CRAMC
Micro CapCanara Robeco Asset Management Company Limited
Financial Services
Canara Robeco Asset Management Company Limited (CRAMC) provides asset management services to schemes of Canara Robeco Mutual Fund and advisory services to clients. The company aims for 'Inspired Investing for every Indian household'.
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.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
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
Bad · 0/100PAT -2% YoY · margin compression · Rev +3% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹104 Cr | +3.0% | -14.1% |
| EBITDA | ₹60 Cr | +0.0% | -17.8% |
| Operating margin | 58.0% | -100 bps | -200 bps |
| PAT | ₹41 Cr | -2.4% | -22.6% |
| PAT margin | 39.4% | -216 bps | -438 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
CRAMC reports Q4 FY26 Revenue from Operations up 13% YoY and Operating Profit from Core AMC Business up 17% YoY. However, PAT declined 1% YoY and 22% QoQ, impacted by negative fair value changes and higher other expenses.
CRAMC demonstrated strong operational growth in Q4 FY26 with robust AUM and core operating profit expansion. While PAT saw a decline due to specific financial items and increased expenses, the underlying business momentum, supported by digital adoption and distribution network growth, appears stable.
MAAUM by Distributor Segment (Mar 2026)
Latest issuer-disclosed distribution across 4 reported categories.
Digital Ecosystem Growth
User sessions on digital platforms grew 200% YoY in Q4 FY26 to 1.9 million, with engagement rates increasing by 28.07% YoY to 73.1%.
AUM Expansion
Quarterly Average AUM (QAAUM) increased 13.7% YoY to ₹1,175 Billion as of Mar'26.
Distribution Network Expansion
Number of distributors increased to 56,231 in Mar'26 from 50,935 in Mar'25.
Branch Network Expansion
Number of branches increased to 29 as of Mar'26 from 23 in Mar'25.
Distributor Base Growth
Number of distributors increased to 56,231 as of Mar'26 from 50,935 in Mar'25.
Digital Adoption and Engagement
Significant growth in user sessions (+200% YoY) and engagement rates (+28.07% YoY) on digital platforms indicates strong digital channel traction.
Industry SIP Growth
The mutual fund industry saw SIP monthly flows grow 23.9% YoY to ₹321 Billion in Mar'26, indicating a supportive market environment.
Negative Fair Value Changes
The company recorded a net loss on fair value changes of -₹106 Million in Q4 FY26, impacting total income and PAT.
Decline in SIP Metrics
CRAMC's SIP monthly contribution and outstanding SIP accounts declined QoQ in Mar'26, contrary to industry trends.
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.
For financial services, both YoY and QoQ comparisons are crucial. YoY reflects long-term AUM growth and structural changes, while QoQ captures sequential momentum in flows, profitability, and operational efficiency, which are vital for an AMC.
Quarterly Average AUM (QAAUM)
₹1,175 Billion for Q4 FY26, up 13.7% YoY.
Equity QAAUM
₹1,069 Billion for Q4 FY26, up from ₹948 Billion in Mar'25.
SIP Monthly Contribution
₹7.27 Billion for Mar'26, down from ₹7.55 Billion in Dec'25.
Outstanding SIP Accounts
2.04 Million as of Mar'26, down from 2.10 Million in Dec'25.
Enhanced Digital Payment Experience
Management integrated CAMS Pay as a new payment aggregator and implemented UPI Intent Flow via Bill Desk 2.0.
Impact of New Labour Codes
The estimated impact of the New Labour Codes has been recognized in employee benefit expense and is not expected to be material.
ESOP Grant
The Nomination and Remuneration Committee approved a grant of 14,55,109 stock options to eligible employees on January 20, 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth (QAAUM) | ₹1,175 Billion (+13.7% YoY) | Sustained double-digit YoY growth in QAAUM, particularly in equity segments. |
| SIP Monthly Contribution | ₹7.27 Billion (Mar'26) | Reversal of QoQ decline and alignment with, or outperformance of, industry SIP growth rates. |
| Digital Engagement | 1.9 million user sessions (Q4 FY26) | Continued high growth in user sessions and engagement rates on digital platforms. |
| Profit After Tax (PAT) | ₹414 Million (Q4 FY26) | Stabilization and growth in PAT, reflecting the strong operating profit from the core AMC business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -7.9% / mo
Technical chart
CRAMCweekly · 3Y-19.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 46.
- SMA20 falling (~8.5% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 14% 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
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.9%.
- Growth contributes 24/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
- Quality is weaker at 16/20; 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: +1 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.
Healthy Trust: Claim history is still being built. It ranks around the 91st percentile of the scored universe and 96th percentile within Financial Services. Main check: results consistency is weak at 55/100.
High Trust Lite: Promoter holding is 75%. Key concern: ROCE trend is -5.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 96th pctile, median 62 · Micro: 87th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy 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 holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -5.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 23.70
- P/B
- 6.47
- EV/EBITDA
- 16.69
- Market Cap
- 4822.00Cr
Profitability
- ROE
- 30.30%
- ROCE
- 40.10%
- ROA
- 24.91%
- Dividend Y
- 1.65%
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 41.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 141.50×
- Altman Z
- 8.96
- Book Value
- 37.40
Cash Flow
- FCF Yield
- 1.33%
- FCF Positive Y
- 7/5
- OCF
- 172.00 Cr
- EPS TTM
- 10.22
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — 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.