RADIANT CASH — THE CASH LOGISTICS ENGINE IS GOING DIGITAL 💰

Cash may be moving faster toward digital payments. But India's physical cash ecosystem is still enormous — and Radiant is building the infrastructure behind it. Radiant Cash Management Services operates across retail cash management, cash-in-transit, cash processing, ATM-related services and fintech, giving it exposure to both traditional cash infrastructure and newer financial-services opportunities. The core business handled approximately ₹1.69 lakh crore of cash in FY26, with around 77,521 service points by year-end. The company also maintained gross cash losses at just 0.02% of cash handled, highlighting the importance of its risk-management infrastructure. But the interesting part is what's happening beyond the traditional business. Cash management → Merchant network → POS → Business correspondents → Fintech. Radiant's AceMoney subsidiary had crossed 10,000 business correspondents, while management has been pursuing transaction revenues from its installed POS network and partnerships with banks and NBFCs. That's the potential second engine. The traditional business provides the distribution network. The fintech layer can potentially increase revenue per customer and revenue per touchpoint. And Q1 FY27 showed some early signs of improvement. Revenue increased around 5.8% YoY to ₹108.2 crore, while consolidated net profit was approximately ₹5.2 crore. The bigger trigger could be margin recovery. The Q1 FY27 investor presentation indicated that EBITDA margins were pressured by higher minimum wages and shortages of armed guards, while management expected customer price revisions to help offset some of the cost pressure. Meanwhile, the logistics subsidiary Radiant Valuable Logistics grew about 35% in FY26, with management targeting positive EBITDA in FY27. So the potential flywheel looks like: More service points → More customers → More cash-management activity → More fintech touchpoints → Higher utilisation → Better margins.