WEBSITE BSE:543441 NSE: CMSINFO Inc. Year: 2008 Industry: Business Support My Bucket: Add Stock
Last updated: 15:59
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.18 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 3.72 | 5.92 | 6.54 | 6.52 | 6.24 | 6.21 | 6.08 | 5.45 | 4.64 | 4.11 |
| DII | 3.67 | 4.72 | 4.62 | 4.35 | 4.44 | 4.35 | 4.38 | 4.72 | 5.36 | 5.79 |
| Public | 4.09 | 5.64 | 5.11 | 5.44 | 5.76 | 5.88 | 5.99 | 6.28 | 6.44 | 6.56 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 15.65 | 16.28 | 16.28 | 16.32 | 16.44 | 16.44 | 16.45 | 16.45 | 16.45 | 16.46 |
* The pros and cons are machine generated.
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