✅ At a Glance
| Metric | FY24 | FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Ops | ₹2,424 Cr | ₹2,454 Cr | 🔼 +1.2% |
| Total Income | ₹2,475 Cr | ₹2,475 Cr | ➖ Flat |
| Net Profit (PAT) | ₹3,035 Cr | ₹3,724 Cr | 🔼 +22.7% |
| Basic EPS | ₹22.79 | ₹5.94 (Q4) | 🚀 |
| CMP (May 19, 2025) | ₹413.75 | ||
| TTM P/E | ~18.1x |
One of those rare infra-tech hybrids that mints cash — both figuratively and literally.
🏢 About CMS Info Systems
CMS is India’s largest cash management company – operating ATMs, filling currency, collecting bank deposits from shops, and even issuing smart cards.
Basically, if India runs on cash, CMS runs the engine room.
Segment Mix:
- 💰 Cash Management – 65%
- 🏢 Managed Services – 32%
- 💳 Card Services – 3%
👥 Key Management
| Name | Role |
|---|---|
| Rajiv Kaul | Executive Chairman |
| Anuj Pandey | CFO |
| Auditor | BSR & Co LLP (Peer-reviewed till Jul 2025) |
📊 FY25 Financials (Consolidated)
| Line Item | FY25 (₹ Cr) |
|---|---|
| Revenue from Ops | ₹2,454.5 |
| Other Income | ₹50.6 |
| Total Income | ₹2,475.2 |
| Total Expenses | ₹1,977.4 |
| EBITDA (Est.) | ₹497.8 |
| Profit Before Tax | ₹497.8 |
| Tax Expense | ₹125.4 |
| Net Profit (PAT) | ₹372.4 |
| EPS (Basic) | ₹22.79 |
| EPS (Diluted) | ₹22.36 |
Flat top line. Huge bottom line jump. Margin game 101.
🧮 Fair Value (FV) Estimate
- EPS (TTM): ₹22.79
- Reasonable P/E for mature B2B infra-tech: 20x
👉 FV = ₹22.79 × 20 = ₹455.80
CMP = ₹413.75
➡️ Undervalued by ~10%
Still room to grow, especially if India doesn’t fully UPI-fy in next 3 years.
🏭 Segment Revenue Breakdown
| Segment | FY25 Revenue |
|---|---|
| Cash Management | ₹1,595 Cr |
| Managed Services | ₹885 Cr |
| Card Services | ₹71.9 Cr |
And guess what — Cash Mgmt has operating margins near 27%, making this biz not just secure, but wildly profitable. 🏦
🏦 Balance Sheet Highlights
| Item | Value (₹ Cr) |
|---|---|
| Total Assets | ₹31,199 Cr |
| Equity | ₹22,665 Cr |
| Cash & Cash Equivalents | ₹2,308 Cr |
| Receivables | ₹8,145 Cr |
| Liabilities | ₹8,534 Cr |
| D/E Ratio | ZERO 🔥 |
This company literally handles cash, earns cash, and sits on cash.
🧾 Cash Flow Snapshot
| Cash Flow Type | FY25 (₹ Cr) |
|---|---|
| CFO | ₹4,825 Cr |
| CFI (Investing) | -₹2,664 Cr |
| CFF (Financing) | -₹1,442 Cr |
| Net Cash Added | ₹718 Cr |
Free cash flow positive. Capex fully funded. Still paying dividend = ✅
🧠 EduInvesting Take
“CMS is like the SBI of cash vans — slow, profitable, underrated, but essential.”
This is NOT your sexy AI stock. But it’s a cash-rich, dividend-paying, P/E 18 value stock with monopoly vibes.
Low capex. High RoE. Recurring contracts with banks. What’s not to like?
⚠️ Risks
- 🏧 Cash usage declining due to UPI boom
- 🧾 PSU bank exposure = payment delays
- 💳 Card services tiny and not scaling
- 🏢 B2B contracts can get undercut by fintechs
🏁 Verdict
✔️ Rock-solid balance sheet
✔️ High-margin biz
✔️ Decent valuation
❌ Limited long-term narrative (unless cash demand revives)
“If India’s still printing ₹500 notes, CMS will keep printing profits.”
Tags: CMS Info Systems FY25 results, cash logistics stock India, best infra stock 2025, EPS ₹22.79, CMS Info share price, fair value estimate CMS, eduinvesting analysis, cash management stocks
