Cms Info Systems Ltd. · NSE:CMSINFO
Cms Info Systems — Investor Day (September 2025)
36 slides from Cms Info Systems's investor day presentation, September 2025
Slide 1: Analyst Day 2025
Analyst Day 2025 Where Platform Meets Possibilities
Slide 2: Redefining business services: CMS' evolution
Redefining business services: CMS’ evolution LAUNCHED TECH SOLUTIONS • Established one of the fastest-growing SaaS business – Vision AI Solution • Broadened client segments beyond LAUNCHED MANAGED SERVICES banks – Retail, NBFC, MFIs • Integrated end-to-end ATM solutions provider • Publicly listed co
Slide 3: 7 high margin B2B business lines, each with ~₹100-1,000 Cr revenue
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 4: 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*; refreshed positioning aligns with Distinct sub-brand identities for emerging ‘CMS’ expanded capabilities and growt
Slide 5: 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 Performance drive lowest unit cost economics • High margin profile and FCF • World-class ta
Slide 6: 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 7: Revenue & PAT has grown faster post IPO
Revenue & PAT has grown faster post IPO Revenue* (₹ Cr) PAT* (₹ Cr) 7 % 2 % 1 2 2425 372 1915 297 6 % 8 % 1 1306 1 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% Re
Slide 8: 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 9: 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 10: Our three businesses: created to deliver scalable growth and strong margin profile
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 SaaS solutions for BFSI & Partnering banks for a
Slide 11: ATM Management Solutions
ATM MANAGEMENT SOLUTIONS
Slide 12: ATM management solutions
ATM management solutions CURRENCY OUTSOURCED Private Banks Led Brown Label ATMs (BLAs) • ~35K ATMs • Bank branded ~85K ATMs • Revenue: ~₹2.2 Lacs/ATM/p.a.; • Revenue: ~₹4.5 Lacs/ATM/p.a.; total ~₹750 Cr total ~₹3,750 Cr • 3 years contract life • 7-10 years contract life PSU Banks Led White Label ATM
Slide 13: Currency usage across CMS' base of ~70K ATMs has remained strong
Currency usage across CMS’ base of ~70K ATMs has remained strong Currency Withdrawals/ATM/Month (₹ Mn)* Steady trend in no of trips for currency replenishments at ATMs Currency Withdrawals/ATM/Month (₹ Mn) No. of Trips/ATM/Month FY 24 FY 25 12.9 12.4 12.4 11 11.6 11.8 11.9 11.6 11.9 12.4 12.2 13.4 1
Slide 14: Market today: ATM installed base robust at ~250K
Market today: ATM installed base robust at ~250K, defying doomsday projections 2,55,297 2,51,057 2,46,348 2,38,588 35,791 36,216 2,21,523 25,013 37,378 19,507 74,219 78,244 78,110 60,554 75,098 1,41,462 1,39,356 1,41,262 1,36,731 1,34,872 Mar’19 Mar’21 Mar’23 Mar’25 Jun’25 PSU & Other Banks Private
Slide 15: Outsourced ATM base to recover; transaction pricing trend improving
Outsourced ATM base for cash management to recover in next 12 months; transaction pricing trend improving Total no. of outsourced ATMs PSU BLA transaction pricing trend Expected expansion Roll-outs in March 2024 progress ~9K ~10K Bank 1: ₹10.5 ~140K ~15K ~144K ~10K ~135K June 2024 ~120K Bank 2: ₹16.
Slide 16: ATM management solutions: CMS revenue share @ ~25%
ATM management solutions: CMS revenue share @ ~25% CURRENCY OUTSOURCED Private Banks Led Brown Label ATMs (BLAs) Current services revenue size • ~35K ATMs • Bank branded ~85K ATMs • Revenue: ~₹2.2 Lacs/ATM/p.a.; ~₹6,500 Cr • Revenue: ~₹4.5 Lacs/ATM/ total ~₹750 Cr p.a.; total ~₹3,750 Cr • 3 years co
Slide 17: 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 18: Retail Solutions & Currency Logistics
RETAIL SOLUTIONS & CURRENCY LOGISTICS
Slide 19: Retail is growing fast and underpenetrated
Retail is growing fast and underpenetrated Large TAM Currency usage is strong High growth in retail currency opportunity in SURU (₹ Mn)* management points Mar 24 Mar 25 Direct Retail Bank Serviced 30 - 40 Lacs Total Retail Touch Points A GR 200K 4.3 4.2 C % 15 5 - 6 Lacs 40K Org. Retail Points 2.8 1
Slide 20: Solution and sales investments driving retail market expansion
Solution and sales investments driving retail market expansion Direct retail points Strengthened revenue market Currency-in-Transit Sector focused strategy share position (+400 bps) (No. of CMS Routes) Mar’ 23 Mar’ 25 A GR C ~ 1,400 17% 11 % QSR 30% Large Retail Format 38% 36% ~ 1,175 34% 34% 30% 28
Slide 21: 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 22: Technology & Payment Solutions
TECHNOLOGY & PAYMENT SOLUTIONS
Slide 23: Rapid scale-up of Vision AI solution (RMS)
Rapid scale-up of Vision AI solution (RMS) FY 22 - FY 25: ~90% revenue CAGR 15X growth in points Established BFSI market share leadership • Started with ₹25 Cr acquisition (2022) • Built end-to-end capabilities - AI Modules, Chipset & IoT Panel 25% 30,000 • Developed AI modules for 8 non-BFSI sector
Slide 24: Large untapped opportunity: TAM of ₹8,000 Cr+
Large untapped opportunity: TAM of ₹8,000 Cr+ NBFC + Infrastructure Insurance + MFI Quick Commerce (Transportation, EV, Bank ATMs Bank Branches Branches Gold Loan + Retail + QSR Shipping, Telecom) Solutions Compliance, Compliance, Stock pilferage, Asset protection, Burglary, Consumer For Burglary, C
Slide 25: Software: ALGO MVS transforms ATM into a customer acquisition engine
Software: ALGO MVS transforms ATM into a customer acquisition engine Powering SBI ATM Network 68,000 Development in Progress for ICICI Bank, Go LIVE in FY 27 ATMs Optionality to expand into broader software solutions for banks ~40% Market Share
Slide 26: FY 30: Technology & payment solutions outlook
FY 30: Technology & payment solutions outlook 20%+ growth potential Drivers Assumption Revenue Estimates ~₹2000 Cr TAM in BFSI Vision AI Points: ~ ₹500 Cr (bank branch automation opportunity) Vision AI 30K to 80K (20% CAGR) to ~ ₹600 Cr Non-BFSI segment acceleration CMS BFSI Market Share: Potential
Slide 27: Growth Outlook
GROWTH OUTLOOK
Slide 28: FY 26 seeing slower momentum due to macro & industry issues
FY 26 seeing slower momentum due to macro & industry issues 18K ATM PSU bank RFP aggressive pricing & declining Large PSU bank cash transaction trends leading to outsourcing RFP execution delays and stress formal order delayed, network on tier-II MSP balance sheet ramp-up drag on cost Tepid consumpt
Slide 29: Accelerating key investments to drive sustainable 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 one-time FY26 revenue win into ₹225
Slide 30: FY 2030 estimates & 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 31: M&A: Programmatic track record for value creation
M&A: Programmatic track record for value creation Actively Our framework Demonstrated Deals dropped evaluating • Focused on control/buyout history of post extensive transactions accretive M&As diligence accretive deals • Cultural alignment with • 6 acquisitions over the last • E-com last mile logist
Slide 32: Brinks Co. (USA) case-study: Leveraging M&A to drive growth
Brinks Co. (USA) case-study: Leveraging M&A to drive growth & value creation Consolidation Expansion (~$1.4+ Bn invested) (~$250 Mn invested) G4S (2020) Dunbar (2018) Managed Services MVS Software $860 Mn $520 Mn+ PAI INC (2021), KAL (2025) $210 Mn Key $5 Bn 12% 18.2% $4.8 Bn ~30X 20% Financials Rev
Slide 33: The right lens for CMS
The right lens for CMS 3 Yr. Rev CAGR 3 Yr. PAT CAGR ~ ROCE (%) ~ EV/EBITDA ~ P/E Ratio 15% 18% 25% 9X 17X 9% NA 3% 23X 167X Route Logistics 4% (12%) 16% 17X 33X 9% (13%) 18% 22X 27X 16% 15% 50% 27X 40X Business Services 3% (NQ) <10% 28X 30X Source: Screener, Money control & public disclosures, as o
Slide 34: 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%) R A G C ~ ₹3,750 - 3,950 Cr Potential 6% ~1 Strong market consolidation opportunity with R AG pricing upside C 2% ~1 ~ ₹2,180 Cr 53%* Retail & Tech Bu
Slide 35: 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 36: Thank You
Thank You