CMS Info Systems (CMSINFO) Q1 26/27 earnings summary

Executive summary

• Achieved highest-ever quarterly services revenue of INR 625 crore (₹625 Cr), up 9% year-on-year and 2.6% quarter-on-quarter, despite severe industry-wide cash supply disruptions impacting ATM operations.

• EBITDA margin expanded to 27.2%, up 170 bps quarter-on-quarter and 190 bps year-on-year, reflecting operational resilience and productivity gains.

• Cash supply risk materialized, causing a revenue impact of INR 25 crore in Q1 as banks supplied only about 70% of indented cash, with partial recovery expected by end of Q2.

• Large contract wins, including a major HDFC Bank mandate (5-year, INR 400 crore TCV for 6,000 ATMs), solidified market leadership in ATM cash management and retail solutions.

• PAT for Q1 was INR 84 crore, down 10.6% year-on-year but up 5.8% sequentially, reflecting the impact of currency-supply disruptions.

Financial highlights

• Total Q1 revenue was INR 6,347 million (₹635 crore), up 1.2% year-on-year and 0.3% quarter-on-quarter; services revenue at INR 625 crore, up 9.3% year-on-year and 2.6% quarter-on-quarter.

• EBITDA reached INR 173 crore, up 8.9% year-on-year and 6.8% sequentially; EBITDA margin at 27.2%.

• PAT margin at 13.2% in Q1, down from 15.4% in FY25.

• Managed services EBIT margin dropped to 10.3% from 14.1% a year ago due to revenue loss in BLA business.

• Share buyback completed in June 2026 for INR 168 crore, reducing paid-up equity share capital by INR 49.39 million.

Outlook and guidance

• Full-year services revenue guidance revised to INR 2,650–2,750 crore (from INR 2,700–2,800 crore); total revenue including products at INR 2,750–2,850 crore.

• EBITDA margin guidance raised to about 27% (from 25–26%).

• CapEx for FY 2027 guided at INR 100–125 crore, down from INR 350 crore in FY 2026.

• ATM management and retail/currency logistics platforms expected to grow 11–14%; technology and payments platform to grow 35–40%.

• Overall services revenue growth projected at 15–19%.