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Computer Age Management Services Ltd
NSE: CAMS BSE: 543232 INE596I01020 Financial Services Cap Markets 🔎 Screen
NIFTY 500 Smallcap 50 Smallcap 100 Smallcap 250
₹18,610 Cr
Market Cap
14.64
P/B
47.0%
ROCE
36.3%
ROE
0.05
D/E
44.8%
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

The company is a mutual funds transfer agency. It provides investor services, distributor services and asset management companies (AMC) services.

✓ Strengths 5
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 39.3%
  • Company has been maintaining a healthy dividend payout of 68.6%
  • Company's working capital requirements have reduced from 20.2 days to 12.0 days
! Concerns 1
  • Stock is trading at 15.0 times its book value
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Strong quarter: record revenue and EBITDA, driven by robust non-MF growth and stable MF market share. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹395.22 Cr
+11.0% YoY
EBITDA Margin
46.5%
+160 bps YoY; absolute EBITDA ₹183.66 Cr
PAT
₹126.43 Cr
+10.9% YoY
Key Metric
Market share ~68%
Stable; new SIP registrations +46% YoY
What Went Right
  • Record quarterly revenue of ₹395.22 Cr (+11% YoY) with an all-time high EBITDA of ₹183.66 Cr.
  • Non-MF revenue surged 24.5% YoY, contributing 15.3% of total revenue (vs 13.7% a year ago).
  • EBITDA margin expanded to 46.5% from 44.9% in Q4 FY25, driven by operational efficiency and automation.
  • MF market leadership maintained at ~68% AuM share; equity net sales hit ₹1,01,294 Cr in the quarter.
  • New SIP registrations grew 46% YoY, outpacing the industry growth of 37%, with live SIP book up 17%.
What to Watch
  • MF asset-based revenue grew only 0.5% QoQ and 11.6% YoY, lagging the strong non-MF momentum, partly due to a slight dip in equity mix (53.5% vs 53.6% YoY).
  • Employee expenses rose 6.4% YoY (₹125.33 Cr vs ₹117.80 Cr), despite management citing near-flat headcount, indicating wage cost pressures.
  • Depreciation and amortisation jumped 22.7% YoY (₹28.04 Cr vs ₹22.85 Cr), reflecting ongoing tech investments that have yet to fully deliver margin upside.
  • CAMS KRA gained only 20% market share, and while revenue grew 28% YoY, the industry-wide slowdown in new account openings remains a headwind.
  • PAT growth (10.9% YoY) trailed revenue growth due to higher depreciation and a one-off tax adjustment of ₹2.21 Cr in the quarter.
Investor Lens
CAMS delivered a strong quarter with record revenue and EBITDA, validating its diversification strategy. Non-MF revenue (24.5% YoY growth) now constitutes 15.3% of total, reducing reliance on core MF. At the same time, MF market share stayed elevated at ~68%, with equity net sales reaching an all-time high of ₹1,01,294 Cr and SIP registrations growing 46% YoY. The company is investing heavily in platform re-architecture and AI (depreciation up 23% YoY), which underpins margin expansion (EBITDA margin +160 bps) on near-flat headcount. The cash position remains strong at ₹854 Cr. However, core MF revenue growth is decelerating (only 0.5% QoQ) and the equity mix dipped slightly, suggesting yield pressure. Look for continued non-MF acceleration and margin leverage from the new platform go-live in H1FY27. The thesis is intact but hinges on execution of the diversification roadmap without diluting MF dominance.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG 10.6% YoY net profit growth to ₹125 Cr
Revenue
Revenue grew 11% YoY to ₹395 Cr, with a 1.3% QoQ increase. This indicates a steady growth trajectory. The company's revenue has consistently shown an upward trend.
Profitability
Net profit grew 10.6% YoY to ₹125 Cr, with an EPS of ₹5.10. The tax rate was 24%. Profitability has been maintained with a steady growth in net profit.
Margins
OPM stood at 46%, showing a slight improvement from 45% in the previous year. The operating profit grew 15.1% YoY to ₹183 Cr. The margin trend indicates efficient cost management.
Balance Sheet
The company has a debt of ₹64 Cr and reserves of ₹1,271 Cr, indicating a healthy balance sheet. The total assets stand at ₹1,810 Cr, showing a strong financial position.
Key Risks
Depreciation expenses of ₹28 Cr may impact future profitability. The company's low debt-to-equity ratio of 0.06 may not be a significant concern. However, any increase in debt could pose a risk.
Outlook
The company's steady revenue growth and improving profitability margins indicate a positive outlook. With a strong balance sheet and low debt, the company is well-positioned for future growth.
Generated by AI · Mar 2026 results · Not investment advice
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Investment Risk:
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