Mar Qtr: Improving Business Momentum & FSS Acquisition Support FY27 Growth

研报英文原文证据摘录

Mar Qtr: Improving Business Momentum & FSS Acquisition Support FY27 Growth

India | Diversified Financials

CMSINFO EquityMayResearch17, 2026

TARGET | ESTIMATE CHANGEMar Qtr: Improving Business Momentum &

RATING BUYFSS Acquisition Support FY27 Growth

PRICE INR302.95^

For Mar-qtr, CMS Info’s profit of Rs791mn (down 19% YoY) was slightly

below est., due to higher depreciation. Encouragingly, services revenue grew PRICE TARGET | % TO PT INR380 (INR400) | +25%

6% QoQ & mgt stays upbeat on FY27, guiding for 17-21% revenue growth, 52W HIGH-LOW INR540.45 - INR263.50

aided by higher business activity, HDFCB order win, acquisition of FSS' MS FLOAT (%) | ADV MM (USD) 94.7% | 2.26

business & better margin performance. We retain revenue/EBITDA est., but MARKET CAP INR49.3B | $513.8M

trim profit on higher depreciation. TICKER CMSINFO IN ^Prior trading day's closing price unless otherwise

noted.

Improved business momentum led margin recovery. CMS Info's Mar-qtr services revenue

(93% of mix) growth picked up to 8% YoY in Mar-qtr vs. 5% in Dec; QoQ growth of 6% was also

FY (Mar) CHANGE TO JEFe JEF vs CONS

broad-based. This was supported by roll-out of SBI's ATM contract of 5K ATMs, increase in

2027 2028 2027 2028

business activity & scale up of HawkAI. Overall revenue rose only 2% YoY due to 60% fall in

product revenues as CMS is driving mix towards LT service/ annuity type contracts vs. low REV NM NM -17% NA

margin product sales. EBITDA margin rose 280bps QoQ to 25% (-70bps YoY), supported by op. EPS -6% -4% -99% NA

leverage. While EBITDA fell 1% YoY, fall in PAT was higher at 19%, due to higher depreciation

& lower other income. 2027 (INR) Q1 Q2 Q3 Q4 FY

EPS -- -- -- -- 23.39

FY27 to be a year of normalisation; mgt reaffirms growth & margin guidance. FY26 was a PREV 24.85