CAMS Q2 CONCALL: TARGETS 20% NON-MF REVENUE SHARE, 25–30% NON-MF MARGINS IN 3 YEARS; EXPECTS 30% CAMSPAY GROWTH & 100–200 BPS ANNUAL EBITDA MARGIN EXPANSION

• Non-MF Revenue Growth: Management expects non-mutual fund businesses to sustain 20%+ annual revenue growth, supported by CAMSPay, KRA, alternatives and insurance services. • Non-MF Revenue Contribution: Management targets increasing non-MF revenue share to approximately 20% over the next two years, compared with nearly 16% currently. • Non-MF Margin Outlook: Management expects non-MF margins to reach 25%+ over the next three years, with an aspiration to approach 30%, compared with approximately 18–19% currently. • FY27 Non-MF Profitability: Management retains its earlier objective of approaching 20% profitability by FY27-end. • CAMSPay Growth Guidance: Management expects annual revenue growth of approximately 30% over the next two years, supported by recurring payments and card processing. • CAMSPay Near-Term Outlook: Management indicated that revenue growth above 50% YoY could continue for another 1–2 quarters before moderating toward 30%. • CAMSPay Margin Outlook: Management expects payment services profitability to remain healthy, with current margins around 20% and scope for improvement through operating leverage. • MF RTA Yield Guidance: Management maintained its expectation of approximately 3% annual yield compression, primarily due to scale-based pricing and changes in asset mix. • H2 FY27 Pricing Outlook: Management does not expect significant additional discounts or major pricing reductions for mutual fund RTA services during H2 FY27. • FY28 AMC Contract Renewals: Management indicated that contracts with some large AMCs will come up for renewal next year, with the financial impact yet to be determined. • EBITDA Margin Outlook: Management expects consolidated EBITDA margins to expand approximately 100–200 bps annually under normal business conditions, supported by operating leverage and productivity improvements. • Operating Expense Guidance: Management aims to keep annual operating expense growth below 10%, supported by automation, workforce optimization and technology-led efficiencies. • MF AUM Performance: CAMS-serviced mutual fund average AUM increased approximately 12.5% YoY to ₹58.5 lakh Cr, with market share around 67%. • Equity MF AUM: Equity average AUM increased 15.5% YoY, compared with industry growth of 15.2%. • SIP Collections: Gross SIP collections increased 16.5% YoY during Q2, compared with industry growth of 12.4%. • Equity Net Sales: CAMS-serviced AMCs accounted for more than 70% of industry equity net sales over the preceding year. • AMC Client Expansion: InCred AMC appointed CAMS as its mutual fund RTA, taking the customer base to 32 out of 64 licensed AMCs. • New AMC Launches: ASK Investments and Carnelian commenced their maiden funds during Q2, while Oaklane and Neo are expected to go live during Q3 FY27. • Specialized Investment Funds: Approximately 12 CAMS-serviced AMCs have launched SIFs, with combined AUM around ₹20,000 Cr and an investor base approaching 1 lakh. • SIF Pricing Outlook: Management indicated that SIF servicing yields will broadly match the corresponding regular mutual fund categories. • GIFT City Business: Retail fund AUM crossed ₹1,500 Cr, with another 2–3 fund launches expected during Q3 FY27. • CAMSPay Performance: Revenue increased more than 50% YoY and 13% QoQ, with the business contributing over 6% of consolidated revenue. • CAMSPay Business Expansion: Growth is being driven by NACH, eNACH, UPI AutoPay and the expanding payment gateway and cards business. • KRA Growth Outlook: Management expects continued growth through increasing brokerage-sector penetration, new client acquisitions and higher transaction volumes. • KRA Customer Expansion: Five of India's top 10 brokerage houses are now active CAMS KRA clients. • KRA Additional Revenue: New inquiry-related APIs contributed approximately ₹1.5 Cr in incremental quarterly revenue, with most growth coming from new customers and higher volumes. • Alternatives Business: Revenue increased approximately 22% YoY, with assets serviced crossing ₹3.3 lakh Cr, supported by more than 50 new mandates and 15 marquee relationships. • Alternatives Profitability: Management indicated margins around 20%, with relatively lower operating leverage due to the service-intensive nature of the business. • Insurance Repository: Company crossed approximately 1.5 Cr dematerialized insurance policies, supported by expanding digital servicing capabilities. • BIMA Central Expansion: Company introduced broker-linked access to BIMA Central, allowing customers to manage insurance services through participating intermediaries. • Insurance Growth Opportunity: Management sees potential long-term opportunities from insurance digitalization, although the scale and timing of additional revenue remain uncertain. • Account Aggregator Business: Revenue increased approximately 19%, supported by growing adoption of financial data and analytics services. • ConsenPro Expansion: Company is implementing its DPDP consent management platform with approximately 20 clients, including mutual funds, brokers and NBFCs. • ConsenPro Revenue Potential: Management indicated that the business could potentially scale to ₹20–30 Cr annually over the next 2–3 years, although this is not a formal revenue commitment. • Technology Modernization: Approximately 30% of the overall platform rearchitecture programme has been completed, with further automation benefits expected over the coming years. • FundsNet Platform: New RTA platform has gone live, while management plans to retire the legacy utility around March–April 2027. • AI & Automation Strategy: Management expects productivity improvements from AI-based form reading, transaction processing, data verification and lower manual intervention. • Workforce Optimization: Employee headcount declined by approximately 250–300, reaching around 8,200 from 8,450 at the beginning of FY27. • Technology Cost Outlook: New platform-related quarterly expenses are expected to increase from approximately ₹5 Cr in Q2 to ₹8–10 Cr during Q3 and Q4 FY27. • Net Technology Cost Impact: Management expects productivity savings to offset most incremental costs, limiting the net quarterly expense increase to approximately ₹1–2 Cr. • UPI MDR Opportunity: Management estimates that any future MDR implementation could add approximately ₹1–2 Cr in annual CAMSPay revenue at the current business scale. • Direct Mutual Fund Growth: Management clarified that increasing direct-plan participation does not affect CAMS' servicing yields, as pricing is independent of distribution channel. • Q2 Revenue Performance: Operating revenue increased approximately 10% YoY to ₹415 Cr, crossing ₹400 Cr quarterly revenue for the first time. • Q2 EBITDA Performance: EBITDA increased 13.5% YoY to approximately ₹191 Cr. • Q2 EBITDA Margin: Margin expanded 140 bps YoY to approximately 46%. • Q2 Net Profit: PAT increased approximately 14.5% YoY, supported by revenue growth, operating leverage and cost efficiency. • Q2 Non-MF Performance: Non-MF revenue increased approximately 21–22% YoY, with margins improving to nearly 19%. • Employee Increment Impact: Q2 expenses included approximately ₹8.5 Cr of annual employee increments deferred from Q1. • Cash Position: Management reported approximately ₹900 Cr in cash and liquid balances after paying around ₹160 Cr in dividends during the quarter. • Interim Dividend: Board declared an interim dividend of ₹3.25 per share. • Key Challenges: Slower mutual fund AUM growth, annual RTA yield compression, upcoming large AMC contract renewals, technology migration costs and the execution of non-MF expansion remain important factors. 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