They entered the ATM kiosk at 5:43 am and left at 5:51 am. It took them just eight minutes to complete their job, Deputy Superintendent of Police Waryam Singh said.
The officer said they came to the kiosk a few minutes after the guard left at 5:30 am and cut the machine's shell with a gas-cutter, Singh said, adding they stole Rs 11.43 lakh cash.
The robbers, whose faces were covered, sprayed black paint on the CCTV cameras. However, a camera managed to capture their act, but the footage is not clear, police said.
A passerby informed the police after spotting smoke coming out of the ATM. However, the robbers had fled in a car by then, they said.
Senior Superintendent of Police (Kapurthala) Sandeep Sharma said a manhunt has been launched to trace the accused and the matter is being investigated.