Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹395 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹183 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
CAMS delivered a solid Q4 FY26 with 11% YoY revenue growth and EBITDA margin of 46.5%, expanding 150bps YoY. Non-MF revenue grew 24.5% YoY, now contributing 15.3% of enterprise revenue, driven by payments, AIF, and K. MF revenue was flat due to muted AUM growth, but equity AUM share improved to 67% and equity net sales share rose to 76%. Management guided for sustained 20%+ non-MF growth, flat K revenue in FY27 despite a price cut, and further margin expansion via rearchitecture and automation. Key risk: potential yield compression from passive mix shift or AMC renegotiations, though management sees limited impact.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects non-MF revenue to grow at least 20% YoY in FY27, driven by payments, AIF, and other segments.
- Despite a ~8 Cr price down, K revenue is expected to remain flat due to new logo wins and growth.
- Management aims to maintain Q4 FY26 EBITDA margin levels in FY27, despite salary increments and investments.
- Non-MF segment margin is targeted to improve from current 16.5% to 20% by end of next fiscal year.
Risks flagged
- Increasing share of passive AUM could compress blended yields, though management expects impact to be muted.
- AMCs facing 3-5 bps impact from new regulations may seek to pass on costs to RTAs, though management sees limited risk.
- A 20% industry-wide KYC price cut effective April 1 could reduce K revenue by ~8 Cr, partially offset by growth.
- If CKYC subsumes KYC, the K business model may face structural changes, though management sees it as a gradual process.
Key quotes
- We posted our highest ever quarterly revenue in Q4 FY26... non-MF heralded the growth metric a lot better than MF did in this quarter.
- Our aim is to at least retain what we are in Q4 in terms of EBITDA margins for next year.
- We will see all the revenue growth on falling headcount... some bit of fall which we may choose not to do some backfill.
Research modules