Cms Info Systems Ltd — Q3 FY26
CMS Info Systems reported Q3 FY26 revenue of ₹618 crore (+1.6% YoY), with EBITDA of ₹158 crore and margin expansion of 160 bps to 25.5%, driven by cost optimization and mix shif...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
77%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Breakdown of FI27 revenue bridge: contracted vs. assumed improvements.
Asked by Pravin Kumar, Equitas Capital Advisers
Gave a number with 95% certainty but did not split between contracted and assumed improvements.
no breakdown of contracted vs. assumeddeferred to future execution
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Question
how much of this bridge to FI27 revenue are things which you have already contracted and have in hand versus where you are counting on consumption improving
Anush (name only, no role stated)
the 650 sort of a number I think we have almost 95% certainty on this number. ... the 650 into 4 that 2600 is fairly certain the bridge from 26 to 27 2800 that's something we have to earn
Answered
Medium priority
Is retail cash management pruning a course correction?
Asked by Pravin Kumar, Equitas Capital Advisers
Directly addressed the question, explaining the rationale for pruning without calling it a course correction.
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Question
is this kind of a course correction from your earlier aggression in this part of the market
Anush (name only, no role stated)
I think the way I would phrase is in the last two to three years we've been fairly aggressive on this market ... we wanted to step back and look at how much of this customer will be profitable
Partial answer
High priority
Revenue hit from tightening receivable norms and future stress.
Asked by Pravin Kumar, Equitas Capital Advisers
Acknowledged impact on Q3 revenues but did not quantify the revenue hit.
no specific revenue hit number givendeferred to Pankaj for ECL
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Question
what kind revenue hit have you taken in terms of having to tighten your receivable norms ... how much more revenue hit you can expect
Anush and Pankaj (names only, no roles stated)
Q3 we took a slightly different approach ... we had to take certain calls in terms of our revenue exposure ... the effect of that is visible in the Q3 revenues
Answered
Medium priority
Services revenue growth Q3 vs Q2 and reason for employee cost spike.
Asked by Abhishek Jawan, Iklavia Capital
Provided the growth percentage and explained the employee cost increase with a specific reversal amount.
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Question
what is the services revenue growth for Q3 as compared to Q2 ... dramatic increase in employee benefit expense of about 18 crores
Anush and Pankaj (names only, no roles stated)
4%. ... there is a one-off item of around 12 cr rupees wherein we have reversed the provisioning for the ESO as well as the performance link incentive provisioning.
Answered
Medium priority
Retail strategy going forward and new areas for Hawkeye/RMS.
Asked by Rashid Parik, Bugle Rock PMS
Directly addressed retail strategy and Hawkeye productization plans.
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Question
how we are looking to take this up going forward ... any new areas for Hawkeye or RMS that we are looking to deploy
Anush (name only, no role stated)
our aggression continues ... we think this is an important part of our future growth ... within Hawkeye itself ... the goal for us is in the longer term to think about productizing this
Answered
High priority
SBI order: 10,000 ATMs but announcement for 5,000; rest coming?
Asked by Rashid Parik, Bugle Rock PMS
Clearly explained that the remaining 5,000 went to competitors.
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Question
the announcement that we made is pertaining to 5,000 ATM. So rest of the ATMs will it be coming in over next year
Anush (name only, no role stated)
the total order is 10,000 ... we were the L1 participants. So we got about 5,000 of those volumes whereas going to other industry participants.
Answered
High priority
Outlook for RFP rollout from banks and cash logistics.
Asked by Nihar Mata, Bay Capital
Provided specific pipeline numbers and value opportunity.
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Question
how is the outlook looking like in terms of new rollout from banks and cash logistics?
Anush (name only, no role stated)
for most of FY26 the RFP pipeline has been fairly subdued ... in FY27, we see meaningful activity coming back ... about 6 to 8,000 ATM units ... total contracted value opportunity of about 2,000 crores.
Answered
Low priority
Amount of cash on books as of December.
Asked by Nihar Mata, Bay Capital
Provided a specific cash balance figure.
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Question
What's the amount of cash on the books as on December 8th?
Anush (name only, no role stated)
It's about 600 crores.
Partial answer
Medium priority
Order book composition: managed services vs. banking automation.
Asked by Prakhar Agarwal, Dexter Capital Advisor
Gave qualitative mix but no breakdown of order book composition.
no quantitative split provided
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Question
which side of our managed services business is this order book tilted to? I mean is this related to mostly software or our banking automation business?
Anush (name only, no role stated)
it's mostly a mix of both ... integrated contracts on the manage server side and Hawkeye especially when you look at the large complex branch RFP rollout.
Answered
High priority
Outlook for cash management segment and SBI order impact.
Asked by Akshhata, Multiac PMS
Quantified SBI impact and gave outlook for improvement.
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Question
what is the outlook on this specific segment and how much will the SBI order help for the recovery in this segment?
Anush (name only, no role stated)
SBI ... about 500 crores of incremental opportunity over 10 year period ... about 50 crores per year ... we anticipate this to get improve in the coming quarter
Answered
Medium priority
Capex estimate for FY26 and Secur business revenue/EBITDA.
Asked by Suraj Singha, Ratnata Capital
Provided capex range and Secur revenue figure.
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Question
what is the capex that we estimate for this year and next year ... what is the revenues and EBITDA from the Secur business in Q3 FY26.
Pankaj (name only, no role stated)
capex will be around 300 to 325 cr rupees ... Secur ... incremental revenue of around 12 cr rupees in Q3 and Secur will have actually a negative PBT
Evasive
Medium priority
Possibility of buyback given cash position and low valuations.
Asked by Shivam Parik, Value Wise Wealth Management
Acknowledged the question but gave no specific plan or timeline.
deferred to year-endno commitment
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Question
are we thinking of enhancing shareholder value through buybacks to gain advantage of the low valuations currently?
Anush (name only, no role stated)
we will evaluate this closer to the end of this year as we look at our overall capital needs in terms of growth capital M&A.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q3 revenue about 57 crores | ₹57 cr | ₹618 cr | Understated vs filing |
| Services revenue growth Q3 vs Q2: 4% | 4% | 1.6% | Overstated vs filing |
| Secur incremental revenue 12 cr in Q3 | ₹12 cr | ₹618 cr | Understated vs filing |
| FI27 services revenue target 2700-2800 cr | ₹2,700 cr | ₹618 cr | Overstated vs filing |
| FI27 overall revenue target 2800-2900 cr | ₹2,800 cr | ₹618 cr | Overstated vs filing |
| FI27 EBITDA margin target 25-26% | 25% | 23% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.