Computer Age Management Services Limited (543232) Earnings Call Transcript & Summary

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. [Operator Instructions] There are 6 resolutions, which have been placed before the shareholders for approval, 4 are the resolutions or ordinary business and 2 are for special business, while 5 of the resolutions or 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 a 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'll hand over to Mr. D.K. 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'm Dinesh Kumar Mehrotra, Chairman of the Board and Non-Executive Non-Independent Director of the company, joining the meeting from [indiscernible] Mumbai. I'm 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've been informed by the Company Secretary that the requisite quorum is present, and I'm now calling the meeting to order. I request the directors who have joined the meeting to introduce themselves before we proceed further. Mr. N.V. Sivakumar, please. I think you have -- he's the Independent Director and is the Chairperson of the Audit Committee, also member of the Risk Management Committee and Corporate Social Responsibility and ESG Committee. Ms. Vijayalakshmi 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, please.

Yes. 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 Stakeholder Relationship Committee and Risk Management Committee. Thank you.

Thank you. Mr. Santosh Kumar Mohanty. Please introduce yourself, Mohanty.

I'm Santosh Kumar Mohanty, an Independent Director of the Board of the CAMS, and I'm Chairing the Stakeholders in Relationship Committee and 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 am attending this meeting from our office in Rayala Towers in Chennai. I'm a member of 3 committees of the Board, the ESR and -- the CSR and the ESG Committee, the IT Strategy Committee and the Stakeholder Relationship Committee. Thank you very much.

Mr. Sesharaman Ram Charan, CFO.

Good evening, everybody. I'm Sesharaman 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 and Associates LLP, by and Associates, LLP, Chartered Accountants and Statutory Auditors of the company; and Ms. Chandra, representative of Messrs B. Chandra, Secretarial Auditor, who are also the scrutineers for the e-voting process. Since the physical attendance of the shareholders is dispensed with, the requirement of appointing proxies is not applicable. The registers and other documents as recorded under the Companies Act are open for inspection in electronic mode. Since the AGM is being held through audiovisual 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 are members of the company as on the cutoff date, that is the 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 notice, directors' report and other documents have been circulated to the shareholders as part of the annual report, I'll take them as read. The details of the agenda items placed before the shareholders have -- 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 31, 2026, or matters which have any adverse effects on the functioning of the company, with your permission, and I will take that the auditor's report is taken as read. A detailed Chairman's message have been circulated as part of the annual report, which you would have [indiscernible]. As you would have noticed that we give some highlights from the report in my speech. This is our sixth AGM after the company has gone public. During financial year '25, '26, your company delivered its highest ever annual revenue while maintaining healthy profitability and operational discipline. Consolidated revenue from operations stood at INR 1,516 crores, 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 serviced. Mutual fund AUM serviced by CAMS reached INR 55.1 lahk crore during the year, supported by healthy retail participations 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 this 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 the strong fundamentals, technology, leadership and diverse growth engines, CAMS remains well positioned to participate meaningfully in this opportunity and create sustainable long-term value 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 their continued trust and confidence. I also extend my appreciation to the management team and all employees of CAMS for the 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 in thought, consistency in values and commitment in action. Mr. B. Chandra & Associates, Practicing Company Secretaries 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 2 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. Now I would like to invite Mr. Anuj Kumar, Managing Director, to deliver his message investors for the shareholders, make a presentation on the business highlights and for taking the meeting forward. Mr. Anuj Kumar, M.D., please.

Thank you, sir. Good evening, everyone. Good evening to the shareholders. I have a short presentation to make. Are we ready? Okay. So CAMS is 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 1 year. From an India, as an economy and a country perspective, you can see that the Indian investor continues to grow and mature in its 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. And a lot of this household saving is now getting channelized into financial assets that you've seen. And 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 and the [indiscernible] 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 and insurance, not as a means of saving, it perhaps serves a secondary purpose of savings and investment, primarily 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, very critical tool in the hands of the investor to define as financial well-being during the retirement phase, and 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 depository. We are typically 1 of the top 2 people from a repository volume perspective, right now at about 40% market share in depository accounts, and 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. And 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, but 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 the 3 things that I would like to talk about. And within these, we play in several segments. Again, very hard thing for me to say that in the alternative segment, we've consolidated our position consistently over the past 5 to 6 years despite a lot of emerging competition. So as household income increases, household savings consolidate and grow, the household 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. And we're market leaders in several ones of them, and that's very hard to think for 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 see that there are 4 large financial services regulators. So we, of course, for us, just from a business quantum perspective, is the largest licensing and governing our RTA and KRA business. RBI licenses in [ governments ] are account aggregator and payments businesses. PFRDA licenses in governments are CRA for [ NPS. ] And [ IDI ] does the same for our insurance repository where we are licensed by them. IFSCA, which is the GIFT City authority, licenses and governments, all our businesses inside of GIFT City. [ NCIBC ] has recently, in the last about 3 years, classified as critical national infrastructure. You know their primary job or the primary scope they operate in is looking at physical infrastructure of the clients like ports, roads, docks, those kind of things, warehouses. But from a financial infrastructure perspective, we are very large, very critical and very important. And therefore, we are in their purview. And then, of course, AMFI is the industry body and is kind of the SRO for the mutual fund industry. And we get governed by them. And 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. So from an overall perspective, you can see that we are governed by reputable financial regulators, audited by them controlled by them. And therefore, we represent, I mean, having seen almost more than 3 decades of business, at least 2 decades, I would say, significantly in the purview of all 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. And then just from a [indiscernible] 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 Committee perspective, you just met all the Board members, so 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 core regulator, SEBI, also requires us to have a Technology Advisory Committee. And again, you see people of stature. The first 2, they're, of course, not in this meeting, they're not required to be in the AGM, but just in terms of going through the profiles, Dr. Sarda used to be a professor at IIT Bombay and now works at [indiscernible]. Professor Sivakumar used to be at IIT Bombay; and Mrs. Ashalatha Govind, who is the CISO of State Bank of India for an extended period of time before she [indiscernible] responsibilities there. So very exclusive, a very honorable set of people who are at the helm of this company, steering the direction of the growth and governance of this company. And all of that makes me and yourselves very confident in terms of the overall posture of controls, processes, governance in this company. I'll move to the next chart, which shows you the leadership of this company. You've seen a lot of these faces earlier in meetings, if some of you have come to our investor interactions or [ unlisted ] interactions, you would have seen those. But 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 2 decades, and of course, 1 or 2 who are just about 1 year and 2 old, but I would say extremely sensible, well-curated variety of talent from across segments in the country. I'll move forward, just go to the next, please. Just taking you through some statistics of our business. As shareholders, I'm sure some of you do come to our earnings calls and you perhaps heard some of these statistics. But 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, as 25 of which are actively licensed and are doing business with us, so that's peak, 6 are licensed and are waiting for a launch. And between them, this is almost -- almost 50% of the market in terms of AMC count, in terms of assets, you see that, that's about 68%. And 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, and 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, and I need to tell you no other story just to -- than just to expose this chart to you. You will see from FY '21 to FY '26, growth in assets of almost 150%, AUM CAGR of almost 20%, very close to that. But look at individual years, when assets have grown about INR 40 lahk crore from '21 to '22. But significantly, when you see '23 to '24, the growth was almost INR 9 lahk crore. When you see '24 to '25, another INR 9 lahk crore. And then the INR 46 lahk crore to INR 55 lakh crore mark is another INR 9 lahk crore. So that's about INR 9 lakh crore in succession, 3 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 in assets in the industry. From a platform perspective, that's more activity quantified in terms of what we do. If you see transaction volumes. You know that we do about INR 25 crore to INR 26 crore financial transactions in a quarter, so about INR 107 crore in the year. We have just short of INR 5 crore unique investors now, INR 4.76 crore in the end of March 2026. We have a large SIP book in the range of INR 7 crore unique SIPs as of 31st March, you see that number of INR 67 million or INR 6.7 crores. And then you have humongous large number of new SIPs coming into the market for CAMS, the INR 46.8 million, that is just short of INR 5 crore or INR 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 see in our scope, I'll not go too deep into that. From a strategic win perspective, we took 6 AMCs live in the last calendar year. I'm not talking about the financial year, but the calendar year 2026. We took 6 AMCs live, 5 domestic, the names are in front of you, one from Sri Lanka, which is Ceybank AMC. In the same period that we were taking these live, the 6 months live, we won 5 new mandates, new AMC mandates. And those are like buying insurance for the future because one of 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. And with them, we will continue fortifying and buttressing our scale. The first outbound retail mutual funds. This is -- I was still an [ incipient ] movement, a few funds have launched. But 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. But now outside of India, portfolio balancing in multiple geographies. That's something which is beginning to happen. And 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 exists. So 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 nomenclature as beyond mutual funds, the non-mutual fund business and quickly go through them one by one. So when I take you to CAMSPay, you've seen that FY '26, you've seen the numbers for the landmark here 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. And 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. But in that 3% space, we have a position of dominance and great finance because we considered specialists, which is a recurring payments for insurance and mutual funds and finance companies, especially housing finance. And 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 4 years. And we are expecting that the times to come in the next 2 to 3 years can [indiscernible] the capability to continue growing upwards of 20% and FY '27 could be a year like that. The only other thing I would mention is that amongst the new emerging payment classes, UPI, of course, what a lot of you and a lot of our customers are now deploying UPI AutoPay to make these recurring transactions. And that seems to be the spine that will drive the growth in the coming years and 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. Move to the next. From a KRA perspective, you know that under the ages of the industry and the key regulatory guidance, the finance 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 #2 in the country. We used to be #3 I think in the last 3 years, the sustained work done by the team has catapulted us to #2. And in January this year, you would have noticed that we brought over through a slump sale the assets of NSE's KRA business, which was called [indiscernible] KRA in CAMS. This was a slump sale we brought the contracts and the employees on 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. And you will see that as the individual propensity to participate in demat accounts, day trading, direct equity investment, FNO, mutual funds, all of that continues. The future for CAMS KRA should be sustained and sustained and bright. You will also see that we have continued now increasing the momentum in selling to our non-MF clients, which is largely depository participants and brokerages. And I've stated this in the past in our earnings calls that 2 of the top 5 leading brokerages, they're 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 '26 and some of which will continue fueling growth in FY '27. So overall, a great day for both CAMSPay and CAMS KRA in FY '26. 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-plus 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. But despite all of that, we've sustained our leadership position at 50% market share of the outsourced market, crossed INR 3 lakh crore and assets on the servers. And then the only thing I would say is that we continue, I mean, heralding digitization in this marketplace, which has largely been an HNI marketplace because the entry [indiscernible] sizes for investment are large. But from our 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 embraces 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 4 to 5 weeks of WealthServ 2.0, which is the advanced and kind of the more accomplished version of WealthServ. So you'll see that in the coming times. But again, overall, like in KRA and payments, a fantastic care for alternatives. Go to the next. From an insurance depository perspective, I would say that insurance repository in India has yet to realize its full potential. But in FY '26, the depository 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. So consistently, you will see a market share story across businesses. I showed you a 68% market share in RPA, 50% plus in AIF, 40% in repository and our #2 stated position in CAMS KRA. So 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. But to operate and scale in the market is the tough game, which we've done over the last 20 years. Bima Central, which is the transaction and the interaction layer built on top of the repository platform has done well. This is scaled to now have about 20 lakh unique users. Of course, 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. So I think 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. But a great year for them for this business. And then from an overall insurance relationship perspective, whether for Bima Central or CAMS repo or the services business, the base has expanded to 16 insurance companies. 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. And of course, there are many other things which are likely to happen. Flow-based credit like on credit rating was supposed to be one of the use cases. All of those are things which will emerge as we move forward. But with 90-plus FIPs and expanding share of transaction volumes, this business continues to make its mark in the overall account aggregator and [ PSP ] arena. Think360 has done well. You've seen us win large contracts, there was a large peer form 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 [indiscernible] KYC arena with large banks, especially public sector banks. So a good story consistently over the year from Think360. And then from a CRA perspective, you know that we crossed the 2 lakh subscriber mark. Of course, 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 ] POP active with about [ 3. ] We almost have, I would say, a large section of the market share or what their source of business coming to us. eNPS continues to be a product of choice for us. So all of that CRA will scale. Of course, we assure that it can scale faster than what we've done in the previous years and hopefully, FY '27 will present, I would say, a remarkable scale up and momentum for this business. So that's really on the beyond mutual fund arena. I will move forward and talk a little about technology. Move to the next, please. And in the technology arena, of course, this chart kind of takes you through the broad part of the stack. And the stack is so large, the individual offerings are so comprehensive that I can spend -- I was talking about this. But 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 1 year. While we had audit PMO as a practice, you see Opera360. When you look at the top of the charts, Opera360s 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 [indiscernible] transactions on a daily basis. To fix them, I think that's a smart lift-up from what we were doing until recently. You see further down [indiscernible], 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, which -- 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 rAIdar at the bottom where there is, again, in this world of fin influencers, et cetera, and a relative lack of ability to monitor what anyone is saying at any point in time on social media, especially, but social media is not the only place you want to monitor. But rAIdar kind of enhances the capability of individual asset managers and some other companies and 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, nonconformers 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, we know that this law is about to come into 1st 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 have kind of found it fit and absolutely equal to the task in terms of selling it in the market, so 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 grow a share of that market. So that's relatively new. And then from an AI perspective, CAMS Lens, which gives you -- it's completely an AI-based platform, which cross through regulatory websites and it gives a variety of value adds in terms of summaries of documents, blending, all topics related to a particular regulatory topic like domination or transmission or stress testing of assets. Any one of those, they 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 a scale queries to look for erroneous transactions. So that's a lot of smart deployment of AI. You know that we branded CAMS AI about 1.5 years back or about as much time back just to make sure that AI was partly 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. But some of these products, I think have used it very smartly in CAMS Lens, as the commercial product, you'll see. I mean, you've begun to see it in the markets, and you'll see a lot more of it. And like I said, whether it's WealthServ 2.0 or ConsenPro or WatchTower or Opera360. And there are several more you will find us taking more and more space inside of the capital markets and inside for national services with this expanding suite of products. Move to the next. Just want to -- I spoke about CAMS Lens. So this is about emerging overall tech capabilities. You will see us having built agentic AI platforms. I spoke about CAMS Lens. So the 2 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 spot APIs to kind of connect with us in a fairly seamless way, not worried too much about documentation and interpretation of documentation and not go through any, I would say, complexity or [indiscernible] in terms of the integration. So that API model now [indiscernible] is now available, and the sandbox is available. And 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 adjudicated by AI. We have, of course, continued to deploy a human checker. So this is about, I would say, less than 6 months old, maybe 4, 5, 6 months old, started sometime in '26. But the maker is AI now. And with a very 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 foreign exchange, they become italics, some of that is in bold, some of that is cursive, there are colors in the forms. And despite all that noise, I think the ability of the AI to read all of this is very, very productivity accretive. You've heard that we've stated FY '27 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. And this -- I mean, things like CAMS Lens and ConsenPro are great examples, but I want to talk about AI lead form extraction, which is in production now in operation for several months. And you will see this capability deepen as we move forward. Can you go to the next, please? You 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 platform -- distributing mutual funds and work for the banks or platforms and 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 RPA, the AMC, the exchange platforms, the distributors and the banks. Practically, everyone gets busy every day trying to cure those about 1% to 2% transactions, which have potentially a chance of getting rejected. You will see from us, and 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, and we're just waiting to communicate to the market 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 industry, the CAMS industry. But very happy to share this development with you. And then from an overall data warehouse perspective and the Gen AI suite covering signature identification, identity, figuring out deepfakes, deepfakes are becoming a cause of concern in any industry, especially in financial services, reading of e-mails and responding to e-mails, which has been on for some time. It is just getting, I would say, smarter with the deployment of AI, and then voice recognition and voice bots for agents. A lot of the stuff is built internally. This is all our IP. When I spoke to you last year, I'd probably not spoken with the same energy as I was speaking today because a lot of this was work in progress 1 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. But I don't want to wait for a year. I think you'll 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 don't think this is the right forum for me to go through them, piece by piece, one by one. But Agenix, [indiscernible], all of you and any one of you who is interested, kindly go to the website or look at our LinkedIn post, et cetera, you'll get a good idea about things like Agenix. I spoke about ConsenPro. [ UPI AutoPay ] 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 cost for getting one or trying to get one, and we'll integrate the process of scheme selection, making a payment mandate and then doing KYC all on one machine in one session, and one can make a payment and get started. So 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, with that of the shareholders. I'll move forward. I think the Chairman referred to these things. So I will not go into most detail. But very happy and very proud to show you these numbers. You see the total income at INR 1,567 crores. PAT at INR 47,600 lahk crores. When you see the charts at the bottom, you can see the fantastic growth in numbers over the last 4 years. For the last 5 years, we perhaps doubled these broad financial metrics, both revenue impact. By quantum, you can see the dividend is a very healthy dividend of [ 6.25% ] across the board, earnings per share of over INR 19. The cash equivalents, I think at some time will get closer to INR 1,000 crores end of the year at about INR 850 crore. EBITDA margins for the year at 45%, absolute rupee EBITDA just short of INR 700 or INR 683. And then PAT CAGR, I think I need to show you the metric that this just one line, 18% 5-year PAT CAGR. And I'm just hoping that we have all the arsenal in place to repeat this in the coming 5 years. Move forward. From a growth story perspective, you've heard about all of this, revenue or EBITDA growth, fantastic numbers are over 16% and over 18%. AUM growth has certainly supported, that's just short of 20%, and then PAT at over 80%, as you've seen. Move to the next, next. From an ESG awards, thought leadership, industry presence, industrial relevance perspective, I think we've 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 going to [indiscernible], et cetera. Sessions with NISM, several industry forums. And you will see a lot of stuff which has happened in print. Of course, I'm sure a 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's become the source of more than one story in the marketplace, a lot of publication just -- a lot of TV channels just picked it up for their own consumption and to build what they believe are credible story lines. But I'm very happy that CAMS was 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 will see 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 we'll 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 our 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, and you will see that, and overwhelming 96% plus fraction of our franchise rated us, rated satisfaction through a satisfied or very satisfied rating. Of course, the small tail of over 3% people who are unhappy as you've seen that, that has continued to fall over the years. We obviously want it to be even narrower than what it is right now, and we'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 that kind of stuff, children's education in far-flung areas. A lot of this was focused only in the state of Tamil Nadu about 3 or 4 years back. We have broadly diversified. You will see activities in the states of Maharashtra now. Quite about in [ UP, ] quite a bit in [ Orissa. ] So we've diversified meaningfully, just given the expanded 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're headquartered, where we have upwards of 70% of the staff. So obviously, this will remain a focus area. But the relevance to the other major states continues to expand. And then from a health care perspective, [ eye CAMs ] and your focus on rural health has continued to define the overall ESG posture. From a road ahead perspective, and you can see that expanding wallet share from MF by expanding. We've continued to expand into adjacencies, products like [indiscernible], et cetera, have been there for a long time, but continuing to expand through focused point offerings, which solo part of the problem. You can see this on the names here in terms of affluence, 360 WatchTower, ConsenPro and CAMS Lens are the emerging ones. SIF, of course, is fast becoming an established product class, has been around now for almost close to a year. The payment of [indiscernible], which is [ IT to pay ] will also drive meaningful expansion for the SIP market, both for payments and for new SIP registration so that will be relevant. CAMSRep had launched Bima Central, has now launched the Bima Central administrator to bring in to its full the contribution made by insurance brokers. So 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 GIFT. And CAMS KRA, like I said, the expansion in sales capability segments beyond MFs helped the acquisition of the slump sale from NSE KRAs helped. And 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. So we'll pause here. And appreciate your time in kind of 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. So I'll hand over to the moderator from here, and then we'll begin the Q&A session. Thank you.

[Operator Instructions] We have the first question from Mr. [indiscernible].

Am I audible?

Yes, Mr. Himanshu. You are audible.

Respected Chairman, [Foreign Language]. Company Secretary for sending the hard copy of the AGM report.[Foreign Language] Already, Chairman and management, excellent speech are given in an informative and full of details. So I don't have much questions. I already sent my questions and queries through the e-mail [Foreign Language]. Sir, I still have 3 questions. What is the market share we have in domestic as well as in international market? My second query, what is the profit selling ratio coming financial year? My third query, let me know how many branches we have established [indiscernible] over in the state. And if yes, in which state and if employee strength is increasing in current financial year? [Foreign Language]. I wish you good luck and a bright future for the coming financial year. Thank you for allowing me to speak. [Foreign Language]

Thank you, [ Mr. Himanshu. ] We have the next question from speaker #2, [indiscernible].

Am I audible, sir?