CMS Info Systems Limited is India's largest cash management company in terms of the number of ATM points and retail pick-up points as of March 31, 2021. The company is engaged in installing, maintaining, and managing assets and technology solutions on an end-to-end outsourced basis for banks, financial institutions, organized retail, and e-commerce companies in India. CMS is one of the leading business services company providing logistics and technology solutions to banks, financial institutions, organized retail, and e-commerce companies in India. The Company facilitates financial inclusion in the economy by providing access to formal banking services and facilitating seamless cash-based payments for Indians.
The company was originally incorporated as Subhiksha Realty Private Limited in March 2008, later renamed to CMS Info Systems Private Limited in December 2008, and finally converted to a public limited company in January 2015. As of March 31, 2021, they serviced 133,469 business points spread across 96.36% of districts in India, making it the largest cash management company in terms of number of ATM points and number of retail pickup points.
CMS Info Systems operates through three primary business segments that collectively serve the financial services ecosystem. The company is a market leader in the Cash Logistics sector, having a strong presence across all major segments, including ATM Cash Management, Retail Cash Management (RCM), and Cash-in-Transit (CIT). As of Q3 FY25, it holds a 42% revenue share in India's organized cash logistics market.
The Cash Management Services segment, which accounted for 61% of revenue in Q3 FY25, includes ATM cash management services, retail cash management services, and cash-in-transit services for banks and other financial institutions. Its Cash management services segment include ATM services, cash delivery and pick-up, network cash management services, and other related services. Its Managed services segment includes banking automation product deployment and annual maintenance contract (AMC); Brown Label ATMs and managed services for banks; Software solutions including multi-vendor software and automation solutions and others.
The Managed Services segment encompasses banking automation, brown-label ATMs, software solutions, and remote monitoring technology solutions. Its Card division segment includes revenue from trading in cards and card personalization services. The company has also expanded into AIoT Remote Monitoring services, launched in 2021, representing its commitment to technological innovation.
CMS Info Systems has a market capitalization of ₹8,426 Crore (as of July 2025) with revenue of ₹2,425 Crore and profit of ₹372 Crore. For FY25, consolidated revenue increased 7% year-on-year to ₹24,245 million. EBITDA grew by 4.8% to ₹6,333 million, while profit after tax (PAT) rose 7.3% to ₹3,724 million, maintaining a PAT margin of 15.4%.
The company demonstrated strong quarterly performance in Q4 FY25, with several key highlights:
* Revenue Growth: The company achieved a 6.5% quarter-on-quarter revenue growth in Q4 FY25 to ₹6,190 million.
* Order Book: Key highlights include new order wins worth ₹5,000 million in Q4, contributing to total annual wins of ₹12,000 million.
* Cash Flow: Operating cash flow to earnings before interest, tax, depreciation and amortisation (EBITDA) stood at 76%, with cash and cash equivalents rising to ₹10,000 million in March 2025 from ₹7,840 million a year prior.
Recent quarterly results for Q3 FY25 showed mixed performance with revenue from operations marginally declining to ₹581.49 Crore from ₹582.30 Crore in the same quarter last year due to slower order execution. However, EBITDA stood at ₹160 Crore in the December 2024 quarter, registering a growth of 6% YoY. EBITDA margin improved to 27.5% in Q3 FY25, compared to 25.9% reported in the corresponding quarter previous year.
The company reported a moderate revenue growth of 7% for FY '25, driven by a strategic shift towards managed services and technology, despite facing operational challenges that hindered project execution. The focus on transitioning to longer-term recurring revenue contracts has strengthened relationships with major banks, while the anticipated CAGR of 14% to 17% in services revenue reflects positive market sentiment.
The company is investing significantly in technology infrastructure and capabilities. The company is making the right long-term investments with an increase in tech spends from 1% to 1.5% of revenues. As the company gains momentum from order win execution, market share growth, and the expansion of AIoT platform, it is positioned well for strong growth in FY26.
CMS Info Systems has established a strong manufacturing presence with a new facility in Chennai for producing banking automation products such as ATMs and kiosks, enhancing its vertical integration capabilities. The company has also made strategic acquisitions, including Hemabh Technology in FY 2022, strengthening its remote monitoring technology capabilities.
The company declared a dividend of ₹9.50 per share, with a payout ratio of 42%. The company declared a total dividend of ₹9.50 for FY25, reflecting strong business momentum and improved liquidity. The board declared an interim dividend of ₹3.25 per equity share, and the record date for the payment of the same is fixed as February 11, 2025. The dividend will be paid on or before March 7, 2025.
The company has delivered good profit growth of 22.8% CAGR over the last 5 years. The Company is almost debt-free. CMSINFO exceeded the Indian Commercial Services industry which returned -15.8% over the past year. CMSINFO exceeded the Indian Market which returned 2.7% over the past year.
The company continues to strengthen its market position through strategic initiatives and technological investments. CMS Info Systems aims to boost future revenue and margins through strategic service expansion, technology integration, and large-scale operational efficiencies. With its dominant market position, strong financial performance, and focus on technological innovation, CMS Info Systems is well-positioned to capitalize on India's growing digital payments ecosystem and financial inclusion initiatives.
