CAMS
Small CapComputer Age Management Services Limited
IT
Computer Age Management Services Limited (CAMS) is India's largest technology-driven registrar and transfer agent (RTA) for mutual funds, holding ~68% market share. It services 10 of the 15 largest MFs with over 23 years average relationship. CAMS also provides financial infrastructure and services to other financial institutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 55/100Rev +11% YoY · PAT +11% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹395 Cr | +11.0% | +1.3% |
| EBITDA | ₹183 Cr | +15.1% | +2.2% |
| Operating margin | 46.0% | +100 bps | +0 bps |
| PAT | ₹125 Cr | +10.6% | +0.0% |
| PAT margin | 31.6% | -9 bps | -40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CAMS reported its highest-ever quarterly revenue in Q4 FY'26, up 11% YoY, fueled by 24.5% YoY growth in non-MF business. Absolute EBITDA reached an all-time high of ₹183.66 Cr, with a healthy 46.5% margin, driven by improved operational efficiency and automation initiatives.
The thesis remains intact as CAMS delivered strong Q4 FY'26 results, driven by robust growth in its diversified non-MF portfolio and enhanced operational efficiencies. The company maintained its market leadership in MF RTA and showed significant outperformance in key operational metrics like SIP registrations and unique investors.
Revenue by Business Segment (Q4 FY'26)
Latest issuer-disclosed distribution across 3 reported categories.
Non-MF Business Portfolio
The non-MF business portfolio recorded a 24.5% Y-o-Y growth in Q4 FY'26, increasing its contribution to enterprise revenue to 15.3%.
CAMS Alternatives
CAMS Alternatives achieved a strong quarter, with revenue up 25.4% Y-o-Y in Q4FY’26. AuM crossed 3.1 Lakh Cr. with 50%+ share of outsourced market, winning 44 new mandates.
CAMSPay
CAMSPay sustained its robust growth trajectory, delivering 22.8% Y-o-Y revenue growth in Q4FY’26. The Cards business scaled rapidly, recording a 12.9x growth in FY’26.
CAMS Finserv
CAMS Finserv recorded a 45.9% Y-o-Y growth on the back of strong product offerings. AAmaze (analytics) saw over 60% Q-o-Q revenue growth.
MF RTA Client Additions
CAMS added Oaklane Capital LLP and Neo Investments Value Advisors Pvt. Ltd. as MF RTA clients, bringing the total to 31 AMCs.
SIF Launches
During the quarter, 4 SIFs launched their maiden funds, taking the total number of SIFs serviced to 6. A pipeline of 8 additional SIF launches remains.
CAMS KRA Client Onboarding
CAMS KRA added two major broking houses and 36 new intermediaries, deepening penetration into brokerages.
CAMSRep Insurer Additions
LIC, IFFCO Tokio General Insurance, and Galaxy Health Insurance were added as new insurers active on IR. Tata AIA Life Insurance integrated with Bima Central.
SIF Launch Pipeline
A strong pipeline remains in place, with 8 additional SIF launches expected over the coming months.
GIFT City Retail Fund Momentum
Retail fund launches in GIFT City gained momentum. CAMS-serviced GIFT City Retail Fund AuM now stands at US$35.3 Mn.
DPDPA Compliance Demand
ConsenPro is gaining strong momentum with BFSI & enterprise pipelines, accelerating demand for DPDPA compliance solutions.
Digital Adoption in Financial Services
CAMSPay saw strong registration growth with Insurance rising 36% Q-o-Q and NBFC increasing 3% Q-o-Q, highlighting enhanced customer engagement and digital adoption.
Challenging MF External Environment
The MF business demonstrated resilience amid a challenging external environment, with the segment revenues remaining stable on a Q-o-Q basis.
Industry-wide Headwinds in New Account Openings
CAMS KRA delivered 28% Y-o-Y revenue growth despite industry-wide headwinds impacting new account openings.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial. YoY reflects structural growth and market share shifts in the financial services sector, while QoQ highlights recent sequential momentum, utilization, and project execution.
CAMS AuM
CAMS AuM was ₹55.1 Lakh Cr. in Q4FY’26, retaining ~68% market share and delivering 21% Y-o-Y growth, in line with the industry. Overall Active assets grew ahead of industry.
Equity Assets
Equity assets surged to an all-time high of ₹30.5 Lakh Cr., improving share to a record 67.0%, up 90 bps Y-o-Y, growing faster than the industry.
New SIP Registrations
New SIP registrations reached 1.26 Cr. in Q4FY’26, reflecting a strong 46% Y-o-Y growth, outpacing the industry growth of 37%. Annual SIP registrations in FY’26 hit 4.7 Cr., up 17% over FY’25.
Live SIPs
Live SIPs expanded 17% Y-o-Y compared with 4% for the industry, resulting in share increasing to 64.1% from 57.0% in the previous year.
Platform Re-architecture Outcomes
CAMS multiyear platform re-architecture has begun to deliver meaningful outcomes, driving improved operational efficiency and supporting revenue growth on a near flat headcount.
AI-led Automation Benefits
Key capabilities are now beginning to go-Live on the new platform, led by AI-led form digitisation, leading to improved accuracy and strengthening customer service.
Diversified Portfolio Strategy
Non-MF Revenue contribution to enterprise revenue increased to 15.3% in Q4FY’26, underscoring the company’s decisive progress in building a balanced, diversified portfolio.
Future Platform Rollouts
The next-gen transaction origination platform and the insights and analytics driven enterprise data warehouse are slated to go live in H1FY’27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Non-MF Revenue Contribution | 15.3% of enterprise revenue in Q4 FY'26 | Continued increase in non-MF revenue contribution to further diversify the business portfolio. |
| EBITDA Margin | 46.5% in Q4 FY'26 | Sustained or improved EBITDA margins, reflecting ongoing benefits from automation and operational efficiencies. |
| New SIP Registrations Growth | 46% Y-o-Y in Q4 FY'26 | Continued outperformance of CAMS's new SIP registrations growth compared to the industry average. |
| Next-Gen Platform Go-Live | Slated for H1 FY'27 | Successful implementation and ramp-up of the next-gen transaction origination platform and enterprise data warehouse. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +12.8% / mo
Technical chart
CAMSweekly · 6M-0.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 rising (~11.3% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -8.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · IT: 98th pctile, median 68 · Small: 99th pctile, median 65
127 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 38.60
- P/B
- 13.88
- EV/EBITDA
- 23.55
- Market Cap
- 18349.00Cr
Profitability
- ROE
- 39.00%
- ROCE
- 49.00%
- ROA
- 26.08%
- Dividend Y
- 1.69%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 97.57×
- Altman Z
- 9.33
- Book Value
- 53.30
Cash Flow
- FCF Yield
- 1.71%
- FCF Positive Y
- 9/5
- OCF
- 584.00 Cr
- EPS TTM
- 19.20
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.