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CMS Info Systems Overview

1. Business Overview

CMS Info Systems Ltd. is India's largest cash management company, providing a wide range of services to banks, financial institutions, and retail chains. Its core business involves the physical movement, processing, and management of cash. This includes ATM cash management (replenishment and first-line maintenance), retail cash management (collection from retail outlets, processing, and deposit), and cash processing services. The company also offers managed services like ATM site management, card personalization, transaction printing, and technology solutions. It makes money through fee-based services, typically long-term contracts, charged for the secure and efficient handling of cash and related services.

2. Key Segments / Revenue Mix

The company primarily operates in two key segments:

Cash Management Services: This is the largest segment and the company's core business, comprising ATM cash management, retail cash management, and cash processing services. It accounts for the majority of the revenue.

Managed Services: This segment includes a range of services such as ATM site maintenance, card personalization, transaction printing services, and other technology-led solutions. While smaller than cash management, it represents a growth area for the company. Specific revenue contribution percentages can vary year-on-year, but cash management consistently remains the dominant revenue driver.

3. Industry & Positioning

The cash management industry in India is characterized by its critical nature, high security requirements, and significant operational complexity. It's an organized industry dominated by a few large players. CMS Info Systems holds a leading position, being the largest cash management company in India by revenue and the number of ATM points serviced. It boasts the widest network and largest fleet for cash logistics, positioning it as a market leader with significant scale advantages over smaller competitors.

4. Competitive Advantage (Moat)

Scale and Network Effect: CMS has an unparalleled pan-India network of cash processing centers, vaults, vehicles, and personnel, making it difficult for new entrants to replicate. This scale leads to operational efficiencies and cost advantages.

High Switching Costs: For clients like banks, switching cash management providers involves significant operational disruption, integration efforts, and security risks, leading to high stickiness and long-term contracts.

Operational Expertise & Trust: Handling vast sums of cash requires robust security protocols, advanced technology, and a proven track record of reliability and trust, which CMS has built over decades.

Regulatory Barriers & Capital Intensity: Compliance with strict RBI regulations for cash logistics and the significant capital expenditure required for secure infrastructure and fleet create high barriers to entry.

5. Growth Drivers

Outsourcing Trend: Banks and financial institutions increasingly outsource non-core activities like cash management to specialized providers to reduce costs and enhance efficiency.

Expanding ATM Network & Financial Inclusion: Continued expansion of banking services and ATMs into Tier 2, 3 cities, and rural areas drives demand for cash management services.

Growth in Organized Retail: As organized retail expands across India, the need for secure and efficient retail cash collection and processing services increases.

Diversification into Managed Services: Expansion into higher-value managed services, such as ATM-as-a-service and technology solutions, opens new revenue streams.

Resilience of Cash in India: Despite the growth of digital payments, cash remains prevalent for small value transactions and in certain demographics, ensuring a stable base for the business.

6. Risks

Digitalization and "Less-Cash" Economy: The long-term structural risk from the accelerating adoption of digital payment methods (UPI, mobile wallets) could potentially reduce the overall demand for physical cash.

Operational & Security Risks: High-value cash handling is inherently prone to risks like theft, fraud, logistical failures, and security breaches, which can result in financial losses and reputational damage.

Regulatory Changes: Strict and evolving regulations from the RBI regarding cash handling, security standards, and ATM operations can impact compliance costs and operational flexibility.

Competition: While a market leader, competition from other established players in the cash management space can exert pressure on pricing and margins.

Dependency on BFSI Sector: A significant portion of its revenue is derived from banks and financial institutions, making it susceptible to the health and growth of the banking sector.

7. Management & Ownership

CMS Info Systems is majority-owned by Sion Investment Holdings Pte Ltd., an affiliate of Baring Private Equity Asia (BPEA EQT), a prominent global private equity firm. This indicates strong institutional backing and governance. The company is managed by an experienced professional team with a track record in logistics, technology, and financial services, focusing on operational excellence and market leadership. The promoter group (BPEA EQT) holds a significant stake post its IPO, alongside public shareholding.

8. Outlook

CMS Info Systems Ltd. is well-positioned as the market leader in India's cash management industry, benefiting from the ongoing outsourcing trend by banks and the continued need for cash in a diverse economy. Its extensive network, operational expertise, and capital-intensive nature of the business provide a strong competitive moat, suggesting stable revenue streams and potential for growth through diversification into managed services and expansion into underserved regions.

However, the long-term outlook faces a structural challenge from the increasing adoption of digital payments, which could gradually reduce the volume of physical cash transactions. While cash remains resilient in India, this secular shift requires the company to adapt and innovate, particularly in its managed services segment. Operational risks inherent in cash logistics and potential regulatory shifts also warrant close monitoring. The company's ability to navigate the evolving payment landscape and diversify its offerings will be crucial for sustained growth.

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CMS Info Systems Key Financials

Market Cap ₹4962 Cr.

Stock P/E 13.3

P/B 2

Current Price ₹301.4

Book Value ₹ 147.7

Face Value 10

52W High ₹540.5

Dividend Yield 1.74%

52W Low ₹ 263.5

CMS Info Systems Share Price

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Volume
Price

CMS Info Systems Quarterly Price

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CMS Info Systems Peer Comparison

CMS Info Systems Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 582 627 599 625 581 619 627 609 618 633
Other Income 8 11 11 14 12 14 16 11 9 10
Total Income 590 638 611 638 593 633 644 620 627 643
Total Expenditure 432 472 447 472 422 457 470 471 479 472
Operating Profit 159 167 164 167 171 176 174 148 148 171
Interest 4 4 4 5 5 5 4 5 4 6
Depreciation 38 40 39 39 41 43 45 48 56 59
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -11 2
Profit Before Tax 117 123 121 123 125 129 126 96 77 107
Provision for Tax 30 31 30 32 32 31 32 22 20 28
Profit After Tax 87 91 91 91 93 98 94 73 57 79
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 87 91 91 91 93 98 94 73 57 79
Adjusted Earnings Per Share 5.6 5.6 5.6 5.6 5.7 5.9 5.7 4.5 3.5 4.8

CMS Info Systems Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1339 1140 1007 978 1146 1383 1306 1590 1915 2265 2425 2487
Other Income 6 4 4 32 36 14 27 35 16 66 111 46
Total Income 1345 1144 1012 1010 1182 1397 1333 1625 1931 2330 2536 2534
Total Expenditure 1173 1011 852 855 971 1138 1024 1217 1379 1697 1858 1892
Operating Profit 172 133 160 155 211 259 309 408 552 633 677 641
Interest 20 18 8 1 7 7 8 14 20 16 18 19
Depreciation 41 34 32 32 54 57 63 92 132 150 161 208
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 -9
Profit Before Tax 111 80 120 122 150 195 238 301 401 467 498 406
Provision for Tax 39 25 42 41 54 60 69 77 104 120 125 102
Profit After Tax 72 55 79 80 96 135 169 224 297 347 372 303
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 72 55 79 80 96 135 169 224 297 347 372 303
Adjusted Earnings Per Share 4.9 3.7 5.3 5.4 6.5 9.1 11.4 14.6 19.3 21.3 22.7 18.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 15% 12% 6%
Operating Profit CAGR 7% 18% 21% 15%
PAT CAGR 7% 18% 22% 18%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -37% -1% NA% NA%
ROE Average 18% 20% 20% 17%
ROCE Average 25% 27% 27% 24%

CMS Info Systems Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 423 482 573 674 746 850 984 1256 1562 1947 2267
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 10 6 2 0 0 0 0 0 0 0 0
Other Non-Current Liabilities -10 -17 -29 -29 43 55 89 137 138 121 123
Total Current Liabilities 471 382 203 213 270 400 514 432 364 552 690
Total Liabilities 893 854 749 858 1059 1305 1587 1825 2064 2619 3080
Fixed Assets 293 279 270 265 381 426 533 750 869 836 857
Other Non-Current Assets 35 43 43 36 61 60 74 120 117 165 414
Total Current Assets 565 531 436 557 616 820 980 954 1078 1618 1809
Total Assets 893 854 749 858 1059 1305 1587 1825 2064 2619 3080

CMS Info Systems Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents -57 -56 12 15 66 122 159 134 64 96 159
Cash Flow from Operating Activities 51 87 136 149 102 214 185 257 407 440 483
Cash Flow from Investing Activities -31 -22 -38 -89 6 -119 -149 -326 -323 -325 -266
Cash Flow from Financing Activities -20 2 -94 -8 -52 -58 -62 1 -52 -52 -144
Net Cash Inflow / Outflow 1 68 4 51 56 37 -26 -69 32 63 72
Closing Cash & Cash Equivalent -56 12 15 66 122 159 134 64 96 159 231

CMS Info Systems Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 4.91 3.71 5.31 5.42 6.5 9.1 11.39 14.63 19.25 21.33 22.66
CEPS(Rs) 7.72 6.04 7.46 7.59 10.13 12.93 15.67 20.63 27.79 30.56 32.48
DPS(Rs) 0 0 0 0 0 1.8 2.45 2.53 4.75 5.75 9.5
Book NAV/Share(Rs) 28.76 32.58 37.82 43.3 47.86 54.85 63.77 79.85 98.68 116.57 133.38
Core EBITDA Margin(%) 12.38 11.28 15.45 12.56 15.31 17.71 21.13 23.44 27.81 24.88 23.18
EBIT Margin(%) 9.74 8.6 12.71 12.58 13.73 14.63 18.41 19.87 21.83 21.18 21.12
Pre Tax Margin(%) 8.27 7.04 11.93 12.44 13.08 14.1 17.79 18.96 20.81 20.47 20.38
PAT Margin (%) 5.38 4.81 7.81 8.2 8.39 9.74 12.61 14.09 15.42 15.21 15.25
Cash Profit Margin (%) 8.46 7.84 10.96 11.48 13.07 13.83 17.36 19.87 22.26 21.79 21.85
ROA(%) 7.03 6.29 9.82 9.98 10.03 11.39 11.65 13.13 15.28 14.82 13.07
ROE(%) 15.21 12.14 15.1 13.36 14.25 17.73 19.2 20.68 21.64 20.3 18.21
ROCE(%) 21.4 17.18 21.82 19.56 22.17 25.36 26.81 28.19 29.85 27.54 24.5
Receivable days 89.15 92.25 78.57 71.24 70.87 77.14 114.06 114.81 97.1 99.62 114.61
Inventory Days 32.67 11.34 6.36 6.44 10.4 11.17 18.1 17.56 13.04 16.08 15.42
Payable days 242.61 217.14 444.52 599.35 285.75 235.59 582.2 655.07 740.05 588.36 575.2
PER(x) 0 0 0 0 0 0 0 18.11 14.38 18.31 20.34
Price/Book(x) 0 0 0 0 0 0 0 3.32 2.8 3.35 3.46
Dividend Yield(%) 0 0 0 0 0 0 0 0.96 1.72 1.47 2.06
EV/Net Sales(x) 0.2 0.19 0.13 0.07 0.01 -0.03 -0.04 2.46 2.15 2.69 3
EV/Core EBITDA(x) 1.53 1.67 0.83 0.47 0.04 -0.16 -0.15 9.6 7.45 9.61 10.75
Net Sales Growth(%) 12.89 -14.86 -11.63 -2.96 17.23 20.68 -5.58 21.71 20.45 18.28 7.06
EBIT Growth(%) -13.22 -24.78 30.59 -3.99 27.97 28.59 21.55 28.4 33.18 14.89 6.78
PAT Growth(%) -21.61 -23.76 43.3 1.92 19.92 40.12 25.1 32.94 32.67 16.79 7.29
EPS Growth(%) -20.8 -24.39 43.3 1.92 19.92 40.12 25.1 28.47 31.6 10.79 6.25
Debt/Equity(x) 0.3 0.22 0.02 0 0 0 0 0 0 0 0
Current Ratio(x) 1.2 1.39 2.15 2.62 2.28 2.05 1.91 2.21 2.96 2.93 2.62
Quick Ratio(x) 1.1 1.33 2.12 2.51 2.13 1.94 1.73 2.06 2.76 2.7 2.51
Interest Cover(x) 6.64 5.5 16.18 87.78 21.13 27.67 29.88 21.95 21.44 29.81 28.36
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

CMS Info Systems Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 26.69 0 0 0 0 0 0 0 0 0
FII 23.75 36.35 40.2 39.98 37.95 37.8 36.96 33.15 28.2 24.97
DII 23.42 29.01 28.4 26.66 27.03 26.45 26.61 28.7 32.61 35.17
Public 26.13 34.64 31.4 33.36 35.02 35.76 36.43 38.16 39.18 39.86
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

CMS Info Systems News

CMS Info Systems Pros & Cons

Pros

  • Company has delivered good profit growth of 22% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 20%
  • Debtor days have improved from 588.36 to 575.2days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 0%.
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