CMS Info Systems Limited has released its fourth edition consumption trends report, revealing the continued resilience of cash usage across India's consumption ecosystem in CY'25. The comprehensive report, titled 'India's Consumption Story CY'25 - CMS Consumption Report', demonstrates how Indian consumers have adapted their spending patterns amid macro headwinds and GST reforms while maintaining strong cash-based transactions.

Cash Usage Remains Structurally Embedded

The report highlights that cash usage continues to play a fundamental role in India's consumption patterns. Average cash dispensed per ATM reached ₹1.21 Cr in CY'25, with notable seasonal variations throughout the year. The festive period drove peak usage, with November 2025 recording the year's highest monthly average of ₹1.30 Cr.

SURU Markets Lead Cash Withdrawal Activity

Semi-urban and rural areas (SURU) demonstrated the strongest cash withdrawal patterns, maintaining their leadership in ATM cash withdrawals with an annual average of ₹1.30 Cr. This significantly outpaced metro cities at ₹1.18 Cr and urban areas at ₹1.11 Cr, indicating robust consumption activity beyond major metropolitan centers.

The data reflects a broader structural shift in India's consumption landscape, with rural monthly per capita consumption expenditure growing 164% over the past decade, outpacing urban growth of 146%. This trend underscores the expanding base for India's consumption-led growth story.

Sectoral Performance Driven by Policy Reforms

The report reveals significant variations in sectoral consumption growth, with clear winners emerging from GST 2.0 reforms and festive demand patterns.

Strong Growth Sectors

Insurance emerged as the standout performer with 32% growth, driven primarily by GST 2.0 reforms that exempted life and health premiums. The sector witnessed a sharp seasonal spike of 49% year-on-year in October 2025, coinciding with the first full month impact of the policy changes.

Organised retail chains experienced robust 22% growth, benefiting from policy-led price reductions on mass-market products including personal care items, dairy products, kitchen staples, and snacks. The sector recorded a 16% year-on-year spike in October 2025, reflecting strong festive season performance.

Declining Sectors

Several sectors faced headwinds, with e-commerce and railways both declining 20% year-on-year. Media & entertainment dropped 15%, reflecting structural shifts in viewer habits toward digital platforms. The decline in e-commerce spending was attributed to the rise of quick commerce and a pronounced shift back to offline retail experiences.

Consumption Wallet Distribution

The report provides insights into how Indians allocate their ₹100 consumption spend across key expenditure categories. Travel dominates with ₹37, followed by insurance at ₹25, highlighting the importance of mobility and protection in household budgets. FMCG accounts for ₹10, consumer durables ₹8, and organised retail chains ₹6 of every ₹100 spent.

Seasonal and Regional Patterns

Cash dispensation patterns showed clear seasonality, with the lowest point reached in June 2025 at ₹1.12 Cr per ATM, coinciding with post-financial year adjustments and monsoon-related mobility constraints. The recovery began in September, accelerating through the festive season and GST reform implementation.

According to Chief Business Officer Anush Raghavan, the data captures the underlying resilience of Indian consumers who are rebalancing priorities rather than cutting back, with spending becoming more deliberate and focused on value, protection, and utility.

CMS Info Systems Limited surged nearly 7% following the announcement of securing a landmark ₹1,000 crore contract with State Bank of India (SBI). The company officially announced this significant deal through a regulatory filing, marking the first direct large PSU bank cash outsourcing contract of this scale and positioning the company to provide integrated cash solutions across approximately 5,000 bank-owned ATMs nationwide.

Stock Performance and Market Reaction

Shares of CMS Info Systems rallied nearly 8% from intraday lows following the contract announcement. The stock was trading at ₹354.10, representing a 3.60% gain from the opening price. This positive market reaction reflects investor confidence in the company's ability to secure major contracts from leading financial institutions.

Contract Details and Specifications

The company filed the announcement with BSE Limited and National Stock Exchange of India under Regulation 30 of SEBI Listing Regulations. The comprehensive contract encompasses managed services designed to improve cash efficiency and deliver higher ATM uptime for millions of SBI customers.

Revenue Impact and Business Growth

According to the official announcement, the contract will deliver incremental revenue growth of ₹500 crore for CMS Info Systems over its tenure. Mr. Anush Raghavan, Chief Business Officer, highlighted that this landmark contract will provide stability and high-quality services to millions of consumers with seamless self-service banking.

Raghavan noted that a large part of India's ATM channel was disrupted in recent periods, and CMS played an active role in helping stabilize ATM operations for many banks during this challenging time.

Strategic Partnership and Market Position

This contract further strengthens the existing relationship between CMS and SBI, building on the company's partnership with the bank through various large and complex projects. The collaboration includes multi-vendor software solution (ALGO MVS™), vision AI solution HAWKAI™, and managed services for ATMs.

The deal reinforces CMS Info Systems' position as India's leading business services company in logistics and technology solutions. The contract validates the company's capability to handle large-scale integrated cash management operations for major financial institutions and demonstrates the growing demand for professional cash management services in India's banking sector.