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Revenue
₹618 Cr
verified against source
Revenue YoY
1.6%
reported change
EBITDA
₹158 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 shift to higher-value contracts. PAT was impacted by a one-time provision of ₹11.1 crore for new labor code. The quarter saw revenue quality improve, with service revenue up 4% QoQ and managed services/tech up 18% QoQ. Management guided FY27 revenue of ₹2,800-2,900 crore and EBITDA margins of 25-26%, supported by a ₹1,600 crore order book and the recently awarded SBI contract (₹500 crore incremental over 10 years). Risks include execution delays on large contracts and potential further credit stress among MSPs.
Colored figures show movement against the previous available record.
Guidance to track
- Overall revenue guided to ₹2,800-2,900 crore, with services revenue of ₹2,700-2,800 crore and product revenue of ~₹100 crore.
- EBITDA margins expected to improve to 25-26% in FY27, driven by operational efficiencies and revenue mix shift.
- Targeting exit Q4 with services run rate of ~₹650 crore, implying ~95% certainty, to support FY27 revenue bridge.
- Capex expected to be in the range of ₹300-325 crore for FY26, with YTD spend of ₹275 crore.
Risks flagged
- The SBI contract and other large deals may face rollout delays, impacting revenue recognition and margin recovery.
- DSO issues from midsized MSPs due to credit tightening post-AGS crisis may persist, requiring further provisions.
- Aggressive pricing by competitors could limit margin expansion and market share gains in the retail segment.
- Despite diversification, top customer still contributes 18% of revenue; loss of any large contract could impact growth.
Key quotes
- We have almost 95% certainty on this number.
- The revenue has bottomed out. I think currently the trend line is to grow.
- We will evaluate this closer to the end of this year as we look at our overall capital needs.
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