM APPROACH • Each business to generate FCF to drive own growth India’ s best business services platform: Driving growth by gaining market share in core business, investing to expand T AM with a ‘PLA TFORM’ approach
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₹216 Cr FY 15 ₹1,129 Cr ₹1,146 Cr ₹1,915 Cr ₹2,425 Cr 11X revenue and 16X PAT through market cycles & shocks 16% Revenue CAGR PAT CAGR 19% 10.5% 15.4% FY 09 FY 19 FY 23 FY 25 COVID & Regulatory Compliance High Growth & Competition NPA Crisis & Demonetization Increased Competitive Intensity Total Revenues (₹ Cr) PAT% Total revenues
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42% Revenue Market Share in Cash Logistics (up from 38% in FY 21) # 3 Player In Managed Services (moved from #5 in FY 21) 60 : 40 Business Revenue Split (vs 70:30 in FY 21) 5% Revenue Contribution from new VISION AI business (HAWKAI) *From continuing businesses Revenue & PA T has grown faster post IPO FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 Revenue* (₹ Cr) 16% PAT* (₹ Cr) 216 311 670 1129 1007 1146 FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 23 32 93 90 92 98 18% FY 21 1306 FY 21 168 FY 23 FY 25 17% 1915 2425 FY 23 FY 25 297 372 22%
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Consistent operating cash flows and free cash flow conversion Avg. OCF/EBITDA @ 73% FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 78136 149 214 185 256 407 440 483 86% 97% 43% 61% 64% 73% 76%75% 84% OCF (₹ Cr) OCF/EBITDA (%) Avg. FCF/EBITDA @ 47% FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 122 129 47 131 130 213 332 328 -28 77% 84% 26% 51% 43% -7% 39% 55% 52% FCF (₹ Cr) FCF/EBITDA (%)
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Dividend is on paid-out basis Prudent capital allocation resulting in high ROCE Capex (₹ Cr) M&A (₹ Cr) Dividend (₹ Cr) FY 23 FY 25FY 24FY 19FY 17 FY 22 Ramped up investments (weaker competitor b/s) Reduced capex, higher competitive intensity Preserve capital post- demonetization Invested to grow MS business FY 18 FY 20 FY 21 36 27 33 208 90 129 156 99 92 1 21 197 23 25 10 2 74 38 4 108 7 20 13 21.8% Avg. ROCE* FY 18FY 17 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 15.8%16.1% 17.4% 23.9% 24.3% 23.4% 24.4% 25.4% 25.2% * Post tax ROCE Cash balance of ₹1,000 Cr as of Mar’25
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Retail Solutions & Currency Logistics Formalization & Consumption Drive currency velocity across diverse sectors by leveraging tech and network capabilities Technology & Payment Solutions Automation SaaS solutions for BFSI & Retail to mitigate risk and powering self-service banking channels FY 21 Services Revenue ~₹390 Cr ~₹110 Cr~₹665 Cr FY 25 Services Revenue ~₹640 Cr ~₹240 Cr~₹1,300 Cr ATM Management Solutions Partnering banks for integrated end-to-end ATM channel management Outsourcing Our three businesses: created to deliver scalable growth and strong margin profile
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OUTLOOK
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Accelerating key investments to drive sustainable long-term high- margin growth ₹15 Cr investment to scale GIG-based variable cost model to deepen presence in SURU Increased investments in tech to 1.5% of revenue, including ML based route planning for entire operations Targeting 10% reduction in workforce to ramp-up productivity Expanding Managed Services business into Pvt sector banks to reduce PSU bank share Converted ₹100 Cr FY26 project revenue into ₹225 Cr long-term recurring revenue ML= Machine Learning
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Assumptions Revenue Estimates CMS Market Share* 25% to 30% ATM O/S Base 120K to 144K to 170K Overall ATM Base 250K to 260K to 275K ~ ₹1,300 Cr ~ ₹1,575 Cr to ~ ₹1,625 Cr ~ ₹2,200 Cr to ~ ₹2,250 Cr FY 25 FY 27 FY 30 Drivers Increase in interchange fee Increased outsourcing through integrated contracts Contract renewal cycle with two major private banks Pricing uplift potential FY 30: A TM management solutions outlook 11% growth potential, driven by market expansion and share gains *For overall ATM Platform, excluding WLAs Services revenues only
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Drivers Retail, E-commerce, NBFCs & Banks expanding branches/stores Expanding the market breadth beyond tier-II Banks consolidating currency chest operations FY 30: Retail solutions & currency logistics outlook 11% growth potential Assumptions Revenue Estimates 200K to 300K Touch Points Growth 38% to 43% CMS Market Share FY 25 FY 30FY 27 ~ ₹640 Cr ~ ₹1,050 Cr to ~ ₹1,100 Cr ~ ₹725 Cr to ~ ₹750 Cr
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ALGO MVS Expand into top 5 banks No. of ATMs: 68K to 100K VISION AI Vision AI Points: 30K to 80K (20% CAGR) CMS BFSI Market Share: 25% to 40% ~₹2000 Cr TAM in BFSI (bank branch automation opportunity) Non-BFSI segment acceleration Potential in international markets Drivers Assumption Payment Cards Growth in new bank accounts opened Annual Growth of 7-10% FY 30: T echnology & payment solutions outlook 20%+ growth potential Revenue Estimates FY 25 FY 30FY 27 ~ ₹240 Cr ~ ₹500 Cr to ~ ₹600 Cr ~ ₹400 Cr Vision AI revenue contribution in this business to increase from 50% to 70%
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FY 27 estimates & FY 30 revenue potential FY 2030 Revenue (₹ Cr) FY 2025 Revenue (₹ Cr) FY 2027 Revenue (₹ Cr) ATM Management Solutions 11% CAGR ~1,300 ~1,575 - 1,650 ~2,200 - 2,250 Retail Solutions & Currency Logistics 11% CAGR ~640 ~725 - 750 ~1,050 - 1,100 Technology & Payment Solutions 20% CAGR ~240 ~400 ~500 - 600 Total Services Revenues 12% CAGR ~2,180 ~2,700 – 2,800 ~3,750 – 3,950
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AIM FOR ‘RULE OF 35’ (REVENUE GROWTH + EBITDA MARGIN > 35%) Strong market consolidation opportunity with pricing upside Maintain high margin quality & ROCE profile Strong capital allocation and reinvest for expansion *Including inorganic growth ~ ₹4,500 - 4,750 Cr (Incl. inorganic) Aspiration CMS 2030 summary Total services revenues 58% 42% ~ ₹2,180 Cr FY25 Retail & Tech Businesses ATM Management Solutions ~ ₹3,750 - 3,950 Cr FY30 47%* 53%* Potential
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ANNEXURE
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*Brand Valuation Study by Brand Finance Our new positioning Retained ‘CMS’ brand name: strong recognition, trust, and respect amongst our customers*; refreshed positioning aligns with ‘CMS’ expanded capabilities and transformation Vision AI Solution (RMS) Direct to Retail Solution (D2R) Software Solutions Distinct sub-brand identities for emerging growth segments
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Number of large BFSI accounts (₹50 Cr+ annual revenue) FY 22 FY 25 8 13 Gaining wallet share 7 high margin B2B business lines, each with ~₹100 - 1,000 Cr revenue FY 25 revenue mix ATM Cash Management Retail Cash Management CIT ~55% ~27% ~18% 38% 18% 20% 25% Banking Automation Technology Solutions Txn Linked BLA Managed Services ~84% subscription ~85% revenue route based with strong network effect Cash Logistics 60% Managed Services & Tech Solns 40%
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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 Exec. VC, 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
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Quarterly Consolidated Financial Performance Particulars (All figures in INR Mn) Q2’FY26 Q1’FY26 Q-o-Q Q2’FY25 Y-o-Y Operating Income 6,086 6,274 (3.0)% 6,245 (2.5)% Expenses 4,712 4,696 0.3% 4,716 (0.1)% Operating EBITDA 1,374 1,578 (12.9)% 1,529 (10.1)% EBITDA Margins (%) 22.58% 25.15% (257) Bps 24.48% (190) Bps Finance costs 45 41 9.8% 52 (13.5)% Depreciation and amortisation expense 482 445 8.3% 389 23.9% Other Income 109 164 (33.5)% 137 (20.4)% Profit before tax 956 1,256 (23.9)% 1,225 (22.0)% Tax 222 320 (30.6)% 316 (29.7)% Profit After Tax 734 936 (21.6)% 909 (19.3)% PAT Margins (%) 12.06% 14.92% (286) Bps 14.56% (250) Bps Other Comprehensive income for the year (3) (2) 50.0% (1) NA Total Comprehensive Income for the year 731 934 (21.7)% 908 (19.5)%
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Half Y early Consolidated Financial Performance Particulars (All figures in INR Mn) H1’FY26 H1’FY25 Y-o-Y Operating Income 12,360 12,240 1.0% Expenses 9,407 9,188 2.4% Operating EBITDA 2,953 3,052 (3.2)% EBITDA Margins (%) 23.89% 24.93% (104) Bps Finance costs 87 89 (2.2)% Depreciation and amortisation expense 927 777 19.3% Other Income 273 252 8.3% Profit before tax 2,212 2,438 (9.3)% Tax 543 621 (12.6)% Profit After Tax 1,669 1,817 (8.1)% PAT Margins (%) 13.50% 14.84% (134) Bps Other Comprehensive income for the year (4) (3) 33.3% Total Comprehensive Income for the year 1,665 1,814 (8.2)%
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Historical Consolidated Income Statement Particulars (All figures in INR Mn) FY23 FY24 FY25 H1’FY26 Operating Income 19,147 22,647 24,245 12,360 Expenses 13,770 16,652 17,977 9,407 Operating EBITDA 5,377 5,995 6,268 2,953 EBITDA Margins (%) 28.08% 26.47% 25.85% 23.89% Finance costs 196 162 182 87 Depreciation and amortisation expense 1,318 1,502 1,615 927 Other Income 147 340 507 273 Profit before tax 4,010 4,671 4,978 2,212 Tax 1,038 1,200 1,253 543 Profit After Tax 2,972 3,471 3,725 1,669 PAT Margins (%) 15.52% 15.33% 15.36% 13.50% Other Comprehensive income for the year 4 (12) (15) (4) Total Comprehensive Income for the year 2,976 3,459 3,710 1,665
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Historical Consolidated Balance Sheet (All figures in INR Mn) FY23 FY24 FY25 H1’FY26 Assets Non-current assets Property, plant and equipment 4,697 4,677 4,842 5,863 Capital work -in-progress 203 147 1,525 1,416 Right-of-use assets 1,826 1,558 1,624 1,693 Goodwill 2,061 2,061 2,061 2,061 Other Intangible assets 109 64 46 212 Intangible assets under development - 34 119 89 Financial assets Investments 338 600 1,255 978 Other financial assets 319 481 795 1,456 Deferred tax assets (net) 369 390 399 503 Income tax assets (net) 196 206 77 50 Other non -current assets 112 187 366 579 Total of Non -current assets 10,230 10,405 13,109 14,900 Current assets Inventories 742 1,269 796 772 Financial assets Investments 2,455 4,251 4,908 2,414 Trade receivables 5,260 7,197 8,146 10,217 Cash and cash equivalents 963 1,590 2,308 573 Bank balances other than above 599 1,080 648 1,473 Other financial assets 30 99 482 340 Other current assets 733 696 802 1,025 Total of Current assets 10,782 16,182 18,090 16,814 Total Assets 21,012 26,585 31,199 31,714 (All figures in INR Mn) FY23 FY24 FY25 H1’FY26 Equity share capital 1,544 1,628 1,644 1,645 Other equity 14,081 17,840 21,021 21,688 Total equity attributable to equity holders 15,625 19,468 22,665 23,333 Liabilities Non-current liabilities Financial liabilities Lease liabilities 1,528 1,281 1,321 1,372 Provisions 211 239 254 300 Other Liabilities 6 82 58 85 Total of Non -current liabilities 1,745 1,602 1,633 1,757 Current liabilities Financial liabilities Lease liabilities 505 527 575 596 Trade Payables Dues of micro enterprises and small enterprises 52 65 102 72 Dues of creditors other than micro enterprises and small enterprises 2,200 3,965 3,399 2,996 Other financial liabilities 597 597 1,935 1,576 Provisions - - - 259 Other current liabilities 32 35 475 606 Total of Current liabilities 255 327 415 519 Total Liabilities 3,642 5,516 6,901 6,624 Total Equity & Liabilities 5,388 7,118 8,534 8,381
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Historical Consolidated Cash Flow Statement (All figures in INR Mn) FY24 FY25 H1’FY26 Cash flow from operating activities: Profit before tax 4,671 4,978 2,212 Adjustments to reconcile profit before tax to net cash flow: Depreciation & amortisation on Property, plant and equipment & Intangible asset 1,070 1,151 683 Depreciation on Right -of-use assets 432 464 245 Unrealised foreign exchange (gain) / loss - (1) (1) Lease rent concession - - - Bad and doubtful debts and bad debts written off 907 367 197 Debit balance written off - - - ATM Cash shortage and claims provision - 524 249 (Profit) on disposal of property, plant and equipment (net) (12) (24) (7) Sundry balances written back (22) (30) (6) Impairment for doubtful claims receivables - 35 (5) Bad debts written back - - - Insurance claims receivables written off 17 7 - Net gain on lease modification (10) (9) (8) Finance income (137) (203) (151) Profit on sale of current investments (92) (151) (83) Net change in fair value of current investments measured at FVTPL (64) (88) (18) Employee stock option compensation cost 366 307 (12) Finance costs 162 182 87 Operating profit before working capital changes 7,288 7,509 3,382 Movement in working capital Increase / (Decrease) in trade payables and other liabilities 1,991 (391) (714) Increase / (Decrease) in provisions 15 (87) (100) (Increase) in inventories (527) 473 168 (Increase) in trade receivables (2,844) (1,315) (2,146) (Increase) / Decrease in other assets and prepayments (296) (235) (1,205) Cash flow generated from operations 5,627 5,954 (615) Direct taxes paid (net of refunds) (1,228) (1,129) (555) Net cash flow from operating activities 4,399 4,825 (1,170) (All figures in INR Mn) FY24 FY25 H1’FY26 Cash flow from investing activities Proceeds from sale of property, plant and equipment 23 24 9 Purchase of property, plant and equipment, Intangible assets (including CWIP and capital advances) (1,084) (1,543) (1,739) Purchase consideration paid on acquisition of business - - (250) Investment in mutual funds and non convertible debentures (15,408) (16,461) (6,889) Proceeds from redemption of mutual funds 13,506 15,389 9,762 Loan given to Others - - - Investment in deposits with banks (1,568) (649) (664) Proceeds from maturity of deposits with banks (including interest) 1,281 575 331 Interest received - - 194 Net cash flow (used in) / from investing activities (3,250) (2,665) 754 Cash flows from financing activities Proceeds from Issue of Equity Shares 1,154 243 21 Dividend paid (1,135) (1,063) (1,027) Finance costs - (2) (3) Loan repayment - - (12) Finance costs on lease liability (162) (180) (83) Payment of principal portion of lease liabilities (378) (440) (235) Net cash flow (used in) financing activities (521) (1,442) (1,339) Net (decrease) / increase in cash and cash equivalents 628 718 (1,755) Cash and cash equivalents at the beginning of the year 963 1,591 2,309 Cash and cash equivalents through acquisition of Subsidiary - - 19 Cash and cash equivalents at the end of the year 1,591 2,309 573
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Source: BSE, NSE Share Price Movement (Up to 30th September, 2025) -50% -40% -30% -20% -10% 0% 10% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 CMS BSE Sensex BSE Small Cap Shareholding Pattern (30th September, 2025) Mutual Funds 22.37% AIF 6.31% FII 33.15% Others 38.17% Share Price Data (As on 30th September, 2025) Face value (₹) 10.0 Market Price (₹) 372.8 52 Week H/L (₹) 615.9/369.3 Market Cap (₹ Mn) 61,315.4 Equity Shares Outstanding (Mn) 164.5 Avg. trading volume (‘000) 528.6 Capital Market Information (BSE: CMSINFO | 543441, NSE: CMSINFO)
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Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of CMS Info Systems Limited (CMS), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
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cms.com THANK YOU