CMS Info Systems Limited has announced key changes to its board of directors, marking the end of one tenure and the beginning of another leadership transition. The company disclosed these changes under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Independent Director Retirement

Ms. Sayali Karanjkar (DIN: 07312305) retired from her position as Independent Director effective December 31, 2025, following the conclusion of her second term. The retirement occurred after the end of working hours on December 31, 2025, marking the completion of her tenure with the company.

The Board and Management expressed their gratitude and sincere appreciation for the valuable contributions made by Ms. Karanjkar during her tenure as an Independent Director.

New Independent Director Designate Approval

Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors approved the appointment of Ms. Vidya Krishnan (DIN: 09669166) as Independent Director Designate. Her formal induction is currently contingent upon receiving a No Objection Certificate (NOC) from her former employer, State Bank of India (SBI).

Professional Background and Expertise

Ms. Vidya Krishnan brings nearly four decades of experience with the State Bank of India Group, specializing in enterprise technology, large-scale digital platforms, and mission-critical IT systems. In her most recent role as Deputy Managing Director (Information Technology), she led SBI's Global Information Technology Centre and was responsible for the bank's global IT strategy and operations.

Her key achievements and areas of expertise include:

• Leading SBI's enterprise-wide digital transformation
• Development and scaling of the YONO digital banking platform
• Building the SBI UPI ecosystem serving millions of customers across India
• Platform modernisation and operational resilience
• Technology-led risk management and system resilience
• Application of emerging technologies, including AI, in financial services

Educational Qualifications

Ms. Krishnan holds comprehensive educational credentials that complement her extensive professional experience:

• Bachelor's degree in Physics
• MBA in Finance from the University of Mumbai
• Certified Associate of the Indian Institute of Bankers (CAIIB)

Regulatory Compliance

The company confirmed that Ms. Krishnan satisfies the criteria of independence prescribed under the Companies Act, 2013 and SEBI Listing Regulations. Additionally, she is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other regulatory authority. The appointment aligns with CMS Info Systems' focus on scalable, technology-driven solutions, making her expertise particularly relevant to the company's strategic direction.

CMS Info Systems , a leading cash management and payment solutions provider, reported a 3% sequential decline in consolidated revenue for Q2 FY26, with PAT dropping 20% due to temporary disruptions in its ATM network. Despite these challenges, the company remains optimistic about its growth prospects for the second half of the fiscal year.

Q2 FY26 Financial Highlights

The company faced temporary disruptions with 4,000 ATMs becoming inactive due to private sector banks rationalizing off-site ATMs and funding constraints among Managed Service Providers (MSPs) post-AGS issues. This led to a revenue impact of approximately INR 15.00 crores.

Segment Performance

• Managed Services & Tech: Revenue grew 5% sequentially to INR 271.00 crores
• Cash Logistics: Revenue dropped 5% to INR 395.00 crores

Key Developments

1. Order Wins: Secured INR 500.00 crores worth of orders from leading private sector banks in Q2.
2. SBI Cash Outsourcing RFP: Concluded with an incremental revenue opportunity of INR 500.00 crores over 10 years for CMS Info Systems.
3. HAWKAI Platform: On track to reach 50,000+ sites by year-end, up from 30,000 at the beginning of FY26.
4. Prudent Provisioning: Took INR 10.00 crores provision due to elongated payment cycles.

Management Outlook

1. ATM Network: Expects to reach 74,000-75,000 ATMs by March FY26.
2. Revenue and Margins: Anticipates sequential improvement through Q3 and Q4.
3. H2 FY26 Growth: Projects 9% growth in H2 compared to H1, with services revenue expected to reach INR 1,225.00 crores.
4. FY27 Target: Aims for services revenue of INR 2,700.00-2,800.00 crores, representing 15-19% growth.

Industry Trends and Strategy

1. Private Sector Banks: Shifting focus from off-site to on-site ATMs, particularly recyclers.
2. Public Sector Banks: Continuing to balance between on-site and off-site ATMs.
3. Consolidation: Management expects the industry to consolidate from 6-7 players to 3-4 over the next 3-4 years.
4. Technology Integration: Increasing focus on AI and machine learning for operational efficiency and new service offerings.

CMS Info Systems remains confident in its ability to navigate the current challenges and capitalize on emerging opportunities in the cash management and payment solutions sector. The company's diversified business model and strategic investments in technology are expected to drive growth in the coming quarters.

Note: All financial figures are in Indian Rupees (INR).