CAMS Q1FY26 Concall: When 50 Trillion AUM Meets a 3% Yield Diet

Opening Hook

In a world where mutual fund RTAs fight for every basis point, CAMS decided to give its largest client a discount big enough to make rivals faint. Yet, the company still flaunted EBITDA margins above 43%—like a marathon runner who insists on wearing ankle weights. Add in a record ₹50 lakh crore AUM and a growing non-MF portfolio, and you’ve got a quarter where growth took a nap, but profitability stayed caffeinated.

Here’s what we decoded from this data-packed therapy session they call an earnings call.

At a Glance

• Revenue: ₹355 crore – up 7% YoY, despite a 5% yield drop.
• EBITDA: ₹155 crore – margins at 43.7%, because cost control is life.
• PAT: Just shy of 30% margin – still flexing.
• AUM: ₹50 lakh crore – crossed for the first time, now flirting with ₹52 lakh crore.
• SIPs: Market share jumps 6% – CAMS be like, “SIP it good.”
• Non-MF Revenue: ₹190 crore base last year – eyeing 25% growth.

The Story So Far

CAMS (Computer Age Management Services) has been the backbone of India’s mutual fund ecosystem, handling a cool 68% market share by AUM. FY25 was smooth sailing with tailwinds everywhere. Q1FY26, however, came with a twist: pricing reset for its largest client (ouch), salary hikes (double ouch), and fewer trades in the KRA business. Yet, resilience is CAMS’ middle name—profits stayed strong and market share gains continued.

Management’s Key Commentary

1. On Price Resets:
   “90% of the impact is in the base.”
   Translation: We took the hit now so we don’t have to later.
2. On Yields:
   “Expect ~3% annual depletion going forward.”
   Translation: Just a slow drip, no waterfall.
3. On SIPs:
   “Market share improved to 62%.”
   Translation: Competitors, please take notes.
4. On Non-MF Growth:
   “Targeting 25% growth driven by payments and insurance.”
   Translation: MF may be the king, but non-MF is the prince.
5. On Costs:
   “Cost increase kept under 11% despite salary hikes.”
   Translation: CFO deserves a medal.
6. On Tech Transformation:
   “Cloud rearchitecture to cut labor and improve accuracy.”
   Translation: Humans, prepare to