Radiant Cash Management Services Ltd: ₹1,670 Billion Cash Moved, But Stock Looks Like It Needs Cash Back
1. At a Glance
Radiant Cash is India’s “cash-on-wheels” service. They pick up, count, move, store, and guard other people’s money — basically a glorified “Uber for cash, with guns.” With ₹427 Cr revenue, ₹43 Cr PAT, ROE of ~18% and dividend yield of 4.2%, the company looks steady. Yet the stock price has fallen -32% in 1 year, making it less “Radiant” and more “Tube light.”
2. Introduction
In a world that chants “Digital India,” someone still has to move the bundles of ₹500 notes coming out of your ATM. That someone is Radiant. Incorporated in 2005, they built a Tier 2 & Tier 3 empire, covering 14,500 pin codes and handling ₹1.67 lakh crore in cash movement annually.
Clients? Banks (ICICI, HDFC, SBI, Axis), NBFCs, restaurants, jewellery chains, e-com delivery guys. If you’ve ever deposited cash in a small town, chances are a Radiant van with bulletproof windows and grumpy guards carried it.
But here’s the irony: while RBI and NPCI scream “UPI, UPI, UPI,” Radiant is still earning from the old-school jhola of notes. Investors worry if the “cash logistics” business will become the next “STD booth” story.
3. Business Model – WTF Do They Even Do?
Cash Pickup & Delivery (66% rev): Daily cash pickups from outlets → deposit to bank.
Network Cash Management (19%): Radiant deposits into their own bank accounts in cash-dark towns, then transfers electronically.
Cash Processing (5%): Count & verify cash at pickup point for extra fee (basically “cash counting with GST”).
Cash Vans / Transit (8%): Leasing out armored vans + guards for bank-to-bank transfers.
