CMS Info Systems (CMSINFO) Q4 24/25 earnings summary

Executive summary

• FY25 saw 7% revenue and PAT growth, strong margins, and robust cash flow despite macro headwinds like heatwaves, elections, and banking liquidity crunch.

• Order execution reached 52% by Q4, below the 60% target, due to ATM network disruptions at a key competitor affecting large PSU banks.

• Achieved 200 bps market share gain in cash logistics, expanded managed services and automation, and focused on tech investments and organizational reorganization.

• Major order wins totaled INR 1,200 Cr in FY25, with INR 500 Cr in Q4 and 60% from private banks.

• Significant M&A activity in adjacencies, with 65+ companies evaluated and focus on majority control deals.

Financial highlights

• FY25 revenue at INR 2,425 million (INR 2,424.5 Cr), up 7% YoY; PAT at INR 372.4 Cr, up 7.3% YoY; EBITDA margin at 26.1%.

• Q4 FY25 revenue grew 6%–6.5% QoQ; PAT up 4.7%–5% QoQ.

• OCF/EBITDA conversion at 76%, generating INR 4,825.28 million OCF; cash & cash equivalents at year-end over INR 1,000 Cr (INR 2,308.52 million consolidated); company remains debt-free.

• Total dividend payout ratio at 42% of PAT, with total FY25 dividend at INR 9.50/share, including special and final dividends.

• EPS for FY25: Basic INR 22.79, Diluted INR 22.36; share price closed at INR 461.0 on March 31, 2025.

Outlook and guidance

• Targeting 14-17% compound services revenue growth FY25–FY27, driven by order momentum, market consolidation, and low retail penetration.

• Order book execution expected to complete by September 2025.

• Cash-related businesses projected to grow at 10%-13% CAGR; managed services and tech at 25%-30% CAGR.

• CapEx guidance for FY26 is INR 300-325 crore, including INR 163 crore in CWIP.

• Large TAM in Vision AI and automation, with continued investment in tech and new use cases.