Computer Age Management Services (CAMS) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue in Q3 FY26, driven by strong performance in both mutual fund (MF) and non-MF businesses, with enterprise revenue up 5.5% year-on-year and 3.6% sequentially.

• Maintained market leadership in MF services with approximately 68% market share and robust growth in equity assets and SIPs.

• Non-MF revenue grew over 24% year-on-year, surpassing the 20% growth target and highlighting successful diversification into payments, insurance, and alternative asset services.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and released, with statutory auditors issuing unmodified limited review reports.

• Interim dividend of Rs. 3.5 per equity share declared, with record date set for January 30, 2026, and disbursement expected by February 20, 2026.

Financial highlights

• Q3 FY26 consolidated revenue reached Rs. 39,013.90 lakh, up 5.5% year-over-year and 3.6% sequentially; standalone revenue at Rs. 36,697.22 lakh.

• Absolute EBITDA reached an all-time high of Rs. 17,936 lakh, with EBITDA margin at 46%.

• PAT margin at 31.1% for Q3 FY26; consolidated net profit at Rs. 12,459.75 lakh.

• 9m FY26 consolidated revenue at Rs. 1,12,102.88 lakh, up from Rs. 1,06,631.75 lakh year-over-year.

• Dividend of Rs. 3.5 per share declared, maintaining a 65% payout ratio.

Outlook and guidance

• Continued focus on revenue diversification and digital adoption across business lines, with non-MF business expected to sustain 20%+ growth and aiming for 25% medium-term.

• No major MF client renewals in the next 18 months; yield regime expected to remain stable.

• Margin guidance remains above 45%, with potential for 100 bps improvement over the next 1-2 years.

• Non-MF EBITDA margin target of 20% within three years.

• The company continues to focus on its core registrar and transfer agency services, with primary operations in India.