
pushkar balu palde
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pushkar balu palde
@PushkarPalde
Pushkar Balu palde




CAMS - Why Geojit Is Bullish & Sees 20% Upside? Let's break it down .. Geojit initiates coverage on CAMS Ltd. with an Accumulate rating and a тВ╣4,425 target - a 20% upside 1 | Dominant RTA Backbone ЁЯФ╣Largest RTA in India with 68% MF AUM share ЁЯФ╣Serves 10 of top 15 AMCs, SBI, HDFC, ICICI Pru ЁЯФ╣тВ╣46.3Tn AUM serviced (Q3FY25) ЁЯФ╣Adds 0.8 Mn investors monthly, 1.5x faster than peers. 2 | Massive Industry Tailwinds ЁЯФ╣MF AUM/GDP: India = 18% vs Global avg = 65% ЁЯФ╣AUM CAGR (FY20тАУ24): 22% ЁЯФ╣Retail AUM up 29% in 9MFY25 ЁЯФ╣Over 10 Cr SIP accounts as of Feb 2025 3 | Solid Financials Ahead ЁЯФ╣FY25 - 27E Revenue CAGR: 14% ЁЯФ╣EBITDA CAGR: 13%, PAT CAGR: 14% ЁЯФ╣FY27E EPS: тВ╣123.8 | ROE: 47.6% ЁЯФ╣High margin, high return business 4 | Attractive Valuation ЁЯФ╣Target: тВ╣4,425 ЁЯФ╣Upside: +20% ЁЯФ╣Current P/E: 29.8x vs 5Y Avg: 40x ЁЯФ╣Re-rating likely as equity sentiment recovers 5 | SIP: The Sticky Flywheel ЁЯФ╣SIP AUM CAGR (FY21тАУ24): 31% ЁЯФ╣Monthly inflows: тВ╣26,459 Cr (Dec тАЩ24) ЁЯФ╣CAMS SIP registration share: 64% 6 | Tech-Led & Scalable ЁЯФ╣тВ╣100 Cr Google Cloud partnership ЁЯФ╣AI-led automation in operations ЁЯФ╣First international RTA client, CeyBank (Singapore) ЁЯФ╣ Largest MF servicing tech infra in India 7 | Diversified Growth Engines ЁЯФ╣Non-MF revenue: ~12% ЁЯФ╣CAMS AIF, CAMS Pay, CAMS KRA, CAMSRep ЁЯФ╣Each vertical growing at 20%+ CAGR ЁЯФ╣Future-proofing business 8 | Institutional Confidence ЁЯФ╣FII Holding: 57.6% ЁЯФ╣Mutual Funds: 17.4% ЁЯФ╣Public: 19.7% 9 | Peer Advantage vs KFin Tech CAMS vs KFin Tech : ЁЯФ╣Market Share (MF AUM): CAMS тАУ 68% | KFin тАУ ~30% ЁЯФ╣Client Base: CAMS тАУ Top-tier AMCs (SBI, HDFC, ICICI) KFin тАУ Mid-sized AMCs 10 | IndiaтАЩs Macro Boost ЁЯФ╣Per Capita GDP: $2,698 (2024) тЖТ $4,195 (2029) ЁЯФ╣65% population to be working age by 2036 ЁЯФ╣Household savings shifting from deposits to MFs 11 | Key Risks to Monitor ЁЯФ╣Market volatility = lower AUM = lower revenue ЁЯФ╣88% revenue still from MF RTA (concentration) ЁЯФ╣Regulatory pressure on TER may impact fees ЁЯФ╣Cybersecurity threats, digital backbone CAMS doesnтАЩt just support mutual funds - it powers them. - With unmatched market share, sticky SIP inflows, consistent profitability and strong industry tailwinds, Geojit believes CAMS can deliver 20% wealth creation. High moat. High margin. Long runway. ЁЯЪл No Buy/Sell Recommendation #StocksInFocus #StocksToWatch #CAMS




































