CMS Info Systems Ltd(CMSINFO)

NSE: CMSINFOBSE: 543441

₹ 201.95-1.10%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,232 crWebsite: www.cms.comUpdated: 24 Oct 2026

About

CMS Info Systems Ltd is India's largest cash management and managed services company, operating across ATM cash management, retail currency logistics, managed services, and technology & payments. It holds a 60% market share in ATM cash management and 38% in retail solutions as of Q1 FY27. Reported revenue was Rs 2,487.18 Cr in FY26.^[1]

Business segments

Cash Management Services: 58.8% of revenue (₹1,596.52 Cr) in FY26, down 8.9 pp over FY22-FY26; covers ATM cash replenishment and retail currency logistics.^[2]
Managed Services: 38.2% of revenue (₹1,035.59 Cr) in FY26; covers ATM managed services, remote monitoring (HAWKAI) and technology platforms.^[2]
Card Services: 3.0% of revenue (₹81.47 Cr) in FY26; covers card issuance and processing.^[2]
A manufacturing segment (ATMs and kiosks) is described as nascent in the FY26 annual report; a cost auditor was appointed in anticipation of its expansion.^[3]

Products and platforms

HAWKAI Vision AI, the remote site-monitoring platform, reached ~₹200 Cr revenue in FY26, doubling from ~₹100 Cr in FY24.^[4]
ALGO MVS is an ATM software platform deployed at SBI and going live at ICICI Bank in Q3 FY27.^[5]
The company is shifting from transaction-linked BLA contracts to fixed-fee integrated mandates and is deploying no incremental capital in the BLA model (Q1 FY27).^[5]
Exposure to the transaction-linked BLA business was capped at 10% of revenue, down from 15% earlier, per the FY25 annual report.^[6]

Operations and reach

70,000+ ATMs under cash management as of Q1 FY27.^[5]
Retail touchpoints total 65,000+ as of Q1 FY27.^[5]
HAWKAI covers 50,000+ sites as of Q1 FY27, with 36%+ BFSI market share following the Securens integration.^[5]
The gig delivery model for direct-to-retail had scaled to 2,300+ partners covering over 20% of retail points as of Q3 FY26.^[7]

Key operating numbers

Services revenue reached ₹625 Cr in Q1 FY27, up 9.3% YoY and 2.6% QoQ, despite an estimated ₹25 Cr loss from banks supplying only ~70% of indented currency.^[5]
Tech & Payments share of services revenue was 18% in Q1 FY27, up from 16% in FY26 and 7% in FY22.^[5]
OCF/EBITDA conversion has been 65-70% over FY22-FY26.^[5]

Customers and distribution

ATM cash management market share is 60% and retail solutions market share is 38% as of Q1 FY27.^[5]
Revenue mix from SBI + MSPs fell from 58% in FY25 to 48% in FY26; private banks, other PSU banks and retail rose from 42% to 52%.^[4]
Largest single customer revenue share declined from 22% in FY24 to 18% in 9M FY26; MSP share fell from 35% to 29% over the same period.^[7]
More than 50% of ATM touchpoints come from integrated fixed-fee contracts combining cash management and managed services as of Q1 FY27.^[5]

Expansion and capex

FY26 capex was ₹350 Cr (peak), for large order execution and HAWKAI/ALGO development; FY27 capex is guided at ₹100-125 Cr vs a long-term average of ~₹200 Cr.^[5]
FSS Managed Services acquisition signed for ₹115 Cr in Q4 FY26, moving CMS from #5 to #3 in managed services.^[4]
Securens acquisition completed in H1 FY26 with a final investment of ₹70 Cr, integrated into HAWKAI.^[7]
~₹400 Cr cash is available for M&A focused on Tech & Payments adjacencies (Q1 FY27).^[5]
The FY26 annual report seeks approval to borrow and create charges up to the statutory limit for capex, investments, acquisitions and strategic initiatives.^[3]

Recent developments

Q1 FY27 order wins of ₹500 Cr, led by an HDFC Bank mandate for 6,000 ATMs over 5 years at a TCV of ₹400 Cr, which went live.^[5]
SBI's ₹1,000 Cr TCV (₹500 Cr incremental) 10-year cash management contract was fully executed in Q4 FY26.^[4]
Board approved a ₹168 Cr tender-offer buyback at ₹340/share (~3% of equity) in Q4 FY26.^[4]
FY27 services revenue guidance revised to ₹2,650-2,750 Cr (from ₹2,700-2,800 Cr) after the Q1 FY27 currency supply impact.^[5]

Market Cap

₹3,232 Cr

High / Low

₹391 / 198

Stock P/E

11.2

Price / Book

1.4

Book Value

₹148

EPS

₹18.4

No. of Shares

16.46 Cr

ROCE

17.4%

ROE

12.9%

OPM

17.1%

Debt / Equity

0.00

Sales

₹2,487 Cr

Net Profit

₹303 Cr

Promoter holding

0.0%

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CMS Info Systems Ltd(CMSINFO)

About

Business segments

Products and platforms

Operations and reach

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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