Slide 1: Exchange filing cover letter for conference call presentation
CMSINFO/PKDD/2602/005 February 12, 2026 To, BSE Limited National Stock Exchange of India Limited Listing Department, Exchange Plaza, C-1, Block-G, Bandra Kurla 1st Floor, PJ Towers, Dalal Street, Complex, Bandra (East), Fort, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 543441 Symbol: CMSINFO Sub:
Slide 2: Earnings Presentation Q3 FY26
Earnings Presentation Q3 FY26 Where Platform Meets Possibilities
Slide 3: Q3 FY26 update
Q3 FY26 update Services revenue @ ₹ 577 Cr (4% QoQ growth) starting to recover with uptick in consumption and order book execution ATM Management Solutions • Signed contract with SBI for ₹ 1,000 Cr over 10 years ; Incremental Revenue ₹ 500 Cr; Going live in Q4 • Rapid execution of ICICI/IPPB contrac
Slide 4: Q3 FY26 update: Retail Solutions & Currency Logistics
Q3 FY26 update Retail Solutions & Currency Logistics • Retail cash volumes have rebounded meaningfully following the GST rate reduction (Illustrative example below) Same Store Cash Collection Customer Dec’24 Dec’25* Quick Commerce Player 100 126 Organized Retail Chain 100 147 Value Retail Chain 100
Slide 5: Q3 FY26 update
Q3 FY26 update Business EBITDA margin up by 160 bps QoQ Business EBITDA (INR Crs) EBITDA Margin (%) 170 50.0% 160 158 45.0% 40.0% 150 145 35.0% 140 30.0% 25.0% 130 25.5% 20.0% 23.9% 120 15.0% 10.0% 110 5.0% 100 0.0% Q2-FY26 Q3-FY26 Business EBITDA = Reported EBITDA+ Corporate Expenses • 5% ATM cash
Slide 6: M&A/Capital Allocation Update
M&A/Capital Allocation Update • Ramped up Capex spend in line with strong order wins (YTD Capex of ₹ 275 Cr) • Securens Integration complete; Final Investment of ₹ 70 Cr • Signed Term Sheet with top 5 MSP for ATM/Managed Services Business Transfer ➢ Deal Value Est. at ₹ 100-125 Cr ; Strong growth sy
Slide 7: Q3 FY26 financial summary
Q3 FY26 financial summary Revenue Business EBITDA PBT before exceptional items ₹ Cr EBITDA EBITDA % PBT PBT% 190 182 50.0% 130 125 30.0% 618 180 45.0% 609 120 25.0% 170 40.0% 110 581 160 158 35.0% 20.0% 30.0% 100 21.6% 96* 150 145 88 31.3% 25.0% 90 15.0% 140 15.7% 23.9% 25.6% 20.0% 80 130 10.0% 15.0
Slide 8: Q3 FY26 segmental financials
Q3 FY26 segmental financials Revenue EBIT ₹ Cr 271 295 38 210 38 39 404 395 384 103 59 63 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 YoY QoQ BU YoY QoQ Cash -5% -3% Cash -39% 7% MS & TS 41% 9% MS & TS 5% 4% Cash Logistics MS & Tech Solutions
Slide 9: 9M FY26 financial summary
9M FY26 financial summary Revenue Business EBITDA PBT before exceptional items ₹ Cr EBITDA EBITDA % PBT PBT% 1854 600 50.0% 400 369 30.0% 1805 550 539 45.0% 350 500 484 40.0% 309 25.0% 450 35.0% 300 20.0% 400 30.0% 20.5% 250 350 29.9% 25.0% 16.7% 15.0% 26.1% 200 300 20.0% 10.0% 250 15.0% 150 200 10.
Slide 10: Significant change in business mix
Significant change in business mix FY24 Revenue Mix 9MFY26 Revenue Mix 19% 18% 22% 22% Largest customer Private Sector Banks/Retail 24% Managed Service Providers 30% 35% 29% PSU Banks
Slide 11: India's Consumption Story CY'25
India’s Consumption Story CY’25 4th edition of CMS Consumption Report India’s Cash Landscape in CY’25 ₹14 Lakh Cr. ₹1.26 Cr. ₹1.31 Cr. Cash processed within CMS network in Festive season drives peak monthly Monthly average ATM withdrawals CY’25, powering everyday spending average ATM dispense in Oct
Slide 12: CMS Foundation
CMS Foundation Recognised for women empowerment & integrated village development projects Most Impactful Integrated CSR Best Women Empowerment Initiative of the Year – 2025 Initiative of the Year - 2025 In association with IICA (Indian Institute of Corporate Affairs) a Government of India entity ope
Slide 13: Company Overview
COMPANY OVERVIEW
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: Outlook
OUTLOOK
Slide 20: 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 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: 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 23: FY 27 estimates & FY 30 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 24: 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 25: Annexure
ANNEXURE
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 Executive C
Slide 27: Quarterly Consolidated Financial Performance
Quarterly Consolidated Financial Performance Particulars (All figures in INR Mn) Q3’FY26 Q2’FY26 Q-o-Q Q3’FY25 Y-o-Y Operating Income 6,182 6,086 1.6% 5,815 6.3% Expenses 4,786 4,712 1.6% 4,221 13.4% Operating EBITDA 1,396 1,374 1.6% 1,594 (12.4)% EBITDA Margins (%) 22.58% 22.58% 0 Bps 27.41% (483)
Slide 28: YTD Consolidated Financial Performance
YTD Consolidated Financial Performance Particulars (All figures in INR Mn) 9M’FY26 9M’FY25 Y-o-Y Operating Income 18,542 18,055 2.7% Expenses 14,193 13,409 5.8% Operating EBITDA 4,349 4,646 (6.4)% EBITDA Margins (%) 23.45% 25.73% (228) Bps Finance costs 132 136 (2.9)% Depreciation and amortisation e
Slide 29: Historical Consolidated Income Statement
Historical Consolidated Income Statement Particulars (All figures in INR Mn) FY23 FY24 FY25 9M’FY26 Operating Income 19,147 22,647 24,245 18,542 Expenses 13,770 16,652 17,977 14,193 Operating EBITDA 5,377 5,995 6,268 4,349 EBITDA Margins (%) 28.08% 26.47% 25.85% 23.45% Finance costs 196 162 182 132
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 4,697 4,677 4,842 5,863 Total equity
Slide 31: Historical Consolidated Cash Flow Statement
Historical Consolidated Cash Flow Statement H1’FY2 (All figures in INR Mn) FY24 FY25 H1’FY26 (All figures in INR Mn) FY24 FY25 6 Cash flow from investing activities Cash flow from operating activities: Proceeds from sale of property, plant and Profit before tax 4,671 4,978 2,212 23 24 9 equipment Ad
Slide 32: Capital Market Information
Capital Market Information (BSE: CMSINFO | 543441, NSE: CMSINFO) Share Price Movement (Up to 31st December, 2025) 20% 10% 0% -10% -20% -30% -40% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 CMS BSE Sensex BSE Small Cap Share Price Data (As on 31st December, 202
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