Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 EBITDA grew 18% y-y to INR183 Cr; PAT up 17%; EBITDA margin expanded 270 bps to 46.4% - Revenue grew 11.5% to INR395 Cr; MF revenue +11.2%, non-MF revenue +28% y-y - AUM grew ~15% y-y to INR56 lakh Cr; July better, nearing INR60 lakh Cr; market share steady at 67.2% - Non-MF margin at 13% in Q1; expected to reach ~17% by FY27 end - Employee headcount down 2-3% Q-o-Q; 4-5% reduction targeted for FY27, aiding margin expansion - Capex: INR75 Cr on-prem expected in FY27; INR290 Cr total re-arch project capex with 10-year amortization - AI-led automation live on 4 transaction types; targeting 100% maker-level AI acceptance in 12 months - Payment business grew ~70% y-y, driven by credit cards; low-margin but strategic growth area - Yield compression largely in base; residual impact minimal; expect 2.5-3% annual yield decline - PAT margin expected around 30-31% for FY27 - Non-MF businesses like account aggregator, pension, CAMS Repository still EBITDA negative but improving - Management confident of 1-1.5% annual margin expansion from productivity and automation gains