Any current/future capex/capital investment/strategic investment?

FY '25 capex includes around INR100 crores for the re-architecture project and another INR70 crores for other capex, causing cash outflow. Depreciation related to re-architecture will start reflecting end of next year when the module goes live. FY '26 expected capex: around INR50 crores additional IT capex and INR10-15 crores other capex. Re-architecture spending will accelerate in the current year with benefits starting from end of this year. Regular BAU capex continues alongside the re-architecture investment. Investments include Oracle license renewals, SharePlex, and setting up an air gap

Future growth expectations in sales/revenue/volumes?

FY '26 overall revenue growth is expected to be in the low double digits but likely not reaching mid-teens due to moderate AUM growth forecasted around 11-12%, compared to historical 20% CAGR. Non-mutual fund (non-MF) businesses are projected to grow around 25%, adding approximately INR 50-70 crores in revenue, with payments, alternatives, and KRA as key growth drivers. AIF revenue grew 16-18% year-on-year, expected to scale up further with automation and increased delivery. KRA business accounts have grown from 1.8 crore to over 1.9 crore PANs, with significant penetration potential in

Future growth expectations in earnings/operating earnings/profits/EPS?

FY '26 revenue growth is expected to be moderate, with AUM growth anticipated around 11-12%, leading to overall revenue growth of 8-9%. Non-mutual fund (non-MF) segments are projected to grow around 25%, adding approximately INR50 crores to revenue, with potential to reach INR60-70 crores. EBITDA margins for FY '26 are likely to moderate slightly from 46% to around 44%, due to pricing impacts and cost factors. Non-MF businesses aim to improve EBITDA margins from 10-15% in FY '25 to about 20% in FY '26, positively impacting overall margins. Employee costs expected to stabilize at about 33% of r

Any current/future new fundraising through debt or equity?

The company plans significant capital expenditure (capex) in FY '26: - Around INR 100 crores on the re-architecture project. - Approximately INR 70 crores on other capex. There will be cash outflow for these capex investments in the year. Regular capex in FY '26 is expected to be around INR 50 crores on IT and INR 10-15 crores on other capex. No explicit mention of new fundraising through debt or equity was stated in the provided content. Capex spending is funded internally, and no indication of raising fresh debt or equity has been disclosed.

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Computer Age Management Services LtdQ1 FY25Capital Markets

Computer Age Management Services Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹792P/E: 40.8Market Cap: ₹19.4K CrSector: Capital Markets

Management growth scorecard

Revenue

Category 3

Margin

Category 4

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→FY '26 overall revenue growth is expected to be in the low double digits but likely not reaching mid-teens due to moderate AUM growth forecasted around 11-12%, compared to historical 20% CAGR.
→Non-mutual fund (non-MF) businesses are projected to grow around 25%, adding approximately INR 50-70 crores in revenue, with payments, alternatives, and KRA as key growth drivers.
→AIF revenue grew 16-18% year-on-year, expected to scale up further with automation and increased delivery.
→KRA business accounts have grown from 1.8 crore to over 1.9 crore PANs, with significant penetration potential in demat and broking accounts.
→Payment aggregator business is expanding into education institutions and new products like payment gateways, contributing to growth.
→Insurance repository volumes have nearly doubled recently, with further growth expected following LIC integration.
→Long-term, the company targets sustained high growth in non-MF businesses alongside moderate MF asset growth.

Margin guidance

Category 4

→FY '26 revenue growth is expected to be moderate, with AUM growth anticipated around 11-12%, leading to overall revenue growth of 8-9%.
→Non-mutual fund (non-MF) segments are projected to grow around 25%, adding approximately INR50 crores to revenue, with potential to reach INR60-70 crores.
→EBITDA margins for FY '26 are likely to moderate slightly from 46% to around 44%, due to pricing impacts and cost factors.
→Non-MF businesses aim to improve EBITDA margins from 10-15% in FY '25 to about 20% in FY '26, positively impacting overall margins.
→Employee costs expected to stabilize at about 33% of revenues with some manpower rationalization via automation and re-architecture.
→Capex will increase, especially due to IT re-architecture, with an estimated additional INR50 crores in IT spend in FY '26.
→Overall, double-digit low teens growth in earnings is challenging under the moderate asset growth assumption but possible if AUM grows 20%.

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Fundraise plans

→The company plans significant capital expenditure (capex) in FY '26:
→ - Around INR 100 crores on the re-architecture project.
→ - Approximately INR 70 crores on other capex.
→There will be cash outflow for these capex investments in the year.
→Regular capex in FY '26 is expected to be around INR 50 crores on IT and INR 10-15 crores on other capex.
→No explicit mention of new fundraising through debt or equity was stated in the provided content.
→Capex spending is funded internally, and no indication of raising fresh debt or equity has been disclosed.

Order book

The document does not explicitly mention current or expected orderbook/pending orders for Computer Age Management Services Limited. However, relevant insights related to client additions and contract renewals include: - Crossed 200 clients threshold in AIF segment with significant market leadership and 50% market share in outsourced AIF services. - Added 4-5 new AMCs recently and expect another 4-5 to start operations in the next 6 months (total about 9-10 new AMCs). - No major new contracts pending renewal in FY '26; only 2-3 smaller contracts under regular renewal. - Strong revenue growth and new mandates in Alternatives (56 new mandate wins in the year). - Expansion in CAMSPay and BIMA-ASBA with increasing client adoption. - Digital onboarding market with 200+ installations across India. No concrete quantitative orderbook or pending order values were provided.

Capex plans

Yes

→FY '25 capex includes around INR100 crores for the re-architecture project and another INR70 crores for other capex, causing cash outflow.
→Depreciation related to re-architecture will start reflecting end of next year when the module goes live.
→FY '26 expected capex: around INR50 crores additional IT capex and INR10-15 crores other capex.
→Re-architecture spending will accelerate in the current year with benefits starting from end of this year.
→Regular BAU capex continues alongside the re-architecture investment.
→Investments include Oracle license renewals, SharePlex, and setting up an air gap data center due to SEBI regulations.
→IT infrastructure and compliance-related capex ongoing to support business scale and regulatory needs.

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