1. FY27 revenue and margin guide - Management guides FY27 total revenue to ₹2,750-2,850 crore with services revenue of ₹2,650-2,750 crore and EBITDA margin raised to \~27% from 25-26% guided in May. The guide is grounded in a contracted order book that already secures \~85% of FY27 services revenue.
2. SBI cash outsourcing ramp - The ₹1,000 crore, 10-year SBI contract for \~5,000 bank-owned ATMs went live January 2026 and is rolling out across the network. It adds \~₹50 crore per year of incremental revenue over 9-10 years and creates a reference point for other PSU banks to outsource directly.
3. HDFC Bank mandate - The 5-year, ₹400 crore integrated managed services mandate covering 6,000 ATMs, won in Q1 FY27, is expected to add ₹50-75 crore revenue in FY2027. It completes large long-term contract wins at all three of India's largest banks - SBI, ICICI, HDFC - within 18 months.
4. ICICI Bank contract go-live - The ₹400 crore TCV contract across 1,500 CRMs over 7 years is now 90% live, with ICICI on track to become the second-largest customer. The bank moved from \~20% recyclers two years ago to 80% now, driving higher-value services per machine.
5. HAWKAI non-BFSI expansion - HAWKAI has expanded into eight non-BFSI sectors including quick commerce, EV infrastructure, QSR and retail, with 1,300+ dark stores implemented for a leading quick commerce player and an additional 500-site order. Non-BFSI TAM is ₹5,000 crore versus ₹3,000 crore for BFSI, with a healthy RFP pipeline for the next 18-24 months.
6. Securens integration - The ₹75 crore Securens acquisition closed fully by March 2026, consolidating HAWKAI's BFSI market share to 36%+ and adding a decade of proprietary AI training data. Q1 FY27 saw a deferred tax gain from Securens' operational turnaround, and the combined business is now 2X the closest competitor.
7. ALGO MVS at ICICI - ALGO MVS software, already powering 68,000 machines on the SBI network (40% market share), goes live at ICICI Bank across 10,000+ ATMs in Q3 FY27. The ICICI rollout enables upselling value-added services at recyclers - account opening, KYC, non-cash transactions - beyond the base software fee.
8. FSS managed services acquisition - The ₹115 crore acquisition of FSS's ATM Managed Services business closed in Q1 FY27, adding \~8,000 units and growing the managed services portfolio from \~31,000 to 39,000 units. It brings direct contractual relationships with mid-sized banks, moving CMS from #5 to #3 in managed services and opening cross-sell into HAWKAI and ALGO.
9. Capex normalization - FY26 peak capex of ₹350 crore drops to ₹100-125 crore in FY27, reflecting the shift away from transition-based BLA contracts toward HAWKAI and ALGO platform investment. With depreciation trending back to better levels in FY28, the lower capex converts directly into higher free cash flow.
10. PSU bank ATM outsourcing pipeline - \~70,000-75,000 PSU bank on-site ATMs remain self-serviced, with three other large bank RFPs expected to conclude in the next 6-9 months. The active pipeline of 6,000-8,000 ATM units represents a contracted-value opportunity of over ₹2,000 crore for the industry, moving to fixed-fee pricing.