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

Executive summary

• FY25 revenue grew 25.2% YoY, with MF and non-MF segments both contributing strongly; MF market share by AuM remained at ~68%.

• PAT rose 33% YoY, with margins just under 32%; EBITDA margin was 46.1%.

• Expanded unique investor base by 26% YoY, surpassing 4 crore investors.

• Final dividend of Rs. 19 per share proposed, subject to shareholder approval.

• Audited standalone and consolidated results for FY25 received unmodified auditor opinions.

Financial highlights

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

• FY25 EBITDA margin: 46.1%; Q4 EBITDA margin: 44.9%.

• FY25 PAT: Rs. 46,469.55 lakh, up 33% YoY; Q4 PAT: Rs. 11,402 lakh, up 10.2% YoY.

• EPS (FY25): Basic Rs. 95.41, Diluted Rs. 95.03.

• Return on Net Worth: 46.25% for FY25.

Outlook and guidance

• Non-MF revenue expected to grow 24%-25% in FY26; five to seven new AMCs to go live within a year.

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

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

• Cost increases expected to be held below 10% for FY26.