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
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Impact of loss of 5 bps exit load on contracts and margins.
Asked by Supratim Duta, Jeff
Management gave a range but said they will wait and see, not a firm answer.
no specific impact givendeferred to future clarity
Read the exchange
Question
how would this uh if you know the loss of five basis point exit uh TR load for mutual funds impact you know you have had one round of renegotiation of contracts last year but would this result in another round of renegotiation of contracts and you know what kind of impact could we expect from that and over what period
Anujit (CEO)
we believe that most of our clientele will not be impacted... the boundaries of the impact could be 20 25 crores overall for camps but we will wait and see.
Answered
High priority
Current margins and operating leverage in non-MF business.
Asked by Supratim Duta, Jeff
Management provided current margin and a target range.
Read the exchange
Question
wanted to understand you know how is the margins in the nonMF business currently tracking and um you know what kind of operating leverage are we able to get there
Anujit (CEO)
the current quarter they are upwards of 13% ebita as a bucket... it's our attempt to drive this to about 25 to 30% aida.
Partial answer
Medium priority
Growth drivers for non-MF businesses beyond current 17-18%.
Asked by Supratim Duta, Jeff
Management cited past growth but did not quantify future acceleration.
no specific growth rate commitmenthistorical examples only
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Question
when I look at you know other businesses well the growth has been somewhere around you know 17 18% in most businesses given their smaller scale just wanted to understand what would result in these businesses being able to grow faster
Anujit (CEO)
we had two breakaway years when K grew very fast... in the last two years we've seen camps pay grew very fast... we want to have those strategic offerings which will lead to revenue growth
Answered
High priority
Major AMC renewals in next 18 months.
Asked by Di Shagarwal, IFL Capital
Management clearly stated no major renewals.
Read the exchange
Question
could you share if there are any major ANC's which are coming up for renewal over the next 18 months?
Anujit (CEO)
there are no major AMC's that are coming up for a renewal in the current financial the upcoming financial year... none of them are going to be the uh the bigger AMC's
Answered
Medium priority
Competitive intensity for new mandates.
Asked by Di Shagarwal, IFL Capital
Management gave a clear answer on intensity and strategy.
Read the exchange
Question
could you just talk about how the competitive intensity is uh around the new around the basically for the winning the new mandates uh how has been the competitive intensity is it coming down or is it still the same
Anujit (CEO)
the competitive intensity is still the same... we are selling premium value... you will not find us chasing those deals.
Answered
Medium priority
Target number of AMC go-lives this year.
Asked by Di Shagarwal, IFL Capital
Management provided a specific number.
Read the exchange
Question
what is the target for this year how many are we looking to take live
Anujit (CEO)
I will not be surprised if we take another five to six live this year
Answered
Medium priority
Margin drag from new AMC go-lives.
Asked by Di Shagarwal, IFL Capital
Management explained no material drag due to flat headcount.
Read the exchange
Question
any particular drag that you see on margins because of this 10 to 12 agencies which have gone live last year and this year combined for F27 margins.
Anujit (CEO) and Ram (CFO)
headcount has remained flat in calendar 25... the incremental cost will be mainly the manpower... it's not a significant significant drag on the margins
Evasive
High priority
Pricing regime change in K business.
Asked by Deepangan Go, city
Management acknowledged the topic but gave no view on outcome.
no commitmentdeferred to future
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Question
on the K business uh do you see any sort of pricing uh regime change over the next few years?
Anujit (CEO)
the topic exists... will this conversation which way this will head we will see and uh we watching it closely.
Evasive
High priority
Clarification on 22-25 cr impact from TR adjustment.
Asked by Deepangan Go, city
Management neither confirmed nor denied the number.
refused to confirmattributed to analysts
Read the exchange
Question
you mentioned uh some number around 22 to 25 cr uh possible uh impact due to the neutral service. Firstly did I understand it correctly and second um you know how do you arrive at this number
Anujit (CEO)
this math hasn't been done by me. This math has been done by you guys. I've read it uh and I'm not either publicly endorsing it or denying
Answered
High priority
Revenue growth visibility for non-MF business.
Asked by Abiji, Kotak Securities
Management gave clear near-term and medium-term growth expectations.
Read the exchange
Question
on the uh growth visibility revenue growth visibility on the non mutual fund business... there was a comment uh earlier that you know 20% uh is the number that looks more comfortable now.
Anujit (CEO)
to expect in the near term, a 20% uh cumulative growth is I think realistic... on a medium-term basis we are aspiring and we are confident of getting a 25% growth
Answered
Medium priority
Delta improvement in margins driven by MF or non-MF.
Asked by Sankit, Aendaspa
Management clearly attributed margin improvement to MF business.
Read the exchange
Question
that delta improvement in the margins what we saw in quarteron quarter basis is is predominantly driven by the uh non MF business
Ram (CFO)
the delta actually is do is predominantly because of the mutual fund business only the non-mutual fund increase in margins was was there but it was not significant enough
Answered
Medium priority
Competitive intensity in acquiring new AMCs.
Asked by Prias Jen, Motilos
Management described strategy and gave expected go-live count.
Read the exchange
Question
how is the landscape now in terms of the competitive intensity in acquiring new uh new AMC's into the fold
Anujit (CEO)
we are selling value... we don't want to be a competing on price going to the bottom of the barrel... it'll be about five to six go lives which I think is a very good number
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Non-MF current margin upwards of 13% EBITDA | 13% | 46% | Understated vs filing |
| Non-MF revenue base 230-240 cr growing 40-50 cr/year | ₹235 cr | ₹390 cr | Understated vs filing |
| Non-MF margin target 25-30% in 2 years | 27.5% | 46% | Understated vs filing |
| Non-MF revenue target 500 cr in 5 years | ₹500 cr | ₹390 cr | Overstated vs filing |
| Non-MF EBITDA target 125-150 cr in 5 years | ₹137.5 cr | ₹179 cr | Understated vs filing |
| MF margin guidance more than 45% | 45% | 46% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.