Services stocks · Micro cap · NSE
CMS Info Systems manages cash logistics, ATM operations, and technology solutions across India. It services 70,000+ ATMs, 65,000+ retail touchpoints, and 20,000 bank branches, processing ₹14 lakh crore annually. The company leverages its extensive network and AI platform (HAWKAI) to offer complex business services.
full bear SMA stack · SMA20 -6.7% / mo · MACD + · near 52W low
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Adjusted completed-session prices, rebased to 100
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +1.3% · PAT -10.6% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -11% YoY · Rev +1% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹635 Cr | +1.3% | +0.3% |
| EBITDA | ₹169 Cr | +7.0% | +5.0% |
| Operating margin | 27.0% | +200 bps | +200 bps |
| PAT | ₹84 Cr | -10.6% | +6.3% |
| PAT margin | 13.2% | -176 bps | +75 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 31. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
CMS Info Systems reported a difficult FY26 with services revenue up 6% YoY to ₹2,312 Cr, but EBITDA margin declined to 24.1%. Q4FY26 marked a recovery, with services revenue growing 6% QoQ to ₹609 Cr and EBITDA margin improving 280 bps QoQ to 25.6%, signaling an inflection point.
The investment thesis was under stress in FY26 due to consumption slowdown, contract delays, and competitor exit. However, management claims Q3 was the bottom, with Q4 showing a clear recovery in revenue and margins. The long-term FY30 trajectory remains intact, supported by strategic shifts and new contract wins.
Latest issuer-disclosed distribution across 4 reported categories.
Business doubled in the last five years, positioned to compound at ~11% CAGR through FY30, driven by new contract wins like SBI and ICICI Bank.
Market share in retail cash management grew 400 bps to 38% over two years, positioned to compound at 11%+ CAGR through FY30.
Reached ₹370 crore in FY26, compounding at 25%+ CAGR over five years, expected to continue at 20%+ CAGR through FY30.
Acquired Securens (Vision AI) for ₹75 Cr and FSS’s Managed Services for ₹115 Cr, consolidating market share and expanding direct bank relationships.
HAWKAI platform scaled to monitor 50,000+ sites, up from 2,000 at acquisition, expanding its Vision AI capabilities.
ALGO MVS software powers 68,000 ATMs on the SBI network; ICICI Bank goes live across 10,000+ ATMs in FY27.
Invested ahead in network capacity for SBI’s cash outsourcing contract, which was executed completely in Q4FY26.
Drove a strong rebound in same-store cash collection volumes in December 2025 across all served segments.
Cash usage in semi-urban and rural India remains strong, with currency throughput matching metro/urban markets, now over half the base.
Banks, NBFCs, and retail are expanding physical footprints, requiring infrastructure for cash movement and management.
Rational valuations and industry consolidation around scale create M&A opportunities for a self-funded acquirer.
Tepid consumption in H1FY26 hit ATM transaction volumes and retail cash collections, creating operating deleverage.
SBI’s cash outsourcing contract, for which capacity was invested, was delayed significantly.
The exit of a key competitor led to short-term industry disruption, though CMS absorbed and stabilized networks.
Fuel prices, wage inflation, currency movement, and geopolitical volatility in the Middle East remain live operating pressures.
Risk of digital substitution, though management believes cash and digital payments remain complementary in India.
Risk of commoditization in Vision AI, where CMS's moat is its proprietary incident dataset.
Competitive intensity is an active risk, for which the company has a proven cyclical playbook.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4FY26 results are best read QoQ to assess the sequential recovery from a stated Q3 bottom. Full-year FY26 results are compared YoY to provide context on annual performance against the previous fiscal year.
FY26 services revenue grew 6% YoY to ₹2,312 crore. Q4FY26 services revenue grew 6% QoQ to ₹609 crore.
FY26 EBITDA margin was 24.1% (down 230 bps YoY from 26.1% in FY25). Q4FY26 EBITDA margin recovered 280 bps QoQ to 25.6%.
Secured ₹2,000 Cr+ of high-quality wins in FY26, including a ₹500 Cr incremental SBI contract and a ₹400 Cr ICICI Bank contract.
Approximately 85% of FY27 services revenue is already contracted.
Management stated Q3FY26 marked the bottom, with recovery beginning in Q4 and inflection now visible in numbers.
Expects total revenue of ₹2,800-2,900 Cr (13-17% growth) and services revenue of ₹2,700-2,800 Cr (17-21% growth), with EBITDA margin trending towards 25%+.
FY30 trajectory remains intact, with services revenue expected to compound at 13-14% to ₹3,750-3,950 Cr, driven by mix shift to higher-margin T&PS.
Approved a ₹168 Cr share buyback, believing it clears a 20% post-tax IRR hurdle, while retaining ₹477 Cr for organic investment and M&A.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Services Revenue Growth | FY26: +6% YoY | Management guidance of 17-21% growth (₹2,700-2,800 Cr). |
| FY27 EBITDA Margin | FY26: 24.1%; Q4FY26: 25.6% | Management guidance of trending towards 25%+. |
| T&PS Revenue Contribution | 16% of services revenue in FY26 | Continued mix shift towards higher-margin Technology & Payment Solutions revenue. |
| Order Book Execution | SBI contract executed, ICICI 90% live, HDFC won Q1FY27 | Conversion of the ₹2,000 Cr+ ATM pipeline and timely execution of new mandates. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 78th percentile within Services. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Services: 78th pctile, median 66 · Micro: 50th pctile, median 73
79 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse