1. Opening Hook
Just when everyone thought mutual fund plumbing would start leaking after fee resets, CAMS calmly turned on the efficiency tap. While the market debated TER math like it’s CAT prep, CAMS went ahead and delivered its highest-ever EBITDA.
This was supposed to be the “post-price-reset hangover” quarter. Instead, it turned into a productivity flex. Revenues crawled, margins sprinted, and headcount… didn’t move at all.
The real story isn’t growth fireworks—it’s how CAMS made more money doing the same work, while onboarding new AMCs, new products, and new regulators breathing down its neck.
Read on. The boring middle-office just became the most interesting margin story in financial services.
2. At a Glance
- Revenue up 5.5% YoY – After price resets, even single digits feel like a small rebellion.
- QoQ growth 3.6% – Not sexy, but very real in a reset year.
- EBITDA at ₹179 cr (highest ever) – Peak profitability unlocked, again.
- EBITDA margin 46% – Labour code came, margins still climbed.
- Non-MF revenue +24% YoY – The side hustle is no longer a side hustle.
- Dividend ₹3.5/share – 65% payout, because why hoard cash?
3. Management’s Key Commentary
“This was a remarkable quarter
despite a larger base.”
(Translation: We beat expectations in the worst comparison quarter 😏)
“Absolute rupee EBITDA is the highest ever.”
(Margins didn’t just survive—they showed dominance.)
“MF AUM crossed ₹55 lakh crore with 68% market share.”
(Still the toll booth on India’s fund highway.)
“Equity AUM share moved from 60% to 66.4%.”
(Silent market share theft, one SIP at a time.)
“Non-MF revenue should reach ₹500 crore in 4–5 years.”
(Diversification, but without losing the plot.)
“Headcount remained flat despite onboarding 6 AMCs.”
(Automation doing layoffs without layoffs 😏)
4. Numbers Decoded
| Metric | Q3 FY26 | Decoded Take |
|---|---|---|
| Revenue Growth (YoY) | 5.5% | Reset hangover, not slowdown |
| QoQ Revenue Growth | 3.6% | Back to normal physics |
| EBITDA | ₹179 cr | New all-time high |
| EBITDA Margin | 46% | Cost discipline on steroids |
| MF AUM | ₹55 lakh cr | CAMS still owns the pipes |
| Non-MF Revenue Share | 14.5% | Marching towards 20% |
One-liner: CAMS didn’t grow fast—but
