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Q1 FY27 Financial Performance Summary

Operating Income: ₹634.7 Cr (Up 1.2% YoY from ₹627.4 Cr in Q1 FY26 and 0.3% QoQ from ₹632.9 Cr in Q4 FY26)

Operating EBITDA: ₹168.8 Cr (Up 7.0% YoY from ₹157.8 Cr and 4.7% QoQ from ₹161.2 Cr)

EBITDA Margin: 26.60% (Improved 145 bps YoY from 25.15% and 113 bps QoQ from 25.47%)

Profit Before Tax (before exceptional): ₹105.0 Cr (Down 16.4% YoY from ₹125.6 Cr and down 0.3% QoQ from ₹105.3 Cr)

Profit After Tax: ₹83.7 Cr (Down 10.6% YoY from ₹93.6 Cr but up 5.8% QoQ from ₹79.1 Cr)

PAT Margin: 13.19% (Down 173 bps YoY from 14.92% but up 69 bps QoQ from 12.50%)

Depreciation & Amortization: ₹72.8 Cr (Up 63.6% YoY and 22.8% QoQ)

Finance Costs: ₹6.2 Cr (Up 51.2% YoY but down 1.6% QoQ)

Tax Expense: ₹21.3 Cr (Down 33.4% YoY and 24.2% QoQ)

Key Business Highlights & Operational Metrics

Services Revenue: Achieved highest ever at ₹625 Cr, up approximately 3% QoQ and 9% YoY.

Cash Supply Impact: Currency supply issues from banks impacted ATM revenue by ₹25 Cr in Q1 FY27, with cash supply at ~70% of indented amount. The situation is noted to be improving from July 2026.

Order Book: Entered FY27 with ₹2,000 Cr order book, with about 85% of the year's services revenue contracted. This has now increased to 90% of FY27 services revenue being contracted.

Contract Wins:

  • HDFC Bank integrated managed services contract (won in April 2026) is now live, covering 6,000 ATMs for 5 years with total contract value (TCV) of ₹400 Cr.
  • Two technology wins: HAWKAI Enterprise RMS with a leading PSU Bank and ALGO MVS S/W with a large bank.
  • Two product mandates for ~1,000 currency recyclers won.

Cost Pressures & Mitigation

Wage Inflation: 6% to 60% minimum wage increase across key states.

Fuel Prices: 8% increase in the last 6 months.

Repricing Strategy: Actively recovering cost impact through contract repricing. Price increases being secured across Private Sector Bank and Retail contracts, targeting closure by Q2 FY27. For Public Sector Banks, the Indian Banks' Association (IBA) is constituting a committee to evaluate cost impact and approve revisions.

Segmental Performance (₹ Cr)

Cash Management Services (MS):

  • Year-over-Year: Revenue -18%, EBIT -13%
  • Quarter-over-Quarter: Revenue +3%, EBIT -24%

Note: MS EBIT impacted due to flow through impact of dip in BLA revenues to margin.

Company Overview & Operating Scale

Platform Scale:

  • 70,000+ ATMs managed daily
  • 20,000 bank branches connected
  • 65,000+ retail touchpoints serviced
  • 1,400 CIT routes daily
  • 4,000+ optimized cash routes
  • 27,000 people on the frontline
  • ₹14 Lakh Cr cash processed annually
  • 50,000+ HAWKAI sites monitored

HAWKAI Platform: Scaled rapidly to ~₹200 Cr revenue, doubled in two years. India's largest Vision AI platform for BFSI, expanded into eight non-BFSI sectors. Total addressable market (TAM) of ₹8,000 Cr.

Capital Market Data (as of June 30, 2026)

Shareholding Pattern:

  • Foreign Institutional Investors: 22.70%
  • Mutual Funds: 30.01%
  • Alternative Investment Funds: 5.99%
  • Others (incl. retail): 41.30%

Market Data:

  • Market Cap: ₹4,495.4 Cr
  • Equity Shares Outstanding: 160.1 Mn
  • Market Price: ₹280.9
  • 52-week High/Low: ₹540.5 / ₹263.5
  • Average Trading Volume: 680.9 ('000 shares)

Leadership

Board of Directors: Shyamala Gopinath (Former Deputy Governor, RBI), Vishnu Jerome (Founding Partner: Jerome Merchant+ Partners), Will Poole (Managing Partner & Cofounder, Capria Ventures), Krzysztof Jamroz, Vidya Krishnan (Non-Executive Independent Director, Deputy Managing Director, SBI Group).

Management Team: Rajiv Kaul (Executive VC, Whole Time Director & CEO), Pankaj Khandelwal (President & CFO), Anush Raghavan (Chief Business Officer), Puneet Bhirani (Chief Operations Officer), Rajeev Bhatia (Chief Information Officer).

Historical Financials (FY23-FY26)

| Particulars (₹ Cr) | FY23 | FY24 | FY25 | FY26 |

| Operating Income | 1,915 | 2,265 | 2,425 | 2,487 |

| Operating EBITDA | 538 | 599 | 627 | 596 |

| EBITDA Margin (%) | 28.1% | 26.5% | 25.9% | 24.0% |

| PAT | 297 | 347 | 372 | 304 |

| PAT Margin (%) | 15.5% | 15.3% | 15.4% | 12.2% |