Slide 1: Exchange cover letter for earnings call presentation
CMSINFO/SDDD/2511/005 November 5, 2025 To BSE Limited National Stock Exchange of India Limited Listing Department, Exchange Plaza, C-1, Block-G, Bandra 1st Floor, PJ Towers, Dalal Street, Kurla Complex, Bandra (East), Fort, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 543441 Symbol: CMSINFO Sub: Ea
Slide 2: Earnings Presentation Q2 & H1 FY26
Earnings Presentation Q2 & H1 FY26 Where Platform Meets Possibilities
Slide 3: H1 FY26 update
H1 FY26 update Flat revenues, reflecting softer retail consumption and temporary delays in key banks’ATM refresh cycle Business momentum remains robust • New order wins of ₹500 Cr in Q2, total wins in H1 at ₹1,000 Cr • Expanding Direct-to-Retail strategy from E-commerce to BFSI , added 5,000 new ret
Slide 4: H2 FY26 outlook
H2 FY26 outlook Revenue growth: • ATM Management Solutions business is expected to return to a growth trajectory in H2, and deliver double-digit growth in FY27 • SBI cash o/s RFP closed post extensive negotiations, at contracting & final approval stages, incremental ₹500 Cr revenue opportunity for n
Slide 5: Q2 FY26 financial summary
Q2 FY26 financial summary Revenue EBITDA PAT ₹ Crs EBITDA EBITDA % PAT PAT % 170 50% 100 30.0% 624 627 94 609 159 45% 95 160 156 91 25.0% 40% 90 139 73 150 35% 85 20.0% 30% 80 140 25% 75 15.0% 130 25.3% 20% 70 14.9% 25% 14.6% 22.8% 12.0% 10.0% 120 15% 65 10% 60 110 5.0% 5% 55 100 0% 50 0.0% Q2-FY25
Slide 6: Q2 FY26 segmental financials
Q2 FY26 segmental financials Revenue EBIT EBIT % ₹ Crs 25.0% 23.9% 264 258 271 40 36 15.1% 14.1% 14.9% 38 14.0% 390 417 395 97 100 59 Q2 FY 25 Q1 FY 26 Q2 FY 26 Q2 FY 25 Q1 FY 26 Q2 FY 26 Q2 FY 25 Q1 FY 26 Q2 FY 26 BU YoY QoQ BU YoY QoQ Impact on EBIT% in Cash Logistics is due Cash 1% -5% Cash -39%
Slide 7: H1 FY26 financial summary
H1 FY26 financial summary Revenue EBITDA PAT ₹ Crs 1% -4% -8% 310 182 1236 298 167 1224 528 503 777 812 H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 Cash MS and Tech Logistics Solutions
Slide 8: H1 FY26 segmental financials
H1 FY26 segmental financials Cash Logistics Managed Services & Technology Solutions Revenue EBIT Revenue EBIT ₹ Crs 4% -19% 5% 812 -8% 777 196 503 528 159 81 74 H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26
Slide 9: Company Overview
COMPANY OVERVIEW
Slide 10: India's best business services platform
India’s best business services platform: Driving growth by gaining market share in core business, investing to expand TAM with a ‘PLATFORM’ approach STRENGTHEN CORE • Market share focus, large scale to ROBUST drive lowest unit cost economics PERFORMANCE • World-class talent, tech & quality • High ma
Slide 11: 11X revenue and 16X PAT through market cycles & shocks
11X revenue and 16X PAT through market cycles & shocks 16% Revenue CAGR 19% PAT CAGR ₹2,425 Cr 15.4% ₹1,915 Cr 10.5% Total Revenues (₹ Cr) PAT% ₹1,146 Cr ₹1,129 Cr ₹216 Cr FY 09 FY 15 FY 19 FY 23 FY 25 High Growth NPA Crisis COVID Increased & & & Competitive Intensity Total revenues Competition Demo
Slide 12: Revenue & PAT has grown faster post IPO
Revenue & PAT has grown faster post IPO Revenue* (₹ Cr) PAT* (₹ Cr) % % 17 22 2425 372 1915 297 % % 16 1306 18 1129 1146 168 1007 670 98 93 90 92 311 216 32 23 FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 FY 21 FY 23 FY 25 FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 FY 21 FY 23 FY 25 42% # 3 Player 60 : 40 5% Revenu
Slide 13: Consistent operating cash flows and free cash flow conversion
Consistent operating cash flows and free cash flow conversion Avg. OCF/EBITDA @ 73% Avg. FCF/EBITDA @ 47% 97% 84% 84% 86% 75% 76% 77% 73% 55% 52% 64% 51% 61% 43% 39% 43% 26% -7% 136 149 78 214 185 256 407 440 483 122 129 47 131 130 213 332 328 -28 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 2
Slide 14: Prudent capital allocation resulting in high ROCE
Prudent capital allocation resulting in high ROCE Ramped up Reduced investments capex, higher (weaker competitive competitor b/s) intensity 21.8% Avg. ROCE* 25.4% 25.2% 23.9% 24.3% 23.4% 24.4% 90 13 Invested to 23 156 17.4% grow MS 16.1% 15.8% business 92 Preserve 20 capital post- 7 demonetization 3
Slide 15: Our three businesses
Our three businesses: created to deliver scalable growth and strong margin profile Outsourcing Formalization & Consumption Automation ATM Management Retail Solutions & Technology & Payment Solutions Currency Logistics Solutions Drive currency velocity across SaaS solutions for BFSI & Partnering bank
Slide 16: Outlook
OUTLOOK
Slide 17: Accelerating key investments to drive long-term high-margin growth
Accelerating key investments to drive sustainable long-term high- margin growth Expanding Managed Services business into Pvt sector banks to reduce PSU bank share ₹15 Cr investment to scale GIG-based variable cost model to deepen presence in SURU Converted ₹100 Cr FY26 project revenue into ₹225 Cr l
Slide 18: FY 30: ATM management solutions outlook
FY 30: ATM management solutions outlook 11% growth potential, driven by market expansion and share gains Drivers Assumptions Revenue Estimates ~ ₹2,200 Cr to ~ ₹2,250 Cr Increase in interchange fee Overall ATM Base 250K to 260K to 275K ~ ₹1,575 Cr Increased outsourcing through to integrated contract
Slide 19: FY 30: Retail solutions & currency logistics outlook
FY 30: Retail solutions & currency logistics outlook 11% growth potential Drivers Assumptions Revenue Estimates ~ ₹1,050 Cr to ~ ₹1,100 Cr Retail, E-commerce, NBFCs & Banks expanding branches/stores ~ ₹725 Cr Touch Points Growth to 200K to 300K ~ ₹750 Cr Expanding the market breadth ~ ₹640 Cr beyond
Slide 20: FY 30: Technology & payment solutions outlook
FY 30: Technology & payment solutions outlook 20%+ growth potential Drivers Assumption Revenue Estimates ~₹2000 Cr TAM in BFSI (bank branch automation Vision AI Points: ~ ₹500 Cr VISION AI opportunity) 30K to 80K (20% CAGR) to ~ ₹600 Cr Non-BFSI segment acceleration CMS BFSI Market Share: Potential
Slide 21: FY27 estimates & FY30 revenue potential
FY 27 estimates & FY 30 revenue potential ATM Retail Technology Total Management Solutions & & Payment Services Solutions Currency Solutions Revenues Logistics FY 2025 ~1,300 ~640 ~240 ~2,180 Revenue (₹ Cr) FY 2027 ~1,575 - 1,650 ~725 - 750 ~400 ~2,700 – 2,800 Revenue (₹ Cr) 12% FY 2030 CAGR Revenue
Slide 22: CMS 2030 summary
CMS 2030 summary Total services revenues ~ ₹4,500 - 4,750 Cr (Incl. inorganic) Aspiration AIM FOR ‘RULE OF 35’ (REVENUE GROWTH + EBITDA MARGIN > 35%) ~ ₹3,750 - 3,950 Cr Potential Strong market consolidation opportunity with pricing upside ~ ₹2,180 Cr 53%* Retail & Tech Businesses 42% Maintain high
Slide 23: Annexure
ANNEXURE
Slide 24: Our new positioning
Our new positioning Vision AI Solution (RMS) Direct to Retail Solution (D2R) Software Solutions Retained ‘CMS’ brand name: strong recognition, trust, and respect amongst our customers*; Distinct sub-brand identities for emerging refreshed positioning aligns with ‘CMS’ expanded growth segments capabi
Slide 25: 7 high margin B2B business lines
7 high margin B2B business lines, each with ~₹100 - 1,000 Cr revenue FY 25 revenue mix Gaining wallet share ~84% subscription Number of large BFSI accounts ~18% 25% (₹50 Cr+ annual revenue) 18% 13 ~27% 60% 40% Cash Managed Services 20% Logistics & Tech Solns 8 ~55% 38% ~85% revenue route based CIT w
Slide 26: Experienced board; Seasoned leadership
Experienced board; Seasoned leadership Vishnu Jerome Shyamala Gopinath Sunil Mehta Founding Partner: Jerome Merchant+ Partners; Former Deputy Governor, RBI Former MD & CEO - PNB, Former Partner AZB & Partners Experienced CEO Indian Banks’ Association Directors Krzysztof Jamroz Rajiv Kaul Sayali Kara
Slide 27: Quarterly Consolidated Financial Performance
Quarterly Consolidated Financial Performance Particulars (All figures in INR Mn) Q2’FY26 Q1’FY26 Q-o-Q Q2’FY25 Y-o-Y Operating Income 6,086 6,274 (3.0)% 6,245 (2.5)% Expenses 4,712 4,696 0.3% 4,716 (0.1)% Operating EBITDA 1,374 1,578 (12.9)% 1,529 (10.1)% EBITDA Margins (%) 22.58% 25.15% (257) Bps 2
Slide 28: Half Yearly Consolidated Financial Performance
Half Yearly Consolidated Financial Performance Particulars (All figures in INR Mn) H1’FY26 H1’FY25 Y-o-Y Operating Income 12,360 12,240 1.0% Expenses 9,407 9,188 2.4% Operating EBITDA 2,953 3,052 (3.2)% EBITDA Margins (%) 23.89% 24.93% (104) Bps Finance costs 87 89 (2.2)% Depreciation and amortisati
Slide 29: Historical Consolidated Income Statement
Historical Consolidated Income Statement Particulars (All figures in INR Mn) FY23 FY24 FY25 H1’FY26 Operating Income 19,147 22,647 24,245 12,360 Expenses 13,770 16,652 17,977 9,407 Operating EBITDA 5,377 5,995 6,268 2,953 EBITDA Margins (%) 28.08% 26.47% 25.85% 23.89% Finance costs 196 162 182 87 De
Slide 30: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet (All figures in INR Mn) FY23 FY24 FY25 H1’FY26 (All figures in INR Mn) FY23 FY24 FY25 H1’FY26 Assets Equity share capital 1,544 1,628 1,644 1,645 Non-current assets Other equity 14,081 17,840 21,021 21,688 Property, plant and equipment 4,697 4,677 4,842 5,863 To
Slide 31: Historical Consolidated Cash Flow Statement
Historical Consolidated Cash Flow Statement (All figures in INR Mn) FY24 FY25 H1’FY26 (All figures in INR Mn) FY24 FY25 H1’FY26 Cash flow from operating activities: Cash flow from investing activities Profit before tax 4,671 4,978 2,212 Proceeds from sale of property, plant and equipment 23 24 9 Adj
Slide 32: Capital Market Information
Capital Market Information (BSE: CMSINFO | 543441, NSE: CMSINFO) Share Price Movement (Up to 30th September, 2025) 10% 0% -10% -20% -30% -40% -50% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 CMS BSE Sensex BSE Small Cap Share Price Data (As on 30th September,
Slide 33: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the da
Slide 34: Thank You
THANK YOU cms.com