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.
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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Cost sustainability and yield impact from passive mix
Asked by Abhishit Takar, KC Securities
Management gave specific details on cost sustainability and yield impact, addressing both parts directly.
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Question
the 10% sort of a number in FYI 26 is the lowest in 5 years... how much of this would be deliberate or discretionary expense management... second question on the yield... how do we think of it in terms of the costs that actually go into supporting the passive investments
Ram (likely CFO or senior management)
this is not a one-off... structural and automation... sustainable long-term kind of an impact... from a yield perspective... the rates that we have for ETFs are extremely low... as the passive increase there will be some impact on the mix but it'll be very muted
Partial answer
High priority
Impact of AMC renegotiations on RTA fees and yield decline guidance
Asked by P Jan, Motil Financial Service
Management acknowledged discussions but gave no concrete outcome; yield guidance was historical average without commitment.
no specific yield guidancedeferred to historical trend
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Question
on this renegotiations with AMC's... any negotiations that has happened with you guys on RTA changes... should we start thinking about the 3 and a half to 4% decline in yields every year for FY27 and FY28?
Ram
so far nothing is there... we are comfortable with the price value equation... historically we've been very conservative... 3 to three and a half percentage... our aim will always be to bring it much lesser than that
Answered
High priority
Sustainability of margin improvement to 46%
Asked by P Jan, Motil Financial Service
Management explained the margin trajectory and investment philosophy, providing confidence in sustainability.
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Question
we expand our margins to 46%... post that again we kind of drop back to 42 43 44%... what gives you confidence that this is more of a sustainable margin trajectory?
Anud (likely CEO or senior management)
we were about 47% margin about five quarters back... we've climbed back to 46... the command center for this number is sitting somewhere else... we will continue investing in new things... margins expand by a percent a year So be it
Answered
Medium priority
Impact of KYC changes from April 1 on profitability
Asked by P Jan, Motil Financial Service
Management gave a clear 'no' and provided specific revenue expectations.
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Question
do you see any impact on the KYC business because of the changes that are expected from April 1st and would that impact profitability in the near term?
Anud
No. No, it should not... we are expecting to hold K revenue in FY27 after all the puts and takes... we will have flat k revenue. We do not expect that there is any profit challenge there.
Evasive
Medium priority
Retrospective impact of new TRAI regulation on margins
Asked by Di Shagarwal, Capital
Management denied the premise of the question and declined to speculate on retrospective impact.
denied premiserefused to speculate on timing
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Question
the new TR regulation for some of the large AMCs are underway... if this were to kind of rectify the impact will be retrospective starting from 1st of April?
Ram
we did not say that there are some discussions happening with any AMC's on EAT... nothing substantial is happening... even if it happens it's going to be extremely muted... premature to speculate
Partial answer
High priority
OPEX growth and EBITDA margin target for FY27
Asked by Di Shagarwal, Capital
Management gave expense growth guidance but avoided a specific EBITDA margin target, only aiming to retain Q4 levels.
no specific EBITDA margin target givenrange-bound guidance
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Question
in terms of the OPEX will this be another year where you'll see a single digit growth... are we looking like another year where the growth will be less than 5% in the employee cost? ... in terms of EBITA margin what would be our expectation or target for FY27?
Ram
we will look at a sub 5% and overall definitely sub 9% kind of a growth in expenses... we don't want to guide for a specific EBITA margin... our aim is to at least retain what we are in Q4 right in terms of the IBITA margins for next year
Answered
Medium priority
New lines of business for non-MF revenue growth
Asked by Di Shagarwal, Capital
Management clearly stated only one new product and reaffirmed 20% growth from existing businesses.
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Question
are we looking at any new line of business or any further diversification that can add to the revenue growth or this will be the existing businesses in which we'll see the growth?
Anud
consent therefore the DPDP compliance product is the only product that we are putting out... we do not believe that we are angling for too many new things... we have absolute confidence in growing at least 20% on that side
Answered
High priority
Update on RTA cloud transition and employee count
Asked by Suba, Jeff
Management provided detailed update on cloud transition and specific headcount numbers.
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Question
could you give us some update regarding the transition of the RPA business to cloud... what was the employee count that you ended at FY26 with and going ahead what are the other areas where you could reduce cost?
Anud and Ram
on the rearchitecture side... we have opted for a feature by feature module by module build out... headcount as of year end... 8324 in FY25 and exited FY26 with 8,420... aim next year is to have an reduction in headcount
Answered
High priority
Non-MF growth drivers given flat KYC revenue
Asked by Suba, Jeff
Management gave a clear breakdown of expected revenue contributions from each non-MF segment.
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Question
the K business is supposed to be flat in FY27... which are the other parts of the businesses you think will be able to deliver much higher growth in FY27?
Ram
payments will be about 20 cr out of that... EF about 7 to 8 cr and rep about 7 to 8 cr... everything else the balance 15 is a sum of the account aggregators the TSP pension all of that put together
Partial answer
High priority
Factors behind MF yield decline expectations
Asked by Deepan go, city group
Management cited historical trends but did not quantify the impact of specific factors like negotiations or asset mix.
no specific breakdown of factorsrelied on historical average
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Question
what are you factoring in in your expectations of MF yield decline... is it a factor of the negotiations on the mid-range agencies... asset mix... probable discussions?
Ram
the three three and a half% comes from historical numbers... we see a period of yield stability... our aim is to keep it down to the scale based pricing plus some minor adjustments... it'll be much less than 3%
Answered
High priority
KYC pricing decline and new consent pro opportunity
Asked by Madugar, JP Morgan
Management gave specific pricing decline percentage and detailed explanation of the new product.
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Question
what is the kind of pressure that we are going to see on the K business? What sort of pricing decline... and second I wanted to get a sense of the new opportunity that Anuts was speaking about consent pro
Anud
starting 1st April uniformly the K industry has taken a 20% price down... we are projecting a flat revenue on a base of about 42 43 cr... consent pro... we built this product called consentra... it's a commercial offering
Evasive
Medium priority
Impact of one KYC on KYC business model
Asked by Sankit Ga, Evidence Park
Management acknowledged the topic but gave no concrete assessment of impact, only stating current position.
deferred to watchingno definitive answer on disruption
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Question
finance minister and the chairman have spoken about one KYC thing for all financial sectors... does it change the conduct of the business? whether the pricing will come down?
Anud
we have to watch it... does a CKYC record is it eligible completely to create a KKYC? Not yet... the K architecture has been significantly ahead of market... we believe we are in good shape
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Non-MF margin 16.5% in FY26 | 16.5% | 46.5% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.