Radiant Cash Management Services Ltd(RADIANTCMS)

NSE: RADIANTCMSBSE: 543732

₹ 32.8+2.89%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 350 crWebsite: www.radiantcashservices.comUpdated: 24 Oct 2026

About

Radiant Cash Management Services is an integrated cash logistics company offering cash pick-up and delivery, network currency management, cash-in-transit and cash processing, with operations across 28 states and eight union territories. It moved INR 431.9 bn of cash in Q1 FY27 across 77,014 touch points in 14,997 pin codes. Reported revenue for FY26 was 429.48 (Rs crore). Its subsidiaries are Radiant Acemoney, a fintech business, and Radiant Valuable Logistics, which moves valuables.^[1][2][3]

Business segments

Cash Pick-Up and Delivery, the core business, made up 60.6% of revenue in FY25.^[1]
Network Currency Management made up 20.4% of revenue in FY25.^[1]
Cash van operations made up 15.8% of standalone revenues in Q1 FY27, up from 10.9% in Q1 FY26. The company runs 882 fabricated armoured vans.^[2]
Radiant Acemoney (fintech) had revenue of INR287.8 million in FY26, up 19.6% from the year before.^[4]
Radiant Valuable Logistics had revenue of Rs. 22.1 million in Q1 FY27, up 24% from Q4 FY26. Its FY26 revenue was INR60.7 million, up about 35%.^[2][4]

Key operating numbers

Total cash moved was INR 431.9 bn in Q1 FY27, up 2.3% YoY. It was INR1.69 trillion in FY26 and ₹1.68 trillion in FY25.^[2][4][1]
Touch points: 77,014 in Q1 FY27 vs 77,521 in FY26 and 77,982 as of March 31, 2025.^[2][4][1]
Pin codes covered: 14,997 in Q1 FY27 vs 14,844 in FY26 and 14,095 as of March 31, 2025.^[2][4][1]
Gross cash loss was INR 2.06 mn in Q1 FY27, or 0.0005% of cash moved. In FY26 it was INR33 million.^[2][4]
Total workforce was 10,243 in Q1 FY27.^[2]
Cash under management was INR 221,429 mn in Q1 FY27.^[2]

Customers and reach

Core clients include banks, NBFCs, e-commerce companies, organised retail chains and other financial and non-financial institutions (FY25).^[1]
Direct clients made up 18.4% of standalone revenues in Q1 FY27, up from 14.3% in Q1 FY26.^[2]
BFSI was the largest segment at 33.3% of revenues in Q2 FY26, followed by organised retail at 18.8%.^[5]
Tier 3+ cities provided 62% of revenue in FY25. The company has no export revenue.^[1]
The company added 118 clients and 230 end customers in FY26, compared with 86 clients and 456 end customers in FY25.^[4][1]
Management estimates about Rs. 30 crore of annual revenue has been lost in total to payments banks (Q1 FY27 call).^[2]
In FY26 the company lost a few railway regions (about INR9-10 crore annualised) and an e-com logistics client (about INR4 crore). E-commerce revenue grew 21% that year.^[4]

Fintech subsidiary: Radiant Acemoney

As of Q1 FY27, Acemoney had a network of over 20,000 business correspondents and had deployed over 58,000 Soundboxes in total.^[2]
Acemoney handled transactions worth Rs. 170 crore in Q1 FY27 and about INR1,140 crore in FY26.^[2][4]
About 1.5 lakh merchants had been onboarded for POS machines as of FY26.^[4]
After the PIDF subsidy ended in December 2025, Acemoney shifted its focus to Soundbox and QR deployments for banks and to white-label UPI solutions.^[2]
Two small finance banks, a large NBFC and a few banks have signed up to use Acemoney's rural network for their device rollouts (Q4 FY26).^[4]

Expansion and plans

Acemoney targets more than 50,000 Soundbox deployments in FY27 and says 60-70% of the order book is already secured.^[2]
The payment aggregator licence application is to be re-filed by end-August or early September 2026. The licence is expected by January-February 2027, with the business starting in FY28.^[2]
Management targets direct clients reaching 30% of revenues within two years, up from about 18% as of Q4 FY26.^[4]
Price revisions with bank customers are expected in Q2 FY27, with negotiations underway with the IBA (Q1 FY27 call).^[2]

Recent developments

A large mandate with IDBI Bank started in Q1 FY27 and was the main driver of 7% YoY growth in standalone revenue.^[2]
A large PSU bank mandate for dedicated cash vans went live on 1 April 2026. It is expected to add about INR20 crore of revenue a year.^[6][4]
In Q1 FY27, manpower costs rose because of a shortage of licensed gunmen in southern states and minimum wage increases in several states.^[2]
Radiant Valuable Logistics added five national jewellery chains as customers (Q4 FY26).^[4]
A share buyback is to be discussed at an upcoming board meeting (Q1 FY27 call).^[2]

Market Cap

₹350 Cr

High / Low

₹58 / 31

Stock P/E

11.2

Price / Book

1.3

Book Value

₹26

EPS

₹3.0

No. of Shares

10.67 Cr

ROCE

10.0%

ROE

11.7%

OPM

9.8%

Debt / Equity

0.66

Sales

₹429 Cr

Net Profit

₹28 Cr

Promoter holding

57.0%

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