Dear shareholders, good evening. I'm Manikandan Gopalakrishnan, the company secretary and compliance officer of the company. A very warm welcome to the 38th annual general meeting of Computer Age Management Services Limited. I would like to take you through the details pertaining to your participation at this meeting. All the members who have joined this meeting are by default placed on mute by the host to avoid any disruption or disturbance arising from the background noise, and to ensure smooth and seamless conduct of the meeting. Once we commence the question and answer session, the moderator will sequentially announce the names of the shareholders who have registered with the company. We request the speaker shareholders to limit their speech to three minutes. Upon being called, the moderator will give appropriate access to the concerned shareholder to speak. Before you commence speaking, please be mindful of the following.
Use your headphones so that the narrative is clearly audible to all the participants. Remember to minimize the noise in the background. Ensure that you have a strong Wi-Fi connection and the same is not connected to any other device. Ensure that no other background applications are running on the device that you are connecting from. Remember to switch on the video and ensure that you have adequate background lighting at your place. If you are unable to join through video for any reason, would request you to kindly participate through the audio means. If the speaker shareholder has a connectivity problem, we will call on the next speaker to join. Once the connectivity improves, the speaker shareholder may again be called to speak but only after the entire list of registered shareholders have spoken.
During the meeting, any shareholder facing technical issue may kindly contact the helpline numbers provided in the notice convening the meeting. There are six resolutions which have been placed before the shareholders for approval. Four of the resolutions are ordinary business and two are for special business. While five of the resolutions are ordinary resolution, the resolution for amending the memorandum of association of the company is a special resolution. The Companies Act, 2013 under the SEBI regulations provide for electronic voting. Accordingly, the company has provided all the members with the facility to cast their votes through remote e-voting system administered by MUFG in time. The registers as required under the Companies Act under the ESOP certificate, as required under the SEBI regulations, are open for inspection in electronic mode. Should you wish to inspect, please reach out to me.
Facility to cast the votes at the meeting is available to those members who have not yet cast their votes through remote electronic voting system and are participating in this meeting. The voting system will be available during this meeting and for 15 minutes after the completion of the meeting. Thank you for your attention. I will hand over to Mr. DK Mehrotra, chairman of the company, to commence the proceedings of the meeting.
Thank you, Mani. Good evening, shareholders. On behalf of the board, I extend a warm welcome to you for this 38th annual general meeting of the company. This is the sixth annual general meeting of the company being held after IPO, which is being considered over OAVM mode. I am Dinesh Kumar Mehrotra, Chairman of the Board and non-executive, non-independent Director of the company, joining the meeting from my residence in Mumbai. I am the Chairman of the Board and the Chairman of the Corporate Social Responsibility and ESG Committee, and a member of the Audit Committee and Nomination and Remuneration Committee. I am informed by the company secretary that the requisite quorum is present, and I am now calling the meeting to order. I request the directors who have joined the meeting to introduce themselves before we proceed further. Mr. NV Sivak umar, please.
I think he's the independent Director, and he's the Chairperson of the Audit Committee, also a member of the Risk Management Committee and Corporate Social Responsibility and ESG Committee. Mrs. Vijayal akshmi Rajaram Iyer, please. Introduce yourself please, ma'am. She is the Chairperson of the Nomination and Remuneration Committee and the Risk Management Committee, also a member of the Audit Committee and the IT Strategy Committee. Mr. Pravin Rao. He is the independent
Please, Mr. Pravin.
Yeah. Good afternoon. I am Pravin Rao, an independent Director of the company. I'm joining the meeting from my residence in Bangalore. I'm the Chairperson of IT Strategy Committee. I'm also a member of the Stakeholders' Relationship Committee and Risk Management Committee. Thank you.
Thank you. Mr. Santosh Kumar Mohanty. Please, please introduce yourself, Mohanty Ji.
Good morning. I am Santosh Kumar Mohanty, an independent director of the board of the CAMS, and I am chairing the Stakeholders' Relationship Committee, also a member of Audit Committee. Thank you.
Mr. Anuj Kumar, Managing Director.
Good evening, Chairman. Good evening, shareholders. My name is Anuj Kumar. I'm the managing director of CAMS, and I'm attending this meeting from my office in Rayala Towers in Chennai. I'm a member of three committees of the board: the CSR and the ESG Committee, the IT Strategy Committee, and the Stakeholders' Relationship Committee. Thank you very much.
Mr. Sesha raman Ram Charan, CFO.
Good evening, everybody. I am Seshar aman Ram Charan, Chief Financial Officer of the company. I'm joining the meeting from our headquarters in Rayala Towers, Chennai. Thank you.
Thank you.
Others participating in the meeting from their offices include representatives of Messrs. S.R. Batliboi & Associates LLP Chartered Accountants and statutory auditors of the company, and Ms. Chandra, representative of M/s B. Chandra, secretarial auditor, who are also the scrutinizer for the e-voting process. Since the physical attendance of the shareholder is dispensed with, the requirement of appointing proxies is not applicable. The registers and other documents as required under the Companies Act are open for inspection in electronic mode. Since the AGM is being held through audio-visual means and the resolutions forming part of the notice have already been put to vote through electronic voting, the practice of proposing and seconding of resolutions are not relevant and will not be followed at the meeting.
Shareholders who were members of the company as on the cutoff date, that is 30th June 2026, have the right to vote pertaining to the resolutions mentioned in the notice. Shareholders who have not cast their votes earlier through remote e-voting can do so during the meeting through electronic remote voting facility. Now I request Mr. D.K. Mehrotra to deliver the chairman's address
Thank you, Mani. Since the notice, directors' report and other documents have been circulated to the shareholders as part of the annual report, I take them as read. The details of the agenda items placed before the shareholders up for approval is contained in the notice of the meeting, which is also available on the website of the company. Given that there are no qualifications, observations, adverse remarks or comments by the statutory auditors in their reports on the financial statements for the financial year ended March 31st, 2026, or matters which have any adverse effects on the functioning of the company, with your permission, I now take that the auditors' report is taken as read. A detailed chairman's message has been circulated as part of the annual report, which you would have perused. As you would have noticed, let me give some highlights from the report in my speech.
This is our sixth AGM after the company has gone public. During financial year 2025, 2026, your company delivered its highest ever annual revenue while maintaining healthy profitability and operational discipline. Consolidated revenue from operations stood at INR 1,516 crore, reflecting continued momentum across both mutual fund and non-mutual fund businesses. Our core mutual fund business continued to perform strongly, with CAMS maintaining its leadership position with over 68% market share by assets under management service. Mutual fund AUM service by CAMS reached INR 55.1 lakh crore during the year, supported by healthy retail participation and sustained SIP contributions. Our non-mutual fund businesses delivered strong double-digit growth and are steadily emerging as important contributors to the company's long-term value creation journey. Businesses across alternatives, insurance, repository services, payments, KYC, and digital platforms are expanding in scale and capability, supported by increasing client acceptance and deepening market opportunities.
Technology leadership remains central to CAMS' growth strategy. During the year, the company continued investments in platform modernization, digital architecture, automation, and artificial intelligence capabilities. We believe these investment position CAMS strongly for the future evolution of financial services infrastructure in India. As we scale, we remain deeply committed to governance, compliance, and stakeholder trust. With a strong fundamentals, technology, leadership, and diverse growth engines, CAMS remains well-positioned to participate meaningfully in this opportunity and create sustainable long-term values for all stakeholders. On behalf of the board, I would like to express sincere gratitude to our clients, investors, regulators, banking partners, and other stakeholders for the continued trust and confidence. I also extend my appreciation to the management team and all employees of CAMS for their dedication, agility, and customer-centric approach. I remain deeply grateful to our board for their guidance for achieving our mission.
We will keep moving forward with the same clarity and thought consistency in values, and commitment in action. M/s. B. Chandra & Associates practicing company secretary have been appointed as a scrutinizer to scrutinize the votes cast at this meeting and in the remote e-voting. I'm authorizing the company secretary to file the voting results within two trading days of the conclusion of this meeting with BSE and NSE. The results will also be uploaded on the website of the company and that of the RTA. I would like to invite Mr. Anuj Kumar, Managing Director, to deliver his message for the shareholders, make a presentation on the business highlights, and for taking the meeting forward. Mr. Anuj Kumar, MD, please.
Thank you, sir. Good evening, everyone. Good evening to the shareholders. I have a short presentation to make. Are we ready?
Yeah.
Okay. I'll commence now. Like the chairman referred, this is our 38th annual general meeting, the sixth after we went public in 2020, and I'll take you through some of the progress that the company has made in the recent past in the last one year. From an India, as an economy and as a country perspective, you can see that the Indian investor continues to grow and mature in his behavior. The financialization of investments of individuals, the expansion in savings, especially household savings, I think those are key trends which are part of the overall superstructure that is emerging in the country. A lot of this household saving is now getting channelized into financial assets that you've seen.
I think it's very heartening for me to note, and I want to highlight this for your attention, that these financial assets, when they are invested in by households, are of certain types and your company is present almost across this entire spectrum. Away from, of course, banking deposits, but think of mutual funds where the growing equity in the SIP culture is driving volumes and participation significantly. I will cover this in detail, but this is a fairly dominant trend and now in place for last almost a decade and continues to kind of buttress itself every year. Similarly, participation of households in insurance, not as a means of saving. It perhaps serves a secondary purpose of savings and investment, family protection, but that market continues to expand in all forms between life, vehicle, health insurance, and other allied segments.
The acceptance and growth and penetration rates have been very significant in the country. Pension, with the rising longevity, and obviously pension becomes a very critical tool in the hands of the investor to define his financial wellbeing during the retirement phase. CAMS has a role to play. In all these segments, in mutual funds, you know that in the RTA segment, we are market leaders. In insurance repository, we are typically one of the top two people from a repository volume perspective. Right now, at about 40% market share in repository accounts. I'll state that in more detail as we move forward. Pension is a growing segment. Although we are the third, the most latest CRA, having launched in the year 2021, but continue to scale this business.
The last thing I would highlight is the business of alternatives, largely the product class of domestic private equity, which goes under the name of AIF. We also support PMSs. Domestic AIFs, domestic PMSs, the expanding presence of fund houses, and the vast array of emerging products which are sold and operated through the Gift City, I think those are three things that I would like to talk about. Within these, we play in several segments. Again, very heartening for me to say that in the alternative segment, we've consolidated our position consistently over the past five to six years, despite a lot of emerging competition. As household income increases, household savings consolidate and grow, households decide to invest more and more in financial assets. The key financial assets are the ones that you see on the screen, and we continue to participate in them.
We're market leaders in several ones of them, and that's very heartening to me, and I'm sure that gives you an idea of the potential growth the company can deliver in the years to come. Let's move to the next. From an overall perspective on how well-governed we are, what is the regulatory landscape, what is the element of scrutiny, supervision that we undergo, and what are the gold standards we set for ourselves? I think this one chart says it all, where on the charts you'll see that there are four large financial services regulators. SEBI, of course, for us, just from a business quantum perspective, is the largest licensing and governing our RTA and KRA business. RBI licenses and governs our Account Aggregator and payments businesses. PFRDA licenses and governs our CRA for NPS.
IRDAI does the same for our insurance repository, where we are licensed by them. IFSC, which is the Gift City Authority, licenses and governs all our businesses inside of Gift City. NCIIPC has recently, in the last about three years, classified us as critical national infrastructure. You know their primary job, or the primary scope they operate in, is looking at physical infrastructure of the kinds like ports, roads, docks, those kind of things, warehouses. From a financial infrastructure perspective, we are very large, very critical, and very important, and therefore, we are in their purview. Then, of course, AMFI is the industry body and is kind of the SRO for the mutual fund industry. We get governed by them.
Of course, we do some significant service scope delivery for the ARN issuance and the entire platform management for interaction with mutual fund distributors, which are licensed by AMFI. From an overall perspective, you can see that we are governed by multiple financial regulators, audited by them, controlled by them, and therefore, we represent, having seen almost more than three decades of business, at least two decades, I would say, significantly in the purview of all of these regulators. What the company has performed is significant from a controls and process perspective. Of course, we have a variety of certifications. You can see ISO certifications across our businesses. Then just from a SOC 1, SOC 2 perspective, those certifications also make the entire controls posture extremely exclusive and something that you can rely on in all seasons. Turn to the next.
From a board and company perspective, you just met all the board members, I need not go through individual profiles. It will suffice for me to say that all of them have been very well-known professionals in their own arenas, both from the government, from the private sector, and from the public sector. You have perhaps known all the people and have heard and read about them. Apart from the board of directors of CAMS, the co-regulator SEBI also requires us to have a technology advisory committee. Again, you see people of stature. The first two, they are of course not in this meeting. They are not required to be in the AGM. Just in terms of going through the profiles, Dr. Sarder used to be a professor at IIT Bombay, now works at IIT Dharwad.
Professor Sivakumar used to be at IIT Bombay, Mrs. Asha Lata Govind was the CISO of State Bank of India for an extended period of time before she demitted her responsibilities there. A very exclusive, very honorable set of people who are at the helm of this company, steering the direction of the growth and governance of this company. All of that makes me and yourselves very confident in terms of the overall posture of controls, processes, governance in this company. I will move to the next chart, which shows you the leadership of this company. You have seen a lot of these faces earlier in meetings. If some of you have come to our investor interactions or analyst interactions, you would have seen those.
A lot of this leadership team has been gathered from the Indian private sector, both from the capital markets and from outside the capital markets. A lot of them have been veterans in CAMS, a lot completing a decade, a few having completed two decades, and of course, one or two who are just about a year and two old. I would say extremely sensible, well-curated variety of talent from across segments in the country. I will move forward. Just go to the next, please. Just taking you through some statistics of our business. As shareholders, I am sure some of you do come to our earnings calls, you perhaps heard some of these statistics. Just to sum it up for the purpose of the AGM, your company continues to enjoy leadership in the mutual fund segment with about 68% market share.
We have overall 31 AMCs, 25 of which are actively licensed and are doing business with us as I speak. six are licensed and are waiting for a launch. Between them, this is almost 50% of the market in terms of AMC count. In terms of assets, you see that that's about 68%. Then the only other thing I'd like to underscore is that 10 out of the top 15 asset managers are CAMS clients, including the biggest names that you've heard of. That's very, very redeeming for the company in terms of having built a franchise of lasting trust with each of these clients. When you see the charts, the MF AUM, I need tell you no other story than just to expose this chart to you.
You will see from FY 2021 to FY 2026, a growth in assets of almost 150%, an AUM CAGR of almost 20%, very close to that. Look at individual years when assets have grown about INR 4 lakh crore from 2021 to 2022. Significantly, when you see 2023 to 2024, the growth was almost INR 9 lakh crore. When you see 2024 to 2025, another INR 9 lakh crore. Then the INR 46 lakh crore to INR 55 lakh crore mark is another INR 9 lakh crore. That's about INR 9 lakh crore in succession, three years, and there's nothing else that I can present to you, but just this chart in terms of investor participation and the healthy growth in participation and assets, in the industry. From a platform perspective, that's board activity quantified in terms of what we do.
If you see transaction volumes, you know that we do about 25 to 26 crore financial transactions in a quarter, so about 107 crore in the year. We have just short of five crore unique investors now, 4.76 crore in the end of March 2026. We have a large SIP book in the range of seven crore unique SIPs as of 31st March. You see that number of 67 million or 6.7 crore. Then you have a humongously large number of new SIPs coming into the market for CAMS, the 46.8 million that is just short of five crore, over 4.5 crore. A very large number, and that's a great metric of investor participation. You know that from an RTA perspective, we do end-to-end services on the liability side, and you've seen our scopes. I'll not go too deep into that.
From a strategic win perspective, we took six AMCs live in the last calendar year. I'm not talking of the financial year, but the calendar year 2026. We took six AMCs live, five domestic, the names are in front of you, one from Sri Lanka, which is Bank AMC. In the same period that we were taking these live, the six months live, we won five new AMC mandates. This is like buying insurance for the future because when the best names in the country gravitate towards you to buy services from you and your platform capabilities, obviously in the future, they will all scale. With them, we will continue fortifying and buttressing our scale. The first outbound retail mutual funds. This is, I would say, still an incipient movement. A few funds have launched.
I see that with the propensity of the Indian investor to balance their folios in more than one geography, of course inside India, between asset classes. I think investors kind of picked up this trend in the last maybe half a decade to start doing multiple asset classes. Now outside of India, portfolio balancing in multiple geographies, that's something which is beginning to happen. Therefore, we and our clients, of course, are very, very bullish on using GIFT City as a platform for attracting the investments of domestic Indians into overseas markets, subject to the rules and regulations that exist. This is kind of a very broad strategic direction of the mutual funds business that we saw happen last year. I will then progress into what is nomenclatured as beyond mutual funds or the non-mutual fund business, and quickly go through them one by one.
When I take you to CAMSPay, you've seen that FY 2026, you've seen the numbers for the landmark year for CAMSPay. Great execution by the team. A fantastic revenue growth during the year. The new segment that the team started was, of course, in addition to the payments aggregator business, we got the PG business, and we started scaling that. Cards revenue grew multifold, of course, on a small base. From a recurring payments perspective, you know that we play in a small space, in about 3% of the overall payment space that exists in the country. In that 3% space, we have a position of dominance and great finesse because we are considered specialists, which is the recurring payments for insurance and mutual funds and finance companies, especially housing finance. They've led by strong client acquisition and expansion volumes.
I'm sure you've seen the growth. This business has almost become 3x in about four years, and we are expecting that the times to come in the next two to three years, CAMSPay should have the capability to continue growing upwards of 20%, and FY 2027 could be a year like that. The only other thing I would mention is that amongst the new emerging payment classes, UPI, of course you know, but a lot of you and a lot of our customers are now deploying UPI AutoPay to make these recurring transactions. That seems to be the spine that will drive the growth in the coming years. At least in the mutual fund segment, CAMSPay has been the pioneer, the first to launch, and the market leader in terms of channelizing the maximum volumes for ourselves.
From a KRA perspective, you know that under the aegis of the industry and the keen regulatory guidance, the finesse in the KRA architecture has continued to grow and scale to the extent that from an investor onboarding perspective and from an integrity of data perspective, it is considered a gold standard. Very happy to report to you that CAMS KRA is now-- Well, there are no official rankings declared anywhere, so you have to rely upon how we compute our ranking, but we are the number two in the country. We used to be number three. I think in the last three years, the sustained work done by the team has catapulted us to number two.
In January this year, you would have noticed that we brought over through a slump sale, the assets of NSE KRA business, which was called DotEx KRA, into CAMS. This was a slump sale. We brought the contracts and the employees and the platform in. The momentum in the marketplace continues. It is closely kind of tied at the hip with the momentum that you see in the capital markets. You will see that as the individual propensity to participate in demat accounts, day trading, direct equity investment, F&O, mutual funds, all of that continues. The future for CAMS KRA should be sustained and bright. You will also see that we have continued now increasing the momentum and selling to our non-MF clients, which is largely depository participants and brokerages.
I've stated this in the past in our earnings calls that two of the top five leading brokerages, they've not completely moved to us, but they're partnering with us in terms of channelizing some of the volumes. Some of which has fueled the growth in FY 2026, and some of which will continue fueling growth in FY 2027. Overall, a great year for both CAMSPay and CAMS KRA in FY 2026. Just move to the next, please. I mentioned about alternatives and again, some of the scale that we have developed just sitting inside the domestic India market. We service 500+ funds. The chart says 550, as you can see, spread across almost 250 unique fund houses, some large, some small. We've sustained our leadership position. The competition has intensified significantly in this arena.
Despite all of that, we've sustained our leadership position at 50% market share of the outsourced market, across INR 3 lakh crore in assets under service. The only thing I would say is that we continue heralding digitization in this marketplace, which has largely been an HNI marketplace because the entry cutoff sizes for investment are large. From a digital onboarding and digital commerce perspective inside the space, CAMS WealthServ continues to be the market leader. Now steadily progressing towards registering 300 clients as part of its franchise. This started sometime in 2021. The market embraced digitization very quickly, and some of you may have seen our PR campaigns, both on LinkedIn and on the website, on the impending launch in the next about four to five weeks of WealthServ 2.0, which is the advanced and kind of the more accomplished version of WealthServ.
You'll see that in the coming times. Again, overall, like in KRA and payments, a fantastic year for alternatives. Go to the next. From an insurance repository perspective, I would say that insurance repository in India has yet to realize its full potential. In FY 2026, the repository business crossed INR 1 crore unique EIA accounts, which is a big milestone for us, just given that this continues to remain a relatively small market, a subset of what the overall insured population in the country is. INR 1.4 crore policies, close to about 40% market share. Consistently, you will see a market share story across businesses. I showed you 68% market share in RTA, 50%+ in AIF, 40% in repository, and a number two stated position in CAMS KRA. You will see all leading businesses leading from the front in extremely competitive marketplaces.
Obviously, none of these licenses is tough to get. You can get a license, to operate and scale in the market is the tougher game, which we've done over the last many years. Bima Central, which is the transaction and the interaction layer built on top of the repository platform, has done well. This has scaled to now have what? INR 20 lakh unique users. We are expecting to see explosive growth in Bima Central. It is the only property of its kind in the country. None of our competitors offers it. I think INR 20 lakh is a good starting number for us, but I would really like to see this number scale multiple X times of what it is. A great year for them, for this business.
From an overall insurance relationship perspective, whether for Bima Central or CAMSRep or the services business, the base has expanded to 16 insurance companies now. As we move forward, Account Aggregator continues to scale and find acceptance across multiple use cases. I would say the lending use case still continues to be the use case of privacy. The personal finance management or the wealth advisory use case is still emerging. There are many other things which are likely to happen. Flow-based credit and credit rating was supposed to be one of the use cases. All of those are things which will emerge as we move forward. With 90+ FIPs and an expanding share of transaction volumes, this business continues to make its mark in the overall Account Aggregator and TSP arena. Think360.ai has done well. You've seen us win large contracts.
There was a large PFM contract with one of the largest public sector banks in the country. We've won analytics business, both domestically and overseas, and continue to consolidate our position in the video KYC arena with large banks, especially public sector banks. Good story consistently over the year from Think360.ai. From a CRA perspective, you know that we crossed the 200,000 subscriber mark. The first quarter has been pretty good, but we'll talk more about the first quarter in the earnings call about a month from now. I think in general, we've seen good momentum in building relationships with PoPs. Almost 23 PoPs are active. We almost have, I would say, a large section of the market share for what their sources business coming to us. eNPS continues to be a product of choice for us.
With all of that, CRA will scale. We are sure that it can scale faster than what we've done in the previous years, and hopefully FY 2027 will present, I would say, a remarkable scale-up in momentum for this business. That's really on the beyond mutual fund arena. I will move forward and talk a little about technology. Move to the next, please. In the technology arena, this chart kind of takes you through the broad part of the stack. The stack is so large, the individual offerings are so comprehensive that I can spend hours talking about this. What I'll do is I'll just call out some of the things which have been packaged neatly and presented for the purpose of the market in recent times, especially in the last one year.
While we had Audit PMO as a practice, you'll see Opera 360. When you look at the top of the charts, Opera 360 is the smart audit portal, which blends the capabilities that CAMS has, especially for mutual fund clients. This is also applicable to AIF clients, but largely to mutual fund and AIF. It blends the capabilities of both audit and risk, and potential exposures that the clients could have and how our controls posture runs and looks at any erroneous or egregious transactions on a daily basis. To fix them, I think that's a smart lift-up from what we were doing till recently. You see further down, Watchtower 360, which is about insider trading monitoring. There is a lot of accent from the regulators on this front, and the team has done good work in very neatly packaging and then distributing this product in the market.
I spoke to you about WealthServ and the newer version 2.0, whose launch is impending, which will come up. I spoke about UPI AutoPay and payments, which is fast becoming the platform of choice for recurring payments for consumers. Apart from this, you can see the mention of Radar at the bottom, where there is, again, in this world of Finfluencers, et cetera, and a relative lack of ability to monitor what anyone is saying at any point in time on social media, especially. Social media is not the only place you want to monitor.
Radar kind of enhances the capability of individual asset managers and similar companies in watching what various people, their own handles and other handles are putting out as content on various parts of the social media, so that any, I would say, communication which is, well, non-conformist, so to say, or does not exactly align by what is stated the source can do. I think it's a great tool and which is now being used actively by asset managers. From a DPDP perspective, you know that this law is about to come into force next May. The rules were notified sometime in November last year. Very happy to share with you that your company has built. We were building capability largely for captive use, but now we've kind of found it fit and absolutely equal to the task in terms of selling it in the market.
The official product, which is being delivered to the market through Think360 ConsenPro, has a lot of interest, and thousands and thousands of Indian corporate consumers will have the need to buy this in the coming, let's say, about 12 odd months, and we are hoping to grab a share of that market. That's relatively new. From an AI perspective, CAMS Lens, which gives you. It's completely an AI-based platform which crawls through regulatory websites and gives a variety of value adds in terms of summaries of documents, blending all topics related to a particular regulatory topic like nomination or transmission or stress testing of assets, any one of those. Those are just illustrative. It could be any topic.
Serving you summaries, serving you question papers for you to test your employees, giving you new SOPs, and a lot more, including if the data structures are known to build SQL queries to look for erroneous transactions. That's a lot of smart deployment of AI. You know that we branded CAMSAi about a year and a half back, or about as much time back, just to make sure that AI was smartly embedded into a lot of new thinking and design. Of course, we have not done a rushed launch of anything. We have contemplated the end user, the use cases, and then embedded AI. Some of these products, I think, have used it very smartly, and CAMS Lens is a commercial product you'll see. I mean, you'll begun to see it in the markets, and you'll see a lot more of it.
Like I said, whether it's WealthServ 2 or ConsenPro or Watchtower or Opera 360, and there are several more, you will find us taking more and more space inside of the capital markets and inside financial services with this expanding suite of products. Move to the next. Just want to-- I spoke about CAMS Lens. This is about emerging overall tech capabilities. You will see us having built agentic AI platforms. I spoke about CAMS Lens.
The two other places where we put this to use, one is in our API modernization, with the ability of any third party to come and now connect with CAMS through a sandbox, come and do some testing, and use smart APIs to connect with us in a fairly seamless way, not worry too much about documentation and interpretation of documentation, and not go through any, I would say, complexity or archaicness in terms of the integration. That API modernization plan is now available, and the sandbox is available. The only other thing I would like to talk about is this AI-led form extraction platform, where a lot of our forms, a lot of the physical forms that we source in the marketplace today are being read by AI and are being adjudicated by AI. We've, of course, continued to deploy a human checker.
This is about, I would say, less than six months old, maybe four, five, six months old. Started sometime in 2026. The maker is AI now, and with every progressing month, I think we are cracking the code in terms of reading and understanding the more complex parts of forms where there is noise on the forms. The fonts change. They become italics. Some of that is in bold. Some of that is cursive. There are colors in the forms. Despite all that noise, I think the ability of the AI to read all of this is very productivity accretive. You've heard that. We've stated FY 2027 will be a year of significant productivity accretion for the company, and you will see productivity per head count mount, and you will see us do more business with less. All of that will play out.
Things like CAMS Lens and ConsenPro are great examples, but I want to talk about AI-led form extraction, which is in production now, in operation for several months. You will see this capability deepen as we move forward. Can you go to the next, please? You will see things like FUNDSNet, which is a next-gen transaction processing engine. Today, any one of you, I know that there are some people who are in the business of distributing mutual funds and work for either banks or platforms or distributors. The ability to cure transactions which are close to rejection, the ability to reach out to customers, and the ability to not deploy manpower from the RTA, the AMC, the exchange platforms, the distributors, and the banks. Practically everyone gets busy every day trying to cure those about 1%-2% transactions which have potentially a chance of getting rejected.
You will see from us, we are in the process of communicating to the market, this next-gen platform, which is FUNDSNet, built on top of Google Cloud, which will automate a large part of the stack and, I would say, unleash a significant wave of productivity in this entire market, where the number of steps, the number of people, and the amount of time taken to cure transactions which need curing will go down significantly. We are just waiting to communicate to the markets how productivity accretive it will be. This is not just our selfish gain. This is not just a gain which will come to CAMS. It will come to the entire CAMS industry. Very happy to share this development with you. Then from an overall data warehouse perspective and the GenAI suite, covering signature identification, identity, figuring out deepfakes.
Deepfakes are becoming a cause of concern in any industry, especially in financial services. Reading of emails and responding to emails, which has been on for some time. It is just getting, I would say, smarter with the deployment of AI. Then voice recognition and voice bots for agents. A lot of this stuff is built internally. This is all our IP. When I spoke to you last year, I had probably not spoken with the same energy as I am speaking today because a lot of this was a work in progress one year back.
A lot of this is stuff in production now, and a lot of this will become what I would say like milestone products in the marketplace when I come back a year from now. I do not want to wait for a year. I think you will hear about this in the earnings calls and beyond.
If we go to the next. Again, there are a number of these new offerings. I do not think this is the right forum for me to go through them piece by piece, one by one. Agenix by Fintuple and all of you and anyone of you who is interested, kindly go to the website or look at our LinkedIn posts, et cetera. You will get a good idea about things like Agenix. I spoke about ConsenPro. ID2Pay is a unified device which will help propagate the spread of SIPs much into the broader markets, especially amongst people who may yet not have a tax identity, who may be at the cusp for getting one or trying to get one.
It will integrate the process of scheme selection, making a payment mandate, and then doing a KYC all on one machine in one session, and one can make a payment and get started.
These are some of the launches you can expect to see. Of course, we are cognizant that we will deploy energies on a finite number of things, which we believe are material to kind of shape our future collectively, of course, but that of the shareholders. I will move forward. I think the chairman referred to these things, so I will not go into much detail, but very happy and very proud to show you these numbers.
You will see the total income at INR 1,567 crore, PAT at INR 476. When you see the bar charts at the bottom, you can see the fantastic growth in numbers over the last four years. Over the last five years, we perhaps doubled these broad financial metrics, both revenue and PAT, by quantum. You can see the dividend is a very healthy dividend of 625% across the board. Earnings per share of over INR 19.
The cash equivalence, I think at some time will get closer to INR 1,000 crore, end of the year at about INR 850. EBITDA margins for the year at 45%. Absolute rupee EBITDA just short of INR 700 crore at INR 683. And then PAT CAGR, I think I need show you no other metric than this. Just one line, 18% five-year PAT CAGR. And just hoping that we have all the arsenal in place to repeat this in the coming five years. Move forward. From a growth story perspective, you heard about all of this, revenue, operating EBITDA growth. Fantastic numbers at over 16% and over 18%. AUM growth has certainly supported that, just short of 20%. And then PAT at over 18%, as you have seen. Move to the next. Next.
From an ESG awards, thought leadership, industry presence, industry relevance perspective, I think we have been putting out a lot of content and a number of stories. I think this one chart sums it up, starting from the GFF to several podcasts that you may have seen with people like Govindraj Ethiraj, Vivek Lall, et cetera. Sessions with ANMI, several industry forums. And you will see a lot of stuff which has happened in print. Of course, I am sure our study on women investors seems to have become very popular, just given the very deep cut trends that the behavior of women investors has displayed in the last year. So that has become the source of more than one story in the marketplace. A lot of publication, a lot of TV channels just picked it up for their own consumption and to build what they believe are credible storylines.
But I am very happy that CAMS is able to power all of this deeply intellectual, deeply insightful part of the emerging marketplace and the stories that come out of that. Move next. Awards and accolades, I think you have seen a lot of this. I need not go into these things specifically, and I am confident that in the coming years, this performance can only get better and will kind of sustain. Move forward. From an end customer endorsements perspective, of course, in this entire journey, we cannot forget about the end customer. We do a mandatory survey every year on myCAMS, seeking views from investors on what are their sat levels with respect to their interactions with us, not just through myCAMS. myCAMS is a dominant proposition, but across our front offices and any other mode of transaction, including call centers.
You will see that an overwhelming 96%+ fraction of our franchise rated their satisfaction through a satisfied or a very satisfied rating. Of course, the small tail of what, 3% people who are unhappy. As you've seen, that has continued to fall over the years. We obviously want it to be even narrower than what it is right now, and you'll continue to see the team focused on improving that part. Move to the next. From an ESG overall Corporate Social Responsibility and ESG perspective, you've seen the focus from an environment perspective, preservation of water bodies, planting of trees, that kind of stuff. Children's education in far-flung areas. A lot of this was focused only in the state of Tamil Nadu till about three or four years back. We have broadly diversified.
You will see activities in the states of Maharashtra now, quite a bit in U.P., quite a bit in Odisha. We've diversified meaningfully, just given the expanding footprint of the company. Don't want it to be localized only to one state, although Tamil Nadu continues to be the state where we are headquartered, where we have upwards of 70% of the staff. Obviously, this will remain a focus area, but the relevance to the other major states continues to expand. From a healthcare perspective, iCAMS and your focus on rural health has continued to define the overall ESG posture. From a road ahead perspective, you can see that expanding wallet share from MFs by expanding. We've continued to expand into adjacencies. Products like MF DEX, et cetera, have been there for a long time.
But continuing to expand through focus point offerings which solve a part of the problem. You can see some of the names here in terms of Fluence, 360, Watchtower. ConsenPro and CAMS Lens are the emerging ones. SIP, of course, is fast becoming an established product class, has been around now for almost close to a year. The payment device, which is ID2Pay, will also drive meaningful expansion for the SIP market, both for payments and for new SIP registrations, so that will be relevant. CAMSRep had launched Bima Central, has now launched the Bima Central Administrator to bring into its fold the contribution made by insurance brokers. You will see a significant focus there. I talked about the payment gateway and how that will fortify overall payment revenues. Alternatives will be driven by core alternatives growth and significant expansion in AIF.
CAMS Care, like I said. The expansion in sales capability to segments beyond MF has helped. The acquisition of the slump sale from NSE KRA has helped. You will see all of this will result in creating a significant gap between ourselves and the next player. Aside from that, you can see the key strategic focus areas of the company for the next year on the chart. That is what I had for this presentation. We'll pause here and appreciate your time in sitting through this entire thing. I will now at the end of this presentation, invite all the shareholders who registered themselves to participate in the Q&A session to speak. I know a number of you have sent in questions and we will be answering those. The moderator will announce the names and unmute the mic to enable the participants to ask their questions.
I'll hand over to the moderator from here. We'll begin the Q&A session. Thank you.
Thank you, sir. We will now begin with the question and answer session. We have the first question from Mr. Himanshu Trivedi. Mr. Himanshu.
Hello, I am audible?
Yes, Mr. Himanshu, you are audible. You may ask your question.
Respected Chairman Deepak Kumar, other Board of Directors myself Himanshu Trivedi from Gujarat. Most of all thankful to our Company Secretary who will be sending the hard copy of the AGM report well in advance which is full of information, practical, which is easy to follow I don't have much question because I have full faith on Board and their working. Already Chairman and Manager excellent speech are given in informative and full of details. I don't have much question. I already send my question and query through the email well in advance with the set the time of AGM, then give the opportunity to speak my shareholder. Sir, still I have two question. What is the market share we have in domestic as well as in international market? My second query, what is the profit sharing ratio coming financial year?
My third query, let me know how many branches we have established till now in which state and if yes, in which state and if an employee strength we will increase in current financial. I wish good luck and bright future for coming financial year. Thank you to allow to speak. Sir, please remember speaker shareholder during the festival occasion. Thank you to allow to speak.
Thank you, Mr. Himanshu. We have the next question from speaker number two, Ms. Devinder Kaur. Madam, please unmute yourself and you may ask your question.
Am I audible, sir?
Yes, ma'am, you are audible.
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Thank you, madam. We have the next question from speaker number three, Mr. Manjit Singh. Mr. Manjit, you are in the panel. You may ask your question. Mr. Manjit, you may ask your question.
Am I audible?
Yes, Mr. Manjit, you are audible.
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[Non-English content] what is EBITDA and how intervention between cash flow and net income?
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Thank you for the secretariat team. Thank you, sir.
Thank you, Mr. Manjit. Our next two speaker number four, Mr. Dharav Jamadar and speaker number five, Mr. H.S. Patel is currently not present in the panel. We have the next question from speaker number six, Mr. Santosh Saraf. Mr. Santosh, you are in the panel. You may ask your question.
Hello.
Yeah, Mr. Santosh, you are audible.
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Thank you, Mr. Santosh. Our next speaker number seven, Mr. Ankur Chanda is currently not present in the panel. We have the next question from speaker number eight, Mr. Narendra Porwal. Mr. Narendra, you may ask your question.
Hello.
Mr. Narendra, you are audible.
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Thank you, Mr. Narendra. We have the next question from speaker number nine, Mr. Redappa Gunduru. Mr. Redappa, you are in the panel. You may ask your question.
Thank you, Company Secretary, for giving this opportunity. Respected Chairman, Mr. Dinesh Kumar sir, Executive Director, Mr. Anuj Kumar ji, CFO Mr. S.R. Ramcharan ji, all other non-executive Directors, to my Company Secretary, Mr. Manikandan and Board of all the Directors, management team, Directors and my fellow shareholders. Good evening. My name is Redappa Gunduru. I am joining this AGM from Hyderabad. As a shareholder of CAMS, I am very happy and proud about the company performance and I received the annual report physically. Thank you for sending the prompt response and the Company Secretary and thank you the interim dividend and thank you for INR 4 for final dividend. I am very happy about this dividend. First of all, your Chairman, sir, speech is very wonderful about the company performance and about everything you have given or time taken.
I sincerely congratulate for the entire CAMS team for this presentation. I thank chairman for the inspirational address. Management is maintaining high standards of corporate governance, transparency and shareholders communication. I have received the entire communication of the RTA and the CS team. My company CAMS continue to hold leadership position in the mutual fund industry which across 68% of the market share in the mutual fund AUM which is a remarkable achievement. I also appreciate this company's continued focus on technology, innovation and operation excellence and creating long term value for the shareholders. Sir, I have a few questions. Sir, especially the first question about our core business and profit margins. Sir, how will my company protect my 68% mutual fund market share against rising competition? What steps are being taken to convert this projected 3%-3.5% annual margin erosion.
Yield depletion, I would like to know. Second question is mutual fund ramifications, sir. My company has been expanding into businesses such as alternative investment funds, AIF and PMS and other mutual fund platforms. Sir, here my question is, your target is attractive, 25% revenue. Sir, could you please share the roadmap or expected timeline for key growth drivers for this achievement target and improvement? I would like to know. Sir, third question, technology, sir. Investments and corporate. My company has taken INR 452 crores down to re-architecture and technology moderation program. Could you share the current milestones achieved and also implementation timeline and when shareholders, sir, can expect these tangible benefits from the improved operating efficiency and cost optimization or new revenue opportunities? Sir, under the corporate governance framework and, so, yeah, I would like to this. Third question is about the technology and technology steps.
Fourth question is, sir, what specific benchmark has study outcomes led your committee to propose our non-executive director upgraded for INR 36 lakhs-INR 40 lakhs annual remuneration, the agenda, this resolution for non-executive director, independent director, sir. I would like to know, specify any this benchmark I would like to know. Sir, capital allocation, I would like to know what type of this capital allocation you are doing. I would like to know. Acquisitions, sir. Sorry. Please comment on capital allocation and acquisition. I would like to know. Sir, nowadays our share price also volatile. Please comment on this, sir. Share price volatile. Suddenly INR 830, INR 815, INR 72, today also 1.5%. Is there any specific reason or anything? I can understand this, especially the market conditions. No role on you, but just please comment some information this regard.
No call from the company secretary for AGM and Manikandan communicated through our email, but courteously should call the company secretary team. Communication that was not done. As a shareholder, I am very happy and proud about the company performance. Thank you so much for giving this opportunity. I am very happy. E-voting has been done from my side. No queries on the balance sheet. If anything, I'll let you know, the company secretary, through mail. Thank you, Company Secretary Manikandan, for a wonderful and smooth and governance and quality annual report under your leadership with support of all the KMPs and the CFO, CS team, and the accounts team. I feel very quality annual report I have seen and corporate governance also wonderful. World-class transparency governance. If anything, further questions, I'll send you the mail.
With this, concluding, sir, I have full trust and the faith on the board. Go ahead, take appropriate decision for my company growth. You are giving the bread and butter to the shareholders through dividend, they appreciate that part. The CSR part also doing good through the philanthropy activities, through the needy education, and everything. Here my suggestion is, please support to the single-parent girl child education, orphan girl child education, rural area, the women empowerment. Please concentrations are in especially in Tamil Nadu and the Telugu states. With this, sir, concluding, I pray God to give more wisdom, strength, and power entire board of directors, sir. Thank you for patiently hearing, and thank you for the quality presentations. God bless you. God bless you.
Thank you, Mr. Redappa. Our speaker number four, Mr. Dharav Jamadar, is currently present with us. With your permission, can we allow him to ask the question?
Go ahead, please.
Thank you, sir. Mr. Dharav, you may ask your question.
Namaste and greetings of the day to respected Chairman and all the board members of my company. My name is Dr. Dharav Jamadar. It is indeed a privilege to attend this meeting, a proud shareholder, and a loyal customer of our company residing in Surat. Firstly, heartiest congratulations to all the stakeholders of my company for such a robust performance consistently year-on-year. Certain questions which I would request our respected Chairman to address are: First, in the last FY, we had our revenue growth aided by non-mutual fund segments. Basically, all the non-organic segments. Do you believe this trend to continue in the coming future? What would be a healthy segmental ratio? What would be the ideal contribution both in topline and bottomline, that is mutual fund versus non-mutual fund segments? Second, we have constantly added and also serviced marquee AMCs since many years.
Even in this dynamic and volatile local and global macros, the fund flows from retail investors have stayed robust. With El Niño happening this year, risk of economy entering into higher interest rate cycle, rising inflationary pressure, highly volatile energy prices, currency persistently and significantly getting depreciated and much more. How do you see the fund flows from retail investors getting impacted? Also, do you believe in such a dynamic environment, we will be able to expand our ROCE and margins? Third, with respect to major contract renewals, I suppose there are no renewals lined up in the coming year or so. Inevitably, because of telescoping pricing structure, yields might continue to see some pressure. We are aiming for an annual decline of less than 3% in the yields, which is better than the historical trend of 3.5%.
What kind of remedial steps are we taking in order to improve and take the yields in the upward trajectory? By when do you see the trend to change? Fourth, currently EBITDA margins of non-mutual fund businesses are hovering around 15%-17%, as most of these are platform businesses that are operating at a very nascent stage. Albeit these are significantly lower than our mutual fund margins. Can you explain the reasons behind it? Is it just because they are at a very nascent stage that their margins are lower? What can be the margins bands for both mutual fund and non-mutual fund segments in the time to come? Fifth, in regards to CAMS KRA, one of the major headwinds this segment faced was 20% industry-wide price reduction in KYC services effective April 1st last year.
Even though we posted a staggering 28% year-on-year revenue growth, do you believe we will be able to continue performing likewise in this year as well? Can you explain what were some of the major reasons behind this price reduction? Sixth, lastly, with respect to technological innovation, you have exhaustively enumerated each and every meaningful development that my company is working on right now, which will not only benefit us but also provide some groundbreaking solutions to our industry problems. Can you explain what will be our CapEx for the coming year, particularly for the new development products, and what will be its capital structure? Thank you, sir, for providing this opportunity. It's an honor to attend this meeting.
Thank you, Mr. Dharav. That is all from the speaker section. We shall rejoin shortly after a break to answer the queries or the question raised. Thank you.
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The CAMS EFI collaboration has not just been a mere corporate social responsibility mandate. It is driven by passion for India and her environment.
From lake pond restoration projects in Chennai to afforestation efforts in Coimbatore, our past projects stand testament to the fact that we have engaged ourselves in real-time, result-oriented nature conservation efforts. This year in 2025-2026, we have taken our projects across the country to reach newer corners and pockets in Nagpur, Solapur, Gandhinagar and in suburbs of Chennai. In Chennai, we took up the restoration of this Kelambakkam pond located on the Kovalam road. Known for its sewage, garbage and debris, this pond was cleaned, deepened, embankment strengthened, roadside fenced, and today has become a defined water structure in a busy, bustling urban center. From this urban nerve center, we transport you to the remote corners of Solapur. Adjacent to the Great Indian Bustard Wildlife Sanctuary at Nannaj, north of Solapur, is this large piece of parched land where a new pond has been dug as a storage reservoir.
With water that is being collected and stored in this pond, we are planting 12,000 odd trees across this patch of land, which would soon make this a green pasture for many lives. A project aimed at expanding the forest is this new age green initiative. From Solapur, we take you to Nagpur. On the banks of Kanhan River, you are aware of how EFI has already set up Nagvan. This is Nagvan 2, supported by CAMS, where an additional 6,500 trees have now been planted. On the riverbank that is notoriously known for sand mining, illegal sand mining, we are safeguarding land with vegetation that will soon make this a habitat for many lives, including leopards and other cats. From Nagpur, we take you to Gandhinagar. In Gandhinagar at Tarapur, this deep dugout resembled caverns of abuse.
Today it is a defined, decked up pond, properly deepened, embankments laid, fencing all around. This Tarapur pond is monsoon ready and will soon be filled with not just water but a lot of hope. This is Blue Green India, an ambitious effort between CAMS and EFI to stretch and extend our support to projects across Gandhinagar in Gujarat, Nagpur in Maharashtra, Solapur in Maharashtra, and Chennai in Tamil Nadu. Volunteer for India and her environment, part of this collaboration. Jai Hind.
At ZPPS Khandeke, students from classes six and seven are experiencing a new way of learning through the Digital Classroom Initiative by eVidyaloka. The program brings live online classes in English and mathematics directly into their classroom, connecting them with the volunteer teachers from different parts of the country.
In our school, since 2021, online classes are conducted through the eVidyaloka trust. Our students are benefiting a lot from these classes. In these classes, English, mathematics, and scholarship, classes for these three subjects are taken regularly here, and we have benefited a lot from it.
The children are developing from it. We also take it, and after taking it from eVidyaloka, they also know about online. With that perspective, they also prepare, and they have benefited a lot from it. Thanks, eVidyaloka and CAMS.
The students have progressed in their studies. Even while taking it, the teachers who take the classes, they take it in a playful atmosphere. They took classes in a pleasant atmosphere. We have really benefited a lot from it. I thank them very much for that.
For many students in rural schools, subjects like English and mathematics can be challenging due to limited access to subject specialists and learning resources. The digital classroom is helping bridge that gap. During English lessons, students learn grammar, build sentences, and practice speaking through guided examples and activities. Mathematics sessions focus on breaking down concepts into simple, clear steps, allowing students to understand how problems are solved rather than just memorizing the answers.
Under eVidyaloka, we are taught English, mathematics, and science subjects. Rupali Madam teaches us mathematics subjects and shows us very good videos along with it. That's why we can understand and absorb the subject of mathematics easily. Thank you, eVidyaloka CAMS. The eVidyaloka organization showed us the class of Shishyavrutti. In that, Rupali Madam taught us the subject of mathematics in a very good way and explained it with examples. We benefited a lot from it. The subject of Shishyavrutti was very easy for us.
A trained class assistant is present in the classroom during every session, helping manage the technology and ensuring smooth communication between students and the online teacher. This support allows students to stay focused and confident while learning.
As a class assistant, since 2019, online classes have started in the school. Online classes are very good in the school for the children. Our village is a hilly village, so the online classes benefited the children a lot. English, math, and fifth-grade scholarship classes are also held. The children also benefited a lot from the scholarship.
The classes are interactive and engaging. Students follow along on the screen, respond to questions, and take part in discussions that encourage them to think and participate.
In our school, online classes are taken from eVidyaloka. Math, science, English subjects are taught very easily by giving easy examples in an easy language. We have benefited a lot. eVidyaloka offers classes. In that, we get examples of math, science, English. We find it easier to study.
This initiative has been made possible with the support of CAMS, whose sponsorship is helping bring digital learning opportunities to students at ZPPS Khandeke. Since the introduction of these classes, teachers have noticed encouraging progress. Students are becoming more comfortable speaking in English and more confident when working through mathematics problems. Through this partnership, the school is opening new pathways for learning, helping students build stronger foundations, and preparing them for greater opportunities ahead.
Sankara Nethralaya, a pioneer in eye care and community health, offers specialized occupational optometry services. Computer Age Management Services, CAMS, identified the potential need for these specialized occupational optometry services and partnered with Sankara Nethralaya to serve workers in the unorganized sector and create a meaningful impact in their lives. Since 2018, Sankara Nethralaya and CAMS have come together with a shared vision to improve workplace eye health and reach communities in need.
Hi, good evening, everyone. We're now here to give you answers to questions asked by the shareholders. I'll go one by one in the order in which the questions were asked. The first shareholder that I'll be covering is Mr. Himanshu Trivedi. I'll go down the list in terms of the order in which the questions were asked. The first question was: "What is the market share in the domestic and international markets?" Domestic, I presume you're asking about mutual funds. In my presentation, I've given you market shares across all businesses. Domestic mutual funds, the market share is 68%. International, we are not an active player. We only have a few clients, so we do not define a quote market share anywhere. Domestic MF market share is 68%. You would have seen that in CAMS repository, we stated 40%, AIFs greater than 50%.
Those are our operating market shares. "What is the profit-sharing ratio in the current financial year?" We estimate your question is what is our dividend payout ratio? The policy states that the board will endeavor to pay or recommend for payment 65% of the net profit of the company as dividend. That policy will remain intact in the current year. The next question was: "What are the states in which CAMS has established its current franchise?" The answer is that we are present across 25 states and several union territories through 288 offices. The names of these offices are present on the website. You wanted to know the employee strength, which was 8,502 on-rolls employees at the end of the financial year. Those are the set of questions asked by Mr. Himanshu Trivedi. I'll quickly move to the next investor, Mrs. Devinder Kaur.
Where Mrs. Kaur, your question was about a complaint which you wanted sorted, for which you said you'd gone to our Delhi office. We will organize a call from our secretariat department tomorrow. The Delhi office can then set up a time with you, get your complaint details, and help solve it. We will do that because right now we're not aware of which complaint you're talking about. That was the only question which came from Mrs. Kaur. The third investor was Mr. Manjit Singh. The question was: what is the relationship between cash flow and net income, and where is it shown and declared? You will see that all these numbers are covered in the annual report. Between cash flow and net income, you can think of it that most of the net income equals cash flows, except whatever we will use for CapEx, et cetera.
These two numbers, unlike in manufacturing companies, they converge quite a bit in our case. Your other question was about statutory auditors and their term. Just so that you know, S.R. Batliboi & Associates have been statutory auditors for the last three years. They complete their term in five. They have two more years of the first term. They can offer themselves for reappointment, and they can be reappointed. We've not taken that decision yet. That decision will be taken when the time comes. By statute, they can offer themselves for reappointment for a total of two terms of five years each, so 10 years, after which they mandatorily have to be rotated. That is our policy and the statute on statutory auditors.
For secretarial auditors, again, the term is five years, and we are planning to have the same rotational policy that we have for statutory auditors. Those were your two questions, and I trust you've got the answer for those questions. I'll move forward to Mr. Dharav Jamadar. Mr. Dharav Jamadar had a number of questions. I'm just trying to go through this list to see how many there were. Six overall, and I'll try to answer them in order. Your question was, in the last FY our revenue growth was aided by non-mutual fund segments. Will this trend continue? The answer is yes. In all our public statements, investor meets, earnings calls, et cetera, you would have seen that we've stated that we are expecting non-MF business to compound at faster than 20%.
The last five-year CAGR has been about 25+ , we're expecting as the base growth, this will be 20%+ . The MF business revenue growth should be in the range of 13%-14%. Yes, both the growth rates will define how the enterprise grows, but the non-MF segment is expected to grow faster. Your second question was how do we see fund flow from retail investors getting impacted because of El Niño and high energy prices, et cetera, and volatility in energy prices and in rising inflation situations? Like you would know, predicting any of these numbers is not easy. Basis what has happened in the last two years, the ability of the Indian investor to keep his patience and continue to keep his faith in the equity markets has been demonstrated quite a bit.
One of the metrics that the market looks at often is the rising net sales in the mutual fund industry, aided by monthly SIP flows. We believe that as the overall geopolitical situation improves, and we are all hearing that the monsoon may not be normal, but even if it is a near normal monsoon, then all of this will hopefully create the grounds for investor interest to continue and for the net flows to continue, at least at the rate at which they have been in the last six months. Maybe they'll be faster. We are very hopeful on the sustained growth of the mutual fund segment. Your next question was on price. The gap between 3% yield compression and 3.5% yield compression, do we expect the trend to change? As you're aware, yield compression is part of basic pricing.
One part is part of basic pricing, where just like mutual funds contract their TERs or BERs as they expand, we contract our pricing as we expand with them. Overall, for a scheme which continues to grow or asset class that continues to grow, the fees will come down. Historically, this rate has been about 3%-3.5%. Depending upon how business grows, we are confident that this rate will not get busted in the current year. We've always said that we continue to demonstrate value. We showed you a lot of value in terms of technology, controls, process improvements, industry-wide productivity, new products, deployment of AI. All of that is just significant addition of value to our clients. We believe that clients should be willing and are willing to pay a fair price for value that we demonstrate.
Therefore, we are sure and we are confident that value depletion or price depletion will not exceed the numbers that we have just spoken about. Current EBITDA margins. I'm moving to the next question, your fourth question. Current EBITDA margins of non-MF business are about 15%-17%. Will they improve? The answer is yes. We are projecting an improvement. We have stated in the past, that most of the non-MF portfolio, with the exception of alternatives, is a platform portfolio. It costs to build and augment a platform. It costs to acquire large clients. Cost of sales and cost to build are two large costs. There is also a cost to operate, but cost to operate is not the largest cost. Therefore, as we are able to get more revenue, that revenue then is kind of consuming the same platform, similar capacity.
We have to pay for capacity additions, the core does not change. The core remains the same. The cost of sales is incurred once. Once clients are in the door, a lot of them will stay and scale with us. We are expecting that this margin will continue growing and should stabilize between 25%-30% in the next three to four year time frame. This is about non-MF. On the CAMS KRA price drop and why are they headwinds, you would be aware that the Indian mutual fund industry is expected to expand. This is not just giving a route to retail investors to invest their monies in equity. That is one part of the argument. The other part of the argument is that along with the banks and other financial institutions, this is also the accepted mode of capital creation for rapid industrialization of the country.
Mutual funds, therefore, want to reach out to the smallest segment of the franchise. You've heard about innovative concepts like Choti SIP, et cetera, which means we continue lowering the ticket size for investor entry and sustained flows largely through SIPs. The industry has been propagating lower costs. This was our way, and this is not a price shift that we have done alone. This is across the KRA industry. It was done in the interest of the overall industry, and we are completely supportive of the industry growing faster. You know, your company will also benefit from all of these things. With respect to technological innovation, can we expect new breakthroughs? During the presentation, we took you through item after item of efficiency, productivity, speed, finesse, improvement in algorithms, deployment of AI, improvement in automation. I don't want to add new dimensions to it.
I think that deck was self-explanatory. We spoke about new products like ID2Pay, which is a payment device, about ConsenPro, about CAMS Lens, about the new FUNDSNet. There is just a litany of things out there which will be unfolded over the, let's say, coming next year. We will meet in this forum a year from now, and I'm sure a lot of this would have been delivered by then. Well, that is the set of breakthrough that we will continue talking about. We do not want to focus on two dozen items and then find we don't deliver them. It's an extremely focused company, so we will do whatever we've spoken about. I think we've spoken about each of these during the meeting. That brings me to the end of questions asked by, sorry, I'm just trying to get this right, by Mr. Jamadar.
Yeah.
I will move to Mr. Santosh Kumar Saraf. Mr. Saraf, for your purpose, the company secretary did get the note that you sent addressed to the Chairman. That note is being shared with the Chairman. On the operating issues, especially for-- I have also seen your note on asset transfer. While we will get into details on a call with you, I must assure you that CAMS processes on an average day 40-50 lakh financial transactions. On a busy day, 1 crore financial transactions. Movement of asset between ARNs is a standard process built in consultation with the industry. We have, just for your information, close to 800+ people who are experts in signature verification in the company.
We are looking into your complaint because you said that while the ARN numbers were right, extra folios were included in the request than should have been, and that transfer is an erroneous transfer. If something like that has happened, we will fix whatever the error was. However, at a broad level, we will look at the complaint and give you an answer. Otherwise, these are extremely controlled processes, and we would not have seen the finesse and the control you see in the marketplace if the control did not exist. We will come back to you on that. That was a question. You again spoken about operational deficiencies. You want us to consider something on maker-checker, et cetera. All of those things we will cover specifically as we speak to you.
You've been talking about-- The other question from you were, what were the three most important growth drivers? I'd spoken in my presentation about specific businesses, which is payments, KRA and alternatives to drive non-MF growth in the coming years. The others will also contribute, but these are the three main drivers. Of course, MF will remain at the core of everything that we do. That answers your set of questions. I've really got six pages in front of me, so pardon me if I miss something. When we will talk to you, obviously, there'll be an opportunity to refresh anything that I have missed here. I'm now coming to the last two speakers. This was, just trying to get this right. This is Mr. Porwal, Narendra Amalal Porwal. Your question was, how will you protect 68% market share? Great question.
68% market share is the share of assets. So long as we keep the clients and the clients continue maintaining the asset share, I think all of this will stay where it is and will hopefully and potentially improve. As you have seen, some of the larger salient AMCs which have participated in the market in recent years, of course, the leaders are all with us from the past, but in the last maybe five years, if you see names like the ones which have expanded quite a bit, Zerodha Fund House has done very well. Jio BlackRock launched about a year back has expanded, so has Helios. We're expecting that between them, between Angel, Unifi, the others who are joining, entities like NIO, all of them will help us drive our growth.
The base AMCs, our market leader AMCs, which have assets of several lakh crore, a few lakh crore or several lakh crore, they will aid growth. The new ones who have come in will make sure that we have insurance for the future. That is how we are planning to protect. I spoke about yield. I'll skip this question. On non-MF, we have stated in the past that our aspiration and stated goal is to get to a 20% non-MF contribution to revenue in about three years' time, and we believe we are poised to get to that number. Path to profitability, we said that non-MF portfolio is at about 17% EBITDA, and over the next four years should get to about 30% EBITDA, gaining about two to three points every year through sustained revenue growth.
Nothing else needs to be done except the expansion in revenue. You spoke about the tech CapEx plans. You're aware that our tech CapEx used to be in the range of INR 50 crore-INR 60 crore a year, has now significantly expanded to over INR 100 crore. We are in a transition period where we will migrate the core MF platform to the cloud, at which time most of the cost, let's say, in the timeframe of 2030, will become mostly OpEx. Till then, the OpEx plus CapEx model will continue. CapEx, for the present year, we're expecting another year of about INR 100 crore-INR 110 crore CapEx. Just expect that this CapEx number will remain in the INR 80 crore-INR 100 crore region for the next two or three years. I spoke about the CAMS KRA price drop. I will not go over it again.
I'm just trying to understand this question on share price.
Volatility. Absolutely. Share prices are volatile, not just CAMS, but all shares. You will see that if you take a six-year timeframe, the stock, before it was split, was issued for INR 1,230. If I convert it to present price, about INR 4,000. If I add dividends, it will probably be about INR 4,200. That is what a 3.5x growth in about six years, which is very good growth from market standards. Volatility, the company does not control. There are lots of market forces, and the interest of investors, perhaps a primary metric. The shape of the markets, not just domestic markets, but international markets, too. We will continue to keenly watch it, and we believe that you, as an investor, will continue to watch it, too, just to make sure that this volatility does not affect any investor individually.
I will get to the last speaker now, Mr. Redappa Gunduru. Again, a set of questions. I have six questions here. I will try to answer them in order. What are the steps taken by management for maintaining market share? I think I just answered this, so I will skip over this one. What is the expected roadmap for improvement in the AIF, PMS, and other segments of business? We spoke about them at length. Spoke about market share, product expansion, gift city, etcetera, and AIF and PMS. Then we spoke about new product expansions, the payment gateway, Bima Central, the Bima Central Administrator, all of those things. Those are our means to continue expanding the product offering across all these new businesses. Technology-related milestones. We did speak about several things that have happened in the rearchitecture arena, the rearchitecture of the platform. We spoke about the new API stack.
We spoke about FUNDSNet, which is the transaction origination platform, the new one going live and unleashing a significant deep cut wave of productivity across the industry. I spoke to you about CAMS Lens, which is a path-breaking AI-led platform which will make controls and compliance posture of enterprises very easy. I spoke about that. We spoke about ConsenPro. There are a variety of other things. I also spoke about the AI-led form data extraction. There are these multiple things. Obviously, like you know that in all these areas, it is one thing at a time. Focus, deep focus in executing things right, getting them first time right. Rather than the hasty style of trying to launch dozens of things and not getting them right, you will continue seeing the hallmark of that behavior in everything that we do.
You have asked a question on benchmark of the study for determining the remuneration of non-executive directors. I would like to inform you that this is a standard process. The process is that as time progresses, the scope of responsibilities of everyone in the company, both employees and the board, expands as business expands, the number of subsidiaries, the number of businesses, the size of those businesses expand. It is a standard practice anywhere to benchmark compensation that we do to each segments of these stakeholders. The same principles apply to directors, too. We did the standard benchmarking. The benchmarking prior to this was done three years before, and we believe that is a reasonable period for us to benchmark and then bring these remunerations in line to what we believe are the benchmark companies for us. That is exactly what was done. Capital allocation methodology and acquisition details.
We've continued to state in public that we run on a low CapEx, low capital model of business across the portfolio, not just across one business. We generate cash. A lot of that cash is dividend out, which you and me as shareholders get. The balance cash is retained with the company. We continue to look at the marketplace for opportunities for CAMS to make sensible investments in. Obviously, this is a topic that I can't go into depth in terms of target companies or segments, et cetera. Suffice to say that inorganic acquisition remains a key focus area for the company. As we progress into any of our bids, you know that we had made an investment in Fintuple Technologies in 2022 and Think360.ai in 2023. We had bought through a slum sale, the business of DotEx, which is NSE KRA, in 2026.
You will see more of these things in the days to come. I will progress to the last question asked by Mr. Redappa, which is also the last question for today. Which is the reason for share price volatility of the company? I think I'd spoken about this, so obviously it is the same answer. I come to the end of questions asked by shareholders, and I hope everything has been answered. If you believe something has not been answered, you can write to the company secretary directly. With this, we come to the conclusion of the 38th annual general meeting of the company. I would like to thank all of you for your continuous and sustained support to the company. I would now request the chairman, Mr. Mehrotra, for his closing remarks.
Thank you . I thank all the shareholders for your active participation and for your faith in us, and the constant support for CAMS. With this, the meeting concludes. The electronic voting facility will remain open for the next 15 minutes. Once again, I wish you all good health, and please take care of yourself and family. Thank you all very much. God bless everybody.