CMS Info Systems Limited — Investor Presentation 2025

Sep 30, 2025

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CMSINFO/VSSD/2509/006 September 30, 2025

To BSE Limited Listing Department, 1st Floor, PJ Towers, Dalal Street, Fort, Mumbai – 400 001

Scrip Code: 543441

National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Symbol: CMSINFO

Sub: Update on the Annual Analyst Meet 2025 & Investor Presentation

Dear Sir/Madam,

Further to our letter nos. CMSINFO/DDVS/2509/005 dated September 25, 2025 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, informing about the Annual ‘Analyst Meet 2025’ scheduled to be held on Tuesday, September 30, 2025 at 03:00 P.M. (IST), kindly note that the meeting will now commence at 4:15 pm (IST) due to logistical reasons.

Further, please find enclosed the Investor Presentation which will be discussed by Authorised Representatives of Company at the meeting.

This is for your information and dissemination.

Thanking You,

Yours faithfully,

For CMS Info Systems Limited

Digitally signed DEBAS by DEBASHIS DEY HIS DEY Date: 2025.09.30 16:09:11 +05'30'

Debashis Dey

Company Secretary & Compliance Officer

Encl: a/a

Regd. Office: T-151, 5th Floor, Tower No.10, Railway Station Complex, Sector-11, CBD Belapur, Navi Mumbai- 400 614 | T: +91-22-4889 7400 | F: +91-22-4889 5177 CMS Info Systems Limited |CIN: L45200MH2008PLC180479 | www.cms.com | E: contact@cms.com

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Analyst Day 2025 Where Platform Meets Possibilities

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Redefining business services: CMS’ evolution

LAUNCHED TECH SOLUTIONS

• Established one of the fastest-growing SaaS business – Vision AI Solution

ESTABLISHED CASH LOGISTICS

• Clear market leader, >2X next competitor

LAUNCHED MANAGED SERVICES

• Integrated end-to-end ATM solutions provider

• 3 player within 8 years with complex solution wins

• Annuity + recurring revenue stream

• Broadened client segments beyond banks – Retail, NBFC, MFIs

• Publicly listed company with a successful IPO

• Pan-India 97% districts network, unmatched competitive edge

• Activity-based, annuity revenue stream

₹ 216 Cr Revenue

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2015
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₹ 2,425 Cr
Revenue
2020 2025
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2009 Banks 100% Cash Logistics

Banks + Retail + NBFCs + MFIs 60 : 40

Banks + Retail 80 : 20

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FY 25 revenue mix
~84% subscription
~18%
25%
18%
~27%
60% 40%
20%
Cash Managed Services
Logistics & Tech Solns
~55%
38%
~85% revenue route based
CIT with strong network effect Banking Automation
Retail Cash Management Technology Solutions
ATM Cash Management Txn Linked BLA
Managed Services
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Gaining wallet share
Number of large BFSI accounts
(₹50 Cr+ annual revenue)
13
8
FY 22 FY 25
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Our new positioning

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Retained ‘CMS’ brand name: strong recognition, trust, and respect amongst our customers; r efreshed positioning aligns with ‘CMS’ expanded capabilities and transformation*

Vision AI Solution (RMS) Direct to Retail Solution (D2R)

(RMS) Direct to Retail Solution (D2R) Software Solutions Distinct sub-brand identities for emerging growth segments

*Brand Valuation Study by Brand Finance

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• India’s best business services platform: Driving growth by gaining market share in core business, investing to expand TAM with a ‘PLATFORM’ approach

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• Market share focus, large scale to drive lowest unit cost economics

• World-class talent, tech & quality

• High margin profile and FCF generation

• Disciplined capital allocation

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• Forward & backward integration to offer customer value

• Drive higher growth through integrated offerings

• Each business to generate FCF to drive own growth

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11X revenue and 16X PAT through market cycles & shocks

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Revenue CAGR PAT CAGR
₹2,425 Cr
₹1,915 Cr
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 Demonetization Regulatory Compliance
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Revenue & PAT has grown faster post IPO

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Revenue (₹ Cr)
2425
1915
1306
1146
1129
1007
670
311
216
FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 FY 21 FY 23 FY 25
Revenue Market Share in Cash Logistics In Managed Services
(up from 38% in FY 21) (moved from #5 in FY 21)
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PAT (₹ Cr)
372
297
168
98
93 92
90
32
23
FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 FY 21 FY 23 FY 25
Revenue Contribution
Business Revenue Split
(vs 70:30 in FY 21) from new VISION AI business (HAWKAI)
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*From continuing businesses

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Consistent operating cash flows and free cash flow conversion

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Avg. OCF/EBITDA @ 73% Avg. FCF/EBITDA @ 47%
97%
84%
84%
86%
76%
75% 77%
73%
55%
52%
51%
64%
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 25 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
OCF (₹ Cr) OCF/EBITDA (%) FCF (₹ Cr) FCF/EBITDA (%)
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Prudent capital allocation resulting in high ROCE

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Reduced
Ramped up
investments capex, higher
competitive
(weaker
intensity
competitor b/s)
90
13
23
Invested to
156
grow MS
business
92
Preserve
20
capital post- 7
demonetization
38
27
4
2
36
1 10
21 25 33 74 108 197 208 99 129
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
Capex (₹ Cr) M&A (₹ Cr) Dividend (₹ Cr)
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21.8% Avg. ROCE*

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25.4% 25.2%
24.3% 23.4% 24.4%
23.9%
17.4%
16.1%
15.8%
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
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• Post tax ROCE

Cash balance of ₹1,000 Cr as of Mar’25

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Outsourcing Automation
Formalization & Consumption
Retail Solutions & Technology & Payment
Currency Logistics Solutions
Drive currency velocity SaaS solutions for BFSI &
across diverse sectors by Retail to mitigate risk and
leveraging tech and network powering self-service
capabilities banking channels
~₹665 Cr ~₹390 Cr ~₹110 Cr
~₹1,300 Cr ~₹640 Cr ~₹240 Cr
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ATM Management
Solutions
Partnering banks for
integrated end-to-end ATM
channel management
FY 21 Services Revenue
FY 25 Services Revenue
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• ATM MANAGEMENT SOLUTIONS

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ATM management solutions

BANK OWNED

Private Banks Led

• ~35K ATMs

• Revenue: ~₹2.2 Lacs/ATM/p.a.; total ~₹750 Cr

• 3 years contract life

PSU Banks Led

• ~90K branch onsite ATMs

• Revenue: ~₹0.6 Lacs/ATM/p.a.; total ~₹600 Cr

Brown Label ATMs (BLAs)

• Bank branded ~85K ATMs

• Revenue: ~₹4.5 Lacs/ATM/p.a.; total ~₹3,750 Cr

• 7-10 years contract life

White Label ATMs (WLAs)

• Retail & franchise-oriented model

• ~35K ATMs: ~₹19/txn fee

• Revenue: ~₹5 Lacs/ATM/p.a.; total ~₹1,500 Cr

MSP & IAD OWNED

MSP=Managed Services Provider, IAD=Independent ATM Deployer

*Excluding WLAs

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Currency usage across CMS’ base of ~70K ATMs has remained strong

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Currency Withdrawals/ATM/Month (₹ Mn) Steady trend in no of trips for currency replenishments at ATMs
Currency Withdrawals/ATM/Month (₹ Mn) No. of Trips/ATM/Month
FY 24 FY 25
12.9
12.4
12.4
11.6 11.8 11.9 11.6 11.9
11
12.4 12.2 13.4 13.5
13 12.8 13.2 13.1 13.1 12.8 13.4 12.8 12.2
Metro/Urban SURU
34% base 66% base Q1 FY 24 Q2 FY 24 Q3 FY 24 Q4 FY 24 Q1 FY 25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26
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*CMS data

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Market today: ATM installed base robust at ~250K, defying doomsday projections

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2,55,297
2,51,057
2,46,348
2,38,588
35,791
36,216
2,21,523 37,378
25,013
19,507
78,244
74,219 78,110
60,554 75,098
1,41,462 1,39,356 1,41,262 1,36,731 1,34,872
Mar’19 Mar’23 Mar’25 Jun’25
Mar’21
PSU & Other Banks Private Banks WLAs
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Onsite Vs. Offsite ATM Base

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PSU & Other Banks
Private Banks
Mar'23 1,41,262 78,244
Jun'25 1,34,872 75,098
Onsite Offsite
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• Onsite ATMs continue to show good growth , driven by higher automation need at bank branches

• Offsite ATMs have declined as #3 MSP (AGS) ceased operations, affecting 25K+ ATMs

• RBI ATM interchange fee increase from ₹17 to ₹19, delayed by a year to May 2025, affecting PSU bank ATMs & White Label ATMs (WLA) roll-outs

Source: RBI

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Outsourced ATM base for cash management to recover in next 12 months; transaction pricing trend improving

Total no. of outsourced ATMs

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PSU BLA transaction
pricing trend
Expected
expansion
March 2024
Roll-outs in
~9K
progress
Bank 1: ₹10.5
~10K
~140K ~144K
~15K
~10K
~135K
June 2024
~120K
Bank 2: ₹16.5
SBI ~7,000
Exit of #3 MSP
+ UBI ~3,000 PNB ~3,500
January 2025
Delay in PSU
ICICI ~2000 Pvt. Banks ~2,500
contract
Bank 3: ₹16.95
Others ~2000 Others ~2,000
DOP ~1,000 BOI ~1,000
September 2025
Mar’23 Sept’25 Mar’26E Mar’27E
CMS
Bank 4: ₹18.9
Market
Share
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*CMS estimates on O/S ATMs

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ATM management solutions: CMS revenue share @ ~25%

Private Banks Led

Brown Label ATMs (BLAs)

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Current services revenue size
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•
Bank branded ~85K ATMs
•
Revenue: ~₹4.5 Lacs/ATM/
p.a.; total ~₹3,750 Cr
•
7-10 years contract life
+
White Label ATMs (WLAs)
PSU Banks Led
bank self-managed ATMs when
outsourced, would be an
•
Retail & franchise-oriented model
incremental revenue size of
•
~35K ATMs: ~₹19/txn fee
•
Revenue: ~₹5 Lacs/ATM/p.a.;
total ~₹1,500 Cr
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•
~35K ATMs
•
Revenue: ~₹2.2 Lacs/ATM/p.a.;
total ~₹750 Cr
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•
3 years contract life
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•
~90K branch onsite ATMs
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• Revenue: ~₹0.6 Lacs/ATM/p.a.; total ~₹600 Cr

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BANK OWNED
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MSP & IAD OWNED

MSP=Managed Services Provider, IAD=Independent ATM Deployer

*Excluding WLAs

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• FY 30: ATM management solutions outlook 11% growth potential, driven by market expansion and share gains

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Drivers
Increase in interchange fee
Increased outsourcing through
integrated contracts
Contract renewal cycle with two
major private banks
Pricing uplift potential
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Assumptions Revenue Estimates
~ ₹2,200 Cr
to
~ ₹2,250 Cr
Overall ATM Base
~ ₹1,575 Cr
to
~ ₹1,625 Cr
ATM O/S Base
~ ₹1,300 Cr
CMS Market Share
FY 25 FY 27 FY 30
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*For overall ATM Platform, excluding WLAs Services revenues only

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• RETAIL SOLUTIONS &

• CURRENCY LOGISTICS

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Retail is growing fast and underpenetrated

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Currency usage is strong
Large TAM
in SURU (₹ Mn)
opportunity
Mar 24 Mar 25
30 - 40 Lacs
Total Retail Touch Points
4.3
4.2
5 - 6 Lacs
Org. Retail Points 2.8
2.7
2 Lacs
Org. Cash Points
Metro/Urban SURU
49% Base 51% Base
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High growth in retail currency management points

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Direct Retail Bank Serviced
200K
40K
150K
10K
110K
5K
105K 140K 160K
Mar’ 21 Mar’ 23 Mar’ 25
15% CAGR
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CMS Data, currency throughput per point per month on same store basis SURU – Semi Urban & Rural

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Solution and sales investments driving retail market expansion

Direct retail points: Sector focused strategy

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Direct retail points: Strengthened revenue market
Sector focused strategy share position (+400 bps)
Mar’ 23 Mar’ 25
17%
30%
QSR
38%
Large Retail Format
36%
34% 34%
30%
28%
26%
NBFC &
Others
27%
E Com/ Logistics
CMS Competitor 1 Others
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Currency-in-Transit
(No. of CMS Routes)
~ 1,400
~ 1,175
~ 900
Mar’ 21 Mar’ 23 Mar’ 25
11% CAGR
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Bank branch expansion driving growth

The list is not exhaustive CMS estimates

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FY 30: Retail solutions & currency logistics outlook 11% growth potential

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Drivers
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Retail, E-commerce, NBFCs & Banks expanding branches/stores Expanding the market breadth beyond tier-II Banks consolidating currency chest operations

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Assumptions
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Touch Points Growth CMS Market Share

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Revenue Estimates

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~ ₹1,050 Cr
to
~ ₹1,100 Cr
~ ₹725 Cr
to
~ ₹750 Cr
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~ ₹640 Cr
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FY 25 FY 27 FY 30
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TECHNOLOGY & PAYMENT SOLUTIONS

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Rapid scale-up of Vision AI solution (RMS) FY 22 - FY 25: ~90% revenue CAGR

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15X growth in points

Established BFSI market share leadership

• Started with ₹25 Cr acquisition (2022)

• Built end-to-end capabilities - AI Modules,

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30,000
15,000
2,000
FY 22 FY 23 FY 25
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25%
18%
10%
7%
FY 22 FY 23 FY 24 FY 25
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• Chipset & IoT Panel

• Developed AI modules for 8 non-BFSI sectors: expansion into Retail, EV infra, QSR sectors

• Strategic acquisition of Securens Ltd., with rich 10+ years of AI trained data: ~₹80 Cr

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CMS Edge Chipset HAWKAI Surveillance Control & Command
Device Camera Center, Mumbai
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Case-study of our approach to ‘ PLATFORM ’ building

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Large untapped opportunity: TAM of ₹8,000 Cr+

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NBFC +
Insurance + MFI
Bank ATMs Bank Branches Gold Loan
Branches
Compliance, Compliance,
Burglary, Consumer
Burglary, Consumer Burglary, Consumer Asset Safety
Safety
Safety Safety
~200K ~120K ~45K ~30K
₹2,000 Cr
The list is not exhaustive
For
Solutions
Sites
No. of
TAM
Annual
Key
Clients
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Quick Commerce + Retail + QSR

Stock pilferage, Theft, Operational efficiency ~120K ₹1,000 Cr

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Infrastructure (Transportation, EV, Shipping, Telecom)

Asset protection, Consumer safety, Operational efficiency

~500K–1,000K ₹5,000 Cr

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Software: ALGO MVS transforms ATM into a customer acquisition engine

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ATMs
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Market Share
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Powering SBI ATM Network Development in Progress for ICICI Bank, Go LIVE in FY 27 Optionality to expand into broader software solutions for banks

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FY 30: Technology & payment solutions outlook 20%+ growth potential

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Drivers Assumption
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~₹2000 Cr TAM in BFSI Vision AI Points: (bank branch automation opportunity) Non-BFSI segment acceleration CMS BFSI Market Share: Potential in international markets No. of ATMs: Expand into top 5 banks Growth in new bank accounts Annual Growth of opened

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Revenue Estimates
~ ₹500 Cr
to
~ ₹600 Cr
~ ₹400 Cr
~ ₹240 Cr
FY 25 FY 27 FY 30
Vision AI revenue contribution in this business to increase from
50% to 70%
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GROWTH OUTLOOK

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FY 26 seeing slower momentum due to macro & industry issues

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aggressive pricing & declining transaction trends leading to execution delays and stress on tier-II MSP balance sheet

formal order delayed, network ramp-up drag on cost

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impacting ATM transactions + Retail churn & collection volumes

dip of 15K ATMs in outsourcing base

MSP=Managed Services Provider

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ML= Machine Learning

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FY 27 estimates & FY 30 revenue potential

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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%
CAGR
FY 2030
~2,200 - 2,250 ~1,050 - 1,100 ~500 - 600 ~3,750 – 3,950
Revenue (₹ Cr)
11% CAGR 11% CAGR 20% CAGR
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M&A: Programmatic track record for value creation

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• Focused on control/buyout transactions

• Cultural alignment with founders to scale

• Thorough ‘Build vs Buy’ decision making; willing to buy high quality scaled assets to reduce execution risk

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• 6 acquisitions over the last decade (3 Consolidation; 3 Expansion)

• Average payback period of <4 years

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• E-com last mile logistics, Digital payments, Loan collections and Bullion logistics

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Brinks Co. (USA) case-study: Leveraging M&A to drive growth & value creation

Consolidation Expansion (~$250 Mn invested) (~$1.4+ Bn invested) G4S (2020) Dunbar (2018) Managed Services MVS Software $860 Mn $520 Mn+ PAI INC (2021), KAL (2025) $210 Mn 12% 18.2% $4.8 Bn ~30X 20% $5 Bn Key Financials Revenue CY 24 CC Revenue Adj. EBITDA% Market Cap TTM P/E Stock Price CAGR Growth Rate CY 24

*3 Yr CAGR

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The right lens for CMS

Source: Screener, Money control & public disclosures, as of Sept’25 CAGR FY 22 - FY 25 3 Yr. Rev CAGR 3 Yr. PAT CAGR ~ ROCE (%) ~ EV/EBITDA ~ P/E Ratio 15% 18% 25% 9X 17X Route Logistics 9% NA 3% 23X 167X 4% (12%) 16% 17X 33X 9% (13%) 18% 22X 27X Business Services 16% 15% 50% 27X 40X 3% (NQ) <10% 28X 30X	3 Yr. Rev CAGR 15%	3 Yr. Rev CAGR 15%	3 Yr. PAT CAGR 18%	~ ROCE (%) 25%	~ EV/EBITDA 9X	~ P/E Ratio 17X
		9%	NA	3%	23X	167X
		4%	(12%)	16%	17X	33X
		9%	(13%)	18%	22X	27X
		16%	15%	50%	27X	40X
		3%	(NQ)	<10%	28X	30X

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CMS 2030 summary

Total services revenues

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~ ₹4,500 - 4,750 Cr
Aspiration
(Incl. inorganic)
(REVENUE GROWTH + EBITDA MARGIN > 35%)
~ ₹3,750 - 3,950 Cr Potential
Strong market consolidation opportunity with
pricing upside
53%
~ ₹2,180 Cr
Retail & Tech
42%
Maintain high margin quality & ROCE profile
Businesses
ATM
47%
Management 58%
Solutions Strong capital allocation and reinvest for expansion
FY25 FY30
CAGR
16%
~ CAGR
12%
~
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*Including inorganic growth

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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 date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of CMS Info Systems Limited (CMS), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forwardlooking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

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