Radiant Cash Management Services Ltd. – Company Report
1. Company Overview
Radiant Cash Management Services Ltd. (RCMS), founded in 2005 and headquartered in Chennai, Tamil Nadu, is a market leader in India’s retail cash management and integrated cash logistics segment. The company is ISO 9001:2015 certified and has been publicly listed on NSE and BSE since 2023. Founded and led by Col. David Devasahayam (Retd.), RCMS is known for its military-style operational discipline, security-focused services, and vast national footprint. The company services over 60,000 touchpoints across 18,000+ pin codes and employs around 2,500 personnel, including a significant proportion of ex-servicemen. Its clients include banks, NBFCs, retail chains, e-commerce firms, and restaurants, making it one of the most prominent players in India’s cash logistics industry.
- Incorporated: 2005
- Headquarters: Chennai, Tamil Nadu, India
- Employees: ~2,500
- Network: Presence in 18,000+ pin codes, 60,000+ touchpoints
- Certifications: ISO 9001:2015
- Services: Retail cash logistics, CIT, cash pick-up/drop, processing, and valuables logistics
- Listed: NSE & BSE, since 2023
- Promoter / Chairman & MD: Col. David Devasahayam (Retd.)
- Market Cap (Aug 2025): ₹606–636 crore
- Unique Strength: Deep pan-India presence, ex-army-led management, robust operational compliance
2. Products and Services
RCMS provides a full stack of secure, tech-enabled cash and valuables logistics solutions:
Cash Pick-up & Delivery: Daily cash collection/delivery for banks, QSRs, retailers, and corporates
Network Currency Management: ATM/deposit center management, float movement, and optimization
Cash Processing: Sorting, validation, counterfeit detection, note fitness classification
Cash-in-Transit (CIT) & Vaulting: Armored van operations for secure movement and storage
Value-Added Services:
- Doorstep banking for rural and MSME sectors
- POS deployment and RCM collection for digital businesses
- Real-time cash credits and same-day settlements
Valuables Logistics Division: Secure logistics for gold, bullion, diamonds, and jewellery with advanced tracking and compliance
3. Recent News and Business Developments
Strategic Investment in Aceware Fintech Services (Acemoney) (November 2023): RCMS acquired a 56.93% stake in Kerala-based Aceware Fintech, enhancing its position in rural digital banking services.
- 7,07,693 equity shares (46.76%) via primary investment
- 1,53,846 shares (10.17%) via secondary acquisition
- Aceware focuses on digital infrastructure for co-operative banks, rural ATMs, and credit societies, enabling Radiant to integrate fintech solutions into its ground logistics model.
December 2024: It has launched the 'insta credit' vertical, where cash is picked up at the doorsteps of outlets and instantly credited into the bank account of retailers. Presently, the service records an average collection of ₹8 crore per day, which amounts to nearly ₹3,000 crore annually.
September 2025: Radiant Cash Management Services has increased its inter-corporate loan facility to its subsidiary, Aceware Fintech Services Private Limited, from ₹5.00 crores to ₹15.00 crores. It also has provided a corporate guarantee of ₹100 crore for its subsidiary, Aceware Fintech Services Private Limited, to secure credit facilities from IDFC FIRST BANK LIMITED.
‘Phygital’ Network Expansion: RCMS continues to strengthen its pan-India footprint by integrating:
- Biometric-enabled safes
- Real-time surveillance
- Fleet automation systems These upgrades are in line with RBI compliance and growing client SLA demands.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Revenue | ₹427 crore |
| Net Profit | ₹47 crore |
| Operating Margin | 17% |
| Net Profit Margin | ~11.3% |
| EPS | ₹4.36 |
| ROE | 18% |
| Dividend Payout % | 57% |
| Debt | Low; asset-light model |