Financial Performance - Consolidated (Q1FY27)

Income Statement Highlights (₹ million):

  • Revenues: ₹1,057 (up 4.9% QoQ from ₹1,008 in Q4FY26; up 5.7% YoY from ₹1,001 in Q1FY26)
  • Other Income: ₹25
  • Total Income: ₹1,082 (up 4.9% QoQ; up 5.8% YoY)
  • Employee Costs: ₹254 (7.6% QoQ increase; 10.4% YoY increase); 23.4% of Total Income
  • Other Expenses: ₹709 (3.4% QoQ increase; 5.0% YoY increase); 65.6% of Total Income
  • EBITDA: ₹119 (7.9% QoQ increase from ₹111*; 0.7% YoY increase from ₹118)
  • EBITDA Margin: 11.0% (30 bps improvement QoQ; 56 bps decline YoY)
  • Finance Costs: ₹22
  • Depreciation: ₹30
  • Profit Before Tax (PBT): ₹68 (156.0% QoQ increase from ₹26; 14.2% YoY decrease from ₹79)
  • Tax Expense: ₹15
  • Profit After Tax (PAT): ₹52 (76.2% QoQ increase from ₹30; 9.5% YoY decrease from ₹58)
  • Net Profit Margin: 4.8% (195 bps improvement QoQ; 82 bps decline YoY)

\* Exceptional item not considered for calculation of consolidated EBITDA

Operational Highlights

  • Total Workforce: 10,243 employees
  • Return on Equity (RoE): 11.0%

Business Overview and Revenue Model

The company operates in cash management services with the following segments:

Cash Pickup & Delivery: Fixed amount per point per month based on location and daily cash limit. Growth driven by increase in number of points.

Network Cash Management: Variable amount linked directly to cash deposited in Radiant's bank account. Growth driven by Tier 3+ locations and volume increase.

Cash Processing: Additional fee for counting and verification at time of pick-up.

Cash Van Operations: Fixed amount per van per month with additional charges for excess usage. Growth driven by currency in circulation and bank branch expansion.

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

Geographic Presence

  • Pan-India presence across 28 States and 8 Union Territories
  • 77,014 touch points covering 14,997 pin codes across India (excluding Lakshadweep)
  • 81.8% of Touch-points and 83.4% of Revenues from Tier 2 and Tier 3+ markets

Risk Management Framework

  • Risk management team of 139 employees, including 70+ ex-armed forces personnel
  • 76 risk managers and 63 supervisors (majority retired junior commissioned officers)
  • Rigorous background verification and police verification for hiring
  • Combination of Human Touch and Technology with automation and API integration
  • Clear escalation framework with senior staff dispatched immediately for incident resolution
  • Periodic audit and risk mitigation measures

Technology Initiatives

  • Mobile Applications with CPIN/OTP during cash collection
  • Client view application for real-time data access
  • QR code Scan to record cash collected
  • API integration with clients' ERP software
  • Radmus App and Radiant Sandesh App for end-to-end reconciliation

CSR Activities

  • Ashraya Project: Provides free noon meals to elderly and destitute (1,370 beneficiaries in 39 villages in Chennai)
  • Project Shiksha: Interest-free education loans (450+ students benefited)
  • Radiant Sambandh: Support to next of kin of armed forces casualties
  • Previous projects include Reciprocity Foundation for beach cleaning in Chennai

Key Performance Indicators (Q1FY27)

  • Cash Vans: 882
  • Strong rooms: 12
  • Safes: 33
  • Vaults: 12
  • Pin Codes Covered: 14,997
  • Cash Movement: ₹431,905 Mn
  • Touch Points: 77,014
  • Ex-Armed Forces Employees: 2,038 (20% of workforce)
  • Cash Loss as % of Cash Movement: 0.0005%
  • Insurance Coverage: 100%

Management Team

  • Col. David Devasahayam: Chairman and Managing Director (24+ years Indian Army, 20+ years company experience)
  • Dr. Mrs. S. David: Whole Time Director (20 years company experience)
  • Mr. Alexander David: Whole Time Director (14+ years company experience)
  • Ms. Jayanthi, I.A.S (retd): Independent Director (35+ years Indian Administrative Services)
  • Mr. G. Mahalingam: Independent Director (32+ years RBI experience)
  • Lt. Gen. (Retd.) Devraj Anbu: Independent Director (35+ years Indian Army)

Senior management includes Col. Benz K. Jacob (COO), Wg. Cdr. Shashank Naidu (Director-Audit), Karthik Sankaran (CTO), Cyrus Shroff (CMO), T.V. Venkataramanan (CFO), and Nithin Tom (Company Secretary).

Standalone Financial Highlights (Q1FY27)

  • Revenue from operations: ₹1,051 Mn
  • Other income: ₹26 Mn
  • Total Income: ₹1,077 Mn
  • Employee benefits expenses: ₹236 Mn
  • Finance costs: ₹14 Mn
  • Depreciation: ₹25 Mn
  • Other expenses: ₹696 Mn
  • Profit Before Tax: ₹107 Mn
  • Tax Expense: ₹26 Mn
  • Profit After Tax: ₹80 Mn
  • Earnings Per Share (Basic & Diluted): ₹0.75

Standalone Balance Sheet (Q1FY27)

Equity and Liabilities (₹ million):

  • Equity Share Capital: ₹107
  • Other Equity: ₹2,812
  • Total Equity: ₹2,918
  • Lease Liabilities (Non-Current): ₹60
  • Short Term Borrowings: ₹1,415
  • Lease Liabilities (Current): ₹23
  • Trade Payables: ₹9 (₹4 to MSME, ₹5 to others)
  • Other Financial Liabilities: ₹216
  • Other Current Liabilities: ₹43
  • Provisions: ₹9
  • Total Liabilities: ₹1,775

Assets (₹ million):

  • Property, Plant and Equipment: ₹267
  • Intangible Assets: ₹3
  • Investments: ₹112
  • Other Financial Assets: ₹1,093
  • Deferred Tax Assets: ₹25
  • Non-Current Tax Asset: ₹35
  • Other Non-Current Assets: ₹11
  • Trade Receivables: ₹785
  • Cash and Cash Equivalents: ₹2,038
  • Bank Balances: ₹58
  • Other Financial Assets: ₹171
  • Other Current Assets: ₹95
  • Total Assets: ₹4,693