Radiant Cash

In the first 9 months of FY25, the company added 6,744 new retail touchpoints, putting them on track to reach the lower end of the 10k-12k target by year-end. (1 in progress across 1 tracked commitment)

Employee costs as a % of sales stood at 18.9% in Q2 FY25. This is an improvement from 19.1% in Q1 FY25 but remains higher than the 18.6% seen in Q2 FY24. (1 in progress across 1 tracked commitment)

The direct client segment has grown from less than 2% at listing to 13% of revenues in the current quarter, surpassing the 10% target. (1 exceeded, 1 met, 3 missed across 5 tracked commitments)

Management confirmed they have successfully installed over 1 lakh (100,000) POS machines in the current financial year, surpassing the previous target of 90,000. (1 exceeded, 4 missed across 5 tracked commitments)

Management expects the e-commerce logistics segment to restore to previous levels over the next two to three quarters. — target: previous levels

This segment is growing and helping offset core retail pressures, bolstered by a new large PSU bank mandate starting April 2026. (1 expanding)

The company is deepening its penetration into non-metro India, with Tier 2 and Tier 3+ regions now contributing 84.2% of total revenue, up from 83.5% in the prior year. (5 expanding)

Technology integration is expanding as a barrier to entry, with new API integrations and mobile apps (Radmus/Radiant Sandesh) acting as a barrier for clients to switch providers. (1 expanding)

The company maintains its competitive advantage through its ex-military workforce (20.2% of total staff), which supports its industry-leading low cash loss ratio of 10 bps. (1 stable)

The company maintained its low cash loss record, though the metric saw a slight uptick from 12 bps to 14 bps of total cash movement. (3 stable)

The direct client segment is growing at a brisk pace, increasing its contribution to the total revenue mix, which reduces dependency on bank intermediaries. (3 accelerating, 1 decelerating, 1 new trend across 5 signals, 2 leading indicators)

Client acquisition remains a strong growth engine with a significant jump in the total number of clients served. (1 accelerating, 1 decelerating, 3 steady across 5 signals)

Revenue crossed the 1 billion mark for the first time, showing sequential recovery despite headwinds in e-commerce logistics. (3 accelerating, 2 steady across 5 signals)

The company is facing significant pricing pressure from clients, especially at locations with low cash volumes, which is currently acting as a drag on profit margins.

Steady expansion of the client base in the core retail cash management business despite overall flat volumes in that specific segment. (1 steady across 1 signal)

The segment continues to be a drag on consolidated performance, with management explicitly stating that continued losses in RVL are offsetting gains elsewhere. (2 intensifying, 2 high-severity)

Employee costs as a percentage of total income rose to 22.1% in Q2FY26 from 19.0% in Q2FY25. Other expenses also remain high at 64.9% of total income, leading to margin compression. (1 intensifying)

EBITDA margins have further deteriorated to 13.1% in Q2FY26, down from 19.0% in Q2FY25. While there was a slight sequential (Q-o-Q) improvement from 11.6% in Q1FY26, the year-on-year gap remains severe. (2 intensifying, 3 easing, 3 high-severity)

Revenue from the largest segment, Cash Pick-Up & Delivery, dropped from 60.7% of the mix in Q2FY25 to 58.3% in Q2FY26. Total currency movement also declined slightly to INR 413 bn from 417 bn a year ago. (1 intensifying, 1 easing, 3 stable, 1 high-severity)

The company has seen a loss of business with the Railways, which has negatively impacted their total cash movement volumes compared to the previous year. [DEMAND]