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    Cams Services

    CAMSGood
    Financial Services·23 Jan 2026
    Management Summary

    CAMS delivered a robust Q3 FY26 performance, characterized by record absolute EBITDA and significant margin expansion to 46%. The company successfully navigated the final quarter of high-base comparisons following last year's price resets, showing strong sequential growth. Management highlighted the accelerating momentum in Non-MF segments, particularly CAMSPay and KRA, while maintaining dominant market leadership in the core Mutual Fund RTA business.

    Highlights

    8

    • Absolute EBITDA reached an all-time high of ₹179 crores, despite absorbing labor code adjustments.

    • EBITDA margin expanded to 46%, up from 43.5% three quarters ago.

    • Enterprise revenue grew 5.5% YoY and 3.6% QoQ, overcoming a high base from previous price resets.

    • Non-Mutual Fund (Non-MF) revenue grew over 24% YoY, now contributing 14.5% to total revenue.

    • Mutual Fund AUM crossed ₹55 lakh crores with a stable market share of 68%.

    • Equity AUM crossed ₹30 lakh crores, with equity market share increasing 70bps YoY to 66.4%.

    • CAMSPay delivered 59% YoY growth, driven by base business expansion and new Payment Gateway offerings.

    • New SIP registrations reached 1.6 crores for the quarter, growing 18% YoY.

    Key financials

    Single quarter

    06 metrics
    1. 01Enterprise Revenue Growth (YoY)5.5%+5.5%YoY
    2. 02Absolute EBITDA₹179 Cr+3.5%YoY
    3. 03EBITDA Margin46%+2%QoQ
    4. 04Non-MF Revenue Growth24.5%+24.5%YoY
    5. 05Mutual Fund AUM₹55.00L Cr+18%YoY

    Segment breakdown

    Mutual Fund RTA
    3.3% Revenue Growth (QoQ)68% Market Share71% Equity Net Sales Market Share
    Non-Mutual Fund
    14.5% Revenue Contribution24.5% Revenue Growth (YoY)13% EBITDA Margin
    CAMSPay
    59% Total Revenue Growth (YoY)24% Base Business Growth
    Alternatives
    16% Revenue Growth (YoY)₹3.0L Cr AUM
    List

    Guidance & targets

    5
    CategoryTargetPriority
    Revenue
    Non-MF Revenue Book
    ₹500 crores
    		High
    Margin
    Non-MF EBITDA Margin
    25-30%
    		Medium
    Margin
    Overall EBITDA Margin
    45% plus
    		High
    Other
    Cost Increase
    10%
    		High
    Other
    MF Yield Stability
    Stable
    		High

    Risks & concerns

    4
    RiskSeverity

    Regulatory TER and Exit Load Adjustments

    Potential impact of ₹20-25 crores if proposed changes are implemented; management believes value proposition justifies current pricing. — Both acknowledged

    medium

    New Labour Code Implementation

    Impact of ₹2.8-3 crores already absorbed in the current quarter's base; no further significant costs expected. — Management acknowledged

    low

    Non-monetization of UPI in Payments

    Management is avoiding aggressive inorganic growth in payments until profitability (UPI charging) becomes clearer. — Management acknowledged

    low

    Areas of Evasion(1)

    • Specific margin correlation of the new technology platform was withheld for competitive reasons.

    Q&A highlights

    3

    “the impact could be -- I mean the boundaries of the impact could be INR20 crores, INR25 crores overall for CAMS, but we will wait and see.”

    Quantifies the potential regulatory headwind from proposed TER changes, which has been a major investor concern.

    asked by Supratim Datta, Jefferies

    2 min read5 chapters

    Detailed Narrative

    01

    Record Profitability and Margin Resilience

    CAMS achieved its highest-ever absolute EBITDA of ₹179 crores in Q3 FY26, representing a significant recovery from the price resets seen earlier in the year. EBITDA margins expanded to 46%, driven by a productivity drive that kept headcount flat despite a 5x increase in assets and transactions over the last decade. The company successfully absorbed a ₹2.8-3 crore one-time📎 charge related to the new labor code revamp while still expanding margins by 140 bps quarter-on-quarter.

    02

    Mutual Fund Dominance and Market Share Gains

    The core Mutual Fund segment saw AUM cross the ₹55 lakh crore milestone, with market share holding steady at 68%. Notably, equity market share increased to 66.4%, up 70 bps year-on-year, while equity net sales market share reached 71%. SIP momentum remains strong, with collections growing 20% YoY to approximately ₹18,000-19,000 crores per month, and new registrations hitting a record 1.6 crores for the quarter.

    03

    Non-MF Business Scaling Towards 20% Contribution

    Non-MF revenue grew by over 24% YoY, now accounting for 14.5% of total enterprise revenue. Management reiterated its goal to increase this contribution to 20% over the next 2.5 to 3 years, targeting a ₹500 crore revenue book in 5 years. The KRA business has solidified its position as the second-largest player, while the Alternatives segment saw revenue grow 16% YoY with AUM exceeding ₹3 lakh crores.

    04

    CAMSPay and Digital Payments Momentum

    CAMSPay was a standout performer, with total revenue growing 59% YoY. This was driven by 24% growth in the base business and the rapid acceptance of the new Payment Gateway (PG) offering. Management expects CAMSPay to continue its high-growth trajectory, scaling from ₹70 crores this year toward a ₹100 crore business next year, while maintaining a focus on high-margin platform-based revenue.

    05

    Technology-Led Productivity and Cloud Migration

    CAMS is undergoing a significant technology transformation, including AI-based data extraction for form entry and the launch of 'CAMS Lens' for compliance. The migration from on-prem Oracle to Google Cloud (Alloy and BigQuery) is underway, with completion expected in early FY27. These interventions are designed to ensure that future business expansion can be managed with 'very muted' headcount growth, further protecting margins.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.