1. At a Glance
India’s largest cash management company isn’t sleeping on the fintech revolution. CMS Info just posted Q1 FY26 numbers—₹627 Cr revenue (+5% YoY), ₹93.6 Cr PAT (+3%). Oh, and they casually acquired an AI surveillance firm for ₹80 Cr. Because nothing says “secure cash” like cameras with algorithms.
2. Introduction with Hook
Picture a dude in a bulletproof vest carrying ₹2 Cr in cash. Now imagine his employer is slowly turning into an AI nerd that wants to secure everything with Vision tech. That’s CMS Info—half security van, half Silicon Valley cosplay.
Stats to flex:
- 23.4% ROCE, better than your startup founder friend’s returns
- 5-year profit CAGR of 23% — because cash may be dying, but not for these guys
- ₹8,249 Cr market cap built on ATMs and armored vans… and now AI
CMS is like if Amazon delivery folks started carrying Glocks and ML models.
3. Business Model (WTF Do They Even Do?)
They basically do everything banks don’t want to:
- ATM Cash Replenishment
- Retail Cash Pickups
- Cash-in-Transit (CIT) Services
- Vault & Processing
- Asset Maintenance and Tech Services
- And now… Vision AI surveillance through new baby, Securens
Think of them as the Uber + AWS of cash logistics. One side carries bags of cash; the other installs surveillance tech to watch who’s carrying it.
4. Financials Overview
| Metric | FY25 | YoY Growth |
|---|---|---|
| Revenue | ₹2,425 Cr | +7% |
| EBITDA | ₹627 Cr | +4.7% |
| PAT | ₹372 Cr | +7.2% |
| EPS | ₹22.66 | |
| OPM | 26% | Consistently cushy |
| ROCE | 23.4% | Solid execution with low capex needs |
Revenue may not scream “tech company”, but the margins and return ratios certainly whisper “well-oiled cash cow.”
5. Valuation
At ₹502/share, CMS is trading at:
- P/E: 22.0x
- Book Value: ₹138 → P/B: 3.6x
Fair Value RANGE Estimate:
- P/E Method (18–24x on FY26E EPS ₹25): ₹450 – ₹600
- EV/EBITDA Method (10–12x FY26E EBITDA ₹680 Cr): ₹460 – ₹550
Still reasonably priced—unless you think cash logistics is a dying business. Then again, someone just paid ₹80 Cr for “Vision AI”, so who’s dying?
6. What’s Cooking – News, Triggers, Drama
Q1 FY26:
- Revenue +5% YoY → ₹627 Cr
- PAT +3% YoY → ₹93.6 Cr
Big news: Acquired Securens Systems for ₹80 Cr. AI-powered surveillance firm. Suddenly CMS isn’t just securing your ATM but also analyzing your face.
Upcoming triggers:
- Vision AI cross-sell to retail & banks
- More RBI outsourcing mandates
- FY26 full-year guidance + dividend news?
CMS might become the Google of ATMs… or just a smarter cash van operator. Either way, more data, more rupees.
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹164 Cr |
| Reserves | ₹2,102 Cr |
| Borrowings | ₹190 Cr |
| Total Liabilities | ₹3,120 Cr |
| Fixed Assets | ₹869 Cr |
| CWIP | ₹153 Cr |
| Investments | ₹616 Cr |
Light leverage. Healthy reserves. Capex under control. CMS has enough ammo to fund acquisitions without blinking.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY23 | ₹407 Cr | ₹(323) Cr | ₹(52) Cr | ₹32 Cr |
| FY24 | ₹440 Cr | ₹(325) Cr | ₹(52) Cr | ₹63 Cr |
| FY25 | ₹483 Cr | ₹(266) Cr | ₹(144) Cr | ₹72 Cr |
Pattern:
Operating cash flows are strong and growing. But investing like a Series B startup—thanks to AI and tech infra. Financing cash flow = classic “take some, return some.”
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 17.7% |
| ROCE | 23.4% |
| OPM | 26% |
| P/E | 22x |
| D/E | 0.09x |
ROE not spicy, but ROCE is hot. And D/E is low enough to make your CFO blush.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹1,915 Cr | ₹538 Cr | ₹297 Cr |
| FY24 | ₹2,265 Cr | ₹599 Cr | ₹347 Cr |
| FY25 | ₹2,425 Cr | ₹627 Cr | ₹372 Cr |
Commentary:
Steady. Predictable. Like your uncle who’s always 3 minutes early for everything. But now there’s growth optionality via tech/AI.
11. Peer Comparison
| Company | P/E | ROE | OPM | Rev (TTM) | PAT |
|---|---|---|---|---|---|
| CMS Info | 22x | 17.7% | 26% | ₹2,453 Cr | ₹375 Cr |
| NESCO | 23x | 15.8% | 59.8% | ₹732 Cr | ₹390 Cr |
| Nirlon | 21.6x | 59.8% | 79% | ₹636 Cr | ₹218 Cr |
| Quess Corp | 22.9x | 10.3% | 1.7% | ₹14,967 Cr | ₹202 Cr |
Verdict:
CMS has better balance between scale, profitability and asset-light ops. Less glamorous, but more durable.
12. Miscellaneous – Shareholding, Promoters
| Shareholder | Jun 2025 |
|---|---|
| Promoters | 0.00% |
| FIIs | 36.96% |
| DIIs | 26.61% |
| Public | 36.42% |
Plot twist: Promoters fully exited. The suits (FIIs + DIIs) now run the table. Public ownership rising. No kings here—just asset managers and Excel.
13. EduInvesting Verdict™
CMS is your friendly neighborhood cash truck turned low-key tech player. Still profit-focused, still conservative, but now with a dash of surveillance capitalism.
Final Word:
You came for the ATMs, stayed for the AI. A solid pit stop—somewhere between a cash cow and a cloud play.
Metadata:
Written by EduInvesting Team | 23 July 2025
Tags: CMS Info Systems, Cash Logistics, Vision AI, EduInvesting Premium, Tech Acquisition
