/** Title: CAMS Q4 FY26: Record Revenue, Non-MF Momentum, and a Longer Tech Arc */

CAMS Q4 FY26: Record Revenue, Non-MF Momentum, and a Longer Tech Arc

Computer Age Management Services Limited (CAMS) closed Q4 FY26 with its highest ever quarterly revenue, even as management described the external environment as less than friendly toward the end of the quarter. The company reported revenue from operations of ₹395.22 crore in Q4 FY26, up 11.0% year-on-year and 1.3% quarter-on-quarter. Operating EBITDA reached an all-time high of ₹183.66 crore, translating into a 46.5% margin. Profit after tax attributable to owners stood at ₹126.43 crore (31.0% PAT margin).

The quarter’s story was not just about numbers. CAMS highlighted two trends that have been building over multiple periods: non-mutual fund (non-MF) businesses contributing a larger share of growth, and a technology re-architecture program that management believes is now starting to show operational outcomes. Against that backdrop, the mutual fund (MF) business held steady in a quarter where average assets were influenced by market movements and a more passive-heavy mix.

Mutual fund franchise: scale intact, retail indicators strong

CAMS reported quarterly AAuM serviced of ₹55.1 trillion in Q4 FY26, with around 68% market share. Year-on-year AAuM growth was 21.0%, broadly in line with industry growth. Within that, equity assets remained a key focus area. Equity AAuM reached ₹30.5 trillion and market share improved to 67.0%, up 90 basis points year-on-year, while industry equity AAuM declined 0.4% quarter-on-quarter.

Operating metrics continued to move higher. Q4 transaction volume was 293.0 million (up 23% YoY), and the SIP book reached 67.0 million as of 31 March 2026. Unique investors serviced were 47.6 million, up 18% year-on-year, while live investor folios reached 114.1 million, up 21.1% year-on-year.

Management also emphasized flow indicators. Equity net sales stood at ₹1,01,294 crore in Q4, and CAMS’ share of equity net sales increased to 76.3% from 71.2% in Q3. New SIP registrations in Q4 were 1.26 crore, up 46% YoY, while SIP collections for the quarter were ₹58,889 crore.

Non-MF engine: contribution rises to 15.3% in Q4

The quarter’s fastest growth came from beyond mutual funds. Non-MF revenue grew 24.5% year-on-year in Q4 FY26 and its share of enterprise revenue increased to 15.3% (from 13.7% in Q4 FY25). The presentation described this as a sign of diversification progress, with multiple verticals showing strong growth.

CAMS Alternatives posted its highest ever quarterly revenue, with Q4 revenue up 25.4% YoY. The company reported alternatives AUM under service crossing ₹3.10 lakh crore and highlighted 44 new mandates during the quarter, including 14 new logos. CAMSPay delivered 22.8% YoY revenue growth, supported by new client additions and a ramp-up in payment gateway cards business. CAMSKRA grew 28% YoY despite softer industry-wide new account openings, while CAMSRep reported 6% YoY revenue growth with Bima Central expanding its active user base.

On the mix level, the company disclosed the share of each non-MF line item in enterprise revenue for the quarter. CAMSPay represented 5.0% of total revenue, alternatives (AIF) 3.1%, CAMSKRA 2.6%, CAMSRep 1.7%, Think360 AI 1.1%, and others 1.8%.

Financial performance: margins supported by automation and cost discipline

For Q4 FY26, CAMS reported operating EBITDA of ₹183.66 crore, PBT of ₹167.07 crore, and PAT of ₹126.43 crore. Management attributed margin strength to improved operational efficiency and a ramp-up in automation initiatives, alongside disciplined cost control.

For FY26, consolidated revenue from operations was ₹1,516.25 crore (up 6.6% YoY). Operating EBITDA was ₹685.97 crore (45.2% margin), and PAT was ₹476.01 crore (30.4% margin), translating into 1.2% YoY growth in PAT. The company reported return on net worth of 39.1% for FY26.

CAMS disclosed cash and cash equivalents of ₹854.45 crore as of 31 March 2026. The board declared a final dividend of ₹4 per share.

Financial summary (consolidated)

Note: Amounts converted from ₹ lakh to ₹ crore.

Technology re-architecture and DPDPA: the forward narrative

A notable part of the concall focused on CAMS’ re-architecture program and its expected operational payoffs. Management described a multi-year cloud-native rebuild, with module-by-module rollouts. They cited AI-led form digitisation already running in production and said the next-gen transaction origination platform and an enterprise data warehouse are slated to go live in H1 FY27.

Alongside re-architecture, management positioned consent management as a new commercial opportunity. ConsenPro, developed with Think360, is being positioned as a consent lifecycle management platform aimed at DPDPA compliance requirements. Management noted early engagement from BFSI and enterprise clients and linked the opportunity to the upcoming compliance timeline referenced in the call.

Cost control was framed as structural rather than cyclical. The CFO stated that automation has crept into the system and guided toward sub-5% employee cost growth and overall expense growth definitely sub-9% for FY27, while maintaining service outcomes.

Key takeaways

CAMS ended Q4 FY26 with record quarterly revenue and EBITDA, with non-MF businesses contributing a rising share of growth. The MF franchise retained scale leadership, supported by improving equity share and strong retail participation metrics such as SIP registrations and unique investors. The next phase of the story, as presented by management, hinges on sustaining non-MF growth at 20%+ while translating re-architecture and automation investments into durable productivity gains.