Radiant Cash FY26 Revenue Up 1.1%, EBITDA Margin Drops

Document Overview

This document is an investor presentation filed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the earnings conference call scheduled for June 02, 2026, at 11:00 a.m. IST. It covers the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (Q4 & FY26).

Financial Performance

Consolidated Financial Highlights (FY26)

Revenue: Consolidated Revenue for FY26 grew by 1.1% over the previous year. This low growth is attributed to the loss of a few divisions of Railways and the loss of one large E-commerce logistics client due to a merger.
Profitability: EBITDA margins dropped by 5.4% (316 basis points) to 10.7%, primarily due to losses incurred in the fintech subsidiary and the Radiant Valuables Logistics business. The company states both businesses are on their way to profitability in the current financial year (FY27).
Losses: The company continued to have the "lowest cash losses in the Industry" in the quarter.
Returns: Return on Capital Employed (ROCE) and Return on Equity (ROE) were affected by the losses from new business initiatives. ROE for the period was 10.5%.
Liquidity: The company maintains strong liquidity with healthy cash balances and zero net debt.

Consolidated Financials Snapshot (₹ in millions)

| Particulars | FY26 | FY25 | % Change | FY24 |

| Total Income | 1,034 | 1,260 | -18.9% | 1,085 |

| Employee Costs (% of Income) | 236 (22.8%) | 240 (19.1%) | -1.9% | 221 (20.9%) |

| Other Expenses | 686 | 845 | -18.9% | 688 |

| Total Expenses (% of Income) | 66.5% | 67.1% | | 64.8% |

| EBITDA* | 111 | 175 | -36.8% | 152 |

| EBITDA Margin (%) | 10.7% | 13.9% | -316 bps | 14.3% |

| Finance costs | 23 | 21 | | 12 |

| Depreciation | 30 | 29 | | 26 |

| Exceptional Items | 31 | 125 | | |

| Profit Before Tax (PBT) | 26 | 116 | -78.9% | 114 |

| Tax Expense | -3 | 9 | | 30 |

| Profit After Tax (PAT) | 30 | 116 | -74.5% | 84 |

\*Exceptional item not considered for calculation of consolidated EBITDA.

Operational & Business Overview

Business Model and Services

Radiant Cash provides a range of cash management services with the following revenue models:

1. Cash Pickup & Delivery: Fixed amount per point per month. Growth is driven by an increase in the number of points serviced, particularly beat pick-up points and expansion into Tier 3+ locations.

2. Network Cash Management: Variable amount linked directly to the cash deposited in Radiant's bank account. Growth is driven by the volume of cash handled.

3. Cash Processing: Fees directly linked to the quantum of cash picked up.

4. Cash Van Operations: A fixed amount per van per month (or per day) with additional charges for excess usage. Growth is driven by currency in circulation, RBI's currency replacement cycles, and bank branch expansion.

5. Other Services: Includes Man Behind Counter (MBC) billed per headcount per month and Vault operations billed based on storage quantum, value, and duration.

Geographic and Operational Reach

Presence: Pan-India presence across 28 States and 8 Union Territories, with a focus on non-metro cities.
Touchpoints: 77,521 touch points covering 14,844 pin codes across India (excluding Lakshadweep).
Market Focus: 82.1% of touch-points and 83.5% of revenues come from Tier 2 and Tier 3+ markets.

Client Base and Risk Management

Clients: A diversified base spanning India's largest foreign, private, and public sector banks, fostered by long-standing relationships, bespoke services, and consistent quality.
Risk Framework: A stringent risk management policy enforced by a team of 140 employees, which includes 70 ex-armed forces personnel. The team is headed by a Director (Ops).
Cash Loss: Cash loss as a percentage of cash movement was 0.0020% in FY26 (₹33.32 million on ₹16,93,763 million moved).
Technology: Employs mobile applications (Radmus App, Radiant Sandesh App), API integrations with client ERPs, CPIN/OTP for collections, and QR code scanning to optimize operations and enhance security.

Key Performance Indicators (KPIs)

| PARTICULARS | FY23 | FY24 | FY25 | FY26 |

| Clients | 89 | 153 | 239 | 357 |

| End customers | 3,242 | 3,346 | 3,802 | 4,032 |

| Pin codes | 13,459 | 14,370 | 14,095 | 14,844 |

| Locations | 5,733 | 8,276 | 8,974 | 9,162 |

| Total touch points | 63,420 | 69,934 | 77,982 | 77,521 |

| - Cash Pick-up points | 59,941 | 66,454 | 75,436 | 73,410 |

| - Beat pick-up points | 56,902 | 62,434 | 69,634 | 67,025 |

| - Request pick-up points | 3,039 | 4,020 | 5,802 | 6,385 |

| - Cash Delivery points | 3,479 | 3,480 | 2,546 | 4,111 |

| Split of touch points (Tier 1 / 2 / 3+) | 10,039 / 13,278 / 40,103 | 11,504 / 15,156 / 43,274 | 13,037 / 17,749 / 47,196 | 13,887 / 18,022 / 45,612 |

| Cash Vans | 840 | 870 | 856 | 870 |

| Strong rooms | 15 | 12 | 12 | 12 |

| Safes | 28 | 33 | 33 | 33 |

| Vaults | 12 | 12 | 12 | 12 |

| Cash Movement (₹ Mn) | 15,72,187 | 16,70,442 | 16,78,271 | 16,93,763 |

| Total Workforce | | | | 9,875 |

| Ex-Armed Forces Employees | 1,939 | 2,037 | 2,030 | 2,030 |

| % of Ex-Armed Forces Employees | 21% | 21% | 21% | 21% |

| Insurance Coverage | 100% | 100% | 100% | 100% |

| Cash Loss (₹ Mn) | 63.38 | 20.46 | 22.68 | 33.32 |

| Cash Loss as % of Cash movement | 0.0040% | 0.0012% | 0.0014% | 0.0020% |

| Insurance Premium Paid (₹ Mn) | 44.17 | 56.25 | 52.52 | 56.09 |

Corporate Social Responsibility (CSR)

The company's CSR focuses on Nutrition, Education, and Sanitation.

Ashraya Project: A flagship initiative providing free noon meals to the elderly and destitute since 2011. In FY26, mid-day meals were provided to 1,258 individuals in 32 villages in Chennai. The company is also associated with Chennai Roti Bank.
Past Projects: Include contributions to the Reciprocity Foundation for beach cleaning, Project Shiksha (interest-free education loans benefiting 450+ students), and Radiant Sambandh (support for next of kin of armed forces casualties).

Management and Board of Directors

Board of Directors:

Col. David Devasahayam: Chairman and Managing Director. Founder with over 24 years in the Indian Army and 16 years with the company.
Dr. Shanthi David: Whole Time Director. Founder with an MBBS and Ph.D., previously associated with Apollo Hospitals. 16 years with the company.
Mr. Alexander David: Whole Time Director. Over 13 years of experience in operations with the company.
Ms. Jayanthi, I.A.S (retd): Independent Director. Over 35 years of experience in the Indian Administrative Services.
Mr. Ashok Kumar Sarangi: Independent Director. Over 32 years of experience with the RBI, retired as Chief General Manager.
Lt. Gen. (Retd.) Devraj Anbu: Independent Director. Over 35 years in the Indian Army in senior positions.

Management Team:

Col. Benz K. Jacob: Chief Operating Officer (28 years Army, 14 years company).
Wg. Cdr. Shashank Naidu: Director (Audit) (26 years Army, 16 years company).
Karthik Sankaran: Chief Technical Officer (16 years IT experience).
Cyrus Shroff: Chief Marketing Officer (25 years in Financial Services).
T.V. Venkataramanan: Chief Financial Officer (CA, CS, ICWA).
Alexander David: Whole Time Director (11 years company).
Nithin Tom: Company Secretary (CMA, CS).

Standalone Financials (₹ million)

Income Statement

| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |

| Revenue from operations | 2,860 | 3,549 | 3,845 | 4,051 | 4,013 |

| Other income | 10 | 26 | 58 | 64 | 94 |

| Total Income | 2,870 | 3,575 | 3,903 | 4,115 | 4,107 |

| Employee benefits expenses | 497 | 605 | 731 | 800 | 863 |

| Finance costs | 37 | 9 | 12 | 21 | 47 |

| Depreciation and Amortisation | 38 | 45 | 61 | 85 | 96 |

| Other expenses | 1,778 | 2,073 | 2,481 | 2,588 | 2,631 |

| Total Expenses | 2,350 | 2,732 | 3,285 | 3,494 | 3,637 |

| Profit Before Tax (PBT) | 520 | 843 | 618 | 621 | 470 |

| Tax Expense | 138 | 216 | 163 | 165 | 88 |

| Profit After Tax (PAT) | 382 | 627 | 454 | 457 | 382 |

| Earnings Per Share (Basic) (INR) | 3.77 | 6.11 | 4.26 | 4.28 | 3.58 |

| Earnings Per Share (Diluted) (INR) | 3.77 | 6.11 | 4.26 | 4.28 | 3.58 |

Balance Sheet Highlights (Standalone)

| Particulars (₹ million) | FY22 | FY23 | FY24 | FY25 | FY26 |

| Total Equity | 1,398 | 2,299 | 2,537 | 2,728 | 2,839 |

| Total Liabilities | 508 | 489 | 557 | 1,240 | 1,875 |

| Total Assets | 1,906 | 2,789 | 3,094 | 3,968 | 4,714 |

| Trade Receivables | 785 | 702 | 771 | 738 | 784 |

| Cash and Cash Equivalents | 702 | 980 | 1,297 | 1,936 | 2,140 |

| Short Term Borrowings | 255 | 269 | 256 | 889 | 1,500 |