Equity AUM Share
67%
+1pp YoY
Equity AUM share grew from 66% to 67% YoY, outpacing industry growth.
COMPUTERAGEMANAGEMENT
Other
28 Apr 2026
Computer Age Management Services Ltd — Q4 FY26
CAMS delivered a solid Q4 FY26 with 11% YoY revenue growth and EBITDA margin of 46.5%, expanding 150bps YoY.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Equity Net Sales Share
76%
+5pp YoY
Share of equity net sales rose from 71% to 76% YoY, indicating strong market position.
New SIP Registrations
1.26 Cr
+46% YoY
New SIP registrations grew 46% YoY, significantly outpacing industry growth of 37%.
SIP Collections Share
64%
+7pp YoY
Share of industry SIP collections increased from 57% to 64% YoY.
Management Guidance
Non-MF revenue to grow 20%+ in FY27
Management expects non-MF revenue to grow at least 20% YoY in FY27, driven by payments, AIF, and other segments.
revenueK revenue to be flat in FY27
Despite a ~8 Cr price down, K revenue is expected to remain flat due to new logo wins and growth.
revenueEBITDA margin to sustain around 46-47% in FY27
Management aims to maintain Q4 FY26 EBITDA margin levels in FY27, despite salary increments and investments.
marginsNon-MF margin to reach 20% by end of FY27
Non-MF segment margin is targeted to improve from current 16.5% to 20% by end of next fiscal year.
marginsKey Risks
Yield compression from passive mix shift
Increasing share of passive AUM could compress blended yields, though management expects impact to be muted.
medium · analyst_questionPotential AMC renegotiations on RTA fees
AMCs facing 3-5 bps impact from new regulations may seek to pass on costs to RTAs, though management sees limited risk.
medium · analyst_questionKYC price down impact on revenue
A 20% industry-wide KYC price cut effective April 1 could reduce K revenue by ~8 Cr, partially offset by growth.
medium · management_commentaryOne KYC regulation could disrupt K business
If CKYC subsumes KYC, the K business model may face structural changes, though management sees it as a gradual process.
low · analyst_questionNotable 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.