Key Outcomes Approved by the Board

1. Unaudited Financial Results: The Board considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.

  • The Consolidated Financial Results along with the Limited Review Report from Statutory Auditors (BS R & Co. LLP) are enclosed as Annexure IIA.
  • The Standalone Financial Results along with the Limited Review Report are enclosed as Annexure IIB.
  • The Board also noted and approved a Media Release on the results, enclosed as Annexure I.

2. Resignation of Company Secretary: The Board noted the resignation of Mr. Debashis Dey from the position of Company Secretary & Compliance Officer of the Company. His resignation letter is enclosed as Annexure III. He will be relieved after working hours on Thursday, November 19, 2026.

Meeting Details

The Board meeting commenced at 05:15 PM (IST) and concluded at 07:30 PM (IST) on November 13, 2026.

Detailed Financial Performance (Consolidated)

Income Statement Highlights (Q2 FY27 vs. YoY and QoQ)

  • Total Revenue: ₹650.42 Cr (Q2 FY27), +6.7% YoY (from ₹608.62 Cr), +2.4% QoQ (from ₹634.70 Cr).
  • Services Revenue: ₹644.00 Cr, +16.2% YoY, +3.0% QoQ.
  • Total Income: ₹660.41 Cr (Q2 FY27), compared to ₹619.53 Cr (Q2 FY26) and ₹649.81 Cr (Q1 FY27).
  • EBITDA: ₹173.00 Cr, +24.8% YoY, +0.4% QoQ.
  • EBITDA Margin: 26.7%, an increase of 390 basis points YoY and a decrease of 53 basis points QoQ.
  • Profit Before Tax (PBT): ₹103.40 Cr (Q2 FY27), compared to ₹95.60 Cr (Q2 FY26) and ₹104.99 Cr (Q1 FY27).
  • Profit After Tax (PAT): ₹80.89 Cr, +10.3% YoY (from ₹73.35 Cr), -3.3% QoQ (from ₹83.68 Cr).
  • Diluted EPS: ₹5.05, +14.9% YoY (from ₹4.40), -1% QoQ (from ₹5.10).

Half-Yearly Performance (H1 FY27 vs. H1 FY26)

  • Total Revenue: ₹1,284.31 Cr, +3.9% YoY (from ₹1,236.03 Cr).
  • Services Revenue: ₹1,269.00 Cr, +12.7% YoY.
  • EBITDA: ₹346.00 Cr, +16.4% YoY.
  • EBITDA Margin: 27.0%, up 290 basis points YoY.
  • PAT: ₹164.57 Cr, -1.4% YoY (from ₹166.93 Cr).
  • Diluted EPS: ₹10.15, +1.4% YoY (from ₹10.01).

Segmental Performance (Q2 FY27)

  • Cash Logistics: Revenue ₹404.00 Cr (+2% YoY, 0% QoQ); EBIT ₹77.00 Cr (+31% YoY, -6% QoQ).
  • Managed Services & Technology Solutions (incl. Card Services): Revenue ₹321.00 Cr (+19% YoY, +5% QoQ); EBIT ₹34.00 Cr (-10% YoY, +8% QoQ). The Managed Services EBIT was impacted by lower transaction-linked ATM revenue and higher depreciation from FY26 capex and the FSS acquisition.

Balance Sheet (Consolidated as of September 30, 2026)

  • Total Assets: ₹32,143.14 million (Unaudited), compared to ₹32,381.66 million (Audited as of March 31, 2026).
  • Total Equity: ₹23,877.22 million attributable to equity shareholders.
  • Paid-up Equity Share Capital: ₹1,600.63 million (Face value ₹10 per share).

Cash Flow (H1 FY27)

  • Net Cash from Operating Activities: ₹1,772.55 million.
  • Net Cash from Investing Activities: ₹237.21 million.
  • Net Cash used in Financing Activities: ₹(2,541.29) million, primarily due to share buyback (₹1,679.30 million) and dividend payment (₹400.16 million).
  • Net Decrease in Cash: ₹(531.53) million.

Management Commentary

Mr. Rajiv Kaul, Executive Vice Chairman & CEO, stated that this was the fourth consecutive quarter of record services revenue. He highlighted the growth of the Technology & Payment Solutions segment, which has grown 4X since FY22 at a 33%+ CAGR, achieving ₹127 Cr revenue in Q2. He mentioned winning two large bank mandates for branch surveillance and ATM software and noted that most of H2 FY27 revenue is already contracted.

Analyst Conference Call

An earnings conference call is scheduled for Saturday, November 14, 2026, at 2:00 PM IST. The presentation will be submitted to the stock exchanges and hosted on the company's website.

Resignation Details

Mr. Debashis Dey submitted his resignation on August 21, 2026, to pursue opportunities outside the organization. His contractual notice period is 90 days, making his last day November 19, 2026. He has committed to ensuring a smooth transition of his responsibilities.

Auditor's Review

Statutory Auditors, BS R & Co. LLP, issued an unmodified limited review report on both the consolidated and standalone financial results for the quarter ended September 30, 2026.