Cams Services Q1 FY27 Results (NSE: CAMS)
Signal: Steady quarter
The read
The trajectory improved materially: consolidated revenue rose 11.5% YoY to ₹395.03 Cr and PAT rose 17.3% to ₹128.02 Cr, while non-MF revenue grew 28.4% and reached 14.9% of revenue; this follows three consecutive quarters of margin contraction through Q3FY26 and represents the second consecutive quarter of reported margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹395.03 Cr | 11.5% | Flat |
| EBIT | ₹174.77 Cr | N/A | |
| Net profit | ₹128.02 Cr | 17.3% | |
| EPS | ₹5.16 | N/A | |
| EBIT margin | 50.5% |
P&L walk
Consolidated revenue of ₹395.03 Cr grew 11.5% YoY and was flat QoQ, while PAT attributable to owners rose 17.3% YoY to ₹128.02 Cr; the filing attributes margin improvement to operating leverage, disciplined cost management and productivity improvements.
Segments
No formal segment table was disclosed, but subsidiaries and the JV added ₹41.98 Cr of revenue and ₹6.21 Cr of PAT over the standalone result; within the business mix, non-MF revenue grew 28.4% YoY versus total revenue growth of 11.5%.
Key positives
- Consolidated revenue reached ₹395.03 Cr, up 11.5% YoY and flat QoQ, while PAT rose 17.3% YoY to ₹128.02 Cr.
- Non-MF revenue grew 28.4% YoY and contributed 14.9% of revenue, materially outpacing total revenue growth and supporting diversification beyond mutual funds.
- Mutual fund AuM grew 14.8% YoY to ₹56 Lakh Cr, while market share remained 67.2%; live SIP accounts grew 18.8% to 6.72 Cr and SIP collections grew 20.7%.
- CAMSPay revenue grew 69.1% YoY with 17 new deals, while CAMS Alternatives revenue grew 25.6% and added 50 mandates, including 23 marquee logos.
- The company's press release reported operating EBITDA growth of 18.3% and margin expansion of 270bps to 46.4%, attributing the improvement to operating leverage, disciplined cost management and productivity gains.
Key concerns
- CAMS KRA revenue declined 2.6% YoY despite an approximately 29% market-wide recommended rate revision, indicating subdued activity and near-term pressure in that business.
- Consolidated revenue was ₹395.03 Cr versus standalone revenue of ₹353.05 Cr, so ₹41.98 Cr of revenue came from subsidiaries and the JV; the broader group trajectory is therefore increasingly dependent on execution outside the core parent.
Research and educational content only. Not investment advice.