1. At a Glance

When everyone’s busy chasing digital payment unicorns, one company’s still making money — literally — by handling money. CMS Info Systems Ltd, India’s biggest cash management and ATM servicing player, just reminded us why old-school cash still rules the desi economy.

At₹362 per shareand amarket cap of ₹5,962 crore, CMS just postedQ2FY26 revenue of ₹609 croreandPAT of ₹73.3 crore, with a cool₹500 crore in new order wins. But the real headline? The company’s acquisition ofSecurens Systems Pvt Ltd, which takes CMS deeper into AI-driven surveillance and “Vision AI” cash security. That’s right — even their cameras have IQ now.

Operating margins stayed solid at23%, and despite profit dipping19% QoQ, the company continues to mint cash withROCE of 23.7%andROE of 17.1%.

No debt. No drama. And a dividend yield of1.79%— not bad for a company literally built on moving other people’s money.

So while your UPI app struggles mid-transaction, CMS is quietly earning service fees every time someone withdraws ₹100 from an ATM.

2. Introduction – The Silent Cash Machine

In a world where fintech bros chant “cash is dead,” CMS Info Systems is that one quiet uncle counting crisp ₹500 notes behind the counter and smiling at their PowerPoint decks.

Founded decades ago, CMS runs the backbone of India’s cash infrastructure —from ATMs to retail pick-ups, cash-in-transit vans, and ATM automation. Essentially, if it involves physical money and a security guard, CMS is somewhere in that chain.

The company has1,46,000 business points, handles₹3.6 trillion in cash every quarter, and partners withIndia’s largest banks — SBI, HDFC, ICICI, Axis — and NBFCs. That’s not a customer list; that’s a balance sheet of the entire Indian financial system.

While your wallet went digital, CMS quietly digitized cash handling itself — through smart vaults, AI monitoring, and cash recycling machines. They even have anAIoT remote monitoring solutionthat tracks ATMs and branches in real-time. So yes, even their safes are now smarter than your ex.

But here’s the kicker —Cash Logistics (61%)andManaged Services (39%)split the business like yin and yang. One deals with physical cash, the other with tech. Together, they’ve built a ₹2,400 crore empire on keeping India’s liquidity — and liquidity jokes — alive.

3. Business Model – WTF Do They Even Do?

Think of CMS as the “Swiggy for cash.” But instead of delivering biryani, they deliver ₹500 notes — under armed guard, with GPS tracking, to ATMs and retailers across India.

Business Segments:

1. Cash Logistics (61% of Q3FY25 revenue)The OG segment that handles ATM replenishment, retail collections, and secure transportation (Cash-in-Transit).
   • ATM Management (60%): The backbone of India’s ATM network.
   • Retail Cash Management (25%): Cash pickups from stores, banks, and e-commerce players.
   • Cash-in-Transit (15%): Moving notes between RBI, banks, and corporate clients.
   CMS owns a42% share in the organized cash logistics market, and its vans clock more kilometers than Zomato riders during IPL season.
2. Managed Services (39%)The newer, techy sibling.
   • Runs ATM hardware, software, and monitoring systems.
   • Manufactures ATMs in Chennai (because India needed Made-in-India ATMs).
   • OffersAIoT remote monitoringand transaction-linked billing (TXN-linked BLN).
   • In FY25 alone, booked₹700 crore of new ordershere.

This shift from pure cash logistics to managed services is CMS’s survival strategy — turning from a cash carrier to a cash-tech company. Or as management might put it: “Less muscle, more motherboard.”

4. Financials Overview

Annualised EPS = ₹4.46 × 4 = ₹17.8At a CMP of ₹362,P/E = 20.3x, which is actually below industry average (22.4x).

Commentary:A rare miss — profits