CAMS's Q2 FY27 numbers came in strong, with revenue of Rs. 414.47 Cr (+10.01% YoY) and PAT growth of +14.40% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 29, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 414.47 Cr (+10.01% YoY) |
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| PAT (Q2) | Rs. 131.49 Cr (+14.40% YoY) |
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| EBITDA margin | 45.93% (+144 bps YoY) |
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| EPS (Q2) | Rs. 5.30 (+13.98% YoY) |
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| Market cap | Rs. 17,179.55 Cr |
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| CMP | Rs. 696.95 |
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Quarter Snapshot
CAMS delivered revenue of Rs.414.47 Cr (+10.01% YoY, +4.92% QoQ re-acceleration) with PAT to owners up +14.40% YoY and EBITDA margin up +144 bps YoY to 45.93%, keeping profit-side guidance on track. The stretch is revenue: H1 growth of +10.75% trails the ~13% FY27 target and needs ~15% H2 growth, while the RE-ARC depreciation step-up and an 81.74% receivables build bear watching. Execution remains credible with cost lines inside guidance, Rs.179.87 Cr H1 FCF, and a debt-free balance sheet.
Key Investment Insights
Key Positives
- Revenue from operations grew +10.01% YoY and +4.92% QoQ to Rs.414.47 Cr, the highest quarterly figure in the disclosed trend
- PAT to owners grew +14.40% YoY to Rs.131.49 Cr, ~4.4 pts faster than revenue growth
- EBITDA margin expanded +144 bps YoY to 45.93% in Q2 and +206 bps YoY in H1 to 46.09%
- H1 EBITDA growth of +15.91% YoY tracks the ~16% FY27 guidance; margin expansion of +206 bps exceeds the 1-1.5% full-year target
- Employee costs grew +3.89% YoY in H1 and other expenses +7.80% YoY in Q2, both inside the sub-9% opex / ~5% employee cost guidance
- FCF of Rs.179.87 Cr in H1 despite capex of Rs.73.75 Cr; CFO/PAT at 0.98x
- Company is essentially debt-free with Rs.875.10 Cr of liquidity (cash + bank balances + current investments)
- Interim dividend of Rs.3.25/share declared, 66.0% of standalone Q2 PAT, consistent with the 65% distribution policy
Risk Factors
- Blended revenue growth of +10.75% in H1 trails the ~13% FY27 guidance, requiring roughly ~15% H2 growth to close the gap
- EBITDA margin declined 33 bps QoQ to 45.93% as the depreciation step-up from RE-ARC capitalization presses on sequential margin
- Trade receivables rose +81.74% vs Mar-26 to Rs.102.96 Cr, a Rs.49.09 Cr H1 build vs a Rs.39.94 Cr release in H1 FY26
- D&A grew +14.60% YoY, the only cost line outpacing revenue growth
- JV share of loss widened to Rs.(25.75) lakh in Q2 from Rs.(4.30) lakh in Q2 FY26