Analysts/Institutional Investor Meet/Con. Call Updates

CMSINFO/PKSD/2608/011 August 13, 2026 BSE Limited National Stock Exchange of India Limited Listing Department, Exchange Plaza, C-1, Block-G, 1st Floor, PJ Towers, Dalal Street, Bandra Kurla Complex, Bandra (East), Fort, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 543441 Symbol: CMSINFO Dear Sir/Madam, Sub: Transcript of Earnings Call. Further to our Letter No. CMSINFO/SDVS/2608/002 dated August 6, 2026 and pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of Earnings Conference Call held on Tuesday, August 11 2026 at 02:00 P.M. (IST) on Company’s Q1FY27 earnings. The transcript is being uploaded on the website of the Company at www.cms.com You are requested to kindly take the same on record. Thanking You, For CMS Info Systems Limited 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 “CMS Info Systems Limited Q1 FY27 Earnings Conference Call” August 11, 2026 MANAGEMENT: MR. RAJIV KAUL – EXECUTIVE VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER – CMS INFO SYSTEMS LIMITED MR. PANKAJ KHANDELWAL – CHIEF FINANCIAL OFFICER – CMS INFO SYSTEMS LIMITED MR. ANUSH RAGHAVAN – CHIEF BUSINESS OFFICER – CMS INFO SYSTEMS LIMITED MR. PUNEET BHIRANI – CHIEF OPERATING OFFICER – CMS INFO SYSTEMS LIMITED MODERATOR: MR. SHALIN CHOKSY – JM FINANCIAL Page 1 of 17 CMS Info Systems Limited August 11, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 earnings conference call of CMS Info Systems Limited, hosted by JM Financial. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Shalin Choksy from JM Financial. Thank you, and over to you, sir. Shalin Choksy: Thank you, Manav. Good afternoon, everyone. On behalf of JM Financial Institutional Securities, I welcome you all to the Q1 FY27 Earnings Call of CMS Info Systems. We have with us the management of the company, represented by Mr. Rajiv Kaul, Executive Vice Chairman and Chief Executive Officer; Mr. Pankaj Khandelwal, Chief Financial Officer; Mr. Anush Raghavan, Chief Business Officer; and Mr. Puneet Bhirani, Chief Operating Officer. With this, I will hand over the call to the management for their opening remarks, post which we can open the floor for question and answers. Thank you, and over to you, Rajiv. Rajiv Kaul: Thank you. Thank you for joining our Q1 call. Let me take a few minutes to talk about the quarter and the year, and then hand it over to the team for more details. The first thing we set out to do this year was to grow our services revenue run rate from INR609 crores in Q4 to INR650 crores. In Q1, we came in at INR625 crores. This is some modest growth on Q4, but is INR25 crores short of what we aimed for. And the shortfall is entirely down to the worst cash supply squeeze this industry has seen in the last decade. Banks supplied about 70% of currency what the industry indented for on a daily basis. This is a risk we had called out in our May call, and this INR25 crores revenue loss has an operating deleverage impact on the P&L. We believe this should normalize by the end of Q2. So we are setting our full year services revenue goal at INR2,650 crores to INR2,750 crores against the INR2,700 crores to INR2,800 crores earlier. The total revenue, including product revenue, is estimated accordingly at INR2,750 crores to INR2,850 crores. Against this, we are raising our EBITDA margin guidance to about 27% from the 25% to 26% we had guided in May. So in summary, we have trimmed the revenue number affected by an external supply issue, but we have raised the guidance on a metric which reflects the quality of the business. The supply squeeze has been painful across the industry for banks, their customers as much as for the ATM deployers and operators. After extensive industry representation, the Indian Banks' Association, IBA, has constituted a committee to review the situation and evaluate repricing legacy PSE contracts. Anush, our Chief Business Officer, is going to cover this more on this in his commentary. A quarter like this does test how well a business can absorb a shock it did not fully see coming. In this environment, we delivered our highest ever services revenue and expanded margins by 170 basis points, while carrying higher-than-normal wage and fuel inflation in the cost base. Page 2 of 17 CMS Info Systems Limited August 11, 2026 This is a result of the investments we have made over the last 2 years in higher technology spends, which drove productivity gains and also towards a flexible workforce model. Pricing discipline has also helped us step away from lower-yield contracts and our shift towards fixed price contracts while winning large private sector bank contracts has also helped. Now I would like Anush, our Chief Business Officer, to take you through more details on the business environment, the key wins. And after him, Pankaj, our CFO, will take you through the financial highlights. Anush Raghavan: Thank you, Rajiv. Good day, everyone. Let me start by covering the currency supply situation, where it stands today, what are we doing about it and the business highlights. Starting with currency, we normally see some disruptions around election cycles. This year, with the 4 key state elections in Feb to April, currency movements typically come under a lot more closer scrutiny through the model code of conduct period. There are currency imbalances, which strain the currency chest networks. Now this happens every cycle, and we plan for it in advance. This year, however, saw a much larger and a longer-lasting impact on the geographically larger part of the country. When fulfillment constantly fails the levels of cash which are indented, everyone tends to behave a little differently and start indenting differently. And effectively, this creates a bullwhip effect. Now this is not a demand problem. Currency in circulation is up 12% year-on-year. And on the retail side of the business, our own same-store volumes have held constant. The constraint imposed around currency supply affected distribution, and it was concentrated in Tier 1 and Tier 3 -- Tier 2 and Tier 3 locations, where our transaction BLA estate is. Now this has a direct impact on the operating deleverage for us on 12% of our revenue base. On per transaction contracts, an ATM which is not filled does not earn and there is no way to offset the operating costs. Across our own estate, ATMs that stayed well supplied saw transactions flat year-on-year. Those which saw currency supply lower at about 70% saw transactions fall by 27%. So in effect, there is almost a near one-to-one correlation between currency supply and the impact on transaction at these ATMs. This, in effect, has lowered our revenues by INR18 crores in the BLA business and impact to us on the cash logistics side from the work that we do for other MSPs is about INR7 crores. As of today, the currency fulfillment has recovered partially through Q2 to about 80% of indented volume. And in our plan, we now assume that this should improve gradually by the end of the quarter. On the cost side, this year has seen very steep increases in state-level minimum wages, ranging from 6% to as much as 60% in certain key large states. Fuel costs are up 8% this year. Now this will all necessitate a larger price increase than a [Showing first 8,000 characters — download PDF for full document]