Computer Age Management Services Limited (CAMS) share price
₹711.00 on NSE as of 2026-09-11. -0.14% on the day. market cap ₹17,647 Cr. P/E 18.4. 52-week range ₹622.45 to ₹836.30. Financial Services.
CAMS Q1 FY27: Revenue ₹353 Cr, Operating Margin at 49%, and a 43.7x Multiple on a Business With No Promoter
At a glance
Quarterly sales came in at ₹353 Cr, against ₹334 Cr a year ago and ₹357 Cr in the March quarter. Operating profit was ₹171 Cr — the highest quarterly figure in the series — and operating margin hit 49%, up from 45% a year earlier and 42% last quarter. Net profit was ₹122 Cr, EPS ₹4.91.
Expenses fell. Not "grew slower" — fell, from ₹206 Cr in the March quarter to ₹182 Cr, which is the sort of line item that does most of the heavy lifting when margin jumps seven percentage points in three months. Management attributes part of this to an appraisal cycle deferred by one quarter, effective 1 July instead of 1 April, and quantifies the potential impact at roughly 2% of revenue depending on ramp-ups.
Elsewhere: the board declared an interim dividend of ₹2.50 per share, took on record that Fintuple Technologies is now a wholly owned subsidiary, approved revised consideration of ₹17.73 crore for further shares in Think Analytics, and took on record a communication from SEBI. That last one has an annexure. We'll get to it.
The registrar business that quietly counts everybody else's money now services ₹56 lakh crore of it.
Introduction
Computer Age Management Services is a mutual fund transfer agency — it provides investor services, distributor services and services to asset management companies. Incorporated in Chennai in May 1988, it received SEBI registration as a Registrar to an Issue in 1993, upgraded to Registrar and Share Transfer Agent under category I in 1995, and picked up depository participant registrations for NSDL in 2006 and CDSL in 2007. It listed on BSE on 1 October 2020.
The years since listing read as a list of new licences. RBI registration for account aggregator services and the incorporation of CAMSPay in 2020. CRA registration and the GIFT City office in 2021. CAMS CRA go-live and a majority stake in Fintuple Technologies in 2022. A majority stake in Think360 AI in 2023. Final RBI approval for CAMSPay as a payment aggregator, the CompaREITnow REIT platform, and the MFCentral joint venture with KFin Technologies in 2024. The KRA business of NSE acquired in 2025, with the CAMSKRA migration of NSE's data completed and announced on 6 January 2026 — a unified platform with an investor base above 2.17 crore.
More recently: shareholders approved a 1:5 share sub-division by postal ballot in November 2025, taking face value from ₹10 to ₹2. Anuj Kumar was re-appointed Managing Director for a five-year term beginning 1 August 2026, with 99.8% shareholder approval. Prasenjit Datta was appointed Chief Technology Officer on 21 May 2026. In February 2026 the company announced Supratim Bandyopadhyay as Non-Executive Chairman and Rajesh Krishnamoorthy as CEO of MFC Technologies.
Revenue split for FY26 was 86% mutual fund segment and 14% non-MF, against 87/13 in FY25.
Business model
CAMS is the back office of Indian mutual funds. When somebody starts a SIP, the AMC picks the stocks and CAMS does everything else: accepts the transaction request, verifies it, manages the KYC, processes it, sends the confirmation, reconciles the bank account, computes the brokerage, pays the distributor, claws it back if needed, files the reports, and mails the statement. Nine of the fifteen largest MFs are clients. Average relationship with the ten largest is over 23.3 years, which in Indian financial services is less a client relationship and more a common-law marriage.
Market share by quarterly average AUM is 67.2%. The company services ₹55.9 lakh crore of AAuM. It runs 285-plus service centres across 25 states and 5 union territories, because a meaningful chunk of the country still hands over paper.
The product catalogue is a wall of names ending in 360. myCAMS for investors. DiCE Pro for distributor commissions. Ferreto for AML. Watchtower360 for insider trading monitoring. Affluence360, DataX360, edge360, GoCORP, RAIDAR, Opera360, CAMSAi. Somewhere in Chennai there is a naming committee that solved the problem once and has been dining out on it ever since.
Then there's everything else, which the company calls Beyond MF and which is now 14.9% of revenue. CAMSPay processes payments and validated 13.4 million bank accounts in the quarter, up 32% YoY. CAMS Alternatives services 550-plus funds across 260-plus fund houses with ₹3.2 lakh crore under service. CAMSKRA is the second-largest KYC Registration Agency at 20% share with over 2 crore KYC records. CAMSRep runs Bima Central, which added 8.3 lakh unique users in the quarter and took its cumulative base past 25 lakh. CAMSfinserv is an account aggregator with 9% market share, 363 enterprises onboarded and 90-plus FIPs integrated. CAMS CRA does NPS. Think360 does AI credit scoring and has processed 135 million customer IDs.
The core business is a toll booth on a road that AMFI keeps widening. The rest is a company trying very hard to build a second road.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Computer Age Management Services Limited.
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