NSE:CAMS Forensic Report - SOIC x StockScans Report

Computer Age Management Services is the invisible plumbing that keeps India’s mutual fund industry running - it is the company that asset managers hire to track every investor, process every transaction and maintain every record, a job it has been doing since it wrote the software that first digitised the industry in the mid-1990s. Over three decades it has parlayed that original technology edge into a franchise that now touches roughly two out of every three rupees in Indian mutual funds, and it has systematically extended the same “record-keeping plus regulated processing” formula into adjacent financial infrastructure - alternatives, payments, KYC verification, insurance repositories, pensions and account aggregation. The recurring approach is simple: build a proprietary technology platform for a regulated, high-volume processing task, win the largest share of the market through reliability rather than price, and then use that installed base to launch the next service on the same logic.

Business segments

Two engines that are really one - a mutual-fund record-keeping cash cow and the payments rail that sits on top of it - plus a clutch of smaller regulated-infrastructure businesses that each replicate the same platform-plus-scale play in a neighbouring financial market.

1. Mutual fund RTA: the core record-keeping franchise

CAMS is the outsourced operations department for India’s mutual fund industry, earning a fee on nearly every rupee managed and every transaction processed - and it has held that position for over two decades.

Paid on assets, not just activity - the bulk of revenue comes from asset-based fees tied to the average assets under management it services, with additional transaction-based fees for every subscription, redemption, switch and SIP registration processed; this makes the revenue stream recurring and directly linked to industry growth.
The platform is the moat - its Investrak.NET software was built bespoke over two-and-a-half decades, there are no commercial sellers of a comparable platform in India, and attempts to port overseas systems into the Indian market have failed, so clients face a genuine switching barrier.
Scale that feeds itself - it services 31 of India’s licensed asset management companies, holds roughly 68% of industry assets under management, and has kept its ten largest clients for an average of more than 23 years, which means every new regulation or product launch reinforces its position as the industry’s shared utility.
Physical reach backs the digital core - a network of 285 service centres across 25 states, 11 call centres and three data centres sits behind the screens, giving it twice the capacity of peak transaction volumes and an error rate of just 207 per million transactions.
The investor front-end is becoming a business in itself - its myCAMS app has 8.3 million registered users and ranks among India’s top four fintech apps, while MFCentral, a joint platform with KFin Technologies, gives investors a single window into all their mutual fund holdings across every fund house.

2. CAMSPay: the payments engine that rides the mutual fund rails

What began as a way to collect SIP payments for the mutual fund business has become a licensed payment aggregator that now processes roughly half of all mutual fund payments in India and is pushing into broader BFSI and e-commerce payments.

Born from the core franchise - CAMSPay is the market leader in mutual fund payment processing with over 50% share of that ecosystem, and it pioneered UPI AutoPay as an alternative to traditional NACH mandates for SIP collections, which means it monetises the payment flow that its own RTA business generates.
A full RBI licence changes the game - it holds a final Certificate of Authorisation from the Reserve Bank of India as an Online Payment Aggregator, received in April 2024, which lets it operate as a principal payments platform rather than a captive utility.
Insurance is the second leg - it processes approximately 40% of the overall insurance industry’s NACH transactions and has won exclusive partner status from LIC for customer account authentication, so the payments business is diversifying beyond its mutual fund parent.
A new gateway opens the merchant market - in mid-2025 it launched a PCI DSS-certified payment gateway built for e-commerce, financial services and retail, capable of over 5,000 transactions per second, with tokenization and real-time settlement, which takes it into a far larger addressable market than BFSI alone.

3. Alternatives: the record-keeping model applied to AIFs and PMS

CAMS has taken the same platform-plus-processing formula that dominates mutual funds and applied it to the faster-growing world of alternative investment funds and portfolio management services, where it already commands half the outsourced market.

Market leader in a fragmented space - it holds 50% share of the outsourced AIF market, with assets under service crossing ₹3.1 lakh crore across more than 550 funds and 250-plus fund houses, which makes it the default operations partner for a segment where most managers lack in-house processing scale.
Acquisition filled the digital gap - the 2022 purchase of a 51% stake in Fintuple Technologies brought digital onboarding, eKYC and API-based fund reporting capabilities that were previously a competitive offering, and Fintuple has since been extended to serve banks’ custody and PMS businesses as well.
GIFT City gives it an international foothold - it was the first RTA to set up full-stack operations in Gujarat’s financial services zone, where it now serves over 40 funds with multi-currency fund accounting and administration, including India’s first outbound retail fund from the region.

4. CAMSKRA: the KYC verification utility

Every financial institution in India needs to verify its customers, and CAMS runs the country’s second-largest KYC registration agency - a regulated utility that checks identities once so that brokers, fintechs and wealth advisers do not have to.

Speed is the differentiator - it is the only KRA in India that processes a KYC request in 10 minutes, using face reading, video reading and face matching, which matters in a market where onboarding drop-off rates are high.
An acquisition doubled the base - the purchase of NSE Data & Analytics’ KRA business in early 2026 added roughly 13-14 lakh new PANs, pushing its total records past 2.17 crore and cementing its number-two position behind the market leader.
The API stack makes it embeddable - it offers plug-and-play APIs and a real-time dashboard called NEXUS, so a brokerage or fintech can integrate KYC checks directly into its own app without building anything from scratch.

5. CAMSRep: the insurance policy warehouse

Just as a depository holds shares in electronic form, CAMSRep holds insurance policies - it is an IRDAI-licensed repository where 10.5 million e-insurance accounts sit, and the entry of LIC as a client marks a tipping point.

A regulated vault for policies - it manages over 14 million e-policies across 16 clients across life, health & general insurers, holding 40% market share by number of policies in repository, which means it is the industry’s largest digital policy locker.
LIC is the whale - India’s largest insurer signed an agreement with CAMSRep in March 2025 to issue policies in electronic format through e-insurance accounts, a landmark that brings the repository model to the mass market.
Bima Central turns a utility into a consumer product - its insurance portfolio management platform gives 1.9 million active users a single dashboard to track renewals, view covers and download policies, which creates stickiness beyond the regulatory mandate.

6. Smaller regulated engines: NPS, Account Aggregator and AI

Three early-stage businesses each hold a regulatory licence in a market that is still being built - a pension record-keeping agency, a consent-based data-sharing platform, and an AI subsidiary that sells to banks.

CAMS NPS is one of only three central record-keepers for the National Pension System, operating the industry’s first cloud-based CRA platform with over 2.1 lakh subscribers and a 6.5% share of the retail non-government NPS market.
CAMSfinserv is an RBI-licensed Account Aggregator that enables consent-based sharing of financial data across banks, insurers and fintechs; it was the first to onboard all CAMS-serviced mutual funds as data providers and holds 9% market share with 363 enterprises onboarded.
Think360.ai is the group’s AI factory - a 55.42% subsidiary with over 150 data science professionals serving 190-plus BFSI clients, whose products include a sub-one-minute loan-decision engine (Algo360) and a KYC platform (KwikID) empanelled with State Bank of India.

Technology platform

Every business in the group runs on proprietary software that CAMS built and owns - the platform is not a cost centre but the thing that makes the moat.

Investrak.NET is the original engine - a scalable mutual fund transfer agency platform developed over two-and-a-half decades, owned and maintained in-house by a technology team of 650 personnel, with no commercial equivalent available in India.
A Google Cloud rearchitecture is underway - the company is rebuilding its platform in partnership with Google Cloud to bring next-generation processing capabilities, while AI-led form digitisation has already gone live, removing the manual maker step from physical form processing.
CAMSAi is the bet on domain-trained AI - it has built India’s first AI fabric trained specifically on capital markets and BFSI, tuned to regulatory frameworks and over 30 billion historic transactions, which positions it to sell intelligence rather than just processing.
Sterling Software is the group’s captive development arm - this wholly owned subsidiary holds full intellectual property rights for the entire RTA platform and also acts as a technology solution provider for the Account Aggregator industry.

Group structure and partners

CAMS is a publicly owned, promoter-less company with a holding-company structure where each regulated business sits in a separate subsidiary, and its key partnerships are with the technology giants that power its platform rebuild.

No promoter, widely held - as of March 2026, foreign portfolio investors own 44%, mutual funds 34% and insurance companies 14%; Warburg Pincus fully exited in 2023, making CAMS a 100% publicly owned company.
Each regulated business is ring-fenced - the insurance repository (CAMSRep), KYC agency (CAMSKRA), payment aggregator (CAMSPay) and account aggregator (CAMSfinserv) each operate through separate wholly owned subsidiaries, while Think360.ai and Fintuple are majority-owned at 55% and 79% respectively.
MFCentral is now a joint venture - in March 2025, CAMS and KFin Technologies incorporated a 50:50 joint venture to own and operate the MFCentral platform as a stand-alone entity, with CAMS committing up to ₹13.5 crore in cash.
Google Cloud and Microsoft are the platform partners - the core rearchitecture runs on Google Cloud, while the Account Aggregator marketplace was developed in collaboration with Microsoft India on Azure.
An IIT Madras innovation lab feeds the pipeline - the CAMS IIT-M Fintech Innovation Lab (CIFIL) focuses on applied research in financial technology, giving the group a direct line to academic talent and emerging technologies.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	275	290	310	331	365	370	356	354	377	390	395	395
Growth YoY Revenue Growth YoY%	13.5	18.9	24.6	26.8	32.8	27.6	14.7	6.9	3.2	5.5	11.0	11.5
Expenses ExpensesCr	153	160	167	182	195	197	197	200	209	211	212	212
Operating Profit Operating ProfitCr	122	129	143	150	170	173	159	154	168	179	183	183
OPM OPM%	44.4	44.7	46.2	45.2	46.6	46.7	44.8	43.6	44.5	45.9	46.3	46.3
Other Income Other IncomeCr	10	10	11	12	13	15	13	13	12	13	13	16
Interest Expense Interest ExpenseCr	2	2	2	2	2	2	2	2	2	2	2	1
Depreciation DepreciationCr	17	18	18	17	18	20	23	21	25	25	28	25
PBT PBTCr	112	119	135	142	162	166	148	144	153	165	166	173
Tax TaxCr	29	30	32	35	41	42	35	36	39	40	41	46
PAT PATCr	84	89	103	107	121	124	113	108	114	125	125	127
Growth YoY PAT Growth YoY%	16.2	20.4	38.5	41.3	44.2	40.2	9.5	1.0	-5.7	0.4	11.2	17.6
NPM NPM%	30.5	30.6	33.2	32.3	33.1	33.6	31.7	30.5	30.2	31.9	31.7	32.2
EPS EPS₹	3.5	3.6	4.2	4.4	5.0	5.1	4.6	4.4	4.7	5.1	5.1	5.2

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

275

290

310

331

365

370

356

354

377

390

395

Growth YoY

Revenue Growth YoY%

13.5

18.9

24.6

26.8

32.8

27.6

14.7

6.9

3.2

5.5

11.0

11.5

Expenses

ExpensesCr

153

160

167

182

195

197

200

209

211

212

Operating Profit

Operating ProfitCr

122

129

143

150

170

173

159

154

168

179

183

OPM

OPM%

44.4

44.7

46.2

45.2

46.6

46.7

44.8

43.6

44.5

45.9

46.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

112

119

135

142

162

166

148

144

153

165

166

173

Tax

TaxCr

PAT

PATCr

103

107

121

124

113

108

114

125

127

Growth YoY

PAT Growth YoY%

16.2

20.4

38.5

41.3

44.2

40.2

9.5

1.0

-5.7

0.4

11.2

17.6

NPM

NPM%

30.5

30.6

33.2

32.3

33.1

33.6

31.7

30.5

30.2

31.9

31.7

32.2

EPS

EPS₹

3.5

3.6

4.2

4.4

5.0

5.1

4.6

4.4

4.7

5.1

5.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	275	290	310	331	365	370	356	354	377	390	395	395
Growth YoY Revenue Growth YoY%	13.5	18.9	24.6	26.8	32.8	27.6	14.7	6.9	3.2	5.5	11.0	11.5
Expenses ExpensesCr	153	160	167	182	195	197	197	200	209	211	212	212
Operating Profit Operating ProfitCr	122	129	143	150	170	173	159	154	168	179	183	183
OPM OPM%	44.4	44.7	46.2	45.2	46.6	46.7	44.8	43.6	44.5	45.9	46.3	46.3
Other Income Other IncomeCr	10	10	11	12	13	15	13	13	12	13	13	16
Interest Expense Interest ExpenseCr	2	2	2	2	2	2	2	2	2	2	2	1
Depreciation DepreciationCr	17	18	18	17	18	20	23	21	25	25	28	25
PBT PBTCr	112	119	135	142	162	166	148	144	153	165	166	173
Tax TaxCr	29	30	32	35	41	42	35	36	39	40	41	46
PAT PATCr	84	89	103	107	121	124	113	108	114	125	125	127
Growth YoY PAT Growth YoY%	16.2	20.4	38.5	41.3	44.2	40.2	9.5	1.0	-5.7	0.4	11.2	17.6
NPM NPM%	30.5	30.6	33.2	32.3	33.1	33.6	31.7	30.5	30.2	31.9	31.7	32.2
EPS EPS₹	3.5	3.6	4.2	4.4	5.0	5.1	4.6	4.4	4.7	5.1	5.1	5.2

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

275

290

310

331

365

370

356

354

377

390

395

Growth YoY

Revenue Growth YoY%

13.5

18.9

24.6

26.8

32.8

27.6

14.7

6.9

3.2

5.5

11.0

11.5

Expenses

ExpensesCr

153

160

167

182

195

197

200

209

211

212

Operating Profit

Operating ProfitCr

122

129

143

150

170

173

159

154

168

179

183

OPM

OPM%

44.4

44.7

46.2

45.2

46.6

46.7

44.8

43.6

44.5

45.9

46.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

112

119

135

142

162

166

148

144

153

165

166

173

Tax

TaxCr

PAT

PATCr

103

107

121

124

113

108

114

125

127

Growth YoY

PAT Growth YoY%

16.2

20.4

38.5

41.3

44.2

40.2

9.5

1.0

-5.7

0.4

11.2

17.6

NPM

NPM%

30.5

30.6

33.2

32.3

33.1

33.6

31.7

30.5

30.2

31.9

31.7

32.2

EPS

EPS₹

3.5

3.6

4.2

4.4

5.0

5.1

4.6

4.4

4.7

5.1

5.2

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	642	694	700	706	910	972	1,137	1,422	1,516	1,557
Growth Revenue Growth%		8.1	0.9	0.8	28.9	6.8	16.9	25.2	6.6	7.7
Expenses ExpensesCr	383	450	413	409	486	551	632	770	832	845
Operating Profit Operating ProfitCr	258	244	287	296	424	421	505	652	684	712
OPM OPM%	40.3	35.1	41.0	42.0	46.6	43.3	44.4	45.9	45.1	45.8
Other Income Other IncomeCr	16	18	21	30	17	27	41	53	50	54
Interest Expense Interest ExpenseCr	8	10	10	8	7	8	8	8	7	7
Depreciation DepreciationCr	40	50	51	43	52	60	70	78	99	102
PBT PBTCr	227	201	247	274	383	380	467	619	629	657
Tax TaxCr	80	70	75	69	96	96	116	154	157	166
PAT PATCr	146	131	172	205	287	285	351	465	472	491
Growth PAT Growth%		-10.5	31.3	19.4	39.8	-0.8	23.3	32.4	1.6	5.4
NPM NPM%	22.8	18.9	24.6	29.1	31.5	29.3	30.9	32.7	31.1	31.5
EPS EPS₹	29.9	26.8	35.2	8.4	11.8	11.7	14.4	19.1	19.2	20.0

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

642

694

700

706

910

972

1,137

1,422

1,516

1,557

Growth

Revenue Growth%

8.1

0.9

0.8

28.9

6.8

16.9

25.2

6.6

7.7

Expenses

ExpensesCr

383

450

413

409

486

551

632

770

832

845

Operating Profit

Operating ProfitCr

258

244

287

296

424

421

505

652

684

712

OPM

OPM%

40.3

35.1

41.0

42.0

46.6

43.3

44.4

45.9

45.1

45.8

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

102

PBT

PBTCr

227

201

247

274

383

380

467

619

629

657

Tax

TaxCr

116

154

157

166

PAT

PATCr

146

131

172

205

287

285

351

465

472

491

Growth

PAT Growth%

-10.5

31.3

19.4

39.8

-0.8

23.3

32.4

1.6

5.4

NPM

NPM%

22.8

18.9

24.6

29.1

31.5

29.3

30.9

32.7

31.1

31.5

EPS

EPS₹

29.9

26.8

35.2

8.4

11.8

11.7

14.4

19.1

19.2

20.0

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	642	694	700	706	910	972	1,137	1,422	1,516	1,557
Growth Revenue Growth%		8.1	0.9	0.8	28.9	6.8	16.9	25.2	6.6	7.7
Expenses ExpensesCr	383	450	413	409	486	551	632	770	832	845
Operating Profit Operating ProfitCr	258	244	287	296	424	421	505	652	684	712
OPM OPM%	40.3	35.1	41.0	42.0	46.6	43.3	44.4	45.9	45.1	45.8
Other Income Other IncomeCr	16	18	21	30	17	27	41	53	50	54
Interest Expense Interest ExpenseCr	8	10	10	8	7	8	8	8	7	7
Depreciation DepreciationCr	40	50	51	43	52	60	70	78	99	102
PBT PBTCr	227	201	247	274	383	380	467	619	629	657
Tax TaxCr	80	70	75	69	96	96	116	154	157	166
PAT PATCr	146	131	172	205	287	285	351	465	472	491
Growth PAT Growth%		-10.5	31.3	19.4	39.8	-0.8	23.3	32.4	1.6	5.4
NPM NPM%	22.8	18.9	24.6	29.1	31.5	29.3	30.9	32.7	31.1	31.5
EPS EPS₹	29.9	26.8	35.2	8.4	11.8	11.7	14.4	19.1	19.2	20.0

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

642

694

700

706

910

972

1,137

1,422

1,516

1,557

Growth

Revenue Growth%

8.1

0.9

0.8

28.9

6.8

16.9

25.2

6.6

7.7

Expenses

ExpensesCr

383

450

413

409

486

551

632

770

832

845

Operating Profit

Operating ProfitCr

258

244

287

296

424

421

505

652

684

712

OPM

OPM%

40.3

35.1

41.0

42.0

46.6

43.3

44.4

45.9

45.1

45.8

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

102

PBT

PBTCr

227

201

247

274

383

380

467

619

629

657

Tax

TaxCr

116

154

157

166

PAT

PATCr

146

131

172

205

287

285

351

465

472

491

Growth

PAT Growth%

-10.5

31.3

19.4

39.8

-0.8

23.3

32.4

1.6

5.4

NPM

NPM%

22.8

18.9

24.6

29.1

31.5

29.3

30.9

32.7

31.1

31.5

EPS

EPS₹

29.9

26.8

35.2

8.4

11.8

11.7

14.4

19.1

19.2

20.0

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	49	49	49	49	49	49	49	49	50
Reserves ReservesCr	395	393	496	456	568	733	865	1,069	1,271
Current Liabilities Current LiabilitiesCr	103	132	103	187	174	170	306	331	373
Non Current Liabilities Non Current LiabilitiesCr	143	155	152	139	136	145	193	148	117
Total Liabilities Total LiabilitiesCr	698	736	803	842	957	1,098	1,414	1,597	1,810
Current Assets Current AssetsCr	339	381	473	533	618	730	994	1,112	1,277
Non Current Assets Non Current AssetsCr	359	356	330	309	339	367	420	486	533
Total Assets Total AssetsCr	698	736	803	842	957	1,098	1,414	1,597	1,810

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

395

393

496

456

568

733

865

1,069

1,271

Current Liabilities

Current LiabilitiesCr

103

132

103

187

174

170

306

331

373

Non Current Liabilities

Non Current LiabilitiesCr

143

155

152

139

136

145

193

148

117

Total Liabilities

Total LiabilitiesCr

698

736

803

842

957

1,098

1,414

1,597

1,810

Current Assets

Current AssetsCr

339

381

473

533

618

730

994

1,112

1,277

Non Current Assets

Non Current AssetsCr

359

356

330

309

339

367

420

486

533

Total Assets

Total AssetsCr

698

736

803

842

957

1,098

1,414

1,597

1,810

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	49	49	49	49	49	49	49	49	50
Reserves ReservesCr	395	393	496	456	568	733	865	1,069	1,271
Current Liabilities Current LiabilitiesCr	103	132	103	187	174	170	306	331	373
Non Current Liabilities Non Current LiabilitiesCr	143	155	152	139	136	145	193	148	117
Total Liabilities Total LiabilitiesCr	698	736	803	842	957	1,098	1,414	1,597	1,810
Current Assets Current AssetsCr	339	381	473	533	618	730	994	1,112	1,277
Non Current Assets Non Current AssetsCr	359	356	330	309	339	367	420	486	533
Total Assets Total AssetsCr	698	736	803	842	957	1,098	1,414	1,597	1,810

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

395

393

496

456

568

733

865

1,069

1,271

Current Liabilities

Current LiabilitiesCr

103

132

103

187

174

170

306

331

373

Non Current Liabilities

Non Current LiabilitiesCr

143

155

152

139

136

145

193

148

117

Total Liabilities

Total LiabilitiesCr

698

736

803

842

957

1,098

1,414

1,597

1,810

Current Assets

Current AssetsCr

339

381

473

533

618

730

994

1,112

1,277

Non Current Assets

Non Current AssetsCr

359

356

330

309

339

367

420

486

533

Total Assets

Total AssetsCr

698

736

803

842

957

1,098

1,414

1,597

1,810

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	162	187	199	264	321	319	401	477	584
Investing Cash Flow Investing Cash FlowCr	-19	-31	-84	2	-131	-102	-188	-132	-270
Financing Cash Flow Financing Cash FlowCr	-138	-158	-97	-272	-204	-205	-224	-338	-316
Net Cash Flow Net Cash FlowCr	5	-3	18	-6	-13	12	-10	7	-2
Free Cash Flow Free Cash FlowCr	166	187	199	264	322	320	363	359	444
CFO To PAT CFO To PAT%	110.7	142.7	115.7	128.6	112.0	112.1	114.4	102.7	123.8
CFO To EBITDA CFO To EBITDA%	62.7	76.7	69.4	89.2	75.8	75.8	79.5	73.2	85.4

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

162

187

199

264

321

319

401

477

584

Investing Cash Flow

Investing Cash FlowCr

-19

-31

-84

-131

-102

-188

-132

-270

Financing Cash Flow

Financing Cash FlowCr

-138

-158

-97

-272

-204

-205

-224

-338

-316

Net Cash Flow

Net Cash FlowCr

-3

-6

-13

-10

-2

Free Cash Flow

Free Cash FlowCr

166

187

199

264

322

320

363

359

444

CFO To PAT

CFO To PAT%

110.7

142.7

115.7

128.6

112.0

112.1

114.4

102.7

123.8

CFO To EBITDA

CFO To EBITDA%

62.7

76.7

69.4

89.2

75.8

79.5

73.2

85.4

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	162	187	199	264	321	319	401	477	584
Investing Cash Flow Investing Cash FlowCr	-19	-31	-84	2	-131	-102	-188	-132	-270
Financing Cash Flow Financing Cash FlowCr	-138	-158	-97	-272	-204	-205	-224	-338	-316
Net Cash Flow Net Cash FlowCr	5	-3	18	-6	-13	12	-10	7	-2
Free Cash Flow Free Cash FlowCr	166	187	199	264	322	320	363	359	444
CFO To PAT CFO To PAT%	110.7	142.7	115.7	128.6	112.0	112.1	114.4	102.7	123.8
CFO To EBITDA CFO To EBITDA%	62.7	76.7	69.4	89.2	75.8	75.8	79.5	73.2	85.4

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

162

187

199

264

321

319

401

477

584

Investing Cash Flow

Investing Cash FlowCr

-19

-31

-84

-131

-102

-188

-132

-270

Financing Cash Flow

Financing Cash FlowCr

-138

-158

-97

-272

-204

-205

-224

-338

-316

Net Cash Flow

Net Cash FlowCr

-3

-6

-13

-10

-2

Free Cash Flow

Free Cash FlowCr

166

187

199

264

322

320

363

359

444

CFO To PAT

CFO To PAT%

110.7

142.7

115.7

128.6

112.0

112.1

114.4

102.7

123.8

CFO To EBITDA

CFO To EBITDA%

62.7

76.7

69.4

89.2

75.8

79.5

73.2

85.4

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				9,040	11,317	9,955	14,327	18,363	15,521	17,085
Price To Earnings Price To Earnings				44.0	39.4	34.9	40.5	39.1	32.6	34.4
Price To Sales Price To Sales				12.8	12.4	10.2	12.6	12.9	10.2	11.0
Price To Book Price To Book				17.9	18.4	12.7	15.7	16.4	11.8	12.9
EV To EBITDA EV To EBITDA				30.2	26.5	23.5	28.1	27.9	22.2	23.9
Profitability Ratios Profitability Ratios
GPM GPM%	84.2	83.5	86.4	88.0	88.9	92.4	92.0	91.9	92.1	92.1
OPM OPM%	40.3	35.1	41.0	42.0	46.6	43.3	44.4	45.9	45.1	45.8
NPM NPM%	22.8	18.9	24.6	29.1	31.5	29.3	30.9	32.7	31.1	31.5
ROCE ROCE%	52.9	47.9	47.1	48.4	55.8	44.3	47.0	52.0	45.9	45.9
ROE ROE%	33.0	29.7	31.5	40.7	46.5	36.4	38.4	41.5	35.7	35.7
ROA ROA%	21.0	17.8	21.4	24.4	30.0	25.9	24.8	29.1	26.1	26.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

9,040

11,317

9,955

14,327

18,363

15,521

17,085

Price To Earnings

44.0

39.4

34.9

40.5

39.1

32.6

34.4

Price To Sales

12.8

12.4

10.2

12.6

12.9

10.2

11.0

Price To Book

17.9

18.4

12.7

15.7

16.4

11.8

12.9

EV To EBITDA

30.2

26.5

23.5

28.1

27.9

22.2

23.9

Profitability Ratios

GPM

GPM%

84.2

83.5

86.4

88.0

88.9

92.4

92.0

91.9

92.1

OPM

OPM%

40.3

35.1

41.0

42.0

46.6

43.3

44.4

45.9

45.1

45.8

NPM

NPM%

22.8

18.9

24.6

29.1

31.5

29.3

30.9

32.7

31.1

31.5

ROCE

ROCE%

52.9

47.9

47.1

48.4

55.8

44.3

47.0

52.0

45.9

ROE

ROE%

33.0

29.7

31.5

40.7

46.5

36.4

38.4

41.5

35.7

ROA

ROA%

21.0

17.8

21.4

24.4

30.0

25.9

24.8

29.1

26.1

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				9,040	11,317	9,955	14,327	18,363	15,521	17,085
Price To Earnings Price To Earnings				44.0	39.4	34.9	40.5	39.1	32.6	34.4
Price To Sales Price To Sales				12.8	12.4	10.2	12.6	12.9	10.2	11.0
Price To Book Price To Book				17.9	18.4	12.7	15.7	16.4	11.8	12.9
EV To EBITDA EV To EBITDA				30.2	26.5	23.5	28.1	27.9	22.2	23.9
Profitability Ratios Profitability Ratios
GPM GPM%	84.2	83.5	86.4	88.0	88.9	92.4	92.0	91.9	92.1	92.1
OPM OPM%	40.3	35.1	41.0	42.0	46.6	43.3	44.4	45.9	45.1	45.8
NPM NPM%	22.8	18.9	24.6	29.1	31.5	29.3	30.9	32.7	31.1	31.5
ROCE ROCE%	52.9	47.9	47.1	48.4	55.8	44.3	47.0	52.0	45.9	45.9
ROE ROE%	33.0	29.7	31.5	40.7	46.5	36.4	38.4	41.5	35.7	35.7
ROA ROA%	21.0	17.8	21.4	24.4	30.0	25.9	24.8	29.1	26.1	26.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

9,040

11,317

9,955

14,327

18,363

15,521

17,085

Price To Earnings

44.0

39.4

34.9

40.5

39.1

32.6

34.4

Price To Sales

12.8

12.4

10.2

12.6

12.9

10.2

11.0

Price To Book

17.9

18.4

12.7

15.7

16.4

11.8

12.9

EV To EBITDA

30.2

26.5

23.5

28.1

27.9

22.2

23.9

Profitability Ratios

GPM

GPM%

84.2

83.5

86.4

88.0

88.9

92.4

92.0

91.9

92.1

OPM

OPM%

40.3

35.1

41.0

42.0

46.6

43.3

44.4

45.9

45.1

45.8

NPM

NPM%

22.8

18.9

24.6

29.1

31.5

29.3

30.9

32.7

31.1

31.5

ROCE

ROCE%

52.9

47.9

47.1

48.4

55.8

44.3

47.0

52.0

45.9

ROE

ROE%

33.0

29.7

31.5

40.7

46.5

36.4

38.4

41.5

35.7

ROA

ROA%

21.0

17.8

21.4

24.4

30.0

25.9

24.8

29.1

26.1

Operational Ratios

Solvency Ratios

Liquidity Ratios

	CAMS	KFINTECH
Market CapitalizationMkt CapCr	17,085	15,084
Close PriceClose₹	687.50	872.55
IndustryIndustry	Capital Markets RTA	Capital Markets RTA
Price To EarningsPE	34.41	44.02
Price To SalesPS	10.97	10.90
RevenueRevenueCr	1,557	1,384
Revenue Growth TTMRev Gr TTM%	7.7%	22.8%
PAT Growth TTMPAT Gr TTM%	5.4%	0.0%

CAMS

KFINTECH

Market CapitalizationMkt CapCr

17,085

15,084

Close PriceClose₹

687.50

872.55

IndustryIndustry

Capital Markets RTA

Price To EarningsPE

34.41

44.02

Price To SalesPS

10.97

10.90

RevenueRevenueCr

1,557

1,384

Revenue Growth TTMRev Gr TTM%

7.7%

22.8%

PAT Growth TTMPAT Gr TTM%

5.4%

0.0%

	CAMS	KFINTECH
Market CapitalizationMkt CapCr	17,085	15,084
Close PriceClose₹	687.50	872.55
IndustryIndustry	Capital Markets RTA	Capital Markets RTA
Price To EarningsPE	34.41	44.02
Price To SalesPS	10.97	10.90
RevenueRevenueCr	1,557	1,384
Revenue Growth TTMRev Gr TTM%	7.7%	22.8%
PAT Growth TTMPAT Gr TTM%	5.4%	0.0%

CAMS

KFINTECH

Market CapitalizationMkt CapCr

17,085

15,084

Close PriceClose₹

687.50

872.55

IndustryIndustry

Capital Markets RTA

Price To EarningsPE

34.41

44.02

Price To SalesPS

10.97

10.90

RevenueRevenueCr

1,557

1,384

Revenue Growth TTMRev Gr TTM%

7.7%

22.8%

PAT Growth TTMPAT Gr TTM%

5.4%

0.0%

Computer Age Management Services Ltd

Computer Age Management Services Ltd

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Balance Sheet

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