Financial Performance Summary

Standalone Performance FY26:

  • Revenue: Flat year-over-year (no specific amount disclosed)
  • Cash Volume Handled: INR 1.69 trillion (1% growth YoY)
  • Gross Cash Losses: INR 33 million (0.02% of total cash handled)
  • Q4 FY26 EBITDA Margin: 15% (improved from 13.6% in Q3 FY26)

Consolidated Performance FY26:

  • Revenue: INR 4.4 billion (1.1% growth YoY)
  • PAT: INR 280 million (down from INR 470 million in FY25)
  • Q4 FY26 Consolidated EBITDA Margin: 10.7%

Subsidiary Performance:

Radiant Valuable Logistics (RVL):

  • Revenue: INR 60.7 million for FY26
  • 35% growth over previous year
  • FY26 Losses: INR 60 million
  • Currently reporting negative EBITDA

Radiant Acemoney (Fintech Subsidiary):

  • Revenue: INR 287.8 million for FY26 (19.6% growth YoY)
  • FY26 Losses: INR 100 million (PAT level)
  • Digital Transactions: INR 11.4 billion facilitated
  • Merchant Base: ~150,000 merchants onboarded
  • Sound Boxes: ~60,000 added
  • Business Correspondents: Over 10,000

Key Business Developments

Client and Operational Metrics:

  • Added 118 new clients and 230 new customers in retail cash management business
  • Added 2,173 new service points in Q4 FY26
  • Total service points: 77,521
  • Direct client revenue contribution: Currently at 18%

Revenue Impact from Client Losses:

  • Railways regions loss: INR 90-100 million annualized revenue impact
  • E-commerce logistics client loss: INR 40 million annualized revenue impact

Cost Reduction Measures:

  • Route optimization using technology
  • Discontinuation of select low-density routes
  • Staff cost optimization
  • Various operational efficiency initiatives

Strategic Initiatives and Future Outlook

Core Business Growth Drivers:

  • Focus on adding direct clients
  • Increased utilization of dedicated cash vans
  • Empanelment of smaller banks including cooperative and rural banks
  • Target to reach 30% direct client revenue contribution within 2 years

Subsidiary Turnaround Plans:

Radiant Valuable Logistics:

  • Strengthened management team
  • Added 5 marquee national jewellery chains
  • Route optimization and lane consolidation
  • Target: Achieve breakeven in H1 FY27
  • Long-term target: 20-30% EBITDA margins

Radiant Acemoney:

  • Pursuing transaction revenues from installed POS machines
  • Signed partnerships with 2 small finance banks, 1 large NBFC, and few banks
  • Developing merchant outlets into business correspondents
  • Target: Achieve breakeven in H1 FY27
  • Future revenue potential: INR 500-750 million

Other Initiatives:

  • Exploring business correspondent model and insta-credit solutions
  • Applying for payment aggregator license from RBI
  • Cross-selling opportunities between CMS and valuable logistics businesses

Capital Structure and Corporate Actions

Cash Position:

  • Total cash: INR 100 crore (as of March 2026)
  • Free cash: INR 60 crore

Capital Return:

  • Exploring buyback option
  • In discussions with larger shareholders and consultants
  • History of strong dividend payments

Risk Factors and Challenges

Operational Challenges:

  • Fuel cost inflation impacting operational expenditure
  • Industry-wide approach to banks for fuel charge accommodation
  • Large contract from existing customer rollout started from April 2026

Subsidiary Specific Issues:

  • PIDF subsidy ended December 2025 impacting Acemoney profitability
  • Fraud incident in Assam geography: INR 31 million provided for, investigations ongoing

Management Guidance

FY27 Targets:

  • Consolidated revenue target: INR 5 billion
  • PAT margin target: 11-12%
  • Mid-teens PAT growth longer-term
  • Both subsidiaries to achieve breakeven in H1 FY27
  • Core business growth: Mid-teen growth rates expected

Key Milestones:

  • RVL profitability in H1 FY27
  • Acemoney profitability in H1 FY27
  • Improved revenue growth in core business
  • Continued margin improvement through cost measures