CAMS Q4 FY26: Record Revenue, 11% YoY Growth & FY27 Management Guidance
CAMS delivered its highest-ever quarterly revenue of ₹395.22 Cr in Q4 FY26, with PAT of ₹125.44 Cr and record EBITDA of ₹183.66 Cr at a 46.5% margin. Management has guided for EBITDA margins to remain steady at 46.5% in FY27, non-MF revenue growth of more than 20%, non-MF profitability rising to 20% margin from 16.5%, and MF yield decreases staying below 3%, while targeting 40,000 to 50,000 Indian companies for ConsenPro within 12–18 months.
*this image is generated using AI for illustrative purposes only.
Computer Age Management Services Limited (CAMS), India's largest registrar and transfer agent for mutual funds and a SEBI-regulated entity, has announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company reported its highest-ever quarterly revenue in Q4 FY26, driven by strong performance across both its core mutual fund business and its expanding non-MF portfolio. Alongside the results, CAMS has recommended a final dividend of ₹4 per equity share, with the record date set for July 10, 2026, subject to shareholder approval at the Annual General Meeting scheduled for July 7, 2026. Cash and cash equivalents as on March 31, 2026 stood at ₹854.45 Cr. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited financial results were published in Business Standard and Maalaimurasu on May 05, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the earnings call on the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, held with analysts and investors, has been uploaded on the company's website.
Q4 FY26 Consolidated Financial Performance
CAMS delivered robust consolidated financials in Q4 FY26, with revenue growing 11.0% year-on-year and 1.3% sequentially. Profit After Tax (PAT) attributable to owners rose 10.9% year-on-year, while PAT margins remained healthy at 31.0%. EBITDA reached an all-time high of ₹183.66 Cr., with an EBITDA margin of 46.5%. The table below presents the consolidated quarterly financial highlights:
| Particulars (₹ Cr.): | Q4 FY26 | Q4 FY25 | Y-o-Y | Q3 FY26 | Q-o-Q |
|---|---|---|---|---|---|
| Revenue: | 395.22 | 356.17 | 11.0% | 390.14 | 1.3% |
| Profit Before Tax (PBT)*: | 167.07 | 149.26 | 11.9% | 165.65 | 0.9% |
| Profit After Tax (PAT): | 125.44 | 112.80 | 11.2% | 124.60 | 0.7% |
| Non-controlling Interest: | (0.99) | (1.22) | — | (0.94) | — |
| Profit Attributable to Owners: | 126.43 | 114.02 | 10.9% | 125.54 | 0.7% |
| PAT Margins (%): | 31.0% | 30.9% | — | 31.1% | — |
After eliminating Non-Controlling Interest in subsidiaries and including loss in JV.
Basic EPS for Q4 FY26 stands at ₹5.10 (not annualised) and Diluted EPS at ₹5.08.
Full Year FY26 Consolidated Performance
For the full year ended March 31, 2026, CAMS reported consolidated revenue of ₹1,516.25 Cr., reflecting a 6.6% year-on-year increase. PAT attributable to owners stood at ₹476.01 Cr., up 1.2% year-on-year, with PAT margins at 30.4%. The annual financial highlights are summarised below:
| Particulars (₹ Cr.): | FY26 | YoY Growth |
|---|---|---|
| Revenue: | 1,516.25 | +6.6% |
| Profit Before Tax (PBT)*: | 632.53 | +1.3% |
| Profit After Tax (PAT)*: | 476.01 | +1.2% |
| PAT Margins (%): | 30.4% | — |
| Basic EPS (annualised): | ₹19.23 | — |
| Diluted EPS (annualised): | ₹19.13 | — |
After eliminating Non-Controlling Interest in subsidiaries and including loss in JV.
Standalone Financial Results
In addition to the consolidated results, CAMS also published its audited standalone financial results for the quarter and year ended March 31, 2026. The standalone figures reflect the parent entity's performance and are presented below (₹ in Lakhs):
| Particulars (₹ Lakhs): | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Revenue from Operations: | 35,700.73 | 36,697.22 | 33,643.81 | 1,41,225.69 | 1,33,390.02 |
| Profit Before Tax: | 13,600.23 | 15,991.44 | 14,061.61 | 58,419.34 | 58,639.32 |
| Profit After Tax: | 9,899.24 | 12,197.64 | 10,607.66 | 43,709.61 | 44,102.36 |
Revenue Profile
The revenue mix reflects a growing contribution from non-MF segments. Asset-based MF revenue grew 11.6% year-on-year in Q4 FY26, while non-MF revenue surged 24.5% year-on-year. For the full year FY26, non-MF revenue contribution to enterprise revenue stood at 14.3%, up from 13.0% in FY25. The quarterly non-MF revenue breakup as a percentage of total revenue is detailed below:
| Segment: | Q4 FY25 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|
| AIF: | 2.8% | 2.9% | 3.1% |
| CAMS Pay: | 4.5% | 4.6% | 5.0% |
| CAMS REP: | 1.7% | 1.4% | 1.7% |
| Think360 AI: | 0.9% | 1.2% | 1.1% |
| CAMSKRA: | 2.2% | 3.0% | 2.6% |
| Others: | 1.6% | 1.5% | 1.8% |
| Non Mutual Fund Total: | 13.7% | 14.5% | 15.3% |
Mutual Fund Business Highlights
CAMS retained its market leadership in the mutual fund segment with approximately 68% market share. CAMS AuM stood at ₹55.1 lakh Cr. in Q4 FY26, reflecting 21% year-on-year growth in line with the industry. Equity assets surged to an all-time high of ₹30.5 lakh Cr., improving their share to a record 67.0%, up 90 bps year-on-year. Equity net sales stood at ₹1,01,294 Cr., driving CAMS's share in this segment to 76.3% from 71% in the previous quarter.
New SIP registrations reached 1.26 Cr. in Q4 FY26, reflecting 46% year-on-year growth and outpacing the industry growth of 37%. Annual SIP registrations in FY26 hit 4.7 Cr., up 17% over FY25 — nearly double the industry growth of 9%. SIP collections crossed the ₹20,000 Cr. milestone in March, reaching ₹58,889 Cr. for Q4 FY26, a 24% year-on-year increase. Live SIPs expanded 17% year-on-year compared with 4% for the industry, resulting in CAMS's share increasing to 64.1% from 57.0% in the previous year. The unique investor base crossed 4.76 Cr., registering 18% year-on-year growth and outpacing industry growth of 13%. Transaction volumes for FY26 reached 107 Cr., up 20% year-on-year.
During the quarter, CAMS added Oaklane Capital LLP and Neo Investments Value Advisors Pvt. Ltd. as MF RTA clients, taking the total number of MF RTA clients to 31. Additionally, 4 Specialised Investment Funds (SIFs) launched their maiden funds during the quarter, taking the total number of SIFs serviced to 6, with 8 additional SIF launches expected in the coming months. CAMS-serviced GIFT City Retail Fund AuM now stands at US $35.3 Mn.
Beyond Mutual Funds
The non-MF business portfolio recorded 24.5% year-on-year growth, with non-MF revenue contribution to enterprise revenue increasing to 15.3% in Q4 FY26. The key segment performances are highlighted below:
| Segment: | Q4 FY26 Performance |
|---|---|
| CAMSPay Revenue Growth (YoY): | 22.8% |
| CAMS Alternatives Revenue Growth (YoY): | 25.4% |
| CAMS Alternatives AUM: | 3.1 Lakh Cr. (50%+ outsourced market share) |
| CAMS Alternatives New Mandates: | 44 (including 14 new logos) |
| CAMS KRA Revenue Growth (YoY): | 28% |
| CAMSRep Revenue Growth (YoY): | 6% |
| Bima Central Active Users Added (FY26): | 12.6 lakh |
| Bima Central IR Market Share: | 40% |
CAMSPay onboarded 20+ new clients during the quarter. CAMS KRA added two major broking houses, further strengthening its market positioning. ConsenPro, a consent lifecycle management platform jointly developed by CAMS and Think360, is being shaped to address industry-wide consent management challenges, with a pipeline of 50+ conversations and active proposals from BFSI and enterprise clients.
FY27 Management Guidance
Management has outlined key targets for the year ahead, reflecting confidence in the company's diversification strategy and operational leverage. The guidance covers margin expectations, non-MF growth ambitions, and yield trends across segments. The key guidance parameters are summarised below:
| Guidance Parameter: | Target |
|---|---|
| EBITDA Margin (FY27): | ~46.5% (steady) |
| Non-MF Revenue Growth (FY27): | More than 20% |
| Non-MF Business Profitability Margin (FY27): | 20% (up from 16.5% this quarter) |
| MF Yield Decrease (FY27): | Below 3% |
| KRA Business Growth (FY27): | Expected to remain flat |
| ConsenPro Target Market (Next 12–18 Months): | 40,000 to 50,000 Indian companies |
Management expects EBITDA margins to stay steady at 46.5% for the next year, underpinned by operating efficiency gains from the ongoing platform re-architecture programme. Non-MF business profitability is targeted to reach a 20% margin in FY27, up from 16.5% this quarter, as scale benefits accrue across payments, alternatives, and insurance repository businesses. The company expects any decrease in MF yields to remain below 3% next year, with a focus on yield stability. The KRA business is expected to remain flat in FY27. ConsenPro, the consent lifecycle management platform, is targeting 40,000 to 50,000 Indian companies as potential buyers within the next 12 to 18 months.
ReArch and AI
CAMS's multi-year platform re-architecture programme has begun to deliver meaningful outcomes, driving improved operational efficiency and supporting revenue growth on a near-flat headcount, reflecting the benefits of sustained technology investments. Key capabilities are now beginning to go live on the new platform, led by AI-led form digitisation, which is improving accuracy and strengthening CAMS's position in customer service — as evidenced by a lower percentage of investor complaints on an almost 2X transaction base. The next-generation transaction origination platform and the insights and analytics-driven enterprise data warehouse are slated to go live in H1 FY27.
Management Commentary
Commenting on the performance, Mr. Anuj Kumar, Managing Director, said: "Q4 FY'26 was a defining quarter for CAMS, as we delivered our highest-ever quarterly revenue, with double-digit Y-o-Y growth and best-in-class EBITDA margins of 46.5%. This performance reflects strong operating discipline, sustained scale benefits in our core mutual fund franchise and continued improvement in productivity across the organisation. This performance was anchored not only by the resilience and scale benefits of our core mutual fund franchise, but also by strong momentum in our expanding non-MF businesses which grew over 24% year-on-year, underscoring the success of our diversification strategy. Businesses across payments, alternatives, KRA and insurance repository continue to gain traction, contributing meaningfully to revenue momentum and long-term growth visibility. Within mutual funds, we continue to deepen and strengthen our partnerships with asset managers. During the quarter, Neo and Oaklane chose CAMS as their RTA partner, taking our total MF RTA relationships to 31. We also continued to gain market share and outperform the industry across key metrics, including assets under management, equity net sales, SIP registrations and growth in the investor base. The SIF ecosystem is scaling well, with 6 SIFs going live so far and another 8 additional launches expected in the coming months. Alongside growth, our multi-year platform re-architecture programme is progressing well. Sustained innovation in technology, coupled with revenue growth while maintaining a flat headcount, highlight the operating efficiency and long-term leverage that our next-generation platform is designed to deliver."
Dividend
CAMS has recommended a final dividend of ₹4 per equity share, subject to shareholder approval at the Annual General Meeting scheduled for July 7, 2026. The record date for the final dividend has been set as July 10, 2026, reflecting the company's commitment to rewarding shareholders alongside its strong financial performance.
With non-MF revenue targeted to grow over 20% in FY27, which specific segments—CAMSPay, Alternatives, or ConsenPro—are most likely to become the dominant growth driver, and could any of them realistically challenge the mutual fund business as CAMS's primary revenue source within the next 3–5 years?
Given that CAMS's KRA business is expected to remain flat in FY27 despite 28% growth in FY26, what regulatory or competitive headwinds are creating this sudden deceleration, and how might SEBI's evolving KYC framework impact CAMS's positioning in this segment?
As ConsenPro targets 40,000–50,000 Indian companies within 12–18 months, what monetisation model is CAMS pursuing for this consent lifecycle platform, and could it attract competition from larger fintech or enterprise software players that might limit its addressable market?
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