Computer Age Management Services (CAMS) Q1 25/26 earnings summary

Executive summary

• Achieved record AUM of INR 50 trillion (Rs.50 Tn) in June 2025, with equity assets at Rs.26.7 Tn and 68% market share by AUM; unique investor base grew 27% year-on-year to over 41 million, outpacing industry growth.

• New SIP registrations rose 19% year-on-year, with market share in new SIPs up by 6 percentage points; live SIPs grew 15% year-on-year.

• Non-mutual fund businesses, especially CAMSPay, saw 26% year-on-year growth; insurance policy count up 7% year-on-year; alternatives and NPS businesses also showed strong growth.

• Expanded client base with 3 of 7 new AMCs going live, first international client onboarded, and entered a definitive agreement to acquire DotEx KRA business.

• Board approved unaudited financial results for Q1 FY26; interim dividend of Rs.11 per share declared.

Financial highlights

• Consolidated revenue for Q1 FY26 was Rs.35,415.19 lakh (INR 355 crore), up 6.9%-7% year-on-year; asset-based revenue grew 8.8%-9% year-on-year.

• EBITDA margin stood at 43.7%, with PAT margin at 29.7%; consolidated PAT for the quarter was Rs.10,804.12 lakh.

• Yield declined by about 9% year-on-year, mainly due to a large client repricing; further yield depletion expected to be moderate.

• Cash and cash equivalents at Rs.788.76 crore as of June 30, 2025; interim dividend of Rs.11 per share declared.

• Return on net worth stood at 37.0% for the quarter.

Outlook and guidance

• Four additional AMCs expected to go live in the next 3-6 months; LIC to go live for e-insurance accounts in Q2 FY26.

• Yield depletion expected to stabilize at 3%-3.5% per year after the current reset, with no major repricing events anticipated for 18-24 months.

• Non-MF revenue targeted to grow 25% year-on-year, aiming for 20% of total revenue in 2-3 years.

• CapEx for FY 2026 projected at INR 60 crore for maintenance and up to INR 100 crore for digital re-architecture; similar spend expected in FY 2027.

• Digital and AI-driven transformation expected to drive productivity gains and cost efficiencies, with margin benefits to be quantified in coming quarters.