Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or upcoming fundraising through debt or equity in the provided transcript. The company emphasizes maintaining strong financial discipline, with a robust balance sheet and strong cash flow generation. They have improved operating cash flow to EBITDA to 76% and increased cash and cash equivalents to over Rs. 1,000 crore. Focus appears to be on organic growth backed by internal cash flows and potential M&A for scaling newer businesses like the bullion segment. No plans for new equity or debt fundraising were discussed or indicated during the call or in

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

FY ‘25 CAPEX was approximately Rs. 130 crore, significantly lower than the earlier guidance of Rs. 300 crore. For FY ‘26, CAPEX is guided to be in the range of Rs. 300 crore to Rs. 325 crore. This includes around Rs. 163 crore lying in Capital Work In Progress (CWIP) as of FY ‘25. The company continues to ramp up tech and automation investments aligned with long-term strategy and changing business mix. CMS has focused on building a strong M&A pipeline, having screened hundreds of companies and shortlisted 65, aiming to scale especially through acquisitions in payments, software, valuable logis

Future growth expectations in sales/revenue/volumes?

CMS Info Systems aims for robust growth aligned with historical rates through FY ‘25 to FY ‘27. Services revenue is expected to grow at a CAGR of 14% to 17% over the next two years. Cash-related businesses are projected to grow at a 10% to 13% CAGR. Managed Services and Technology Business Units target a strong growth rate of 25% to 30%. Software business, currently 7% of revenue, is forecasted to exceed 10% by FY ‘27. Growth drivers include expansion in retail cash logistics, remote monitoring (Vision AI), and integration of new technology solutions. The company is gaining market share due to

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

CMS Info Systems targets robust growth from FY ’25 to FY ’27, aiming to continue its historical growth rate. Services revenue CAGR is expected between 14% to 17% over the next two years. Cash-related businesses projected to grow at 10% to 13% CAGR. Managed Services (MS) and Technology BU expected to grow strongly at 25% to 30%. EBIT margins maintained around 19%-20%, focusing on overall company EBIT as a trend. The company focuses on maintaining a 25%+ ROCE profile consistently. EBITDA drag from prior investments (like debt collection pilot) is expected to ease by FY ’25. Order book execution

Current/ Expected Orderbook/ Pending Orders?

Order wins in FY ‘24 amounted to approximately Rs. 1,950 crore, largely from public sector banks. Execution of the order book was slow initially (~15% in H1 FY ‘25) but improved to 52% by March 2025. Expectation to complete full execution of this order book by September 2025. New order wins during FY ‘25 were around Rs. 1,200 crore, with 60% from private banks. Order win momentum improved significantly in H2 FY ‘25 with Rs. 800 crore of wins; Q4 had Rs. 500 crore of order wins. Pending order book and recent Q4 wins aggregate to a healthy Rs. 1,400 crore to be executed in FY ‘26. The market is

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CMS Info Systems LtdQ1 FY25Commercial Services & Supplies

CMS Info Systems Ltd Q1 FY25 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

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→CMS Info Systems aims for robust growth aligned with historical rates through FY ‘25 to FY ‘27.
→Services revenue is expected to grow at a CAGR of 14% to 17% over the next two years.
→Cash-related businesses are projected to grow at a 10% to 13% CAGR.
→Managed Services and Technology Business Units target a strong growth rate of 25% to 30%.
→Software business, currently 7% of revenue, is forecasted to exceed 10% by FY ‘27.
→Growth drivers include expansion in retail cash logistics, remote monitoring (Vision AI), and integration of new technology solutions.
→The company is gaining market share due to sector consolidation and aims to increase recurring revenue with longer-term contracts growing at over 20% CAGR.
→Order book execution is picking up, with a healthy pipeline of Rs. 1,400 crore orders for the year.
→Retail segment expected to be a key growth driver through cash automation and secure logistics.

Margin guidance

Category 3

→CMS Info Systems targets robust growth from FY ’25 to FY ’27, aiming to continue its historical growth rate.
→Services revenue CAGR is expected between 14% to 17% over the next two years.
→Cash-related businesses projected to grow at 10% to 13% CAGR.
→Managed Services (MS) and Technology BU expected to grow strongly at 25% to 30%.
→EBIT margins maintained around 19%-20%, focusing on overall company EBIT as a trend.
→The company focuses on maintaining a 25%+ ROCE profile consistently.
→EBITDA drag from prior investments (like debt collection pilot) is expected to ease by FY ’25.
→Order book execution to be completed by September 2025, supporting revenue growth.
→Expansion in recurring long-term contracts (7-10 years) leading to more predictable revenues.
→Dividend payout ratio at about 42% of PAT demonstrates strong cash flow.

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Fundraise plans

→There is no explicit mention of any current or upcoming fundraising through debt or equity in the provided transcript.
→The company emphasizes maintaining strong financial discipline, with a robust balance sheet and strong cash flow generation.
→They have improved operating cash flow to EBITDA to 76% and increased cash and cash equivalents to over Rs. 1,000 crore.
→Focus appears to be on organic growth backed by internal cash flows and potential M&A for scaling newer businesses like the bullion segment.
→No plans for new equity or debt fundraising were discussed or indicated during the call or in the Q&A section.

Order book

Yes

→Order wins in FY ‘24 amounted to approximately Rs. 1,950 crore, largely from public sector banks.
→Execution of the order book was slow initially (~15% in H1 FY ‘25) but improved to 52% by March 2025.
→Expectation to complete full execution of this order book by September 2025.
→New order wins during FY ‘25 were around Rs. 1,200 crore, with 60% from private banks.
→Order win momentum improved significantly in H2 FY ‘25 with Rs. 800 crore of wins; Q4 had Rs. 500 crore of order wins.
→Pending order book and recent Q4 wins aggregate to a healthy Rs. 1,400 crore to be executed in FY ‘26.
→The market is consolidating, favoring leading companies like CMS for market share gains moving forward.

Capex plans

Yes

→FY ‘25 CAPEX was approximately Rs. 130 crore, significantly lower than the earlier guidance of Rs. 300 crore.
→For FY ‘26, CAPEX is guided to be in the range of Rs. 300 crore to Rs. 325 crore.
→This includes around Rs. 163 crore lying in Capital Work In Progress (CWIP) as of FY ‘25.
→The company continues to ramp up tech and automation investments aligned with long-term strategy and changing business mix.
→CMS has focused on building a strong M&A pipeline, having screened hundreds of companies and shortlisted 65, aiming to scale especially through acquisitions in payments, software, valuable logistics, and banking services.
→Bullion business, currently contributing about 1% of revenues, is internally incubated and expected to scale rapidly mainly via M&A.
→Future growth will be supported by executing a robust new order book and ongoing investments in technology, automation, and consolidation efforts.

How does CMS Info Systems Ltd rank vs peers in Commercial Services & Supplies?

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