CAMS Stock ka Dhamaka: Record **46%** Margin aur **₹390 Cr** Revenue Q3 Mein!

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AuthorKavya Nair|Published at:
CAMS Stock ka Dhamaka: Record **46%** Margin aur **₹390 Cr** Revenue Q3 Mein!
Overview

Yaar, Computer Age Management Services (CAMS) ne toh Q3 FY26 mein kamaal kar diya! Tech investments ki wajah se inka EBITDA margin pahunch gaya record **46%** par, aur revenue bhi solidify hui **₹390 Crore** tak. Core MF business toh mast chal raha hai, par naye ventures ka kya scene hai?

Tech Investments ne kiya kamaal, Margin Pahunca Record 46% Par!

Asal mein, CAMS ne technology par kaafi paisa lagaya, jaise cloud migration aur AI automation. Isse operational efficiency itni badh gayi ki headcount stable rakhte hue bhi profit increase hua. Unhone ₹3 Crore ka one-time cost bhi absorb kar liya aur phir bhi margin 46% achieve kiya. Core Mutual Fund (MF) business mein steady growth raha, revenue 5.5% badhi. Yeh growth India ke 68% MF AUM ko manage karne se aayi hai, jo ki ₹55 Lakh Crore se zyada hai. Analysts isko 'Strong Buy' keh rahe hain aur target price ₹800-1000 de rahe hain.

Diversification Badh Rahi Hai, Par Margins ka Kya?

MF business thoda slow hone laga hai, toh CAMS ab non-MF segments par poora focus kar raha hai. Inka non-MF revenue 25% tak badh gaya hai year-on-year aur ab total revenue ka 14.5% ban gaya hai. Lekin yahan ek bada twist hai – yeh naye ventures abhi sirf 13% ke aas-paas EBITDA margin de rahe hain, jo core MF business se kaafi kam hai. Yeh company ke overall profit ke liye ek bada challenge hai. Comparison mein, competitor KFin Technologies ka P/E ratio 44x-53x hai, jabki CAMS ka 34-38x hai. CAMS ka stock pichle 52 weeks mein 16% gira hai, par abhi bhi historical median PE se 18% neeche trade kar raha hai.

Aage Kya Challenges Hain?

Do bade risks hain. Pehla, agar mutual funds se exit load hat gaya, toh CAMS ki revenue mein ₹20-25 Crore ka impact aa sakta hai. Doosra, aur sabse important, yeh non-MF ventures ko itna bada karna ki unka margin 25-30% tak pahunch jaye, jaisa company chahti hai 3 saal mein. Abhi low margin wale segments ko itna scale karna padega ki overall profit par impact dikhe. Management ka target hai non-MF revenue mein 20% CAGR growth aur future mein 25% EBITDA margin. Agar yeh margin gap fill nahi hua, toh stock valuation par pressure aa sakta hai. Q3 results ke baad stock 1.25% gira, jo investors ki caution dikhata hai.

Analysts Kya Keh Rahe Hain?

FY26 ke liye revenue ₹1,515-1,525 Crore ka estimate hai aur margins 45% ke aas-paas rehne ki ummeed hai. Company technology mein invest karna jari rakhegi. Analysts ne 'Strong Buy' rating di hai aur price targets future mein achha upside dikha rahe hain. Safalta non-MF businesses ko scale karne mein aur MF segment mein yield stability maintain karne mein hi CAMS ka future hai.

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