Radiant Cash Management Services FY26: Flat growth, margins under pressure

FY26 consolidated total income was INR 4,383.9 million, EBITDA was INR 543.5 million, and PAT was INR 279.8 million as per the investor presentation.

The presentation attributes low growth to the loss of Railways business and the loss of one large e-commerce logistics client due to a merger.

The company stated margins dropped due to losses incurred in its fintech subsidiary and in the Radiant Valuables Logistics business, which it said are moving toward profitability in the current financial year.

FY26 segment mix was Cash Pick-Up and Delivery 58.4%, Network Cash Management 21.8%, Cash Processing 5.5%, Cash Van Operations 12.0%, and Others 2.3%.

As of 31 March 2026, the company reported 14,844 pin codes, 77,521 touch points, and 9,162 locations across India.

Cash loss as a proportion of cash movement increased to 20 bps in FY26 from 14 bps in FY25, and absolute cash loss increased to INR 33.32 million from INR 22.68 million, per the KPI tables.

In FY26, the top 1 client contributed 17% of revenue, top 5 contributed 49%, and top 10 contributed 70%, as disclosed in the presentation.