CMSINFO
Micro CapCMS Info Systems Limited
Industrials
CMS Info Systems manages cash logistics, ATM operations, and technology solutions across India. It services 70,000+ ATMs, 65,000+ retail touchpoints, and 20,000 bank branches, processing ₹14 lakh crore annually. The company leverages its extensive network and AI platform (HAWKAI) to offer complex business services.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -19% YoY · margin compression · Rev +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹633 Cr | +2.3% | +2.4% |
| EBITDA | ₹161 Cr | -0.6% | +15.0% |
| Operating margin | 25.0% | -100 bps | +200 bps |
| PAT | ₹79 Cr | -19.4% | +38.6% |
| PAT margin | 12.5% | -335 bps | +326 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CMS Info Systems reported a difficult FY26 with services revenue up 6% YoY to ₹2,312 Cr, but EBITDA margin declined to 24.1%. Q4FY26 marked a recovery, with services revenue growing 6% QoQ to ₹609 Cr and EBITDA margin improving 280 bps QoQ to 25.6%, signaling an inflection point.
The investment thesis was under stress in FY26 due to consumption slowdown, contract delays, and competitor exit. However, management claims Q3 was the bottom, with Q4 showing a clear recovery in revenue and margins. The long-term FY30 trajectory remains intact, supported by strategic shifts and new contract wins.
Revenue Mix by Customer Type (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
ATM Management Solutions
Business doubled in the last five years, positioned to compound at ~11% CAGR through FY30, driven by new contract wins like SBI and ICICI Bank.
Retail Solutions and Currency Logistics
Market share in retail cash management grew 400 bps to 38% over two years, positioned to compound at 11%+ CAGR through FY30.
Technology & Payment Solutions (T&PS)
Reached ₹370 crore in FY26, compounding at 25%+ CAGR over five years, expected to continue at 20%+ CAGR through FY30.
Strategic Acquisitions
Acquired Securens (Vision AI) for ₹75 Cr and FSS’s Managed Services for ₹115 Cr, consolidating market share and expanding direct bank relationships.
HAWKAI Monitoring Sites
HAWKAI platform scaled to monitor 50,000+ sites, up from 2,000 at acquisition, expanding its Vision AI capabilities.
ALGO MVS Deployment
ALGO MVS software powers 68,000 ATMs on the SBI network; ICICI Bank goes live across 10,000+ ATMs in FY27.
Network Capacity Investment
Invested ahead in network capacity for SBI’s cash outsourcing contract, which was executed completely in Q4FY26.
GST 2.0 Reforms
Drove a strong rebound in same-store cash collection volumes in December 2025 across all served segments.
Structural Cash Usage in SURU
Cash usage in semi-urban and rural India remains strong, with currency throughput matching metro/urban markets, now over half the base.
Physical Footprint Expansion
Banks, NBFCs, and retail are expanding physical footprints, requiring infrastructure for cash movement and management.
Industry Consolidation
Rational valuations and industry consolidation around scale create M&A opportunities for a self-funded acquirer.
H1 Consumption Slowdown (FY26)
Tepid consumption in H1FY26 hit ATM transaction volumes and retail cash collections, creating operating deleverage.
SBI Contract Delay (FY26)
SBI’s cash outsourcing contract, for which capacity was invested, was delayed significantly.
Competitor Exit Disruption (FY26)
The exit of a key competitor led to short-term industry disruption, though CMS absorbed and stabilized networks.
Operating Pressures
Fuel prices, wage inflation, currency movement, and geopolitical volatility in the Middle East remain live operating pressures.
Digital Substitution
Risk of digital substitution, though management believes cash and digital payments remain complementary in India.
Vision AI Commoditization
Risk of commoditization in Vision AI, where CMS's moat is its proprietary incident dataset.
Competitive Intensity
Competitive intensity is an active risk, for which the company has a proven cyclical playbook.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4FY26 results are best read QoQ to assess the sequential recovery from a stated Q3 bottom. Full-year FY26 results are compared YoY to provide context on annual performance against the previous fiscal year.
Services Revenue Growth
FY26 services revenue grew 6% YoY to ₹2,312 crore. Q4FY26 services revenue grew 6% QoQ to ₹609 crore.
EBITDA Margin
FY26 EBITDA margin was 24.1% (down 230 bps YoY from 26.1% in FY25). Q4FY26 EBITDA margin recovered 280 bps QoQ to 25.6%.
Order Wins (FY26 Cumulative)
Secured ₹2,000 Cr+ of high-quality wins in FY26, including a ₹500 Cr incremental SBI contract and a ₹400 Cr ICICI Bank contract.
Revenue Cover (FY27)
Approximately 85% of FY27 services revenue is already contracted.
FY26 Bottom and Q4 Recovery
Management stated Q3FY26 marked the bottom, with recovery beginning in Q4 and inflection now visible in numbers.
FY27 Outlook
Expects total revenue of ₹2,800-2,900 Cr (13-17% growth) and services revenue of ₹2,700-2,800 Cr (17-21% growth), with EBITDA margin trending towards 25%+.
FY30 Trajectory Intact
FY30 trajectory remains intact, with services revenue expected to compound at 13-14% to ₹3,750-3,950 Cr, driven by mix shift to higher-margin T&PS.
Capital Allocation Strategy
Approved a ₹168 Cr share buyback, believing it clears a 20% post-tax IRR hurdle, while retaining ₹477 Cr for organic investment and M&A.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Services Revenue Growth | FY26: +6% YoY | Management guidance of 17-21% growth (₹2,700-2,800 Cr). |
| FY27 EBITDA Margin | FY26: 24.1%; Q4FY26: 25.6% | Management guidance of trending towards 25%+. |
| T&PS Revenue Contribution | 16% of services revenue in FY26 | Continued mix shift towards higher-margin Technology & Payment Solutions revenue. |
| Order Book Execution | SBI contract executed, ICICI 90% live, HDFC won Q1FY27 | Conversion of the ₹2,000 Cr+ ATM pipeline and timely execution of new mandates. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +1.5% / mo
Technical chart
CMSINFOweekly · 1Y-40.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 rising (~1.5% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 46% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.5%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 72nd percentile within Industrials. Main check: financial discipline is weak at 50/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -5.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 72nd pctile, median 68 · Micro: 64th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.09.
Trust risks
- ▸ROCE trend is -5.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.80
- P/B
- 2.01
- EV/EBITDA
- 6.38
- Market Cap
- 4906.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 17.60%
- ROA
- 9.36%
- Dividend Y
- 2.18%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 31.37×
- Altman Z
- 6.28
- Book Value
- 148.00
Cash Flow
- FCF Yield
- 2.45%
- FCF Positive Y
- 8/5
- OCF
- 390.00 Cr
- EPS TTM
- 18.43
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.