CMS Info Systems Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Commercial Services & Supplies | Market Cap: ₹4.5K Cr
CMS Info Systems expects mid-term revenue growth of 13% to 15% CAGR combining its Cash Logistics, Managed Services (MS), and AIoT RMS businesses. CMS Info Systems projects mid-term revenue growth at a CAGR of 13% to 15%, driven by organic growth across business segments.
From CMS Info Systems Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹247
Market Cap
₹4.5K Cr
P/E Ratio
14.6
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CMS Info Systems Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹633 Cr, net profit ₹79 Cr.
Full financials →📊 Revenue & Sales Performance
- →CMS Info Systems expects mid-term revenue growth of 13% to 15% CAGR combining its Cash Logistics, Managed Services (MS), and AIoT RMS businesses.
- →The Cash Logistics business is projected to grow at 10% to 13% CAGR.
- →Managed Services and Tech business aims for 15%+ growth.
- →AIoT RMS business is expected to grow at 15% to 20% CAGR over the medium term.
- →FY '26 revenue growth in services is anticipated to ramp back to 15%+ following FY '25 order execution delays.
- →Recurring revenue for the MS segment is targeted to reach approximately 85% by FY '26, emphasizing longer-term contracts (5-7 years).
- →Order book execution improving from 15% in H1 FY '25 to 30% in Q3, aiming for 60% execution by Q4, which should boost FY '26 growth.
- →Expansion in retail, BFSI, bullion logistics, and new sectors like quick commerce expected to support growth.
📈 Profitability & Margins
- →CMS Info Systems projects mid-term revenue growth at a CAGR of 13% to 15%, driven by organic growth across business segments.
- →The Managed Services (MS) and Technology segment is expected to grow at over 15% CAGR.
- →The Cash Logistics business should grow between 10% to 13% in the mid-term.
- →The AIoT RMS business is forecasted to compound at 15% to 20% growth rates over the medium term.
- →EBIT margins are stable with the MS segment standing around 17.9%, and the Cash Logistics segment delivering strong margins (~25.6%).
- →Recurring revenues in MS business are targeted to rise to about 85% by FY '26, supporting stable cash flows and profits.
- →Medium-term drivers include increased ATM outsourcing and expansion of cash management TAM, potentially improving operating earnings.
- →Management indicates a cautious but optimistic growth outlook post FY '25 with improving order book execution and market momentum.
🏗️ Capital Expenditure Plans
- →CMS Info Systems has increased tech spending from about 1% of revenue to 1.5% in the current year, focusing on investing in the RMS software stack and machine learning algorithms.
- →CAPEX of INR 50 crores has been done in 9 months, with plans for an additional INR 100-150 crores in Q4 to meet the full FY '25 target.
- →The company made a small investment in RMS and backed it with significant CAPEX over the last 3 years to grow it into a meaningful business.
- →Going forward, CMS prefers organic growth but is open to accretive and synergistic M&A opportunities, including partnering with others rather than full acquisitions.
- →A new operational back office and backup site has been created in Belapur to support expansion over the next 3-4 years.
- →CMS is building an active M&A pipeline focused on sectors like B2B Payments, Business Services, Banking Software & Technology, and Specialized Logistics.
💰 Fundraising & Capital Structure
- →CMS Info Systems Limited currently maintains a conservative capital allocation strategy with no debt.
- →The company prefers to preserve cash generation internally and has historically avoided debt.
- →They keep adequate cash on hand for any potential opportunities but are not actively pursuing new fundraising.
- →While open to acquisitions in core business areas if accretive and logical, no specific plans for raising funds via debt or equity were mentioned.
- →Any decision on acquisitions or capital deployment will be carefully evaluated based on market conditions and internal priorities.
- →The company plans to provide more updates at the Investor Day, but as of now, no active fundraising through debt or equity is indicated.
📋 Order Book & Pipeline
- →Total order wins in FY '24 were about INR 1,800 crores.
- →Execution of order book improved from 15% at end of H1 FY '25 to 30% at end of Q3 FY '25.
- →The aim is to reach 60% execution of the order book by Q4 FY '25.
- →Delays were primarily due to extensive testing cycles, handover delays from incumbent vendors, and industry disruptions.
- →The current order book includes orders from the last 12 months, including those won in the current fiscal year.
- →Execution progress is competitive in nature; client-wise order details are not disclosed.
- →The impact of delayed execution has caused approximately INR 150 crores of revenue shortfall in FY '25.
- →Faster order execution is expected in FY '26, with growth anticipated above 15% in Managed Services (MS) segment.
Key Metrics
Frequently Asked Questions
What were CMS Info Systems Ltd Q3 FY25 results?
CMS Info Systems expects mid-term revenue growth of 13% to 15% CAGR combining its Cash Logistics, Managed Services (MS), and AIoT RMS businesses. CMS Info Systems projects mid-term revenue growth at a CAGR of 13% to 15%, driven by organic growth across business segments.
What is CMS Info Systems Ltd share price analysis?
CMS Info Systems Ltd currently shows a neutral. The stock trades at a P/E of 14.6 with a market cap of ₹4,519 Cr. Investors should review the full earnings analysis for detailed insights.
Is CMS Info Systems Ltd planning capital expenditure?
CMS Info Systems has increased tech spending from about 1% of revenue to 1.5% in the current year, focusing on investing in the RMS software stack and machine learning algorithms.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.