CMS信息系统（CMSINFO）：2025财年第四季度初步分析略未达标；市场份额增长为正

4QFY243QFY254QFY25YoYQoQ3,8824,0444,1387%2%2,3741,9052,267-5%19%273194177-35%-9%(258)(329)(391)52%19%6,2715,8156,191-1%6%878871845-4%-3%1,1881,1721,2515%7%2,6502,1762,473-7%14%4,7174,2204,570-3%8%1,5541,5951,6214%2%24.8%27.4%26.2%140 bps-124 bps3974104278%4%11211713824%18%40474614%-3%1,2291,2541,2865%3%314322311-1%-4%9149329767%5%14.3%15.7%15.4%109 bps-29 bpsFY23FY24FY25EFY26EFY27E28%26%26%26%25%2,9723,4713,7944,6215,47233%17%9%22%18%21%20%18%19%20%13.913.112.510.69.125222117144.84.03.53.02.6 Prakhar Sharma * | Equity Analyst91 22 4224 6129 | prakhar.sharma@jefferies.comVinayak Agarwal * | Equity Associate+91 22 4224 6178 | vagarwal2@jefferies.com Exhibit 3 - CMS Info Systems: Profit & Loss Statement.Profit & Loss (Rsm)Cash Management ServicesManaged ServicesCardsInter-SegmentRevenue from operationsTotal expensesEbitdaEbitda margin (%)Depreciation and amortisation expenseOperating ProfitOther incomeEBITFinance costsProfit before taxTotal tax expenseProfit after taxPAT margin (%)PAT growth (% YoY)Source: Company Data, JefferiesExhibit 4 - CMS Info Systems: Balance Sheet.Balance Sheet (Rsm)Equity share capitalOther equityTotal equityNon-current liabilitiesCurrent liabilitiesEQUITY AND LIABILITIESProperty, plant and equipmentRight-of-use assetsGoodwillNon-current assetsInvestmentsCash and cash equivalentsCurrent assetsASSETSSource: Company Data, JefferiesExhibit 5 - CMS Info Systems: Key Ratios.Key RatiosEPS (Rs)EPS Growth (% YoY)EBITDA (Rsm)EBITDA Margin (%)EBITDA growth (% YoY)Net Profit (Rsm)PAT Margin (%)PAT Growth (% YoY)ROA (%)ROE (%)BVPSBVPS Growth (% YoY)DPSDividend payout (%)Dividend yield (%)P/SP/EP/BVMcap/ EBITDASource: Company Data, JefferiesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 6 - CMS Info Systems: Cash Flow Statement.Cash Flow Statement (Rsm)Profit before taxAdjustments to reconcile PBT to net cash flowMovement in working capitalDirect taxes paid (net of refunds)Net cash flow from operating activities (CFO)Purchase of PP&E and IntangiblesInvestment in mutual fundsInvestment in deposits with banksNet cash flow from investing activities (CFI)Dividend paidFinance costsFinance costs on lease liabilityPayment of principal portion of lease liabilitiesNet cash flow from financing activities (CFF)Net (decrease) / increase in cashCash and cash equivalents at the beginningCash and cash equivalents at the endSource: Company Data, JefferiesExhibit 7 - CMS Info Systems: Price Target Computation.CMS Info Systems Target price (Mar-27e)EPS (Rs)P/E (x)Target price (Rs)Target price rounded off (Rs)Current price (Rs)Upside (%)Source: Company Data, JefferiesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionCMSINFOCMS Info Systems Ltd is one of India’s largest cash management company based on number of ATM points and number of retail pick-up points,and offers its customers a wide range of tailored cash management and managed services solutions, including ATM network management,retail management and managed services. CMS manages the entire flow and management of money for the business points that it serves everyday - from when the RBI initially deposits cash in the bank’s currency chests, to when cash is deposited back in banks after going through thevarious stages of the cash cycle.Company Valuation/RisksCMSINFOWe rate CMS Info Systems as Buy with a price target of Rs600 based on 18x Mar-27 PE. M&A led consolidation and diversification into newer/non-cash driven businesses can drive rerating. Key risks can arise from rapid digitisation of retail transactions and any adverse change in bank-partnership terms.Analyst Certification:I, Prakhar Sharma, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Vinayak Agarwal, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Prakhar Sharma is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securi