NSE: CMSINFO · BSE: 543441
CMS INFO SYSTEMS LIMITED
Provides cash management, ATM managed services, and card services to India's banking sector. Cash Management services, the largest segment at Rs. 1,596.518 crore of FY26 revenue, handles physical cash logistics for banks. Managed Services, the second segment at Rs. 1,035.594 crore, offers end-to-end ATM management — the operator moved from #5 to #3 in this market and gained 200 basis points in cash logistics share. Card Services contributed Rs. 81.47 crore. A separate technology and payments arm, including the Hawkai Vision AI platform, reached Rs. 200 crore with 50,000 monitored sites live. Costs are dominated by other operating expenses at 52.7% of revenue, with employees at 15% and depreciation at 8.3%; capex is 16.5% of revenue. An Rs. 2,000 crore order book covers 85% of the FY27 revenue target, secured through marquee wins at SBI, ICICI, and HDFC. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cash Management services, Managed Services, Card Services. Asset-heavy services business with capex at 16.5% of revenue; exposure to bank outsourcing cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,590 | 1,915 | 2,265 | 2,425 | 2,487 |
| EBITDA (ex other income) | 400 | 538 | 599 | 627 | 587 |
| margin % | 25.1 | 28.1 | 26.5 | 25.9 | 23.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 15.07 | 19.31 | 22.22 | 22.79 | 18.45 |
| ROE % · ROCE % | 17.8 · 22.2 | 19.0 · 24.2 | 17.8 · 22.9 | 16.4 · 21.2 | 12.5 · 16.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 |
| Cash from operations | 257 | 407 | 440 | 483 | 390 |
| Capex | (284) | (193) | (108) | (154) | (409) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 625 | 581 | 619 | 627 | 609 | 618 | 633 | 635 |
| Profit before tax | 123 | 125 | 129 | 126 | 96 | 77 | 107 | 105 |
| Net profit | 91 | 93 | 98 | 94 | 73 | 57 | 79 | 84 |
| EPS (₹) | 5.58 | 5.68 | 5.94 | 5.69 | 4.46 | 3.49 | 4.81 | 5.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cash Management services | 817 | 30.1 |
| Managed Services | 539 | 19.9 |
| Card Services | 49 | 1.8 |
| Cash Management Services | 384 | 14.2 |
| CASH MANAGEMENT SERVICES | 395 | 14.5 |
| MANAGED SERVICES | 252 | 9.3 |
| CARD SERVICES | 18 | 0.7 |
| Managed services | 244 | 9.0 |
| Card services | 14 | 0.5 |
| Total, before eliminations | 2,714 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.5 | 13.0 | 34 of 79 | 58% |
| P/B | 1.4 | 1.3 | 50 of 95 | 48% |
| ROCE | 15.4 | 3.4 | 16 of 103 | 85% |
| ROE | 12.5 | 2.9 | 28 of 113 | 76% |
| Debt / Equity | 0.0 | 0.1 | 1 of 91 | 77% |
| EBITDA margin | 29.0 | 25.4 | 43 of 92 | 54% |
| Revenue growth | 1.2 | 16.2 | 63 of 91 | 31% |
| Profit growth | (10.6) | 5.2 | 67 of 110 | 39% |
| Market cap | 3297 | 47 | 9 of 108 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Sept 2026 · Trading Window closes Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Shareholders approve William Poole VIII as Independent Director of CMS Info Systems | management changes | medium | — | — |
| 21 Sept 2026 · 19th AGM results: All 8 resolutions approved with 95-100% majority | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 19th AGM: FY26 results adopted, Rs 5.25 per share total dividend confirmed | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Participation in Anand Rathi G-200 Summit 2026 on September 22, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Newspaper ad confirming dispatch of 19th AGM notice and Annual Report | compliance | minimal | — | — |
| 27 Aug 2026 · CMS Info Systems files BRSR for FY 2025-26 with no fines or breaches | compliance | low | — | — |
| 27 Aug 2026 · AGM on Sep 21; final dividend Rs 2.50, cut-off Sep 14 | corporate actions | high | — | — |
| 27 Aug 2026 · CMS Info Systems files FY26 Annual Report; AGM on Sep 21, 2026 | compliance | low | — | — |
| 27 Aug 2026 · CMS Info Systems 19th AGM notice for September 21, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.