Computer Age Management Services Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Computer Age Management Services Ltd trades at ₹763, in a confirmed uptrend and 11 weeks into that stage. That is +0.3% against its own 200-day average. It sits at 63% of a 52-week range of ₹637 to ₹836. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹763 it trades +0.3% versus its 200-day average and sits at 63% of its 52-week range (₹637–₹836).

Against the market, two honest reads. Cumulative: over the last 5.9 years the stock moved +172% while the NIFTY 500 moved +144% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-31) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Computer Age Management Services Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: CYCLE_BOTTOM_TO_EARLY_EXPANSION. Still open: Passives are under 10% of AUM now, but each percentage point of shift from active to passive carries a disproportionate fee headwind given the lower yield on index funds.

Our read, 31 May 2026. A capital-light duopoly moat being repriced toward a cyclical: PB at 5th percentile of 10Y history while operating leverage compounds through automation.

From the numbers. PB 14.2x at 5th percentile of 10Y range; median 17.7x. Last PB cycle peak was Sep 2021 at 28.5x, with EPS growing throughout the compression — earnings-driven multiple contraction. GOLDEN_SETUP per pe_pb_expansion…

From the price. Price stage 2, week 11 — above its 200-day line, relative strength falling.

From the research. A capital-light duopoly moat being repriced toward a cyclical: PB at 5th percentile of 10Y history while operating leverage compounds through automation.

🚨 Where they disagree. PB 14.2x at 5th percentile of 10Y range; median 17.7x. Last PB cycle peak was Sep 2021 at 28.5x, with EPS growing throughout the compression — earnings-driven multiple contraction. GOLDEN_SETUP per pe_pb_expansion engine: PB below 85% of median (0.80x ratio) while EPS cadence is positive. FII ownership has declined from 56.5% to 52.0% over 3 quarters, suppressing rerating despite fundamentals holding.

What is proven. A capital-light duopoly moat being repriced toward a cyclical: PB at 5th percentile of 10Y history while operating leverage compounds through automation.

What is not proven yet. Passives are under 10% of AUM now, but each percentage point of shift from active to passive carries a disproportionate fee headwind given the lower yield on index funds.

🚨 Layer 1 read, 19 July 2026 — DROP. Quality RTA duopoly being de-rated on FLAT earnings — cheap only versus its own bubble, not a fresh turn. CAMS is a genuine capital-light duopoly moat with non-MF revenue growing 25% and EBITDA margin recovered to 46.5%, and P/BV sits at the 2.4th percentile of its decade. But net profit and EPS have been FLAT for five quarters (~₹108-125Cr, EPS ~4.4-5.1) — the multiple is compressed because the engine STALLED, not troughed (is_trap=true), and P/BV 14.1x is absolutely RICH with MoS -75%. Repeated deferral of the non-MF margin target strains management credibility — P2 ranked at the bottom of KEEP.

What would change Layer 1’s mind. If Q1FY27 shows net profit/EPS actually inflecting UP off the current flat plateau (breaking the 5-quarter stall) with non-MF revenue holding above 20%, the is_trap read flips and this upgrades toward P1; conversely a Q1FY27 EBITDA margin below 44% would confirm the automation lever cannot offset yield compression and push toward DROP.

The test written in advance. Yield compression accelerating via passive fund AUM growth — Yield compression accelerating via passive fund AUM growth Passive AUM share in quarterly AMFI data vs. 10% threshold by the next result.

The test written in advance. KRA segment structural headwinds — price cut + fragmentation — KRA segment structural headwinds — price cut + fragmentation KRA revenue in Q1 FY27 vs. guidance of flat; One KYC regulation timeline by the next result.

The test written in advance. Management credibility erosion from repeated non-MF margin target reductions — Management credibility erosion from repeated non-MF margin target reductions Non-MF EBITDA margin trajectory in Q1 FY27 vs. 16.5% Q4 FY26 baseline; FY27 guidance revision language by the next result.

What the company does. FY26 revenue +6.6% YoY, PAT +1.5% YoY — muted top-line masked a 300 bps EBITDA margin recovery from the 42% trough to 46.5%, driven by structural automation on flat headcount. PB 14.2x sits at 5th percentile of 10Y range vs. median 17.7x; cycle position CYCLE_BOTTOM with GOLDEN_SETUP EPS configuration — market pricing in yield compression that management has contained to sub-1% QoQ. Non-MF (KRA, AIF, CAMS Pay, Insurance) is growing 25% YoY and now 15.3% of revenue; FY27 guidance: 45-47% EBITDA margins, sub-9% OpEx growth, falling headcount — operational leverage without incremental capital.

The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.

Lever 1 · Operating leverage — BUILDING. Revenue +11% YoY on near-flat headcount (8,420 vs. 8,324): core MF operations shed 70 employees while transaction volumes grew 20% YoY — structural, not cyclical. What proves it keeps working: Automation-Driven Operational Leverage. It stops working if Passive AUM share in quarterly AMFI data vs. 10% threshold.

Lever 2 · Value-added mix — BUILDING. Non-MF grew 25% YoY in Q4 FY26 — third consecutive year beating the 20% target — and now constitutes 15.3% of consolidated revenue. What proves it keeps working: Non-MF Revenue Diversification Compounding. It stops working if Passive AUM share in quarterly AMFI data vs. 10% threshold.

Lever 3 · Management change — BUILDING. CAMS-serviced AUM Rs 55.1 lakh Cr (+21% YoY); equity AUM Rs 30.5 lakh Cr (67% share, up 90 bps YoY) — fee base volume partially offsets yield compression. What proves it keeps working: MF AUM Secular Growth Backing Fee Base. It stops working if Passive AUM share in quarterly AMFI data vs. 10% threshold.

Lever 4 · Paying down debt — BUILDING. LIC demat policy issuance went live Feb-Mar 2026; Insurance Repository market share expanded to 40%; Bima Central active user base doubled in Q4. What proves it keeps working: LIC Insurance Demat Issuance + Repository Scale. It stops working if Passive AUM share in quarterly AMFI data vs. 10% threshold.

Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

Computer Age Management Services Ltd reported ₹395 Cr of income in the Jun 26 quarter, +11.6% year on year. That is the 12th straight quarter of year-on-year growth. Over 8 years it has compounded at 11.0% a year. The last full year, FY26, came in at ₹1,516 Cr. The last four reported quarters add to ₹1,557 Cr.

FY26 revenue came in at ₹1,516 Cr (+6.6% on the year), capping 8 years at 11.0% compound. The latest quarter (Jun 26) printed ₹395 Cr, +11.6% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +7.8% growth against the decade's 11.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.8% over the last 4 quarters against +13.6%/yr over the last 8 — rolling over; TTM profit +5.4% vs +13.2%/yr — rolling over.

FY26-Q3. Highest-ever EBITDA at Rs 179 Cr; 46% margin — operating leverage ahead of schedule; non-MF margin target cut again

FY26-Q4. Highest-ever quarterly revenue, EBITDA margin at 46.5% — automation thesis delivered on flat headcount

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

Computer Age Management Services Ltd's net margin is 32.2% in the Jun 26 quarter, +1.7 percentage points against the same quarter a year ago. Across 9 fiscal years the net margin has ranged 18.4% to 32.7%. The current quarter sits inside that band.

Why this happened. The 200-engineer re-architecture program (now year 3 of 5) is delivering measurable output. Form reading, face matching, video KYC, and transaction origination have been automated, reducing the checker layer substantially. FY27 guidance: headcount net reduction despite organizational growth, employee cost growth sub-5%, total OpEx sub-9%. If delivered, this unlocks margin above the 45-47% guided range.

The latest quarter's net margin is 32.2%, +1.7 pp against the same quarter a year ago. Across 9 fiscal years the net margin has ranged 18.4%–32.7%.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

FY26-Q3. Highest-ever EBITDA at Rs 179 Cr; 46% margin — operating leverage ahead of schedule; non-MF margin target cut again

FY26-Q4. Highest-ever quarterly revenue, EBITDA margin at 46.5% — automation thesis delivered on flat headcount

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Computer Age Management Services Ltd earned ₹127 Cr of net profit in the Jun 26 quarter, +17.6% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹472 Cr. The 8-year compound rate is 15.8%. That is 32.2% of the quarter's revenue. The same quarter a year earlier earned ₹108 Cr.

Jun 26 profit was ₹127 Cr, +17.6% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹472 Cr (+1.5%), and the 8-year compound rate is 15.8%.

Why profit moved: revenue contributed +11.6% and the margin +1.7 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +5.8% vs revenue +7.8%. Profit and revenue are moving roughly in step.

FY26-Q3. Highest-ever EBITDA at Rs 179 Cr; 46% margin — operating leverage ahead of schedule; non-MF margin target cut again

FY26-Q4. Highest-ever quarterly revenue, EBITDA margin at 46.5% — automation thesis delivered on flat headcount

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for Computer Age Management Services Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

Computer Age Management Services Ltd's revenue grew +6.6% in FY26 to ₹1,516 Cr, so the book is growing. The latest quarter ran +11.6% year on year. The net margin on that income is 32.2%, +1.7 percentage points against a year ago.

FY26 revenue was ₹1,516 Cr, +6.6% on the year, and the latest quarter ran +11.6% year on year. The net margin on that revenue is 32.2% this quarter (+1.7 pp YoY) — growth with a widening margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers usually rate a lender: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys.

A clean annual return-on-equity ladder is not held for Computer Age Management Services Ltd. For an insurer especially the standard bank ratios are not the right lens, so this page does not force them onto the filings rather than estimating a series it cannot support.

We do not hold a clean annual return-on-equity series for Computer Age Management Services Ltd — for an insurer especially, the standard bank ratios are not the right lens, so this page does not force them. The revenue, margin and ownership sections above and below are the reads we stand behind.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

Why this happened. With LIC being the largest insurer by premium, its adoption of demat issuance is a structural unlock for CAMS's insurance repository revenue. The parallel: LIC's digital origination via CAMS pipeline mirrors how MF RTA scaled. Additional carriers are expected to follow. Revenue contribution is currently small but the optionality from the Rs 14-15 Cr breakeven threshold being crossed (AA + pension approaching that level) is under-priced.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 11.6 points of Computer Age Management Services Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 44.9% of the company. Domestic institutions moved +4.1 points over the same window, to 23.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. Mutual fund industry AUM continues compounding at 20%+ YoY driven by SIP penetration. CAMS is growing SIP registrations faster than the industry: 1.26 Cr in Q4 (46% growth) vs. 37% industry. This volume expansion is the structural offset to the 3% annual yield compression, and the math works as long as AUM growth stays above 15%.

The register over the last two years — Foreign institutions: −11.6 points over 8 quarters to 44.9%; Domestic institutions: +4.1 points over 8 quarters to 23.5%; Promoters: +0.0 points over 8 quarters to 0.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

Why the register moved: rotation — foreign institutions −11.6 points against domestic institutions +4.1 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Computer Age Management Services Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

Why this happened. Built on existing MF Central and Account Aggregator consent architecture, Consent Pro is a capital-light extension of existing infrastructure. The monetization window is front-loaded (compliance deadlines), but the recurring revenue from audit trail management could persist. Market size potential is large but conversion timelines are uncertain. Contribution to FY27 PAT likely under 1%.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

Computer Age Management Services Ltd trades at 14.3× P/BV, near the bottom of its own range — cheaper only 5% of the time. Its long-run median P/BV is 17.7×, measured across 5.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 14.3× is near the bottom of its own range — cheaper only 5% of the time, against a long-run median of 17.7× measured over 5.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year book value grew while the price moved −1.4% — price and book moved together, holding the multiple in its range.

The price move, decomposed: over 5y, of the +4.1%/yr price move, ~+20.4%/yr came from book-value growth and ~−16.3 pp from the multiple (compressing). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the book-value line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 20 July 2026, Computer Age Management Services Ltd was priced for profit growth of about 21.8% a year. Profit itself has compounded 15.8% a year over the past 8 years. The market pays that at 14.3× P/BV, the 5th percentile of its own 6-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is above what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two. A multiple that looks low because earnings fell is not the same thing as a low bar to clear.

How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Computer Age Management Services Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROE slipping at 35.7% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

40.3/100 — rank 2 of 2 in Finance - Capital Markets - RTA · 80% evidence confidence

Computer Age Management Services Ltd scores 40.3 out of 100 against the 2 companies it is compared with in Finance - Capital Markets - RTA, ranking 2. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 8.3 + 21.5 + 4 + 6.5 = 40.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Said versus delivered

What Computer Age Management Services Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

KRA Price Reset Larger Than Previously Expected · 4 August 2026. In May 2026, management described the April KRA reset as a uniform 20% price reduction and projected flat FY27 KRA revenue after an approximately INR8 crores price impact. In August 2026, management instead described the same April reset as a 29-30% decline and reported Q1 KRA weakness, without explaining the materially larger reduction or reconciling it with the earlier flat-revenue expectation.

🚨 Non-MF EBITDA Margin 25% Target Deferred Indefinitely · 5 May 2026. In the Oct 2025 call, management was highly confident that non-MF EBITDA margins would reach 25% within a couple of years, implying a target of approximately FY28. In the May 2026 call, the 25% milestone has been reclassified as an "eventual" goal with no stated timeline, while only 20% is now targeted for FY28 - a material slippage in the non-MF margin roadmap offered without explanation.

KRA Pricing Stability Assurance Contradicted by 20% Industry Price Cut · 5 May 2026. In the Oct 2025 call, management explicitly described KRA rates as very stable and stated there was no big concern on pricing. Within approximately six months, a 20% voluntary industry price reduction was implemented from April 1 generating an INR8 crore revenue headwind and causing management to guide flat KRA revenue for FY27 in the May 2026 call - a direct and material contradiction of the prior pricing comfort level.

Non-MF Revenue Growth Aspiration Reduced from 25% to 20% Plus Without Explanation · 5 May 2026. In the Jan 2026 call, management explicitly stated 25% as the medium-term aspiration for non-MF revenue growth, positioning 20% as only the near-term achievable figure given a weak Q1 FY26. In the May 2026 call, following a Q4 FY26 where non-MF growth reached 24.5% year-on-year - nearly touching the 25% aspiration - management has reset the forward target to 20% plus with no mention of the 25% aspiration and no explanation for the downward revision.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions