Radiant Cash Management Services Limited (RADIANTCMS) Financial Results — Revenue ₹44000.00 L Cr

Investor Takeaways

Standalone EBITDA margin expanded to 15% in Q4 FY26 from 30.6% in Q3 FY26 due to cost optimization

Acemoney subsidiary generated INR287.8 million revenue in Q4 FY26

Consolidated PAT declined to INR280 million from INR470 million in prior period

Management targets EBITDA positivity in H1 FY27 and 15%+ consolidated EBITDA margins in FY27

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹4400000000 Cr	N/A
Net Profit	₹280000000 Cr	N/A
EBITDA	N/A	N/A
EPS	N/A	N/A
OPM	15%	N/A

What Changed

The filing reveals a strategic shift toward operational efficiency amid subsidiary challenges. Standalone EBITDA margin improved significantly to 15% in Q4 FY26 from 30.6% in Q3 FY26, reflecting successful cost-cutting measures despite flat revenue. The Acemoney subsidiary contributed INR287.8 million in revenue during the quarter, while the company processed INR1.69 trillion in cash volume and onboarded 118 new clients. However, consolidated PAT declined to INR280 million from INR470 million due to ongoing losses in subsidiary operations. Management projects EBITDA positivity for the full H1 FY27 and aims to achieve 15%+ consolidated EBITDA margins in FY27, indicating a focus on sustainable profitability beyond the current quarter.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Radiant Cash Management Services Limited	9.08	N/A	N/A	426.51
Adani Ports and SEZ Limited	30.83	7.75%	12.49%	413583.7
InterGlobe Aviation Limited	27.38	N/A	N/A	166838.2
GMR Airports Limited	-139.99	N/A	N/A	101989.15

Radiant trades at a significant discount to peers on P/E ratio (9.08 vs 30.83 and 27.38), though peer profitability metrics (ROE/ROCE) are not directly comparable due to sector differences and negative/undefined values for some peers.

Risks & Concerns

No specific risks identified in this filing beyond subsidiary losses

Subsidiary losses continue to pressure consolidated profitability

Market Cap (₹426.51 Cr) suggests limited investor confidence relative to sector peers

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	115.89	14.85	18.79
Q2FY25	107.04	13.01	17.84
Q1FY25	99.91	10.81	16.68
Q4FY24	98.84	8.29	13.78

The quarterly trend shows consistent revenue growth from Q4FY24 to Q3FY25, with OPM expanding from 13.78% to 18.79% over four quarters. However, the current filing's standalone EBITDA margin of 15% in Q4 FY26 appears inconsistent with the quarterly trend data provided (which shows Q4FY24 OPM at 13.78% and Q3FY25 at 18.79%). This discrepancy suggests potential data alignment issues in the source material, but the filing explicitly states the 15% figure for Q4 FY26.

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