Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 10% y-y to INR415 Cr; EBITDA up 13.5% to INR191 Cr; PAT rose 14.5% - MF AUM grew 12.5% with equity AUM up 15.5%, ahead of industry; SIP collections grew 16.5% - Non-MF revenue grew 22%, with CAMSPay up 50% y-y and KRA revenue recovering - EBITDA margin expanded 140 bps to 46% despite employee increments and INR4 Cr platform costs - New platform rollout 30% done; expected incremental costs offset by productivity gains - Yields declined ~3% y-y due to mix and telescopic pricing; no large discounts given - Non-MF margins near 19%, expected to rise to 25%+ over 3 years; CAMSPay margins ~20% - Headcount reduced by ~250 in last 12 months to 8,200; cost growth controlled under 10% - CAMSPay growth expected to moderate to ~30% annually over next 2 years - No material yield renegotiations expected in H2 FY27; renewals next year uncertain - Direct MF plans have no impact on pricing; pricing uniform across plans - Margin expansion of 100-200 bps expected in normal years from operating leverage