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Potential pricing impact from exit load regulation change
View Risks →Computer Age Management Services Limited — Q3 FY26
CAMS delivered a solid Q3 FY26 with EBITDA at ₹179 crore (highest ever) and EBITDA margin expanding to 46% (+140bps QoQ), despite absorbing a ~₹3 crore labor code charge.
bullish
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CAMS delivered a solid Q3 FY26 with EBITDA at ₹179 crore (highest ever) and EBITDA margin expanding to 46% (+140bps QoQ), despite absorbing a ~₹3 crore labor code charge. Revenue grew 5.7% YoY (3.6% QoQ) as MF yields stabilized after the price reset. Non-MF revenue surged 24% YoY, driven by CAMS Pay (base business +24%) and KRA. MF AUM crossed ₹55 lakh crore with market share at 68%. Management guided for sustained 45%+ margins, non-MF revenue growth of 20-25%, and 5-6 new AMC go-lives in FY27. Cloud migration and AI-driven automation are expected to drive further efficiencies. Key risk: potential pricing pressure from the proposed exit load regulation change, which could impact revenue by ₹20-25 crore if fully passed through.
CAMS ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी का EBITDA (कमाई) ₹179 करोड़ रहा, जो अब तक का सबसे ज्यादा है। EBITDA मार्जिन (मुनाफे की दर) 46% तक पहुंच गया, जो पिछली तिमाही से 1.4% ज्यादा है। यह मुनाफा ₹3 करोड़ के अतिरिक्त खर्च के बावजूद आया। कंपनी की कमाई पिछले साल से 5.7% बढ़ी। म्यूचुअल फंड से होने वाली कमाई स्थिर रही, जबकि दूसरे कारोबार (CAMS Pay और KRA) से कमाई 24% बढ़ी। म्यूचुअल फंड की कुल संपत्ति ₹55 लाख करोड़ पार कर गई, जिसमें CAMS की हिस्सेदारी 68% है। कंपनी का लक्ष्य 45% से ज्यादा मुनाफा बनाए रखना और अगले साल 5-6 नए फंड हाउस जोड़ना है। हालांकि, नियमों में बदलाव से ₹20-25 करोड़ का असर पड़ सकता है।
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Read Transcript →Quarter Snapshot
MF AUM
₹55L Cr
+18% YoY
Assets under management for mutual funds crossed ₹55 lakh crore, with market share steady at 68%.
Equity AUM Market Share
66.41%
+70bps YoY
Equity AUM market share improved to 66.41%, reflecting share gains and equity's rising share in total MF AUM.
New Registrations
1.66 Cr
+18% YoY
New investor registrations grew 18% YoY to 1.66 crore, significantly ahead of industry growth.
SIP Collections (Quarterly)
₹55,000-56,000 Cr
+20% YoY
Quarterly SIP collections reached ~₹55,000-56,000 crore, growing 20% YoY, indicating strong retail investor inflows.
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Guidance and risk preview
Management expects non-MF revenue to grow 20-25% in the near term, with a long-term aspiration of 25%.
The proposed removal of 5 bps exit load on mutual funds could lead to renegotiation of TA contracts, with a potential revenue impact of ₹20-25 crore.
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