CAMS Q1: consolidated PAT +17.6% YoY to ₹127 Cr, EBITDA margin holds ~46% on cost control

CAMS reported consolidated Q1 FY27 revenue of ₹395.03 Cr, up 11.5% YoY (from ₹354.15 Cr) but flat sequentially against Q4's record ₹395.22 Cr, while consolidated PAT rose 17.6% YoY to ₹127.10 Cr (basic EPS ₹5.16 vs ₹4.41). Net profit again grew well ahead of the topline — the defining feature of the quarter — on a clean print with no exceptional items; the statutory auditors issued an unmodified limited-review opinion.

The gap between revenue and profit growth is a margin story. Operating (EBITDA) margin came in at ~46.3%, up from ~43.6% a year ago and holding the ~46.5% Q4 level, driven by the cost discipline management flagged on the last call (sub-9% opex growth, net headcount reduction). Net margin on total income firmed to ~30.9% from ~29.4% YoY. That puts the quarter squarely on management's stated FY27 guidance of maintaining ~46.5% EBITDA margin, so the print is on-track rather than a beat versus its own bar. Standalone revenue was ₹353.05 Cr with PAT of ₹121.81 Cr; the consolidated figures add the subsidiaries (Think Analytics, Fintuple and others) and the MFC joint venture, which cost the group a small ₹0.25 Cr share of loss — the standalone and consolidated growth stories do not materially diverge.

The stock went into the print at ₹800.25, up 0.2% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 4 consecutive quarters.

Against the street, the sell-side model pointed to revenue near ₹405 Cr, so the topline landed marginally light, but PAT ran ahead of a ~11% revenue trajectory — broadly in line overall. Alongside results the Board declared a ₹2.50/share interim dividend (record date 12 Aug 2026), took Fintuple Technologies to a wholly-owned subsidiary, and approved acquiring a further 20.91% of Think Analytics for ₹17.73 Cr (to close by September 2026), extending the AI/analytics build-out. The Board also took on record a SEBI administrative warning letter over deficiencies under the MF Regulations, with no monetary impact and corrective action taken.