Analysts/Institutional Investor Meet/Con. Call Updates

“Computer Age Management Services Limited Q2 and H1 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. ANUJ KUMAR – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – COMPUTER AGE MANAGEMENT SERVICES LIMITED MR. RAM CHARAN – CHIEF FINANCIAL OFFICER – COMPUTER AGE MANAGEMENT SERVICES LIMITED MR. ANISH SAWLANI – HEAD, INVESTOR RELATIONS – COMPUTER AGE MANAGEMENT SERVICES LIMITED MODERATOR: MR. NIKUNJ SETH – MUFG INTIME PRIVATE LIMITED Page 1 of 20 Computer Age Management Services Limited October 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Computer Age Management Services Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikunj Seth from MUFG. Thank you, and over to you, sir. Nikunj Seth: Thank you, Huda. Good morning, everyone. Welcome to Q2 and H1 FY27 earnings conference call of Computer Age Management Services Limited Mr. Anuj Kumar MD and CEO; Mr. Ram Charan, CFO, and Anish Sawlani, Investor Relations. Before we proceed to 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 risks and uncertainties. A detailed disclaimer has been published in the investor presentation. Now I would like to hand over the conference to Mr. Anuj Kumar for his opening remarks. Thank you, and over to you, sir. Anuj Kumar: Good morning, everyone, and thanks, Nikunj. Thanks, everyone, for joining this 2Q FY27 earnings call of CAMS. The presentation would be with you now. I will take you through the initial highlights of the quarter and how the business transpired. Broadly, operating revenue at the enterprise level grew 10% year-on-year to become INR415 crores. This is the first time we have crossed the INR400 crores mark. And in a quarter which wasn't very easy because you have seen the markets and you have seen the trends in AUM, etcetera, I think this is fairly creditable. And I will get to the various components as I progress. On this 10% year-on-year revenue growth, EBITDA increased by 13.5% to almost INR191 crores. Do keep in mind that this INR191 crores is after absorbing a large-scale employee increment, which we had deferred from first quarter to second. So that cost was incurred in the second quarter. Also, the fact -- so speaking about margins, EBITDA increased -- on this 10% revenue increase year-on-year, EBITDA increased 13.5%. This was after taking the cost of employee increments, which happened in the second quarter. Also, there is a component of about INR4 crores, which is -- and we will speak about that in detail, which is cost incurred on the new platform, which is now slowly coming into the P&L. So this INR191 crores has to be read in the backdrop of that. EBITDA margin expanded 140 basis points to 46%. Now, how I would characterize this entire thing is that typically in good quarters we have had asset increases of 18%, 19%, 20% and even higher than that. And therefore, you expect baseline results to kind of align to that kind of asset Page 2 of 20 Computer Age Management Services Limited October 30, 2026 growth and that kind of revenue growth. This time, the asset growth was just north of 12%, so significantly more than that in line with the industry. However, producing this quality of results, both in the revenue and the EBITDA side, I think is fairly credible. So a lot of you continue to ask us questions on what will happen if it wasn't such a strong quarter. I think this is a great example of a quarter we did not see significant AUM growth in line with the past. But the financial results have been -- have vindicated how solid the model is. PAT on the back of this 140 basis point expansion in EBITDA grew 14.5 year-on-year. So 10% revenue growth, 13.5% EBITDA growth, 14.5% PAT growth, that's really the summary of the quarter. And also, I would say that 3 or 4 years back when revenue diversification outside of mutual funds was not as significant as what it is today, I think a lot of this financial gross contribution has been driven because of what's happened in the non-MF business. In the past trailing 12 quarters, in most of the quarters, we reported in excess of 20% annual growth in the non-MF business. And we are confident this will continue to happen. The good news is that this is not a cash-guzzling business. The margins continue to improve. So overall, this business, the non-MF business, grew almost 22%. CAMSPay, the payment services cross 6% revenue contribution. This used to be about 3%, 2 - 2.5 years back. So fairly significant build-out there. Just kind of splitting this, I'll move to the next chart. On the MF and non-MF side, CAMS MF AUM, as I said, grew about 12.5%, got to about INR58.5 lakh, 67% market share. But I think what is significant in this is that the equity AUM grew 15.5%. So ahead of industry, industry was 15.2%. Why did this happen? If you reflect on the equity net sales for the last 1 year, even longer, but I would say just look at it over the last 1 year, our share in equity net sales was upwards of 70%. So that's driven the growth in equity MF AUM above industry. The net sales number of 70% of the industry net sales, driven to an extent by SIP collections. So SIP collections, I'm talking of the gross number, not the net number. But in the quarter, SIP collections grew 16.5% year-on-year. This is against the industry 12.4% number. So again, you can look at it at a gross basis, overall assets grew 12.1%, equity AUM grew 15.5% ahead of the industry. Within that, SIP collections gross grew 16.5% against industry of 12.4%. So significant lift over the industry. And the net sales number is 70% of the industry in the last 1 year. So all of this contributed to equity MF AUM increase ahead of the industry. Live SIPs and investor base, both of them grew in share and grew ahead of industry. So again, from a foundational metric perspective, everything's solid, everything's positive. In a quarter against baseline of high-teens growth, this was not even a teen MF AUM growth, 12%. But we have managed to grow every metric [inaudible 0:07:38] significantly, including PAT at 14.5%. Some of the other trends which became visible, SIF new product class, almost 12 of our AMCs have now launched SIFs. Overall AUM at INR20,000 crores. Still early days. We were getting to about 1 lakh investors, but we believe that from a portfolio diversification perspective, this Page 3 of 20 Computer Age Management Services Limited October 30, 2026 will become a hugely popular product. Also, GIFT City retail funds continue to scale with 5 launches that have happen, 2 more, 2 to 3 more will happen in the current quarter. So the AUM crossed INR1,500 crores. I would again say early days, but the promising product allows you -- a lot of this is outbound, a lot of this is outbound. Domestic investors investing in FOFs or ETFs overseas through the GIFT City architecture. That's done well. InCred AMC appointed CAMS as its MF RTA, a fairly significant win for us. So we get with this from a client count perspective to 32 out of 64 licensed AMCs, you know that at one time. While our market share has been high 60s, early 70s, the count of AMCs was smaller. I think in the last 2, 2.5 years, we have flattened that completely. So 32 out of 64 licensed AMCs. And if you reflect on the logos in the last 3 to 4 years, we continue to believe that we have won everything that we wanted to. ASK Investments and Carnelian, these 2 we [Showing first 8,000 characters — download PDF for full document]