CMSINFO
CMS Info Systems share price & financials
- Price
- ₹275.65
- Market cap
- ₹4.3k Cr
- Sector
- Services
- Calls analysed
- 7
CMS Info Systems Limited Q1 FY27
What went well
- Services revenue at ₹625 crores, up 9.3% YoY and 2.6% QoQ, marking an all-time high.
- EBITDA margin expanded by 170 basis points QoQ to 27.2%, reaching ₹173 crores.
- Secured ₹500 crores of new orders in Q1, including a ₹400 crores TCV mandate from HDFC Bank for 6,000 ATMs.
What to watch
- Services revenue was ₹25 crores short of the internal target due to an unprecedented currency supply squeeze.
- EBIT for Q1 was ₹32 crores at 10.3% margin, down from 14.1% a year ago, primarily due to the ₹18 crores revenue drop in the BLA business.
What CMS Info Systems Limited does
CMS Info Systems runs India's cash-management and business-services infrastructure: replenishing and reconciling currency at ATMs, moving cash for banks and retailers via its currency-in-transit fleet, and managing outsourced ATM operations for banks. It also owns HAWKAI, a Vision AI surveillance platform for BFSI and retail sites, and a Technology & Payment Solutions unit selling banking automation software, brown-label ATMs, card personalisation and card management services. It earns fee-based, largely contracted revenue from banks, NBFCs and retailers rather than from transaction-linked pricing wherever it can negotiate fixed-fee terms.
Segments
- ATM Management Solutions
- Retail Solutions and Currency Logistics
- Technology & Payment Solutions
- ATMs under cash management
- 70,000+
- Retail touchpoints serviced
- 65,000+
- Sites monitored by HAWKAI Vision AI platform
- 50,000+
- Bank branches covered by currency-in-transit network
- 20,000
- Currency-in-transit routes
- ~1,400
- Network routes under AI-led route optimisation
- 4,000+
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 2 delivered 8 missed 11 open- Software and RMS Business Share of Revenue delivered said Q3 FY25 Promised: 10% by FY27 Q1 FY27: The Technology and Payments segment grew to 18% of services revenue, further solidifying the achievement of the original 10% target.
- FY25 Revenue went quiet said Q3 FY25 Promised: ~₹2,450 crores Q1 FY27: FY25 target, not mentioned in FY27 reporting as the period has passed.
- FY27 Services Revenue revised down said Q2 FY26 Promised: ₹2,700-2,800 crores Q1 FY27: Guidance revised down to ₹2,650-2,750 crores due to an unprecedented currency supply squeeze in Q1.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 1.3%, net profit down 10.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 625 | 581 | 619 | 627 | 609 −3% | 618 +6% | 633 +2% | 635 +1% |
| EBITDA | 153 | 159 | 162 | 158 | 137 −10% | 140 −12% | 161 −1% | 169 +7% |
| Net profit | 91 | 93 | 98 | 94 | 73 −20% | 57 −39% | 79 −19% | 84 −11% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −47.4% 1Y
1Y: ₹426.5 on 10 Sept 2025 → ₹224.38. High ₹426.5 (10 Sept 2025), low ₹224.38 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.7%
- 11 Aug
- Q4 FY26
- +1.4%
- 19 May
- Q3 FY26
- +2.4%
- 13 Feb
- Q2 FY26
- −2.0%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 24.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.9k Cr | ₹2.3k Cr | ₹2.4k Cr | ₹2.5k Cr |
| Operating profit | ₹537 Cr | ₹600 Cr | ₹626 Cr | ₹596 Cr |
| Operating margin | 28.1% | 26.5% | 25.8% | 24.0% |
| Interest | ₹20 Cr | ₹16 Cr | ₹19 Cr | ₹19 Cr |
| Depreciation | ₹131 Cr | ₹150 Cr | ₹162 Cr | ₹208 Cr |
| Net profit | ₹298 Cr | ₹346 Cr | ₹373 Cr | ₹303 Cr |
| Net margin | 15.6% | 15.3% | 15.4% | 12.2% |
| Cash from operations | ₹407 Cr | ₹440 Cr | ₹483 Cr | ₹390 Cr |
| Free cash flow | ₹215 Cr | ₹334 Cr | ₹331 Cr | ₹-16 Cr |
| ROCE | 30.0% | 27.0% | 24.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹148 Cr | ₹153 Cr | ₹154 Cr | ₹163 Cr | ₹164 Cr | ₹165 Cr |
| Reserves | ₹836 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.8k Cr | ₹2.2k Cr | ₹2.3k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹223 Cr | ₹221 Cr |
| Other liabilities | ₹627 Cr | ₹600 Cr | ₹539 Cr | ₹712 Cr | ₹615 Cr | ₹584 Cr |
| Total liabilities | ₹1.6k Cr | ₹1.9k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹3.2k Cr | ₹3.2k Cr |
| Fixed assets | ₹533 Cr | ₹750 Cr | ₹869 Cr | ₹836 Cr | ₹992 Cr | ₹1.2k Cr |
| Capital work in progress | ₹23 Cr | ₹44 Cr | ₹20 Cr | ₹18 Cr | ₹142 Cr | ₹113 Cr |
| Investments | ₹112 Cr | ₹124 Cr | ₹279 Cr | ₹485 Cr | ₹339 Cr | ₹374 Cr |
| Other assets | ₹943 Cr | ₹938 Cr | ₹932 Cr | ₹1.3k Cr | ₹1.7k Cr | ₹1.6k Cr |
| Total assets | ₹1.6k Cr | ₹1.9k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹3.2k Cr | ₹3.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −14.26 pp while DIIs added +9.39 pp. The shareholder count shrank 12% to 1,56,082.
- FIIs
- 22.7%
- DIIs
- 36.0%
- Public
- 41.3%
Since Jun 2025
- FIIs −14.26 pp
- DIIs +9.39 pp
- Public +4.87 pp
How it drifted, 12 quarters
Over this window promoters fell from 26.7% to 0.0% — −26.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 26.7%, FIIs 23.8%, DIIs 24.0%, Public 25.6%.Dec '23: Promoters 26.7%, FIIs 23.8%, DIIs 23.4%, Public 26.1%.Mar '24: FIIs 36.3%, DIIs 29.0%, Public 34.6%.Jun '24: FIIs 40.2%, DIIs 28.4%, Public 31.4%.Sep '24: FIIs 40.0%, DIIs 26.7%, Public 33.4%.Dec '24: FIIs 38.0%, DIIs 27.0%, Public 35.0%.Mar '25: FIIs 37.8%, DIIs 26.4%, Public 35.8%.Jun '25: FIIs 37.0%, DIIs 26.6%, Public 36.4%.Sep '25: FIIs 33.1%, DIIs 28.7%, Public 38.1%.Dec '25: FIIs 28.2%, DIIs 32.6%, Public 39.2%.Mar '26: FIIs 25.0%, DIIs 35.2%, Public 39.9%.Jun '26: FIIs 22.7%, DIIs 36.0%, Public 41.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parag Parikh Flexi Cap Fund Mutual fund +1.86 pp 9.83% held
- Kotak Small Cap Fund Mutual fund +0.40 pp 4.99% held
- Rajiv Kaul +0.18 pp 6.61% held
- Ishares Core Msci Emerging Markets ETF Global fund house +0.06 pp 1.10% held
- Csim India Opportunities Fund 1 AIF +0.05 pp 1.08% held
The same filing shows 4 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of CMS Info Systems Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Parag Parikh Flexi Cap Fund Mutual fund | 9.83% | +1.86 pp |
| SBI Small Cap Fund Mutual fund | 9.11% | unchanged |
| Rajiv Kaul | 6.61% | +0.18 pp |
| Kotak Small Cap Fund Mutual fund | 4.99% | +0.40 pp |
| Government Pension Fund Global Sovereign | 4.27% | −0.07 pp |
| ICICI Prudential Smallcap Fund Mutual fund | 3.04% | −0.81 pp |
| Goldman Sachs Funds - Goldman Sachs India Equity P Global fund house | 2.63% | −0.12 pp |
| Unifi Blend Fund 2 Mutual fund | 1.39% | unchanged |
| Vanguard Total International Stock Index Fund Global fund house | 1.36% | unchanged |
| Vanguard Emerging Markets Stock Index Fund, a Series of Vanguard International Equity Index Funds Global fund house | 1.29% | unchanged |
| Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund | 1.10% | −0.28 pp |
| Ishares Core Msci Emerging Markets ETF Global fund house | 1.10% | +0.06 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CMSINFO
Filings to Aug 2026
1 new, 0 added, 0 trimmed, 0 sold out — net +12.01 L shares (+8.2%).
- Held by funds
- ₹387 Cr
- 2 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹355 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹355 Cr | held | Dec '21 |
| HDFC Children's Fund HDFC Mutual Fund | ₹32 Cr | new | Jul '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net +12.01 L shares (+8.2%)
- Funds are sitting on
- -6%
- vs est. average cost
- Held by funds
- ₹387 Cr
- 2 schemes · ≈ 10% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹355 Cr · 0.8% of that fund
Shares held by these funds +5%
Aug '23 1.58 cr shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹224, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~-1%. At that growth it is worth ₹160 — downside of 29%.
- Growth the price implies
- 4.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 0.6% a year
- net profit, FY23–FY26 · EPS -1.5%
- The gap
- 0.1 pp
- -29% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse CMS Info Systems Limited
Guides on how to read this kind of business and the numbers that matter.