Computer Age Management Services (CAMS) Q2 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue in Q2 FY26, driven by strong growth in both mutual fund (MF) and non-MF segments, with highest ever quarterly revenue and robust client additions.

• MF revenue grew 6.4% QoQ and 3.2% YoY; non-MF revenue up 17.9% QoQ and up to 50% YoY.

• MF market share held at ~68%, with equity net sales market share rising to 69% and unique investor growth at 17% YoY.

• SIP collections grew 21% YoY, with live SIP market share improving to 63.4%.

• Interim dividend of Rs. 14 per share declared; board approved share split and transfer of payment aggregator business, pending approvals.

Financial highlights

• Q2 FY26 revenue: Rs. 37,674 lakh, up 6.4% QoQ and 3.2% YoY; H1 FY26 consolidated revenue: Rs. 73,088.98 lakhs, up from Rs. 69,657.46 lakhs YoY.

• Operating EBITDA margin at 44.6%; PAT margin at 29.6%.

• Return on Net Worth at 37.8% for Q2 FY26.

• Cash & cash equivalents at Rs. 822.22 Cr as of September 30, 2025.

• Standalone net profit for H1 FY26 was Rs. 21,612.73 lakhs; consolidated net profit was Rs. 22,197.71 lakhs.

Outlook and guidance

• Continued onboarding of new asset managers, with three more scheduled to go live; revenue from NSE KRA integration expected from Q4 FY26.

• Non-MF segment targeting 20% YoY growth; non-MF EBITDA margin expected to reach 25% in the next couple of years.

• Cost increases to be contained within 10-11% YoY; automation, AI, and digital transformation initiatives to support margin sustainability.

• Board approved sub-division of equity shares from face value Rs. 10 to Rs. 2 each, pending shareholder approval.