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

Executive summary

• Achieved record quarterly revenue and robust financial performance in Q3 FY26, with strong growth in both mutual fund (MF) and non-MF businesses, despite a challenging capital market environment.

• Non-MF business delivered over 24% year-on-year growth, surpassing targets and contributing 14.5% of total revenue, highlighting successful diversification into payments, insurance, and alternatives.

• MF AUM crossed ₹55 lakh crore, with market share stable at 68% and equity AUM market share rising to 66.4%; SIP registrations and collections saw double-digit growth.

• New client wins and product launches in AIF, GIFT City, and KRA segments expanded the business footprint, including a new MF RTA mandate from Carnelian Asset Management.

• 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.

Financial highlights

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

• Absolute EBITDA reached an all-time high of ₹17,936 lakh, with EBITDA margin at 46%; PAT margin at 31.1% and PAT of ₹12,554 lakh.

• Non-MF revenue grew 24% year-on-year and 5% sequentially; MF revenue grew 3.3% sequentially.

• Return on capital employed and return on net worth remained close to 40%.

• Board declared an interim dividend of ₹3.5 per share, maintaining a 65% payout ratio.

Outlook and guidance

• Expect non-MF business to sustain 20%+ annual growth, aiming for 25% medium-term, with continued focus on revenue diversification and digital adoption.

• Margin guidance remains above 45%, with potential for further improvement through productivity and automation.

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

• Non-MF EBITDA margin targeted to reach 20%+ in three years, up from current 13%.

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