{"id":182355,"date":"2026-05-05T08:14:17","date_gmt":"2026-05-05T12:14:17","guid":{"rendered":"https:\/\/alphastreet.com\/india\/computer-age-management-services-ltd-cams-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-05T08:14:17","modified_gmt":"2026-05-05T12:14:17","slug":"computer-age-management-services-ltd-cams-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/computer-age-management-services-ltd-cams-q4-2026-earnings-call-transcript\/","title":{"rendered":"Computer Age Management Services Ltd (CAMS) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Computer Age Management Services Ltd (NSE: CAMS) Q4 2026 Earnings Call dated May. 05, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anuj Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Ramcharan SR<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Anish Sawlani<\/strong> \u2014 Head – Investor Relations<\/em><\/p>\n

Supratim Datta<\/strong> \u2014 Analyst<\/em><\/p>\n

Analysts:<\/h2>\n

Nikunj Seth<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijeet Sakhare<\/strong> \u2014 Analyst<\/em><\/p>\n

Prayesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Devesh Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Dipanjan Ghosh<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sanket Godha<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the Computer Aid Management Services Q4 and FY26 earning conference call. As a reminder, all participant line will run the listen only mode and there will be an opportunity for you to ask question after the presentation. Conclude should you need assistance during the conference call, please signal an operator by pressing Star then 0 on your Touchstone 4. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Nikun Seth from mufg. Thank you. And over to you sir.<\/p>\n

Nikunj Seth<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Danish Good morning everyone. Welcome to Q4 and FY26 earnings conference call of Computer Age Management Services Limited from Under management. We have with us Mr. Anuj Kumar, MD, and CEO Mr. Ram Charan, CFO and Mr. Anish Savlani, head Investor Relations. Before we proceed with the opening remarks, I would like to give a small disclaimer that this conference may contain certain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date. These statements are not guarantees of future performance and involve risk and uncertainty. A detailed disclaimer has been published in the investor presentation. Now I would like to hand over the conference to Mr. Kumar for his opening remarks. Thanks<\/p>\n

Anuj Kumar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Nikunj hi, thank you very much. Good morning to everyone. Appreciate all of you taking the time out to join our earnings call. As you would have seen the results that we published yesterday, it’s been a pretty solid quarter for CAMS. In fourth quarter of FY26. You know that the external environment has not exactly been friendly in the months of Jan and Feb, those I would classify as normal months. In the month of March, of course there was significant impact from what was happening in the environment.<\/p>\n

But despite all of that, you’ve seen our results and I’m very happy to kind of share with you a set of events which I would say are pretty interconnected, but their reflection is in the quarter that just went past. But the foundational impact of a lot of things which are happening will continue to be seen, I’m sure, in this year and perhaps the next. But just to sum all of this up, you’ve seen the deck, so I’m assuming that you’ve gone through it at least once.<\/p>\n

We posted our highest ever quarterly revenue in Q4 26 for the first time. I think I am calling out the non MF performance ahead of MF because non MF kind of heralded the growth metric a lot better than MF did. In this quarter we grew non MF revenue close to 25% year on year. You know our promise has been 20% but successively over the last three years we’ve been able to beat that and we expect that we have the mix of products go to market strategy to continue doing this.<\/p>\n

Enterprise revenue for the quarter went up 11%. For the, I mean quarter on quarter it was 1.3%. You know the reasons. Annually it went up 11%. Year on year the MF business revenue was almost flat. It just grew about 0.5%. Given the circumstances, it wasn’t bad at all. MF yields held quite well and with all the operational efficiency, automation, the new platform program, what we call the rearchitecture program. Everything contributed their bit and obviously. You know that there is a significant degree of fiscal discipline in the company. Absolute EBITDA scaled back to the highest ever. Now you will, I will take you back to 4Q last year, Jan Feb. When you know that we had done price adjustment, et cetera, that is almost an event which is completely behind us because from a peak of about 173, 174 crores of absolute EBITDA, we went to about 177 last quarter. We’ve climbed up to 183 now and I expect that this is kind of a baseline number which will stick. Percentage EBITDA climbed back to just in excess of 46%, about 46.5. And as a collectivity, I think that’s a great set of metrics to have on our side. From a mutual fund business perspective, AUM at 55.1 lakh crore is obviously significantly lower than the 58.5 that we achieved at some time in 4Q but because of the impact of what’s happening in the Middle east, it came down. However, this represents 21% year on year growth and holding 68% overall share share is a great story. On equity assets I think overall we are holding 68%. We grew AUM in line with the industry at 21% and equity assets within all this, within the turmoil went up to the highest ever of 30.5 lakh crore with a share of 67%. This is almost a 90 bip so I would approximate it to about 1% went up about from 66 to 67 year on year certainly grew faster than the industry which is a great sign. Equity net sales, which I think is the most formative metric here because of all the puts and takes, the real money which comes and hits the book, which was in just in excess of 1 lakh crore. And within equity net sales therefore our share grew from 71% in the past quarter to 76%. These are great numbers. Historically. If I take you back four or five years, camps used to be about 60% share of the active equity market and about 80% share of the fixed income market. This was before Passive etc became popular. It was largely a five years back it was largely an actively managed market. 60% in equity, about 80% in fixed income. That 60 gradually has climbed up to the number that you’re seeing which is about 67. So about I think about a percent a year. Given the fact that this is the most retailized, the most sticky, the most remunerative, the most growth oriented component of the overall market, it certainly is formative. It’s not a flash in the pan. It’s nothing that happened in 1\/4 or 2\/4 and will then go away because we believe the foundational components just remain intact. New SIP registrations AID all of this. The AID aum, the AID Equity AUM and the AID net sales. New SIP registrations went up. To about 1.26 crore. Our typical baseline number is about a crore to 1.1 crore in a quarter. This was a significantly higher number than 4Q last year grew about 46%. Industry grew 37. So another metric after metric in the top four or five metrics that really matter, again from a foundational perspective, not just a quarterly performance perspective, I think we outpaced the industry by some margin. Annual SIP registrations hit just short of 5 crore, about 4.7, up 17% over FY25. And this number is almost 2x of the industry growth. So across all of these that I’ve spoken about significantly or a little bit ahead of the industry, SIP collections crossed the 20,000 crore milestone in the month of March, grew 25% year on year and almost touched 59,000 crore for the quarter. And this is about 17% up year on year while compared with 4% for the industry. So overall share of these collections went up from 57 to 64%. Unique investor base. Similarly, you can see the number again outpaced the industry from a new logo perspective. You’re aware that our philosophy has been that of course it’s very encouraging to see in the environment that a large number of new MCs are getting licensed. We have said that traditionally for the last three decades, our franchise is built on a scale play, a bit of a brand play and a scale play. And therefore our endeavor is to go after logos that we believe are great fits into the scale play. Both the names that I mentioned, Neo and Oakland, conform to that. And we believe that our strategy of selling value sells, selling just incremental consumer value and AMC value instead of selling price has succeeded over a period of time. So the total count of amc, this is of course licensed amc. Not everybody’s live yet. These are live, these are licensed domestic AMCs. Adds up to 31 transaction volumes continue to scale. They have continued to scale because that is the retailization penetration metric that everybody talks about. Grew about 20%, reached 107 crore financial transactions. There’s a bit of about 2, 2 and a half crore non financial transactions too on top of this. But this is the poor financial transaction. SIFs, which was a product category announced somewhere early in 25, went live in September, October. Of 25, four new SIFs launched during the quarter. Total number of live SIFs is now six. And we have about eight which are either licensed from a product perspective. Eight additional. Which are either licensed from a product perspective or have made announcements and will get licensed soon. So you will see these launches. I suspect the launches will happen between May, June, July, August or maybe even faster, but certainly within those four months. So this will become very relevant, competitive new product category for the industry and for us. So very sanguine about the prospects retail fund launches in Gibbsity. I know that it isn’t a great AUM story yet, but it’s a compelling story for domestic investors wanting to invest in outside assets and not feel the constraints of going through, you know, the ETFs, etc. Some of which have run to a ceiling. So this continued when I move beyond mf, when I move beyond MF to non mf, I think contribution to enterprise revenue obviously could have been better. We certainly want to scale it even faster, But at 15.3% it’s kind of underscoring all the diversification that we’ve tried to do in a very focused manner in the last four years. Within this pay, which is now a licensed PA and a PG, both delivered about 23% growth year on year, continue to add new clients and continue to do Payment gateway and scale payment gateway which is the additional offering alternatives. Although you know that not every AI which has got a license has launched. Quite a few of them have been licensed but haven’t launched yet or have been different launches. But we had a very strong quarter. Revenue grew over 25% year on year. AUM crossed 3 lakh crore. The 50% share of the outsourced market remained intact. And the number of mandates, you know these are like full service mandates, 44 new ones, 14 new logos, almost one a week or faster than that. Ara where you know that the business has gone through several moments of reckoning in the last one year, not one moment of reckoning. And that’s not just a story about us across the industry as investors have rethought their strategy of participating directly in the equity market through the DMAT accounts and booking accounts. Also some of the geopolitical stuff would have had its impact on new folio opening, etc. Despite all of that and despite the fact that now of course you’ve seen that the KRI business will take a bit of revenue down because of the price down. So despite those several moments of reckoning, within one year there’s a 28% year on year revenue growth for the quarter. Like we had said that our base is mutual funds, our additional arenas, brokerages and DPs. And within that we added. A couple of fairly active large accounts and we believe that this trend is there to continue. So we will continue gaining share. The integration of NSE kra, which was a slump sale done by them and acquired by us in the month of January, brought in about 1340 lakh new plans. It was a very clean integration. You did not hear a single hiccup, you did not hear a single service issue or anything social media. So that part is in the base now. Rep delivered 6% year on year revenue growth for the quarter. BIMA Central I think did well doubled its active user base. LIC started policy issuance in the DMAT format Rajali Digital Origination. It was signed in last March in 25 took about up to February to get integrated. We’re expecting that that will at some point and at some point should be within this year add a new dimension to how the insurance industry looks at insurance demat as LIC scales. A lot of the other ones who’ve been convinced about demat issuance and service will jump into the phrase so again, a formative metric. We’ve said this for some time. We’ll wait for some decisive definitive action before we thumb the table, but I think it’s my duty to mention this to you. IR market share expanded to 40%. So again, just to sum it up, 68%. I’ve said this many times in the past. 68% market share in MF, 40% in IR, 50% in the outsourced part of AIF KRA now decisively the number two player leapfrog from being number three about a year and a half back to number two and all of that is held together. And the last thing I would mention is that as the DPDP bill whose rules have now been notified, the date for adherence and compliance has been declared as the first of may next year. Although the board is in the process of getting setting set up. I think there is a lot of inquiry inside the market. I would say right now inside the financial services market, not as much in hospitality and airlines and retail and food delivery etc. But all of that will happen since we believe that we will have certainly a processor status in several segments of our business and in one or more, including KRA depository and rta, we could be a fiduciary. We built an offering out largely it was a captive offering, but then both from a data discovery and a consenting part, you know, that we know consenting well because that’s a very fairly world practice in both MF center and in account aggregator largely in a We decided to launch this commercial offering called Consent Pro, which kind of delivers the end outcomes as far as DBTP compliance is concerned. And we are expecting that this market will undergo a lot of decisive action in the coming quarters as the date for compliance gets closer and closer. We’re still about a year away and. Now the action is just beginning to unfold, but we saw this opportunity. We’ll keep you posted on how this goes. And the last thing that I decided to cover, there have been questions across the board from all of us and all of you, rightfully so, on what is the behavior and what is the progress on the RE architecture program? Are we on course? How is the Google relationship doing? And I think finally everyone wants to know that. Why are you dropping less or dropping more of these words of, you know, GPUs and artificial intelligence and self learning algorithms and everything which is being said around us in the marketplace. Very happy to share with you Just one metric that you would have seen us grow revenue on almost a flat headcount. And you know that we’ve never historically been a company which does, you know, frequent headcount resets. We actually haven’t done it in recent times, including during the COVID years, etc. But on a flat headcount, which means we are doing nothing to the headcount, but we are just getting the productivity up through a series of automation steps. I think that is something you would have seen in the last year. I saw it in the last quarter. And our belief is that in FY27 we will see all the revenue growth on falling headcount, somewhat of fall. Which means we may choose not to do some backfill. Some backfill obviously we’ll have to do, but if we choose not to do some of it, that I think will be significant improvement in terms of employee productivity and revenue productivity for employees. One of the key capabilities, one of the steps we had taken was this entire thing about, you know, that we’ve done great stuff in face reading and video reading and face match, et cetera and we do the only ones who do that 10 minute KYC. But we extend all of this to form reading. We are now almost taking out the makers step in a lot of physical forms which means, you know, we still retain the physical checker. So there is a human, but the other human we are taking out and letting the machine do that work. This went on for in production now in actual production, no beta, no testing for over a month now, almost two months. And we will continue to deepen this over a period of time so that delivers some degree of operational efficiency. But from other capabilities that you will see now you will see data lake and transaction origination platform. These are large platforms where building and testing it is one part and then taking it to market because everybody integrates, which means all of them have to do a bit of integration work at their side. I think that is beginning to happen. Where will you see the impact? You will see the impact in a significantly lower percentage of industry complaints when you see 1 1\/2x or 2x transaction base. So complaints per transaction as a metric, we’re significantly ahead of the industry. You will see and hear from the marketplace and from our clients. About the next gen transaction origination platform. Of course, taking it to market and making sure that we sunset the old one and get the new one in place will take some time. But we are ready, completely ready. And then the data warehouse is ready to go both of these within the next three or four months. They are technically ready and waiting for a rollout. These and then there are several other things which obviously whenever we meet 2101 we will talk about those. And where will you see the benefits? I’ve told you the benefits that there’s not just some technical jargon or something hidden in, you know, five layers of technical detail. It’s obvious metrics, you will see headcount, you will see revenue by account, you will see complaints, you will see, you know, lowering of the complaints on transaction ratio, you will see fewer frauds, you will see fewer risk items, charges taken to the PNL basis, risk incidents, etc. I know a lot of you track those numbers. We track them closely too. And I believe that all of this will have a salutary impact on the overall functioning of the company as we make it more productive and more battery ready for the future. So I will pause here, I will pause here and then hand it over to Ramcharan. He will take you through the specific numbers and then we are open for questions. We will have about 30, 35 minutes for that. Ram, over to you.<\/p>\n

Ramcharan SR<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you. Anuj. I think Anuj has gone through the highlights from a financials perspective. I’ll just call your attention to a few trends and numbers and then open it up for questioning. As you would have noted, you know, the AEM growth during the quarter was muted, it was more than 1%. And if you actually see our yield, the compression on quarter on quarter basis has been less than 1%. And if you drill down further, I think you can very clearly see that this is entirely, I’m not saying 50%, 25%,<\/p>\n

But this is entirely because of the impact of the mix, which is that you have seen the passives grow over the last quarter more than what the active funds have grown. And so if you see from that perspective, the yields have been very stable quarter on quarter. And we have always said that post the reset of the pricing you will get back to the normal equation of asset to asset growth, asset fee growth. Happy to say that we are kind of tracking that and we’re doing better this quarter in terms of yield stability.<\/p>\n

In terms of growth of revenue, you had, you know, 11% growth year on year for the quarter and 1.3% quarter on quarter. And if you further split it down, mutual fund revenue was sort of flat, almost 0.5% growth. The non asset based revenue did go down on a year on year and quarter on quarter basis, largely driven by some drop in transaction revenue quarter on quarter on probably MF central related transaction revenue and also OPE and lack of new NFOs that are coming into the market.<\/p>\n

If you take that, I think from our overall growth perspective, asset based revenue broadly tracks the growth in aem. The bright story of course, as Anuj was mentioning, is the growth of none. MF revenue. And happy to say this is across the spectrum, this is not one outlier. On a year on year basis you had camps, pay, AIF, KRA, everything growing more than 20%. Right. And it was not just one thing which was outside growing at 80%, others not growing. So it was across the spectrum kind of a growth you are seeing year on year which is more broad based. And even on a quarter on quarter basis the growth in non visual fund sort of offset the weakness in the AEM growth and hence we are able to report 1.5% increase in revenue. We feel that this is kind of keeping in line with our projections that you know you will see the non mutual fund business grow more than 20 percentage. This, this time it’s 24.5% year on year and for the, for the year they are close to 18%. That’s because we had a weak first quarter. But going forward based on the run rate we are very sure of maintaining this 20% plus growth of non mutual fund revenue. From a profitability perspective, I think we put in strong numbers more of what Anuj said on automation, etc. So we did have a margin of 46.5% for the quarter in spite of no growth in mutual fund revenue. There was some cost optimization that happened. Just to take you back to the commentary on cost the earlier part of the year, I think what we had said was if you’re able to keep the cost increase to say 11% kind of a number year on year, I think you have done well on target. Happy to say that if you see the actual numbers on a year on year basis, including the depreciation increase because of the additional investments, my cost increase has been 9 percentage. And if you actually remove the depreciation the cost increase has actually been only 7.8 percentage. And on a quarter on quarter we had a very muted increase in cost of less than 1.5 percentage. And so we will continue to take these cost actions. We will continue to be focused on that. That is a requirement. But just to say that from a year perspective we have ensured that the cost remains well within control and hence you will see that there is a margin creep up in terms of year on year from 45% to 46.5%. Some other important aspects I would like to highlight is one is the diversification is on track. You will see in the 15 percentage number which Anuj also mentioned and more heartening from a profitability perspective we have been saying that once the revenue starts flowing into the non mutual fund you will see the profitability also grow up. So you would have noted that earlier profitability targets or the ranges for non mutual fund was around 12 to 13 percentage. This quarter they are upwards of 16 percentage. So I think on a sustainable basis we have said that we will get to a 20% margin by the end of next year. I think we are on target for that too. And from a return on equity perspective, we continue to be top of market return on equity in spite of retaining 35% of the profits and not distributing as dividend continues to be 39 percentage. And the board has declared subject to confirmation by shareholders a final dividend. Of 2.5 which means for the year we’ll be dispersing a revenue of 305 crores. So overall across the board a very strong quarter in terms of profitability, in terms of cost optimization, in terms of non mutual fund growth, in terms of profitability of non mutual fund in terms of stable yields. So with this I hand it back to Danish and open it up for questioning.<\/p>\n

Questions and Answers:<\/h2>\n

Anish Sawlani<\/strong><\/p>\n

Thank you so much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are request to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.Our first question comes from the line of Abhijit Sakhari from Kotak Securities. Please go ahead.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Hi, good morning everyone. I hope I’m audible. The first question was on the OpEx line. So the 10% sort of a number in FY26 is the lowest in five years. You know, one is, if you can put this into context of, you know, how much of this would be, you know, deliberate or discretionary and expense management given some revenue headwinds as against, you know, some savings which could be thought of as more sustainable over the medium term.<\/p>\n

The second question is on the yield. Now when we think about the mix effect, so the yield drop that you know, RTA’s take when it comes to passive generally is much more than the yield drop that the EMCs have to absorb. Now how do we think of it in terms of really the expense that or the cost that actually go into supporting the passive investments. And if there is a scope for some renegotiation with respect to that, those would be the two questions.<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Thanks Abhijit. On the cost part of it, I think I’ll just amplify what Anuj said earlier which is that this is not a one off. I think what we have done is a structural and automation kind of thing has crept into the entire system. So if you look at just the numbers, right, if you see from last year to this year, while the company strength may have grown by 100, 120 people, we have achieved this entire 11 percentage growth with.<\/p>\n

You will see a reduction in the core MF operations, right? There has been a reduction in the core MF operations. Obviously some investment has happened for rear, some investment happened for risk and compliance, etc. That’s kind of contributing to the small increase in headcount and you have seen over the course of the year, there is no operational impact for any of these things. So which means we continue to get industry leading statistics in terms of complaints, risk, etc.<\/p>\n

So there is not a one time squeeze that we have done of everything and which is not going to be repeatable. I think what we are approaching is a more sustainable, long term kind of an impact is what we see. And next year Again, ANU laid out the target saying that you are going to see further kind of optimization that’s going to happen as we get more and more of this REACT platform AI embedded into the operation system. So this is in our mind a very sustainable kind of cost levels. We are not saying there’ll be zero addition of cost. Obviously that’s not going to happen. But I think we will try to keep this to the minimum without impacting obviously day to day operations etc. Which we have successfully done, I would rather say below the radar in the last year without making a big show about it will continue to do that in the next year also. So I don’t think you need to have any worry from a cost sustainability perspective on the, on the passives and how it is worked out. See honestly I’ve been saying this throughout, saying that this is such a small part of the operations that you know, for us to kind of see a separate profit line under cost line for this is actually not so material given that it’s, it’s less than 10% of my overall area. Now from a yield perspective I think the, the rates that we have for ETFs are extremely low. It’s nothing to do with AMC suffering more than us etc. It’s extremely low. The yields for passives by nature are extremely low. I don’t think there is any room for us to kind of have any renegotiation on that given that it’s actually at really low levels now. So as the passive increase there will be some impact on the mix and there’ll be some impact on the yield, but it will be very muted. If you see for the last quarter you actually line by line, compare everything. The only reason is that yields have not gone down any of the individual asset classes. None of the individual asset classes. The yields have gone. Including passives? Including passives. It is just that the mix of passives in the overall scheme of things has increased and that’s why it’s causing this 0.9 percentage. So I don’t see this being a big cause of concern going forward.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Also Suram, just a follow up on the yield cost yield question one was that, you know, because there is a mix effect, does a hit on the overall yields, does it allow you in any way to kind of have a stronger bargaining power when it comes to the yield negotiation on the active book? You know,<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Absolutely. That’s one of the, one of the points that we will pick up in terms of yield decline saying that the mix is also unfavorable to us. But we should also be cognizant of the fact that the other side, this has a similar impact on the AMCs, too. So I think this will be one of the things that we’ll bring across. But I don’t know whether that’ll be the only argument in which we’ll have. Or have some.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Okay, got it. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of praise and from Motilal Oswald Financial Service. Please go ahead.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Yeah. Hi, everyone. Firstly, you know, just on this renegotiations with AMCs, there is a 3 to 5 basis points impact. What we’ve heard from all the AMCs that is likely to come, and they have indicated that we’re passing it on to distributors. But any negotiations that has happened with you guys on the commission changes. Sorry. On the RTA fee changes. That should come through because of that change.<\/p>\n

Ramcharan SR<\/strong><\/p>\n

So Praesh, so far nothing is there but we’re not seeing that we reload any discussions whatsoever on this. So there may be something discussions happening on this. But one thing we are clear on our stand is that I think from a value perspective, I think we have reached a stage where we are comfortable with the price value equation. So there is not much of a room for us to kind of revisit that. Having said that, I think this is a discussion that probably some people will have with us.<\/p>\n

Nothing so far concrete and nothing for me to report as something that will definitely be there. I will keep you informed as we go along but we don’t see that being a big impact. As you said, the 3 to 5 bips impact is the entire AMC impact and I’ve seen many commentary saying that it’s going to be passed on to the distributors. So we’ll wait and see. But if at all there is an impact, we have always said we don’t think there will be any material impact on this.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

So you know, structurally you’ve been we’ve been Talking about the 3 1\/2 to 4% decline in yields every year. Should we start thinking about this for FY27 and FY28 basis and that should be the way or how should we think about the yield drop on a regular basis?<\/p>\n

Ramcharan SR<\/strong><\/p>\n

So by historically we’ve been very conservative in guiding you on these yields, etc. We’ve always said that what we have seen over the last five years in terms of trend has been this 3 to 3.5 percentage. So if you really want to build that into the model from your conservative perspective, please do. But our aim will always be to bring it much lesser than that. And I think going by the last quarter, I think we are on track to have a number lesser than that.<\/p>\n

But we are not going to hurry and tell you Please take only 1%, 1 1\/2 percent. You continue to kind of work in the concentrated way that you have and treat anything as a positive.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

The other question was while we were talking about EBITDA margin improvement and that’s commendable job but empirically I would like to get Anand’s thoughts also out here we’ve seen that expand our margins to 46% and quite a few times that has happened empirically as well. But you know, post that again, we kind of there is a renegotiation or there are some investments that come in and then we drop back to 42, 43, 44%. You know. So at this point of at this juncture, what gives you confidence that this is more of a sustainable margin trajectory than what we’ve seen in the past?<\/p>\n

Anuj Kumar<\/strong><\/p>\n

So, presh. The way I would think about this is just leading you back to the facts. We were about, on a quarterly, about a 47% margin, about five quarters back. Let’s say that was the first time we hit that number. And from that 47, we went down to 42 for reasons known to all of you. And then we’ve climbed back. It’s taken us four quarters. We’ve climbed back. I won’t say exactly to 47, but let’s say 46. And sun changed.<\/p>\n

We’ve climbed back to it. I don’t think it’s something which has happened several times. We’ve been continuing to underscore one thing that you take that as a once in a while Once in a blue moon, once in a lifetime event, and not as a frequent reset because the command center for this number is sitting somewhere else. That’s point number one. Point two from an investment perspective and that’s just a pure pricing and revenue play which you’ve seen over a period of time. I’m sure you guys give credit that you are able to read us much better than you’re able to read anyone else because we have cautioned you in advance. Whatever I can see, we tell. We’ve been telling you, right? So we’ve never left you guessing in terms of what we see, but what we don’t tell you and therefore you have to guess and take a surprise the day the results come out. We have a history now of 20\/4, maybe 22, 23\/4 of publishing our results. And you’ve known things for much before that. So that’s point number one. The second is that as far as investments are concerned, we’ve always said that there are four parts of the portfolio which are money making, which is MF AIF Payments and kra. So those four are money making. There are four or five parts of the architecture which are not money making, which is repository, account aggregator, attention to an extent, Think analytics. They are not money making. But we made the investment. We have now made the investment in Consent Pro. You should, we should invite you to one of our events where we are unveiling this entire thing. So we made the investment. We may not have made them in a high decibel way, but all these four or five businesses, like in any other business, we continue to fund till you get to a point where like we’ve said traditionally you achieve a 1415 crore annual revenue, you break even and then above that most of the money goes to the bottom line. That’s a standard architecture of business. So we made those investments, all of those have been made in the last four years between 22 to 26, let’s say those four calendars years, 22, 23, 24, 25. So what is the choice for us now? The choice is that do we keep pushing optically on increasing this margin by about a percent a year. And my guess is that will happen by itself. Not because we are doing something fantastic in mf, we will continue doing what we are doing. But also like Ram said, the non MF portfolio now is of a size about 60, 65 crore a quarter. And I’ll not be surprised in three years if it is 100 crore a quarter where it is generating money by itself on aggregate non MF by itself has a power to stand on his feet. He reported a 16.5% and we are hoping that we’ll get to 20% and onwards to 25. So across the board, the platform nature of the business, apart from aif, which is very, very service oriented, every other business is largely platform, right? You set up a platform, you let transactions ride, you let customers come and use it as a highway, and you get paid for it. I think that character is not changing. So therefore our focus is that we’ll continue investing in new things, we will never get distracted, we will never do things which only sound fashionable, and if margins in the process expand by about a percent a year, so be it. But We will not deny the right investments in business because of that. The last thing I would say is that when you see this EBITDA line I would take the genesis to what we did two or three years back in investing in real automation. Today I do a payroll for 200 fresh engineers who are fresh out of or two or three years out of IITs and regional engineering colleges and NITs and those kind of places. The gain will never be seen in a month. But the gain is being seen after two years. Will this gain be seen only today? No, you’ll see for every year in the next five years because it’s a past period investment. So just look at it like that. I know the shadow of what you believe is unreasonable price negotiation looms heavy in your minds. I would just say that. Think of it as a normal thing. Don’t think of it as an oversized thing.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that? That’s helpful. Just last bit, do you see any impact on the KYC business because of the changes that are expected from April 1st that were implemented from April 1st? And would that impact profitability in the near term?<\/p>\n

Anuj Kumar<\/strong><\/p>\n

No. No it should not. So we are just to be clear, we are expecting to hold KRA revenue in FY27 after all the puts and takes. What are the puts and takes? Whatever hit we are to take because of slow demat and broking and FNO account opening. We’ve already taken in FY26. Some upside 2 and a half to 3 crores. We will get from NSE KRA some revenue down about 6 to 7, maybe 8 crore rupees. We will take from the price down.<\/p>\n

So I have the base revenue minus 8 plus 3. I lose about 5. That 5 we will make up through growth and increase in share. So we will have flat KRA revenue. We do not expect that there is any profit challenge there.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that? Thank you so much and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Devi Shagarwal from IAFL Capital. Please go ahead.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Yeah. Thank you for the opportunity, sir. Firstly, just on the margin you did mention you don’t see any significant deal pressure. But you also said that the new TDR regulation for some of the large AMCs are underway. So if this were to kind of 55, the impact will be retrospective starting from 1st of April. Is that correct? Or this will be more like a retrospective starting from 1st of July.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Sorry, I don’t think Divesh. Just to clarify, we did not say that. There are some discussions happening with any AMCs on yield. I think what we said is nothing substantial is happening on that, and we don’t rule out the possibility of, you know, something like that happening over the next month or two, you know. But even if it happens, it’s going to be extremely muted. So I think it’s premature to speculate whether it’s going to be the first of April, first July, because we don’t even know whether it’s going to happen or not happen.<\/p>\n

So what we are saying is that if the discussions do happen at that point of time, we will kind of decide, probably, and whatever happens will be muted. We will see at that point of time. I don’t think that we should have a significant impact of that. From a recent perspective, the other contract negotiations, we will not have a big price down, that is for sure. We We have some mid sized contracts coming up for renewal in the course of the year. But overall all put together we don’t see that being a big impact on the yields.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Understood. And in terms of opex, will this be another year where you will see a single digit growth in the opex, especially in your employee cost? We see that the growth has only been 5% and Anish did mention that this time there could be a reduction in the headcount on overall basis. So are we looking like another year where the growth will be less than 5% in the employee cost?<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Yeah, absolutely we are. We are looking. Obviously there is this increment that will have to be factored in which will, which will kind of come from Q2 of this year. That’s when the increments will become effective. So there will be some impact of that. But I think we will look at a sub 5% and overall definitely some 9% kind of a growth in expenses. We would like to make it little lesser than that, but that’s what we are shooting for.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Right. And in terms of EBITDA margin, what would be our expectation or target for FY27?<\/p>\n

Anuj Kumar<\/strong><\/p>\n

So we’ve always said that we don’t want to guide for a specific EBITDA margin. We’ve always been range bound and we’ve said that in a bad quarter it will be less than 45 and a good quarter will be around 46, 47. I don’t see any reason for changing that. I understand that there is a cost kind of thing. We’ll have to wait for the asset growth number and revenue growth number. As you know that we are kind of waiting for the markets to settle down on that.<\/p>\n

So for us to give a specific EBITDA number guidance will be difficult. But our aim is to at least retain what we are in Q4 in terms of the EBITDA margin for next year. This is after observing the increase in cost that may happen because of the salary increase and other investments we’ll have to do and some yield compression that will happen, although not as much even close to what it was last year. After that I think if you do maintain the 4Q EBITDA margins, I think it will be a good target to help.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Right sir. And so finally on the non MF side you did mention that targeted growth is around 20 odd percent and we have already reached a revenue share of 14% in the non MF business. So are we looking at any new line of business on any further diversification that can add to the revenue growth or this will be this the existing businesses in which we’ll see the growth.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

So divesh I would say right now, like we’ve always said in the past, that building a product in markets where you may not have the right to win and competing, you know, against not just traditional kind of competitors, but against startups, fintechs, etc. Is not easy. So we don’t want to get busy creating products where we have no business to be present consent. Therefore, the DPDP compliance product is the only product that we are putting out. We may put out one adjacency we had put in the deck, I think, which is a device, a unified device, which will do. Payments and KYC etc. But it’s an adjacency. It is just going to expand the MFS IP market will do nothing else. So we do not believe that we are angling for too many new things. We will just focus on what we have. We believe there’s scale opportunity in payments, significant scale opportunity. We believe that REP should continue kind of building mass. Like I said, we will hold KRI revenue despite all the puts and takes And AIF will hold on and grow between all of these and anything else that we do on the consent on the camslin smaller product side, we believe that we have absolute confidence in growing at least 20% on that side and MF. The story will unfold during the year as we see asset growth come back after the last two months. So that’s the broad story. But to answer your question, we don’t want too many distractions. We’re not in the habit of just opening markets, just jumping into product because it sounds fashionable. You will see that behavior more than less.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Perfect. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. This question comes from the line of Supreme Dutta from Jeffries. Please go ahead.<\/p>\n

Supratim Datta<\/strong><\/p>\n

Hi, thanks a lot for the opportunity. I’ll start with maybe the mutual fund side. So just wanted to understand, you know, if you could give us some updates regarding the transition of the RTA business to cloud from prem therapy with respect to that and how are we thinking? It was supposed to be a three year project. So when are we and you know, what kind of changes or you know, new products from that could we see over the next coming years and that’s, that’s one bit.<\/p>\n

Secondly, you know there has been already a lot of discussion on the OPEX pitch. Just wanted to understand what was the employee count that you ended FY26 with and going ahead, what are the other areas where you know, you could maybe reduce cost. Lastly, you know coming to the non Ms. Side, you are running for a 20% growth. The KRA business is supposed to be flat in FY27 and that’s one of the major parts of the non MF business and has been a key contributor of growth.<\/p>\n

Hence wanted to understand what which are the other parts of the business we think will be able to deliver a much higher growth in FY27. So you know, so that is one thing if you could give some color. And lastly just wanted a clarification. So the 16.5% margin on the Monomef side is for FY26, right? Not fourth quarter 26. Yeah, those are my four questions. Thank you.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Sure. So I guess one of us must have noted a 4 question. But I’ll start with the first one, which is on rearchitecture. So, on the riyakh side, the plan Was and is to build a brand new hosted on the cloud, kind of a cloud native platform which does the entire MF service delivery and platform delivery from the cloud. We have opted for a feature by feature, module by module build out, taking things live one by one. The other approach would have been to kind of build it all together and then test it. And that is like moving an army because you could have gone wrong just anywhere. So we will be taking things live module by module. There are about nine significant modules. So think of it as nine significant modules and then a number of things surrounding all of these. And I’ll give you an example of what has happened on both sides of the nine modules. The first one which is transaction origination, which is getting transactions in from whichever mode they come in from, whether it is exchanges, banks or websites, or partners in fintechs, including paper and branches, all of that. That module is fully built and is now getting launched in the marketplace for consumption by a very broad audience. There are literally several thousand people who will integrate and start passing transactions on. It has several merits in terms of, you know, having a better rules engine, giving you rejections in real time, etc. So that remediation can happen and any net shrinkage which happens because of, you know, transaction rejections, etc. It comes down. So it is a treater for the industry. So that is the first thing which is live, we are taking it to the market. The second last thing which is ready with us, but obviously has to be taken to the market because there’s nothing that I can sit here by pressing a button do unless it’s an internal process. Is this entire concept of a data lake where our entire on prem data is now AMC by AMC sitting on the bigquery on Google Cloud. What it does is that all the mis, all the insights, all the analytics, all the what if can be done by speaking to a machine, can be done by our people, can be done by AMC people over a period of time, other partners will also be able to do it. It is the most futuristic and capable single instance of our data lake that has been built and that will go live again in one inch of this year. Beyond this, of the core nine other modules like payments and settlements, transaction with exchanges, internal posting of transactions, all of that accounting will go live over a period of time as they get built. We have a team of close to 200 engineers working on this. We’ve not lost the opportunity to kind of also build some of these smaller things which are relevant, which are internal only, which means I don’t really have to interface with the market. And the example that I gave you, which is of form data extraction, which means we still get about a million physical forms in a month. And we are now in the process of taking a maker layer out. You heard the term maker checker. Two people trying to do the same data entry located at different parts of the universe and an engine compares what they’ve done. We are taking the maker out completely. So AI is doing the entire making that part is live. Similarly, there are several smaller parts which are live. This was envisaged to be a four to five year project. My advice would be to strictly think of it as a five year project, not even four. About two years are done, which means the first two years are done and you will see significantly increasing momentum as we move forward. The revenue productivity and overall productivity that you’ve seen, I gave you a metric of flat headcount and growing revenue over the last three years. We’ve also seen transactions grow at 27%, headcount grow at about 6 to 7%. You will see all of that accentuated as we move forward with that platform. So I would say we are about 3 to 4% behind on the overall curve of or the trajectory which is normal in IT projects of this nature. But broadly we are completely on track from a business benefits perspective. I’ll pause there because you had three more questions. Do you want to take the answer?<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Yeah. So your next question was on headcount and how did we exit 20, 20, 26 etc. 25. So the exact headcount I’ll give you that 8300, 8324 is what we had in the 25 end. I’m saying as of year end it’s not average for the year or something and exited 26 with 8420. So we had around 100 plus people. But if you actually take the re architecture hiring that we have done for the new platform, that itself was more than 100. And from a overall MF perspective we actually as I mentioned earlier, we dropped headcount by around 70 and we had some increase in the risk compliance in kind of non mutual fund businesses, investments etc. So that kind of made it neutral. So overall if you see, if you take away the hiring that we have done for technology react perspective, it was a flat headcount year on year. And the aim that ANUJ was saying next year is to kind of better this and actually have some more optimization and have an introduction in headcount.<\/p>\n

So that’s the way the numbers will play out in the next year. Also in terms of non mutual fund growth, I think your question was given the KRA will be flat, how do you think that you’ll be able to receive the 20% if you just break it down to numbers, right? And depending on the exit quarter or on the last year, you’re Talking about a 45 crores, probably close to 50 crores kind of a growth in non mutual fund revenue. And if you actually break it down further, I think we are confident of taking at least 20 crores of that if not more.<\/p>\n

AIF taking some 7, 8 crores of that and then AATSP pension taking some 4, 5 crores and then rep taking some 7, 8 crores and then you have the new lines like consent pro, you have giftcity etc to take a few crores. So if you actually break it down to a 45 crore to 50 crore increase, I think we have a solution We have plans behind it. We have it. Solution Arab is obviously better than 20 percentage but I think 20% is a reasonable visibility we have. Assuming that there is no growth in kre.<\/p>\n

Supratim Datta<\/strong><\/p>\n

So any particular line that you know you see driving that 40 to 30 crore additional or is it going to be across the other businesses?<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Sorry, say that again. I think we missed what you said.<\/p>\n

Supratim Datta<\/strong><\/p>\n

So what I was asking is in the non MF side you know this, the mental growth, is it going to come from say payments or repository or is it going to be across the four, five businesses that you have?<\/p>\n

Anuj Kumar<\/strong><\/p>\n

No, it will be across. I think that is what Ram was trying to say that if we convert this into simple arithmetic you’re looking at a base of about 60, 62 crores of quarterly revenue at exit. So about 250 crores in the base. To grow 20% you need a 50 crore revenue up solution. Of the 50 crore revenue up,<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Your question is that if KRA is zero where does the 50 come from? I think that is what he was trying to answer that payments will be about 20 crore out of that EIF about 7 to 8 crore and rep about 7 to 8 crore to about 35. Everything else, the balance 15 is a sum of the account aggregators, the TSP pension, all of that put together should add up to another 15 crores. That’s where the 50 comes from.<\/p>\n

Supratim Datta<\/strong><\/p>\n

Understood? That’s right. Yeah. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Deepanjan Ghosh from Citigroup. Please go ahead.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi, good morning everyone. So coming back to to one of the previous participants sessions and I mentioned that one can probably conservatively build in around 3 and a half to 4% mfield decline and maybe you’ve gone for maybe in the range of around 1 to 2% now whether it’s 3 and a half or 1 to 2. I mean just wanted to get some sense of what are you factoring in?<\/p>\n

You know when you kind of are thinking those lines is it a factor of the negotiations on the mid range agencies that you mentioned which are planned, the asset mix, what are your expectations on that? And also you know any probable discussions that might take place. As you highlighted this, you do not rule out any possibility of such discussion. So just to not again the factors that you are kind of building in in this expectations of Ms. Eels.<\/p>\n

The second question and the third question are data keeping questions on the CAMS pay business. If you can give some color on the MF and the non MF and within the non MF also if you can kind of break it up into some subparts. And also on the KRA business, what would be the composition of the non MF business? Currency.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Yeah. So on the MF field, Deepanjan traditionally, I think the. The 3, 3.5% comes from historical numbers, right, Rather than any breakup of what the expectation of the mix will be over a period of time. And you would assume that over a period of time you’ve had various combinations. And as I said that this is determined by not only asset mix, it’s also customer mix, it’s also negotiations, it’s also scale based pricing, everything put together. So it’s a complex kind of interplay of factors. The 3.3.5% is something that you know, historically we have seen now we have seen years where it is 1% also you’ve seen years where it is 8 also. So it is just an average, right. From that perspective and given that next year would be a normal year in terms of that being no big strains on yields. And just to again clarify, we are not saying that we are going to have discussions with AMCs on price, etc. The question was on specifically with respect to this threefold BIPS yield compression that the AMC, some of the AMCs may face. And we just said that we don’t rule out any discussion that they may open on all these things because it’s morning their choice. Nothing that got to do with us. So we’re not saying there’s going to be any big negotiations. In fact we see a period of yield stability. Now our aim and our calculations are that this will not be 3%, this will be less than 3%. But given that historically we have been around that number, I think it was prudent for us to kind of quote that number as a number that probably you can work with. But having said that, you know it’s a combination of everything we do expect some, you know, equities are close to 54, 55 percentage. So we don’t expect that to go up much more in the mix. When we did this calculation we do expect some sort of growth to come from the larger AMC customers which will have its own impact on the yields. And finally we do have some mid sized AMCs who are coming for discussions. But we don’t expect a material decline in yields because of those discussions, all those things put together. Our aim is to keep it down to the scale based pricing plus some minor adjustments here and there and not get into some major things. So that is why we said it’d be much less than 3%. If I may just go to your second question on CAMS pay. So camspay happy to say that the non mutual fund share has, has been much more than 50 percentage on the back of cards, right? And we’ve had in fact in the last quarter if you see the PG business which is the credit cards business mainly for insurance companies and some for loan repayments etc. Is almost like 25% of the revenue right almost more than 2 and a half crores starting almost from year zero probably a year back we have now reached 25% of the quarterly revenue coming from cars business and most of it I’m sorry all of it is non mutual fund so our non mutual fund revenues much much more than 50 percentage now in the pay in terms of split into how much is insurance and how much is kind of other sectors most of the non mutual fund is from insurance and EMIs for NBFCs The exact split I’ll let you know but this is basically how the revenue is split and your question was on KRA KRA I think we have reached a 30 percentage non mutual fund share of the revenue and we are onboarding a couple of new brokers as you would have seen in the presentation couple of large ones so we. We expect that this 30 will start creeping up in the coming quarters.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Thanks Ram. And all the best.<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Madhu Girl from JP Morgan. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Hi. Sir, Congratulations on a good set of numbers. There’s two questions for me. First, what is the kind of pressure that we are going to see on the KRA business? What sort of pricing decline are we seeing and how is this determined? We understand that this is like an industry wide phenomena. But I also gather from our previous conversations that we were already at a discounted rate. So what sort of hit in sort of blended pricing would we be looking at?<\/p>\n

And second, I wanted to get a sense of the new opportunity that Anut sir was speaking about. And it’s something that I’m not that well aware of this cozen throw. So maybe you could give some background about this opportunity. Thank you.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Sure. Thanks, Madhukar. So on the KRA, I mean effectively just think of it that starting the 1st of April, uniformly the KRA industry has taken a 20% price down. Why have we taken a price down? Obviously there was a reaction from the industry not for a day or two, but for a long time that in order to broaden the franchise and bring in lower value consumers and you know that the industry has been bringing lower value consumers.<\/p>\n

The Choti Sip was a campaign around that and there were multiple, you know, initiatives to collect money from non salary people daily, etc. The KRA cost was seen as a bit of an obtrusive amount, not our opinion, but obviously as a collectivity, that’s what the industry thought. So initially we had specifically done a remission for small value, but it did not look like that gave a lot of room to spread, I would say happiness across.<\/p>\n

So then the industry came together and said that let us then just lower KRA prices. I think it’s a voluntary action. It is done together at industry level. It has nothing to do with a single instance of anyone coming and negotiating. Of course there was a long dialogue with the industry and with the regulator when all this happened. But I think in good faith it’s a good step. You also know that concurrently we have enriched the KRA architecture so much That today we do a daily demise reconciliation. There is now disability records inside of that. So there is a lot of enrichment from a record keeping perspective. And then there are lower prices. So like I had said that FY27 for KRA we are projecting a flat revenue on a base of about 40 to 43 crore. We are expecting about a 8 crore price down lead. That’s just the fee remission. We are expecting about 3 crore of revenue up from the NSE KRA part which showed up a little in Jan for March but will show up for the whole year. So that’s net addition and the balance 5, the 8 minus 3 which we will lose because of price. We are expecting to make up through natural growth and new logo wins, et cetera, which is entirely possible. So we will keep about flat revenue. I would not read a lot more into this. I’m expecting that the KRA machinery continues to kind of grow with the industry and enable the industry a lot more. There will be less thoughts about bringing in smaller value consumers now that the KRA price is down. So that’s point number one. The second question was on, on Consent Pro. So you know that the digital person’s data protection, that’s what DBTP stands for. That bill, which essentially I would not say is the cloning. The GDPR regulation in India, but it’s somewhat somewhere on those lines is now being contemplated across the board for every industry. The financial services sector of course will be one of the biggest consumers. We started working on this to do this ourselves. We just wanted the expertise to be in house rather than to buy it. So we built this product called Consent Pro. It has a consenting mechanism, it has a full data discovery tool and someday it’s perhaps educated for you to sit with one of our people to just see what it does. And then it has various other angles of regulatory reporting and consulting and all of that, all of that comes packaged under Consent Pro. We build this inside of Think360 and it’s a commercial offering. Now we decided to make it a commercial offering because we know that almost 40 to 50,000 Indian companies will end up buying this in the next year, year and a half. And no harm in at least assisting the capital markets and the financial services segment with this. So if you want more details, happy to have a separate conversation, but that’s broadly the view behind.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Sir. Got it, sir. Thank you. And all the best.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Sanket Goda from Avidis pac. Please go ahead.<\/p>\n

Sanket Godha<\/strong><\/p>\n

Yeah, thank you. Thank you for the opportunity. I think most of my questions got answered. Just, just one small question on KYC business. Again, Finance Minister and the chairman oflet has spoken about one KYC thing for all financial sectors, including capital markets. So does it change the conduct of the business, whether the pricing. Because it will be CKYC linked. So in a way pricing will come down and what are the fixed revenue or the uploading of information Revenue is there we will see a meaningful change. I just wanted to understand one KYC will make any material change or not.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

I would say we have to watch it, we have to continue watching it. This has been in the air for some time now. Just so that you know, uploading of any new KYC records that the KRA gets that obviously in the MF industry it does get uploaded to ckyc. So that leg is intact. Does a CKYC record, Is it eligible completely to create a krekyc? Not yet. So I think the price down is a first step to make it easy for the industry to broaden itself. Like I said, that was attempt number one.<\/p>\n

Your question perhaps is that will there be a day and will there be a day soon where CKYC subsumes everything under itself and there is no KRA KYC left? I think from a feature benefit, just architecture interoperability, the fact that KRAS authenticate all the data themselves and do not just do or take what the intermediary tells them, but there’s a separate layer of authentication that’s a significant amount of value that is embedded in the KRA architecture. It is not completely like that in ckyc.<\/p>\n

Maybe at some time it will get there. I think it’s good to keep watching this conversation to see where it goes. But right now we believe we are in good shape.<\/p>\n

Sanket Godha<\/strong><\/p>\n

Understood. So, but when you say verification, is it largely related to say bank card information or Satka information? Anything. What? When you exactly say verification, how it is exactly different from CKYC download compared to K download?<\/p>\n

Anuj Kumar<\/strong><\/p>\n

When an investor, let’s say goes to a microfinance institution, the microfinance institution would take his details, verify them, which means they will either look at the originals, most of the time they look at the originals and then they will upload that information to CKYC in the KRA architecture. The intermediary will take all of those, will do whatever verification they are doing. KRA will do a full verification. So a name match, a face match, a DOB and address from source, typically Digilock or uidi.So it’s a two leg process rather than being a one leg process.<\/p>\n

Sanket Godha<\/strong><\/p>\n

Okay, so which means that the fetching related means basically even, even if say CKYC becomes one KYC kind of a norm given authentication, verification part is too, too strong here. Is it fair to say we will not see a meaningful deception Even if CKYC gets adopted because of that extra second layer of verification.<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Well, they’re trying to build a lot of these features. All I can tell you is they’re trying to build a lot of these features. Like, you know, Rome wasn’t built in a day, so it will take some time before those, you know, tens of crores of consumers kind of fit into this architecture. But for their roadmap, they are also trying to build it. I would say the KRI architecture has been significantly ahead of market in the last five years in building all of this ahead of time and implementing it in all earnest.<\/p>\n

Sanket Godha<\/strong><\/p>\n

Understood? Yes, that was my only question. Thanks. Thanks for the answers.<\/p>\n

Anuj Kumar<\/strong><\/p>\n

Thank you.<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, Dean. Ladies and gentlemen, that was the last question for today. I would like to hand the conference over to Mr. Ramchandran for closing comments. Thank you. And over to you, sir.<\/p>\n

Ramcharan SR<\/strong><\/p>\n

Thank you to all the participants for spending time with Cans and following our story. If you have any queries, please do reach out to Orion Capital or Anish Savlani and they’ll be happy to assist you. Once again, thanks for your time.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. Ladies and gentlemen, on behalf of mufg, that concludes this conference, thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Computer Age Management Services Ltd (NSE: CAMS) Q4 2026 Earnings Call dated May. 05, 2026 Corporate Participants: Anuj Kumar \u2014 Managing Director Ramcharan SR \u2014 Chief Financial Officer Anish Sawlani \u2014 Head – Investor Relations Supratim Datta \u2014 Analyst Analysts: Nikunj Seth \u2014 Analyst Abhijeet Sakhare \u2014 Analyst Prayesh Jain \u2014 Analyst Devesh Agarwal \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[14652,10169,9175,9104,9092,14492,10089],"class_list":["post-182355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-cams","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":145343,"url":"https:\/\/alphastreet.com\/india\/earnings-computer-age-management-services-limited-nse-cams-q4fy23-results-out-total-income-rises-4-yoy\/","url_meta":{"origin":182355,"position":0},"title":"Earnings | Computer Age Management Services Limited (NSE: CAMS): Q4FY23 Results Out; Total Income rises 4% YoY.","author":"Divyansh_Kasana","date":"May 8, 2023","format":false,"excerpt":"Computer Age Management Services Limited (CAMS) is a leading technology-enabled service provider for the mutual fund industry in India. The company offers a range of services, including transaction processing, investor servicing, and compliance solutions to mutual funds and other financial institutions. CAMS has a pan-India presence with over 278 locations\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/IMG_20230508_164222_390.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/IMG_20230508_164222_390.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/IMG_20230508_164222_390.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/IMG_20230508_164222_390.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/IMG_20230508_164222_390.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/IMG_20230508_164222_390.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182355,"position":1},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":171934,"url":"https:\/\/alphastreet.com\/india\/cams-q2-fy26-earnings-results\/","url_meta":{"origin":182355,"position":2},"title":"CAMS\u00a0Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 29, 2025","format":false,"excerpt":"Computer Age Management Services Ltd (CAMS) operates as a registrar and transfer agent for mutual funds, providing investor services, distributor services, and asset management company support. Financial Results (Q2 FY26): Revenues increased 3.51% year on year to \u20b9354 crore from \u20b9342 crore. Total expenses rose 9.6% to \u20b9217 crore from\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/CA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/CA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/CA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/CA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/CA.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/CA.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":130743,"url":"https:\/\/alphastreet.com\/india\/international-conveyors-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182355,"position":3},"title":"International Conveyors Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 21, 2022","format":false,"excerpt":"Key highlights from International Conveyors Ltd (INTLCONV) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Muzammil Usmani \u2013 Paramount - Analyst Replacement and the new demand from the revenue generated and outlook? Prasad Deshpande \u2013 ED Each mines have their own blocks and they also explore new blocks. As on date,\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130726,"url":"https:\/\/alphastreet.com\/india\/aether-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182355,"position":4},"title":"Aether Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 20, 2022","format":false,"excerpt":"Key highlights from Aether Industries Ltd (AETHER) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Gagan Thareja - ASK Investment Managers - Analyst Would growth get constrained due to lack of capacity for the first 3 quarters of FY23? Rohan Desai - Whole-time Director Currently at 80% of utilization. Constantly debottlenecking\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":41715,"url":"https:\/\/alphastreet.com\/india\/wipro-limited-wit-q2-2020-earnings-snapshot\/","url_meta":{"origin":182355,"position":5},"title":"Wipro Limited (WIT): Q2 2020 Earnings Snapshot","author":"Toby","date":"October 15, 2019","format":false,"excerpt":"-- Wipro Limited (NYSE: WIT) reported second-quarter 2020 earnings of $0.06 per share, in line with Wall Street projection -- Revenues grew 4% to $2.14 billion, vs. $2.13 billion expected. -- In Q2, IT Services revenue grew 2.5% to $2.05 billion. -- Wipro expects IT Services revenue to be $2.065\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"Earnings Update by AlphaStreet","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182355"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}