Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,465.00 last close on 16 Oct 2026 +4.89%
Research updated
Computer Age Management Services Ltd.
NSE: CAMSTechnologyInformation Technology Services
- Last close
- ₹700.00
- Day change
- −₹4.85 (−0.69%)vs
- Market cap
- ₹17,381 crIndian rupees
- Research updated
- 1 report
About Computer Age Management Services
Computer Age Management Services Ltd. is a leading financial infrastructure and services provider, specializing in the mutual fund industry in India. Its core function revolves around providing services such as transaction processing, record maintenance, payment distribution, and investor services. Play a crucial role in the mutual fund ecosystem, CAMS offers state-of-the-art technology and integrated services that facilitate streamlined fund operations for asset management companies. The company impacts various sectors, particularly retail and institutional investors, by enhancing the efficiency and accessibility of mutual fund operations. With an extensive network and robust digital platforms, CAMS enables seamless investor interactions, contributing significantly to the growth and transparency of the financial markets in India. Established as a vital backend partner for mutual funds, Computer Age Management Services Ltd. continues to bolster the financial infrastructure, supporting the rapid expansion and regulatory compliance of the mutual funds industry.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: CAMS
- Chief executive
- Mr. Anuj Kumar
- Employees
- 8,410
- Headquarters
- Chennai, India
- ISIN
- INE596I01020
- Website
- camsonline.com
Public research · Report of
Business model & financial foundation
CAMS (NSE: CAMS), Technology-enabled financial infrastructure and asset servicing: revenue of ₹1,516 crore in FY26 (+6.6% on FY25), an EBITDA margin of 45.1%, net profit of ₹476.0 crore and net cash of ₹851.7 crore.
- Revenue, FY26 (₹ crore)
- 1,516
- consolidated
- Revenue growth, FY26
- +6.6%
- on FY25
- EBITDA margin, FY26
- 45.1%
- EBITDA (revenue less employee and other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 476.0
- to owners
- Return on equity, FY26
- 39.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -851.7
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 17,531
- at the close of 17 Oct 2026
Company profile
CAMS is a technology-enabled financial infrastructure and services company headquartered in Chennai, incorporated May25 1988. Its core franchise is mutual-fund registrar and transfer agency, supplemented by alternatives servicing, KYC, payment aggregation, insurance repository, pension CRA, account aggregation and data analytics. Services rather than lending or insurance underwriting determine the analytical profile; KFin is the closest direct listed comparator and other peers are adjacent infrastructure businesses.
| Item | Value |
|---|---|
| Legal name | Computer Age Management Services Limited (formerly Computer Age Management Services Private Limited) |
| Exchange and ticker | NSE: CAMS; BSE: 543232 |
| ISIN | INE596I01020 |
| CIN | L65910TN1988PLC015757 |
| Sector | Financial Services |
| Industry | Technology-enabled financial infrastructure and asset servicing |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹17,531 crore (17 Oct 2026) |
| Shares outstanding | 24.80 crore shares (FY26) |
| Price | ₹704.8 (close, 17 Oct 2026) |
| 52-week range | ₹611.4 - ₹844.9 (to 17 Oct 2026) |
| Website | https://www.camsonline.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| CAMS Insurance Repository Services Limited | 100% | Insurance repository and insurer services |
| CAMS Investor Services Private Limited | 100% | KYC Registration Agency (CAMSKRA) |
| Sterling Software Private Limited | 100% | Technology and software supporting CAMS |
| CAMS Financial Information Services Private Limited | 100% | RBI-regulated account aggregator (CAMSfinserv) |
| CAMS Payment Services Private Limited | 100% | Payment aggregation; parent payments transferred February1 2026 |
| Fintuple Technologies Private Limited | 100% | Digital onboarding and capital-market software; 78.57% at FY26 yearend, wholly owned since July20 2026 |
| Think Analytics India Private Limited | 77.7% | Data science/AI analytics. 55.42% at FY26 yearend; August11 2026 post-stake SECONDARY evidence, original retrieval pending |
| Think Analytics Consultancy Services Private Limited | n.d. | Step-down of Think Analytics; exact effective cutoff holding not primary-verified |
| Think360 AI, Inc. (USA) | n.d. | US step-down of Think Analytics; exact effective cutoff holding not primary-verified |
No identified promoter or parent at FY26 yearend. MF Central Technologies Limited (50%, KFin joint venture) is equity accounted, not a subsidiary; incorporated March8 2025. Subsidiary stakes dated March31 2026 unless a subsequent change stated. Think77.7% secondary-only; primary gap remains.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 46.90% | 44.66% | 44.44% | 44.88% |
| Domestic institutions | 20.76% | 22.00% | 22.06% | 23.54% |
| of which mutual funds | 14.34% | 14.22% | 14.30% | 15.72% |
| Retail | 23.92% | 24.84% | 22.90% | |
| Other | 8.42% | 8.66% | 8.67% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CAMS is India's largest mutual-fund registrar and transfer agent: it keeps investor records, processes purchases, redemptions and SIPs, and is paid by asset managers mostly as a fee on assets serviced, plus per-transaction and service fees. Around 85% of FY26 revenue came from the MF business, and the rest from alternatives servicing, payments, KYC (CAMSKRA), insurance repository, NPS CRA and account aggregation. The MF fee is set by contracts with fee slabs that fall as each AMC's assets grow, so CAMS's revenue grows more slowly than serviced assets. It controls service quality and the technology platform; it does not control market levels, flows or AMC fee negotiations. One reportable segment under Ind AS 108. Consolidated basis; MF Central JV with KFin is equity accounted.
| Segment | revenue, FY26 (₹ crore) | Share | revenue share, FY26 (%) |
|---|---|---|---|
| Mutual fund services (management split, not statutory) | 1,299 | 85.7% | 85.7% |
| Non-MF portfolio (management split, not statutory) | 216.8 | 14.3% | 14.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| KFin Technologies Limited (KFINTECH) | Closest direct comparator: MF and issuer RTA, alternatives administration and financial technology infrastructure. |
| Central Depository Services (India) Limited (CDSL) | Adjacent regulated capital-market recordkeeping, KYC and digital infrastructure; not an MF RTA equivalent. |
| National Securities Depository Limited | BSE:NSDL; adjacent securities recordkeeping and post-trade infrastructure. Different depository economics, not a direct RTA peer. |
| Protean eGov Technologies Limited (PROTEAN) | Adjacent technology-enabled financial/digital public infrastructure; relevant platform and regulatory comparison, not direct MF RTA. |
| BSE Limited (BSE) | Broader regulated capital-market transaction platform; useful infrastructure comparison but exchange economics differ from asset servicing. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 909.7 | 971.8 | 1,137 | 1,422 | 1,516 |
| Cost of revenue (vendor classification) * | 276.1 | 306.0 | 354.0 | 418.4 | 442.2 |
| Other operating costs (vendor classification) * | 161.2 | 190.7 | 232.4 | 297.2 | 324.4 |
| EBITDA (vendor classification) * | 431.2 | 430.5 | 520.1 | 672.3 | 713.3 |
| EBIT (EBITDA less D&A, excl other income) | 389.8 | 387.8 | 434.4 | 574.5 | 585.1 |
| Finance costs | 7.13 | 7.61 | 8.21 | 8.47 | 6.98 |
| Profit before tax | 382.7 | 380.2 | 466.8 | 618.7 | 628.6 |
| Tax expense (net) | 95.7 | 95.6 | 115.9 | 154.0 | 156.5 |
| Profit for the year (incl NCI) | 287.0 | 284.6 | 351.0 | 464.7 | 472.0 |
| Diluted EPS (INR, FV Rs2 split-adjusted) | 58.41 | 57.88 | 14.34 | 19.00 | 19.13 |
| Materials / cost of goods (not presented) | n.a. | n.a. | n.a. | ||
| Employee benefits expense | 397.2 | 469.1 | 497.0 | ||
| Other expenses | 234.5 | 301.2 | 335.3 | ||
| EBITDA (revenue less employee and other expenses) | 504.9 | 652.2 | 683.9 | ||
| Other income | 40.6 | 52.6 | 51.2 | ||
| Depreciation and amortisation | 70.5 | 77.7 | 98.8 | ||
| Exceptional items | n.a. | n.a. | n.a. | ||
| Share of profit/(loss) of joint venture | 0.00 | 0.00 | -0.76 | ||
| Profit attributable to non-controlling interest | -2.66 | -5.50 | -3.99 | ||
| Profit attributable to owners | 353.6 | 470.2 | 476.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity incl NCI | 647.6 | 782.5 | 915.6 | 1,119 | 1,321 |
| Borrowings (loan from subsidiary directors) | 81.9 | 93.3 | 0.00 | 0.66 | 0.48 |
| Cash and cash equivalents | 4.51 | 16.4 | 6.74 | 14.0 | 12.1 |
| Trade receivables | 25.6 | 33.0 | 64.9 | 110.3 | 56.7 |
| Trade payables incl accrued expenses | 49.0 | 43.3 | 64.6 | 79.9 | 90.5 |
| Property, plant and equipment | 6.32 | 6.31 | 81.0 | 107.5 | 138.5 |
| Capital work in progress | 0.16 | 2.10 | 2.18 | 5.21 | 0.88 |
| Total assets | 957.2 | 1,098 | 1,414 | 1,598 | 1,810 |
| Current investments (liquid/debt MF etc.) | 406.6 | 424.6 | 445.4 | ||
| Unencumbered term deposits (bank balances other than cash) | 203.0 | 240.2 | 394.6 | ||
| Lease liabilities (current+non-current) | 96.3 | 87.9 | 63.8 | ||
| Net debt (negative = net cash) | -616.3 | -678.0 | -851.7 | ||
| Accrued income (unbilled, other current assets) | 116.2 | 122.2 | 141.1 | ||
| Inventory | n.a. | n.a. | n.a. | ||
| Equity attributable to owners | 914.5 | 1,119 | 1,321 | ||
| Shares outstanding, crore (FV Rs2, split-adjusted) | 24.57 | 24.71 | 24.80 | ||
| Net debt including lease liabilities | -520.0 | -590.2 | -787.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 394.9 | 378.4 | 401.5 | 477.4 | 584.3 |
| Cash capex PPE/intangibles incl CWIP and IAUD (positive outflow FY24-26) | 0.16 | 0.58 | 38.4 | 118.4 | 140.5 |
| Free cash flow (vendor definition) * | 259.2 | 274.0 | 363.1 | 359.0 | 443.7 |
| Dividends paid (positive cash outflow FY24-26) | -188.6 | -184.8 | 206.1 | 344.9 | 304.5 |
| Free cash flow (CFO minus cash capex; before lease principal) | 363.1 | 359.0 | 443.7 | ||
| Payment of principal portion lease liabilities (positive cash outflow) | 23.3 | 28.1 | 33.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares (FY24-26 split-adjusted; earlier vendor unverified) | 4.89 | 4.90 | 24.57 | 24.71 | 24.80 |
| Reported original diluted EPS (pre-split FY24/25) (₹) | 71.68 | 95.03 | 19.13 | ||
| Cash + current investments + unrestricted bank deposits | 616.3 | 678.7 | 852.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 365.2 | 369.7 | 356.2 | 354.2 | 376.7 | 390.1 | 395.2 | 395.0 |
| Cost of revenue (vendor classification) * | 118.6 | 119.7 | 67.1 | 122.4 | 124.5 | 125.3 | 123.7 | |
| Other operating costs (vendor classification) * | 76.4 | 77.2 | 19.0 | 77.4 | 86.8 | 86.8 | 88.6 | |
| EBITDA (vendor classification) * | 182.8 | 187.8 | 172.8 | 167.2 | 191.7 | 195.7 | 199.1 | |
| EBIT * | 164.4 | 168.3 | 150.0 | 146.3 | 166.4 | 167.6 | 174.5 | |
| Finance costs | 2.16 | 2.15 | 2.03 | 1.94 | 1.84 | 1.68 | 1.53 | 1.48 |
| Profit before tax (statutory, includes JV) | 162.2 | 166.1 | 147.9 | 144.4 | 153.4 | 164.7 | 166.1 | 173.0 |
| Net tax expense (current, earlier-period and deferred) | 41.4 | 42.0 | 35.1 | 36.3 | 39.4 | 40.1 | 40.6 | 46.0 |
| Profit for period (consolidated incl NCI) | 120.8 | 124.1 | 112.8 | 108.0 | 113.9 | 124.6 | 125.4 | 127.1 |
| Diluted EPS (INR/share; FV Rs2 split-adjusted) | 4.95 | 5.07 | 4.59 | 4.39 | 4.62 | 5.04 | 5.08 | 5.14 |
| Employee benefits expense | 118.6 | 119.7 | 117.8 | 122.4 | 124.8 | 124.5 | 125.3 | 123.7 |
| Other expenses (full consolidated expense, not residual split) | 76.4 | 77.2 | 79.0 | 77.4 | 84.3 | 86.8 | 86.8 | 88.6 |
| Other income | 12.6 | 14.9 | 13.4 | 13.1 | 12.2 | 12.9 | 12.9 | 16.6 |
| Depreciation and amortisation | 18.4 | 19.5 | 22.8 | 20.8 | 24.6 | 25.3 | 28.0 | 24.5 |
| Profit attributable to NCI (loss negative) | -1.63 | -1.39 | -1.22 | -1.05 | -1.01 | -0.94 | -0.99 | -0.92 |
| Share of profit/(loss) of joint venture (net of JV tax) | 0.00 | 0.00 | 0.00 | -0.26 | -0.04 | -0.05 | -0.41 | -0.25 |
| Profit attributable to owners of Company | 122.5 | 125.5 | 114.0 | 109.1 | 114.9 | 125.5 | 126.4 | 128.0 |
| COGS (no separate line in service P&L) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Full-group operating EBITDA excluding other income | 170.2 | 172.8 | 159.4 | 154.3 | 167.6 | 178.9 | 183.1 | 182.7 |
| Separately presented exceptional items (no line presented) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.9% | 6.8% | 16.9% | 25.2% | 6.6% |
| EBITDA margin | 44.4% | 45.9% | 45.1% | ||
| Net margin | 31.1% | 33.1% | 31.4% | ||
| Return on equity | 41.7% | 46.2% | 39.0% | ||
| Return on capital employed | 58.9% | 48.3% | 48.5% | 56.5% | 47.9% |
| Return on assets | 28.2% | 31.2% | 27.9% | ||
| Net debt (₹ crore) | -616.3 | -678.0 | -851.7 | ||
| Net debt / EBITDA | -1.22x | -1.04x | -1.25x | ||
| Interest cover | 54.7x | 51.0x | 52.9x | 67.8x | 83.8x |
| Asset turnover | 1.01x | 0.95x | 0.90x | 0.94x | 0.89x |
| Receivable days | 10 | 12 | 21 | 28 | 14 |
| Payable days (on revenue) | 20 | 16 | 21 | 20 | 22 |
| Cash conversion | 1.14x | 1.02x | 1.23x | ||
| Capex intensity | 0.0% | 0.1% | 3.4% | 8.3% | 9.3% |
| Free cash flow (₹ crore) | 394.7 | 377.8 | 363.1 | 359.0 | 443.7 |
| Dividend payout | 58.3% | 73.3% | 64.0% | ||
| EPS, diluted (₹) | 58.41 | 57.88 | 14.34 | 19.00 | 19.13 |
| Book value per share (₹) | 37.26 | 45.27 | 53.26 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less employee and other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less employee and other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, FV Rs2 split-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Computer Age Management Services
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 17 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.