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CAMS · price
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CAMS reported its highest ever quarterly revenue in Q4 FY'26. Non-MF revenue grew ~25% YoY (beating their 20% target), contributing 15.3% to enterprise revenue. MF revenue was nearly flat at 0.5% growth due to market volatility in March, but equity AUM reached a record INR30.5 lakh crores with 67% share. EBITDA margin improved to 46.5% (from 45% in FY'25) on the back of cost optimization - operating cost grew only 7.8% excluding depreciation while maintaining flat headcount. New SIP registrations hit 1.26 crores (46% YoY vs industry 27%). The company is on track with its rearchitecture program, with the first module (transaction origination) live and data lake ready on Google Cloud. Going forward, management targets 20%+ non-MF growth and aims to maintain EBITDA margins in FY'27 despite expected ~3-3.5% annual yield compression.
Strong quarter with margin improvement driven by automation and cost discipline. While MF growth faces headwinds from passive fund mix shift and potential AMC renegotiations, the growing non-MF business (now at 15%+ of revenue with improving profitability) provides diversification. The company should be able to hold margins at ~46% levels in FY'27.