Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript. The focus is on bidding for RFPs and growing the business organically with capex guidance of around INR 300 crores for FY'25. The company mentioned incremental growth and acquisitions as possibilities but will disclose any material developments when close to them. No firm plans or timelines for equity or debt fundraising were shared in the Q&A. The company reiterated commitment to steady growth and execution of new business wins rather than financial restructuring or capital ra

Any current/future capex/capital investment/strategic investment?

The company has guided a capex of approximately INR 300 crores for the current year (FY'25), up from INR 100 crores in FY'24. This capex is largely growth-oriented, primarily targeted at executing new business wins, including technology wins and infrastructure expansions. The significant infrastructure revamp had been front-loaded over the last three years, so future capex will be more linked to new contracts rather than maintenance. A smaller portion of the capex will be allocated to maintenance and technology investments. No exact detailed split is provided between infrastructure suc

Future growth expectations in sales/revenue/volumes?

CMS Info System targets FY'25 revenue of INR 2,600-2,700 crores, implying 15%-19% growth; Q1 growth at 17% aligns well. Company aims for steady double-digit growth; historically averaged around 17%-18% revenue growth from FY'21 to FY'25. New business lines, including AIoT and retail loan collection services, expected to contribute to growth. Growth in Managed Services and Technology Solutions outpaces Cash Logistics, contributing around 40% of revenue. Order book of ~INR 2,000 crores will start reflecting in revenue predominantly in H2 FY'25. Business expects incremental addition of 1,000-2,00

Future growth expectations in earnings/operating earnings/profits/EPS?

CMS Info Systems targets a revenue growth of 15%-19% for FY'25, with Q1 already achieving 17% growth. The company guided a steady double-digit growth rate of around 17%-18% from FY'21 to FY'25. No explicit PAT margin guidance has been given, but PAT margins are currently world-class (around 16.4% in Q1 FY'25). EBIT for Managed Services and Technology Solutions businesses grew 20% year-on-year in Q1 FY'25. Growth is expected to come mainly from Managed Services, Technology Solutions, and new business wins including AIoT and retail cash management. Capex of INR 300 crores planned mainly for exec

Current/ Expected Orderbook/ Pending Orders?

The current order book, including Q1 FY'25 orders, is roughly INR 2,000 crores. These orders, primarily technology-oriented projects, are in various stages of testing, approval, piloting, and implementation. Majority of the order book won in FY'24 is expected to go live in the next two quarters of FY'25. Revenue growth is anticipated as these projects get executed, with significant improvements expected after the successful go-live of these orders. New RFPs, especially in ATM outsourcing (around 20,000 ATMs), are expected to launch and conclude within the year, with CMS Info planning to bid fo

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CMS Info Systems LtdQ2 FY24Commercial Services & Supplies

CMS Info Systems Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹296P/E: 16.1Market Cap: ₹5.0K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→CMS Info System targets FY'25 revenue of INR 2,600-2,700 crores, implying 15%-19% growth; Q1 growth at 17% aligns well.
→Company aims for steady double-digit growth; historically averaged around 17%-18% revenue growth from FY'21 to FY'25.
→New business lines, including AIoT and retail loan collection services, expected to contribute to growth.
→Growth in Managed Services and Technology Solutions outpaces Cash Logistics, contributing around 40% of revenue.
→Order book of ~INR 2,000 crores will start reflecting in revenue predominantly in H2 FY'25.
→Business expects incremental addition of 1,000-2,000 ATMs in BLA segment, capped at 15% of overall revenue.
→New retail cash management points increased by 3,000 in Q1; total points ~140,000, reflecting strong expansion potential.
→Growth is organic; no acquisition factored into near-term projections.

Margin guidance

Category 3

→CMS Info Systems targets a revenue growth of 15%-19% for FY'25, with Q1 already achieving 17% growth.
→The company guided a steady double-digit growth rate of around 17%-18% from FY'21 to FY'25.
→No explicit PAT margin guidance has been given, but PAT margins are currently world-class (around 16.4% in Q1 FY'25).
→EBIT for Managed Services and Technology Solutions businesses grew 20% year-on-year in Q1 FY'25.
→Growth is expected to come mainly from Managed Services, Technology Solutions, and new business wins including AIoT and retail cash management.
→Capex of INR 300 crores planned mainly for executing new wins and technology investments to drive growth.
→CMS maintains a cautious outlook on sustained high growth, aiming for steady organic growth and selective acquisitive opportunities.
→Future earnings guidance for FY'27 will be provided by end of FY'25, contingent on market conditions and project executions.

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Fundraise plans

→There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
→The focus is on bidding for RFPs and growing the business organically with capex guidance of around INR 300 crores for FY'25.
→The company mentioned incremental growth and acquisitions as possibilities but will disclose any material developments when close to them.
→No firm plans or timelines for equity or debt fundraising were shared in the Q&A.
→The company reiterated commitment to steady growth and execution of new business wins rather than financial restructuring or capital raise.

Order book

→The current order book, including Q1 FY'25 orders, is roughly INR 2,000 crores.
→These orders, primarily technology-oriented projects, are in various stages of testing, approval, piloting, and implementation.
→Majority of the order book won in FY'24 is expected to go live in the next two quarters of FY'25.
→Revenue growth is anticipated as these projects get executed, with significant improvements expected after the successful go-live of these orders.
→New RFPs, especially in ATM outsourcing (around 20,000 ATMs), are expected to launch and conclude within the year, with CMS Info planning to bid for relevant opportunities.
→The company will provide updates on RFP outcomes by the end of the year.

Capex plans

Yes

→The company has guided a capex of approximately INR 300 crores for the current year (FY'25), up from INR 100 crores in FY'24.
→This capex is largely growth-oriented, primarily targeted at executing new business wins, including technology wins and infrastructure expansions.
→The significant infrastructure revamp had been front-loaded over the last three years, so future capex will be more linked to new contracts rather than maintenance.
→A smaller portion of the capex will be allocated to maintenance and technology investments.
→No exact detailed split is provided between infrastructure such as vans, ATM side, incubation businesses, or R&D.
→The company is incubating new businesses like retail loan collection services and bullion logistics, possibly indicating strategic investments in these areas.
→Management will update about new business wins and associated investments at the end of the fiscal year.

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