Computer Age Management Services (CAMS) Q4 24/25 earnings summary

Executive summary

• Revenue for FY25 increased by 25.2% year-over-year, with both MF and non-MF segments contributing strongly; MF and non-MF revenues rose 25.2% and 24.7% respectively.

• PAT increased by 33% year-over-year, with PAT margins just under 32% and consolidated PAT at ₹46,469.55 lakh.

• Maintained ~68% market share by AuM in MF services, servicing 26 of 51 AMCs, and expanded unique investor base by 26% YoY to over 4 crore.

• Diversified beyond MF with strong growth in CAMSPay (85% YoY), alternatives, insurance repository, and KYC services.

• Audited standalone and consolidated financial results for FY25 were approved, with auditors issuing an unmodified opinion.

Financial highlights

• FY25 consolidated revenue: ₹1,42,248 lakh, up 25.2% YoY; Q4FY25 revenue: ₹35,617 lakh, up 14.7% YoY.

• FY25 EBITDA grew 29.7% YoY to 46.1% margin; Q4FY25 EBITDA margin was 44.9%.

• FY25 PAT up 33% YoY (₹47,019 lakh); Q4FY25 PAT up 10.2% YoY (₹11,402 lakh).

• Return on Net Worth: 46.25% for FY25; 42.0% for Q4FY25.

• Final dividend of ₹19 per share declared for FY25.

Outlook and guidance

• Non-MF segment projected to grow 24-25% in FY26; five new AMCs expected to go live in the next six months.

• Overall EBITDA margin guidance for FY26 is 44%, reflecting yield compression and moderate AUM growth.

• CapEx for FY26 projected at INR 100 crore for re-architecture and INR 70 crore for other CapEx.

• Cost increase for FY26 expected to be less than 10%.

• Continued focus on diversifying revenue streams beyond mutual funds, with strong pipeline in insurance, alternatives, and fintech.