1. Opening Hook
As India’s UPI crossed a billion transactions a day, Radiant Cash’s management reminded everyone — “Cash is still king, and we’re its armored chariot.” While digital wallets are zipping, Radiant seems to be idling at a red light with flat revenues and falling margins. But wait — before you dismiss them as another dinosaur fighting fintech meteors, there’s a twist. Their fintech babyAcemoneyis flexing its 14,000 POS machines, and the company’s hybrid “cash-digital” pitch may just pay off.Stick around — things get spicy when army discipline meets fintech hustle.
2. At a Glance
- Revenue flat at ₹1.07 billion:Even AI couldn’t detect movement — maybe it’s meditating.
- EBITDA margin 13.1%:From 27% glory days to teenage angst.
- Cash handled ₹0.41 trillion:That’s alotof cash, even if it didn’t move margins.
- Valuable Logistics losses continue:Still burning cash while carrying it.
- Fintech arm Acemoney up 3x QoQ:Vendor problems fixed — fingers crossed it stays that way.
- Free cash ₹75 crore:Enough to fund festivals, not fantasies.
3. Management’s Key Commentary
Col. David Devasahayam:“Revenues were flat, EBITDA dipped, but we’re planting seeds for a hybrid cash-digital future.”(Translation: Margins vanished, but optimism didn’t.)😏
“We’re expanding services like cash vans, sorting, and deposit machines.”(Translation: More wheels, more machines, same wallet.)
“Acemoney bounced back from ₹17M to ₹49M after vendor shock.”(Translation: The fintech heart restarted after an ICU visit.)
“We aim to save ₹50M annually via cost cuts.”(Translation: Everyone’s favorite CFO diet plan — trim fat, not ambition.)
“Valuable Logistics will breakeven this year.”(Translation: We hope the van stops leaking cash before it carries more.)
“Our risk framework ensures lowest cash losses in industry.”(Translation: We lose money, but not the cash itself.)💸
“Currency in circulation grew 8%; digital doesn’t kill cash.”(Translation: We checked RBI data — still relevant, thank God.)
4. Numbers Decoded
| Metric | Q2 FY26 | QoQ Growth | YoY | Commentary |
|---|---|---|---|---|
| Revenue | ₹1.07 bn | +4.6% | Flat | Growth flatter than a UPI QR sticker |
| EBITDA Margin | 13.1% | +150 bps | ↓ from 27% | Once a margin king, now a court jester |
| Cash Handled | ₹0.41 tn | Flat | +1.3% | Cash flowing, profits not |
| POS Machines (Acemoney) | 14,000+ | +10,000 QoQ | +722% | Fintech muscle flex |
| Acemoney Revenue | ₹49 mn | +188% | N/A | Bounce back faster than Paytm ads |
| Free Cash | ₹75 cr | — | — | CFO’s safety pillow |
| Locations | 9,000+ | — | — | India’s hinterland ATM without the ATM |
EBITDA improved thanks to cost cuts and reduced fintech chaos, but topline snoozed through Q2.
5. Analyst Questions
Q:Why have margins fallen from 27% to 13%?A:High fixed costs, rising guard salaries, and flat revenues.(Translation: Inflation 1, Radiant 0.)
Q:When will 25% margins return?A:FY27 target, assuming growth picks up.(Translation: Please wait for better weather.)
Q:Isn’t UPI growth a threat?A:Cash in circulation still up 8%.(Translation: India loves QR codes… but still loves cash more.)
Q:What’s Acemoney’s plan?A:1 lakh POS machines, BC expansion, payment aggregator license soon.(Translation: Fintech FOMO officially on record.)
Q:Any benefit from AGS Transact collapse?A:Not really, different business segment.(Translation: We didn’t even get their scraps.)
6. Guidance & Outlook
Management expects H2 to be“significantly better”— helped by festive spending, GST cuts, and cost discipline. They hope for breakeven in Valuable Logistics and profit recovery in Acemoney.The big dream? Return to 25% EBITDA margins “next year.” Assumptions: revenue recovery, cost
