1. PAT margins around 30-31% going forward Delivered - At the Q1 FY27 call, management expected PAT margins to continue "around 30%, 31% going forward". Q1 FY27 PAT margin was 31.1%, with reported financials showing PAT 127 on revenue 395, roughly 32.2% - within the guided range.
2. 3 large AMC installations plus 1-2 smaller ones to go live by end of FY27 On track - At the Q1 FY27 call, management expected ASK, Carnelian, Oaklane and Neo to "definitely go live before December", alongside 1-2 smaller installations. AlphaGrep was taken live this year, and the Q1 FY27 PPT expects the four named AMCs to go live over the next three months.
3. FY27 overall blended revenue growth \~13% On track - At the Q1 FY27 call, management expected \~13% overall blended revenue growth and \~16% EBITDA growth for FY27. Q1 FY27 operating revenue grew 11.5% to INR395 crores, slightly below target, while EBITDA grew over 18% YoY, above the 16% guide.
4. FY27 MF revenue growth at least 12% On track - At the Q1 FY27 call, management would like MF revenue to grow "at least 12%" for the year. Q1 FY27 MF revenue grew under 10% absolute, +9.0% YoY per the PPT, below target but early in the year.
5. FY27 non-MF revenue growth certainly 20% On track - At the Q1 FY27 call, management expected non-MF blended revenue growth of "certainly 20%" for FY27, possibly 22-23% if lucky. Q1 FY27 non-MF revenue grew 28.4% YoY, well above the target.
6. MF yields less than 3% annual decline On track - At the Q4 FY26 call, management kept a conservative 3-3.5% annual decline guide for modeling but said its aim and calculations are for less than 3%; by Q1 FY27 residual contraction was expected to be insignificant. Q1 FY27 showed no yield decline quarter-on-quarter, running below the 3% guide.
7. KRA revenue flat in FY27 On track - At the Q4 FY26 call, management guided KRA revenue flat in FY27: a \~INR42-43 crore base minus \~INR8 crores price-down plus \~INR2.5-3 crores from NSE KRA. Q1 FY27 KRA revenue fell 2.6% YoY on a \~29% market-wide rate revision, with improvement expected from Q2.
8. FY27 EBITDA margin retain Q4 FY26 level (\~46.5%) On track - At the Q4 FY26 call, the CFO aimed "to at least retain what we are in Q4" (\~46.5%) for next year after absorbing salary increases and investments; by Q1 FY27 management was confident of \~1% margin expansion, possibly 1.5%. Q1 FY27 operating EBITDA margin was 46.4%, up 270 bps YoY.
9. FY27 overall expense growth definitely sub 9% On track - At the Q4 FY26 call, the CFO guided FY27 overall expense growth to "definitely sub 9%", aiming a little lesser; by Q1 FY27 the target was framed as less than 10% year-on-year. Q1 FY27 cost increase was less than 7% YoY excluding depreciation, below the guided ceiling.
10. CAMSPay revenue INR70 crores this year to INR100 crores next year Pending - At the Q3 FY26 call, management guided CAMSPay revenue from close to INR70 crores to INR100 crores next year. Growth has been strong - base business +24% YoY in Q3 FY26, +22.8% in Q4 FY26, just short of 70% in Q1 FY27 - but no explicit CAMSPay revenue figure has been disclosed.
11. Revenue growth INR150-200 crores a year at current scale Missed - At the Q2 FY26 call, the CEO set a framework to grow revenue by Rs.150-200 crores a year at the current Rs.1,450-1,500 crore scale, restated at Q3 FY26 toward a INR2,000 crore company. FY26 revenue was INR1,516.25 crores, +6.6% YoY - an increase of \~INR94 crores over FY25's INR1,422.33 crores, below the target.
12. SIF launches at least 8-9 AMCs from now to March 2026 Delivered - At the Q2 FY26 call, management expected "at least eight to nine" serviced AMCs to launch SIF funds "from now to March" 2026. The first SIF with SBI garnered Rs.1,000 crores; by Q4 FY26 six SIFs were live with \~8 more licensed, and 11 unique SIFs were launched by Q1 FY27.
13. NSE KRA business transfer completion by December 2025 Delivered - At the Q2 FY26 call, management expected the entire NSE KRA operations transfer to complete "sometime in the month of December" 2025. The transfer concluded and the business went live with CAMS in Q3 FY26, bringing \~13-14 lakh new PANs with a clean integration.
14. AIF growth \~15% over a year Delivered - At the Q1 FY26 call, management expected AIF growth of \~15% over a year, reiterated at Q2 FY26. Alternatives delivered highest-ever quarterly revenue in Q2 FY26, then grew 16% YoY in Q3 FY26, 25.4% in Q4 FY26 and 25.6% in Q1 FY27.
15. FY26 CAMSPay build back from July-September quarter Delivered - At the Q1 FY26 call, management expected CAMSPay to build back from the July-September quarter, calling the 4Q-to-1Q sequential decline a "temporary wrinkle". CAMSPay grew 26% QoQ in Q2 FY26, then 24% base YoY in Q3 FY26, 22.8% in Q4 FY26 and just short of 70% in Q1 FY27.
16. FY26 payments business revenue split 60% non-MF / 40% MF On track - At the Q4 FY25 call, management expected the payments revenue split to move to \~60% non-MF / 40% MF in FY26, from 55/45 in FY25, reaffirmed over the next 12-15 months at Q1 FY26. By Q4 FY26 the non-MF share was "much more than 50%", with PG/credit cards \~25% of quarterly revenue.
17. FY26 cost growth less than 10% increase Delivered - At the Q4 FY25 call, management reiterated that total FY26 costs would be held at less than a 10% increase; revisions took the guide to around 10-11%. FY26 cost increase came in at 9% YoY including depreciation, 7.8% excluding it, below the guided ceiling.
18. Five more AMCs to go live within 6 months (from Q4 FY25) Delivered - At the Q4 FY25 call, management expected five more AMCs - Jio BlackRock, Pantomath, Choice, Torus Oro, CeyBank plus one more - to go live within 6 months. Six new AMCs were taken live within calendar 2025: Angel One, Unify, Jio BlackRock, Seabank Sri Lanka, Taurus and Choice, taking MF RTA clients to 31 by Q4 FY26.
19. LIC repository integration real policy flow from July 2025 Partial - At the Q4 FY25 call, management expected LIC real policy flow to start from July; by Q1 FY26 the go-live had slipped to September, latest October. LIC started policy issuance in demat format with integration completed by February/March 2026, with true momentum yet to build.
20. FY26 AUM growth \~11-12% Delivered - At the Q4 FY25 call, management expected FY26 AUM growth of \~11-12%, implying MF revenue growth of 8-9%. FY26 AAuM serviced ₹52.7 Tn, +19.3% YoY, with Q4 FY26 AuM ₹55.1 Lakh Cr, +21% YoY, while MF revenue grew 5.0%.
21. FY26 depreciation \~INR60-65 crores from regular capex Missed - At the Q4 FY25 call, management guided FY26 depreciation of \~INR60-65 crores from regular capex, with re-arch depreciation only from end of next year; Q1 FY26 added INR15-20 crores per year once amortization begins. FY26 depreciation and amortisation was \~INR98.8 crores vs \~INR77.7 crores in FY25, well above the guide.
22. FY26 AUM yield drop \~6-7% Delivered - At the Q4 FY25 call, management guided FY26 AUM yield drop of \~6-7% vs FY25, most likely around 7%, revised to \~8% at Q1 FY26. Quarterly depletion ran at 0.12 bps in Q1 FY26, 0.04 in Q2 and under 1% QoQ in Q4, with FY26 compression estimated at 4.7% - better than guided.
23. FY26 EBITDA margin \~44% Delivered - At the Q4 FY25 call, management guided FY26 EBITDA margin of \~44% vs 46% in FY25, "definitely achievable", later reframed as 45% plus. FY26 operating EBITDA margin was 45.2%, with quarterly progression from 43.7% in Q1 to 46.5% in Q4, above the \~44% guide.
24. FY26 non-MF revenue growth 24-25% Partial - At the Q4 FY25 call, management expected non-MF revenue growth of "at least high double-digit, 24%, 25%" in FY26, later softened to broadly 20% and 20-25%. FY26 non-MF revenue grew 17.3%, below target, though Q4 FY26 growth recovered to 24.5% YoY.
25. FY24 yield reset maximum impact in Q1 FY24, steady thereafter Delivered - At the Q1 FY24 call, management stated the maximum yield reset impact had already come into the books, with yields holding "fairly steady" thereafter. Q1 FY24 sequential yield declined 5.5% to 2.57 bps; the reset was complete by Q3 FY24 and Q4 FY24 saw no big depletion.
26. Think360 stake 100% buyout over 3-4 years On track - At the Q4 FY23 call, management announced a Think360 investment upwards of 50% as part of a 100% buyout "which will play out over the next 3 years or 4 years" via call option; 55% was done by Q1 FY24. Think Analytics stood at 55% in the FY26 corporate structure, with the second put/call tranche to be executed in about 12 months.
27. MFCentral financial and non-financial transactions in next two months Partial - At the Q3 FY22 call, management guided MFCentral to add non-financial and financial transactions "in the next two months", with API architecture "maybe eight weeks" out; by Q4 FY23 the go-live was still "sometime in this quarter". The mobile app launched in Q4 FY22 with \~2 lakh registrations, and daily API hits reached 20,000 by Q4 FY23, not yet industrialized.
28. Bima Central integrations 7-8 insurers by end of FY25 Missed - At the Q1 FY25 call, management expected Bima Central integrations to expand from 1-2 insurers to about 7-8 by end of FY25. Only 3 insurers were live by Q4 FY25; Tata AIA became the fourth in Q4 FY26 and Bharti AXA the third full-base integrator in Q1 FY27.
29. KRA unique records miss 2-crore target set for CY2024 Partial - At the Q1 FY25 call, management expected KRA unique records to cross 2 crores "sometime in the calendar year" from \~1.8 crores. The deadline passed with only \~1.9 crores+ PANs by Q4 FY25 and close to 2 crores organically by Q2 FY26; the 2-crore mark was reached with the NSE-KRA acquisition adding \~13-14 lakh PANs, and Q1 FY27 shows 2 Cr+ KYC records.
30. Account aggregator revenue INR11-12 crores in FY26 Partial - At the Q1 FY25 call, management targeted INR11-12 crores of account aggregator revenue in FY26, "entirely possible" with breakeven at that level. CAMSfinserv grew 111% in FY25 and 45.9% YoY in Q4 FY26, but no FY26 full-year AA revenue figure has been disclosed, so the FY26 target outcome cannot be verified.
31. Google Cloud RTA platform rebuild first module live in \~1 year, 4-5 year project On track - At the Q1 FY25 call, management stated the Google Cloud RTA rebuild would complete in four to five years, with the first module live "probably only a year from now", later set for 4Q FY26 or 1Q FY27. The transaction origination module is fully built and launching, with transaction acceptance going live step by step in August-September; INR123 crores of INR500 crores spent.
32. Insurance repository (EIA) breakeven from Q1 FY25 Missed - At the Q3 FY24 call, management expected the insurance repository business to reach breakeven "from the first quarter of next year", contingent on Bima Central transactions from April 1. CAMSRep crossed 0.1 crore electronic insurance accounts in Q1 FY25 and grew revenue 12% in FY25, but was still not EBITDA positive as of Q1 FY27.
33. Non-MF EBITDA margin 25% in next few quarters, 35-40% steady state Partial - At the Q3 FY24 call, management guided non-MF EBITDA margins "towards the 25 percentage in the next few quarters, for sure", with steady state "probably close to 35% to 40%"; guidance has since reset to \~17% for FY27. The margin improved from \~10-15% in Q3 FY24 to a peak of 16.5% in Q4 FY26, at 13% in Q1 FY27.
34. Non-MF revenue growth 20%+ for next 12-24 months Delivered - At the Q2 FY24 call, management reiterated growing non-MF revenue at \~20% for the next 12 to 24 months, a commitment repeated through Q1 FY27. Non-MF revenue grew 52.1% in FY24, 24.7% in FY25, 17.3% in FY26 and 28.4% in Q1 FY27.
35. Think360 revenue to grow 30%+, INR50 crores operation in 3-4 years Missed - At the Q1 FY24 call, management expected Think Analytics revenue to grow "upwards of 30%" from a INR28-30 crore run rate, reaching "at least a INR50 crores operation" in 3 to 4 years. Think360 declined QoQ and YoY by Q1 FY25 amid Algo360 cannibalization, and stood at just 1.1% of revenue in Q1 FY27.
36. FY23 capex INR35-40 crore Missed - At the Q1 FY23 call, the CFO said FY23 capex would be in the range of 35-40 crore, versus 60-65 crore last year. Management later cited record capex of INR65 crores and INR70 crores over the last two years, with FY22 the highest at INR65 crores - indicating FY23 came in well above the guided range.
37. AIF digital onboarding (WealthServ) 100 sign-ups within 12 months Delivered - At the Q4 FY22 call, management targeted scaling AIF digital on-boarding from over 30 funds to 100 sign-ups within 12 months, restated at Q1 FY23 as at least 100 within FY23. Sign-ups crossed 100 by Q2 FY24 and reached 288 by Q1 FY27.
38. Non-MF revenue share 20% of overall revenue in 4-5 years On track - At the Q3 FY22 call, management targeted non-MF businesses to contribute "upwards of 20%" of overall revenue "in a four to five year timeframe", later held as a 20% goal by FY27. Non-MF share rose from 11% in Q4 FY23 to 15.3% in Q4 FY26 and 14.9% in Q1 FY27, with 16% hoped for by year-end.
39. Dividend policy 65% of consolidated PAT Delivered - At the Q3 FY21 call, management stated "our dividend policy is to endeavor to pay 65% of the consolidated PAT of the group" in phased quarterly payouts, reaffirmed through Q3 FY26. Dividends were declared every quarter across the record - from INR7.60 interim in Q3 FY21 to INR2.50 in Q1 FY27, with FY26 disbursement of INR305 crores.
40. EBITDA margin maintain 35-40% range, early 40s in good quarters Delivered - At the Q3 FY21 call, management framed steady-state EBITDA margins as 35% in bad times, 38-39% normal and 40% in good periods, a guide that evolved to 45% plus by Q3 FY26. Reported margins ran from 38.7% in FY21 to 46.5% in Q4 FY26 and 46.4% in Q1 FY27, holding at or above the guided floor.
41. Payments business move into wholly owned subsidiary during 2021 Partial - At the Q3 FY21 call, management said the payments business "will get moved in that subsidiary during 2021", a move later tied to RBI licensing. CAMSPay received RBI in-principle payment aggregator approval in February 2023 and final authorization in Q4 FY24, with the subsidiary structure reflected by FY26.
42. NPS CRA license submit claim by end March 2021, platform go-live 9-10 months after license Delivered - At the Q3 FY21 call, management expected to submit its CRA license claim before end March 2021, with a 9-10 month build to go-live; the launch target later moved to December 2021, then a soft launch in February 2022. The certificate of registration came in Q4 FY21 and the eNPS product went live in March 2022, reaching over 10% share in eNPS sales.
43. CAMS FinServ account aggregator consumer app early Q4 FY21, revenue in FY22 Partial - At the Q3 FY21 call, management said the account aggregator consumer app "should be up early next quarter" with revenue beginning in 2021, later expecting FY22 revenue with meaningful revenue "a couple of quarters away". The AA platform went live in Q4 FY22 with two clients, but revenue was still INR1-2 crores per quarter as of Q1 FY25.
44. Franklin Templeton RTA migration go-live April-May 2021, EBITDA breakeven in FY22 Delivered - At the Q3 FY21 call, management said CAMS was "ready to go live with them in the April, May timeframe" for the Franklin Templeton takeover, with transition complete "by end of June" FY22 and EBITDA positive "in the course of the year". FT operations went live 19 July 2021, the single largest migration in MF industry history, and were "close to break even" by Q3 FY22.