Revenue and Profit Growth
CMS Info Systems’ net sales have shown a robust upward trend, rising from ₹1,383.24 crores in March 2020 to ₹2,424.53 crores by March 2025. This represents a compounded growth trajectory, with notable acceleration post-March 2021. The total operating income mirrors this pattern, as other operating income remained nil throughout the period, indicating that core business activities drove revenue expansion.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income increased from ₹253.91 crores in March 2020 to ₹626.81 crores in March 2025. Including other income, operating profit rose to ₹677.49 crores in the latest fiscal year, underscoring improved operational efficiency. Profit before tax climbed steadily from ₹195.06 crores to ₹497.84 crores, while profit after tax surged from ₹134.71 crores to ₹372.46 crores over the same period.
Margins have remained healthy, with operating profit margins (excluding other income) fluctuating between 18.36% in 2020 and a peak of 28.08% in 2023, settling at 25.85% in 2025. The profit after tax margin also improved from 9.74% to 15.36%, reflecting better cost management and scale benefits.
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Balance Sheet and Asset Quality
The company’s balance sheet has strengthened considerably, with shareholder’s funds rising from ₹850.39 crores in March 2020 to ₹2,266.51 crores in March 2025. This growth is supported by a steady increase in reserves, which expanded from ₹702.39 crores to ₹2,102.15 crores, indicating retained earnings and capital accumulation.
CMS Info Systems maintains a debt-free status, with no long-term or short-term borrowings reported during the period. This conservative capital structure reduces financial risk and enhances creditworthiness. Total liabilities increased in line with asset growth, reaching ₹3,080.06 crores in March 2025 from ₹1,305.44 crores in 2020, primarily driven by current liabilities and other long-term obligations.
On the asset side, net block (fixed assets after depreciation) grew from ₹342.31 crores to ₹694.96 crores, reflecting ongoing capital expenditure and asset enhancement. Capital work in progress surged notably in the latest year, signalling investments in expansion or modernisation. Non-current assets and current investments also increased substantially, supporting the company’s operational and strategic initiatives.
Cash Flow and Liquidity
Cash flow from operating activities has shown a positive trajectory, rising from ₹214 crores in March 2020 to ₹482 crores in March 2025. Despite significant investing outflows averaging over ₹250 crores annually, the company has maintained positive net cash inflows in recent years, with ₹71 crores recorded in the latest fiscal year. This reflects prudent cash management and sustainable growth funding.
Closing cash and cash equivalents increased from ₹159 crores in 2020 to ₹230 crores in 2025, providing ample liquidity to meet short-term obligations and capital requirements. The company’s working capital position has improved, with net current assets expanding from ₹419.77 crores to ₹1,118.96 crores, indicating efficient management of receivables, inventories, and payables.
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Shareholder Returns and Valuation Metrics
Earnings per share (EPS) have more than doubled over the six-year span, climbing from ₹9.10 in March 2020 to ₹22.66 in March 2025. This growth is a testament to the company’s ability to generate increasing profits on a per-share basis, benefiting shareholders directly. The book value per share also rose significantly from ₹57.46 to ₹137.90, reflecting enhanced net asset value and equity strength.
Overall, CMS Info Systems has exhibited a strong historical performance marked by consistent revenue growth, expanding profitability, robust balance sheet health, and solid cash flow generation. The absence of debt and rising reserves position the company favourably for future growth opportunities and resilience against market fluctuations.
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