CAMS
CAMS
Capital Markets F&OKey Fundamentals
SmallcapRTACapital MarketsTapetide Score
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Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 39.8%
- Company has been maintaining a healthy dividend payout of 73.3%
Weaknesses
1- Stock is trading at 14.6 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoComputer Age Management Services (CAMS) is a capital markets infrastructure company with a market cap of ₹17,423 Cr, trading at a PE of 36.1x and 13.4x book value. The company has delivered a consistent 3-year ROE of ~40% and compounded profit growth of 16% over 3 years, though recent TTM sales and profit growth have decelerated to 5% and 2% respectively.
- Exceptional return on equity consistency — 3-year ROE of 40%, 5-year ROE of 41%, and 10-year ROE of 40%, indicating a highly capital-efficient business model
- Company is almost debt-free, reducing financial risk and providing flexibility to reinvest or return capital to shareholders
- Strong long-term compounded profit growth of 18% over 10 years and 15% over 5 years, demonstrating sustained earnings expansion
- Healthy dividend payout ratio of 73.3%, rewarding shareholders consistently from its cash-generative operations
- Compounded sales growth of 16% over 5 years and 12% over 10 years reflects steady top-line expansion tied to India's growing mutual fund industry
- Asset-light, platform-based business model supports high ROE of 37% even in the last year without requiring significant capital deployment
- Company has been actively reducing debt, further strengthening an already clean balance sheet
- Stock trades at 14.6x book value (PB of 13.41), a steep premium that leaves limited margin of safety if growth disappoints
- TTM sales growth has sharply decelerated to just 5%, down from 15% compounded over 3 years, signaling a potential slowdown
- TTM profit growth of only 2% is a significant drop from the 16% compounded growth over 3 years, raising concerns about margin pressure or one-off headwinds
- PE ratio of 36.1x is elevated for a company whose near-term earnings growth has slowed to single digits, creating a valuation-growth mismatch
- 1-year stock CAGR of -8% indicates the market has already been repricing the stock downward despite its quality metrics
- Dividend yield of just 0.35% offers minimal income return despite the high payout ratio, a consequence of the elevated valuation
- 5-year stock CAGR of -1% suggests that long-term shareholders have seen negligible capital appreciation, with returns not keeping pace with earnings growth
- Concentration risk in the mutual fund RTA (registrar and transfer agent) business makes revenue dependent on the trajectory of a single industry segment
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Fidelity funds sell 2.69% stake Sep 10
Fidelity Rutland Square Trust II and FMRC Fidelity Emerging Markets Fund sold a 2.69% stake in CAMS for ₹456.64 crore, signaling reduced institutional confidence from a major global fund house.
- Stock dipped 0.42% amid volatility Sep 10
CAMS fell to a low of ₹681 before recovering to close at ₹712, down 0.42%, reflecting mixed investor sentiment following the large stake sale.
- Q1 FY26 revenue up 11.54% Sep 10
CAMS reported consolidated net sales of ₹395.03 crore in Q1 FY2026, up 11.54% YoY, with standalone net sales of ₹353.05 crore, up 5.58% YoY.
- Geojit issues buy, target ₹910 Sep 10
Geojit Financial Services issued a buy recommendation with a target price of ₹910, implying ~28% upside from the Sep 10 close of ₹712.
- Investor meets scheduled Sep 2026 Sep 7
CAMS scheduled three analyst/investor interactions: a one-on-one with PL Capital on Sep 3, a virtual meet with Millennium Partners on Sep 21, and a group meeting at the Anand Rathi Annual Flagship Conference on Sep 22, 2026.
TL;DR: CAMS delivered solid Q1 FY26 top-line growth of 11.54% YoY and has analyst support with a ₹910 buy target from Geojit. The key risk is the large 2.69% stake exit by Fidelity funds worth ₹456.64 crore, which has created near-term price volatility. Active engagement with institutional investors through multiple scheduled meets in September suggests management is proactively addressing sentiment. The fundamental trend remains positive on revenue growth, but overhang from potential further institutional selling bears watching.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 244 | 255 | 269 | 287 | 308 | 342 | 348 | 336 | 334 | 354 | 367 | 357 | 353 |
| Expenses | 138 | 138 | 146 | 152 | 166 | 181 | 184 | 185 | 185 | 193 | 194 | 206 | 182 |
| Operating Profit | 106 | 117 | 123 | 135 | 142 | 160 | 163 | 152 | 149 | 161 | 173 | 151 | 171 |
| OPM % | 43% | 46% | 46% | 47% | 46% | 47% | 47% | 45% | 45% | 46% | 47% | 42% | 49% |
| Other Income | 8 | 8 | 8 | 9 | 9 | 10 | 12 | 10 | 11 | 10 | 11 | 11 | 15 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 |
| Depreciation | 14 | 14 | 15 | 15 | 14 | 15 | 16 | 20 | 18 | 22 | 22 | 25 | 22 |
| PBT | 98 | 109 | 114 | 127 | 135 | 153 | 157 | 141 | 140 | 148 | 160 | 136 | 163 |
| Tax % | 25% | 25% | 25% | 24% | 25% | 25% | 25% | 25% | 25% | 25% | 24% | 27% | 25% |
| Net Profit | 73 | 81 | 86 | 97 | 102 | 115 | 118 | 106 | 105 | 111 | 122 | 99 | 122 |
| EPS in Rs | 2.99 | 3.31 | 3.48 | 3.95 | 4.14 | 4.68 | 4.77 | 4.29 | 4.25 | 4.48 | 4.93 | 3.99 | 4.91 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 372 | 442 | 464 | 606 | 651 | 661 | 674 | 864 | 929 | 1,054 | 1,334 | 1,412 | 1,431 |
| Expenses | 245 | 300 | 289 | 402 | 459 | 402 | 405 | 474 | 523 | 573 | 717 | 778 | 774 |
| Operating Profit | 127 | 142 | 175 | 204 | 192 | 260 | 269 | 390 | 405 | 481 | 617 | 634 | 657 |
| OPM % | 34% | 32% | 38% | 34% | 30% | 39% | 40% | 45% | 44% | 46% | 46% | 45% | 46% |
| Other Income | 0 | 1 | 9 | 50 | 11 | 19 | 58 | 40 | 21 | 32 | 41 | 42 | 46 |
| Interest | 0 | 1 | 0 | 0 | 0 | 8 | 7 | 7 | 7 | 7 | 7 | 6 | 6 |
| Depreciation | 23 | 17 | 16 | 21 | 27 | 46 | 39 | 47 | 54 | 58 | 65 | 87 | 90 |
| PBT | 104 | 125 | 168 | 233 | 176 | 225 | 280 | 376 | 366 | 448 | 586 | 584 | 607 |
| Tax % | 33% | 35% | 36% | 31% | 36% | 27% | 22% | 23% | 25% | 25% | 25% | 25% | — |
| Net Profit | 70 | 81 | 108 | 160 | 112 | 164 | 219 | 289 | 275 | 337 | 441 | 437 | 454 |
| EPS in Rs | 2.86 | 3.34 | 4.41 | 6.56 | 4.6 | 6.73 | 8.97 | 11.84 | 11.21 | 13.72 | 17.85 | 17.63 | 18.31 |
| Div. Payout % | 62% | 65% | 56% | 68% | 118% | 36% | 140% | 65% | 67% | 68% | 81% | 71% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 50 |
| Reserves | 232 | 250 | 313 | 364 | 343 | 440 | 421 | 556 | 679 | 835 | 986 | 1,159 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 73 | 73 | 76 | 82 | 73 | 54 |
| Other Liabilities | 79 | 94 | 91 | 128 | 170 | 226 | 235 | 217 | 207 | 334 | 348 | 283 |
| Total Liabilities | 360 | 393 | 453 | 540 | 563 | 715 | 778 | 894 | 1,010 | 1,300 | 1,457 | 1,546 |
| Fixed Assets | 63 | 56 | 62 | 80 | 87 | 158 | 144 | 169 | 165 | 163 | 194 | 204 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 10 | 44 | 89 |
| Investments | 232 | 275 | 306 | 332 | 323 | 397 | 362 | 455 | 479 | 598 | 578 | 571 |
| Other Assets | 65 | 62 | 85 | 129 | 153 | 161 | 272 | 270 | 358 | 529 | 641 | 682 |
| Total Assets | 360 | 393 | 453 | 540 | 563 | 715 | 778 | 894 | 1,010 | 1,300 | 1,457 | 1,546 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 84 | 102 | 188 | 144 | 180 | 239 | 306 | 317 | 388 | 442 | 578 |
| Investing | — | -47 | -30 | -74 | -15 | -72 | 23 | -117 | -105 | -181 | -102 | -271 |
| Financing | — | -41 | -72 | -109 | -132 | -91 | -268 | -200 | -201 | -219 | -334 | -310 |
| Net Cash Flow | — | -4 | 0 | 5 | -3 | 17 | -6 | -11 | 11 | -12 | 7 | -3 |
| Free Cash Flow | — | 75 | 80 | 188 | 110 | 166 | 213 | 246 | 281 | 357 | 328 | 447 |
| CFO/OP | — | 92 | 58 | 129 | 109 | 97 | 111 | 103 | 99 | 98 | 93 | 115 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 6 | 7 | 9 | 10 | 14 | 13 | 9 | 10 | 17 | 28 | 10 |
| Cash Conversion Cycle | 1 | 6 | 7 | 9 | 10 | 14 | 13 | 9 | 10 | 17 | 28 | 10 |
| Working Capital Days | -3 | -18 | 9 | 6 | -5 | 6 | -30 | -12 | 26 | 17 | 25 | 9 |
| ROCE % | 38% | 43% | 51% | 59% | 41% | 51% | 53% | 61% | 48% | 50% | 55% | 48% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about CAMS
What does Computer Age Management Services Ltd do?
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What is the 52-week high and low of Computer Age Management Services Ltd?
Does Computer Age Management Services Ltd pay dividends?
What is the Return on Equity (ROE) of Computer Age Management Services Ltd?
Company Information
The company is a mutual funds transfer agency. It provides investor services, distributor services and asset management companies (AMC) services.
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