1. At a Glance – Blink and You’ll Miss the Monopoly
Let’s get this out of the way: CAMS is not sexy, but it prints money like a government exam form fee.
Market cap sitting around ₹17,563 Cr, stock chilling near ₹709, down ~7% in three months, and somehow still trading at a P/E of ~39.5. Why? Because this is the plumbing of Indian financial markets—you don’t see it, you don’t touch it, but if it breaks, the entire building smells.
Q3 FY26 delivered ₹367 Cr revenue, ₹122 Cr PAT, and a 47% operating margin—which in Indian corporate language means “we charge toll, we don’t build roads.” ROCE is a spicy ~55%, ROE at ~44%, debt almost nonexistent, dividend yield at ~1.75%, and a business model so boring that even volatility gives up.
Latest quarter growth wasn’t explosive, but CAMS doesn’t sprint—it compounds quietly while others shout on CNBC. Mutual fund AUM serviced crossed ₹55 lakh crore, SIPs keep flowing like EMIs of optimism, and non-MF businesses are finally waking up like a late riser who discovered protein shakes.
Question before we go deeper: Do you want adrenaline or annuity?
2. Introduction – The Company That Touches Your Money Without Touching Your Money
CAMS is that friend who attends every wedding, knows every family secret, but never pays for dinner—and still ends up richer than everyone else.
It is India’s largest mutual fund transfer agency (RTA). Translation for non-finance folks: every time you invest, redeem, SIP, switch, or panic-sell a mutual fund, CAMS is probably in the middle, sipping chai and charging a fee.
This is not asset management. This is not risk-taking. This is infrastructure with monopoly-like characteristics, where volumes grow with markets, and costs grow… slowly.
In Q3 FY26, CAMS didn’t do anything dramatic. No moonshots. No crypto pivot. No “AI will change humanity” PowerPoint nonsense. Instead, it did what it does best:
- Processed insane volumes
- Took a tiny cut
- Delivered fat margins
- Paid dividends
The mutual fund industry keeps growing because India
keeps discovering SIPs like a newly found religion. CAMS benefits whether markets go up, sideways, or give heart attacks—as long as transactions happen.
But here’s the real plot twist: mutual funds are no longer the whole story. Non-MF revenues are now 14.4% of total revenue, growing faster, louder, and with more ambition.
So the big question is no longer “Is CAMS stable?”
It’s “Can CAMS grow without breaking its monopoly vibe?”
3. Business Model – WTF Do They Even Do?
Imagine CAMS as the Aadhaar + backend server + call center of mutual funds.
Core Segments (Explained Like You’re Smart but Busy)
1. Mutual Funds (The Golden Goose)
- Market share: ~68–69%
- Serviced AUM: ₹55+ lakh crore
- Equity net sales market share: 69%
- SIP collections growth: 21% YoY
- Live SIP market share: 63.4%
Every AMC wants scale. CAMS already has it. Switching RTAs is painful, risky, and politically annoying. Result? Sticky clients, long contracts, and pricing power that only gets negotiated once in a blue moon.
2. Non-MF Businesses (The Gym Membership Phase)
This includes:
- CAMS KRA (KYC Registry)
- AIF/PMS administration
- CAMS Pay (Payments)
- CAMS Rep / BIMA Central (Insurance infra)
- GIFT City operations
- Analytics & Account Aggregator (FIS)
Non-MF revenue grew ~18% QoQ and now forms 14.4% of total revenue, with management openly guiding toward 20%+ YoY growth.
Think of MF as rent income, and Non-MF as
