Computer Age Management Services Limited (CAMS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+148.0%

₹1,719.19

vs ₹693.35 price

Levered DCF

₹1,697.57

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

25.03

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	32.54×	38.48×	41.74×	35.09×	39.43×	43.88×	39.8×	52.39×
P/B	11.73×	16.24×	16.14×	12.8×	17.57×	17.52×	12.67×	15.48×
P/S	10.22×	12.77×	12.99×	10.3×	12.51×	12.81×	9.77×	9.85×
EV / EBITDA	20.63×	27.58×	29.43×	23.94×	27×	30.72×	24.12×	26.35×
Gross margin	38.6%	65.6%	63.5%	61.7%	63.3%	60.9%	61.1%	61.2%
Operating margin	38.6%	65.2%	63.2%	61.2%	52.7%	49.3%	48.3%	45.9%
Net margin	31.4%	33.1%	31.1%	29.4%	31.5%	29.1%	24.6%	18.8%
Current ratio	3.43×	3.36×	3.25×	4.3×	3.56×	2.86×	4.31×	2.89×
Debt / equity	0.05×	0.08×	0.12×	0.12×	0.13×	0.17×	0.19×	0.25×
Interest coverage	83.79×	109.48×	87.43×	78.22×	67.26×	44.01×	34.77×	30.43×
Dividend yield	2.0%	1.9%	1.4%	1.8%	1.7%	2.8%	1.0%	1.9%
Payout ratio	64.0%	73.3%	58.3%	64.8%	65.7%	121.4%	41.7%	101.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	36.0%	42.0%	38.7%	36.5%	44.3%	39.8%	31.8%	29.6%
Return on invested capital	29.9%	53.7%	47.2%	47.7%	45.8%	38.3%	32.5%	33.0%
Return on assets	26.3%	29.4%	25.0%	26.0%	30.0%	24.4%	21.4%	17.7%
Free cash flow yield	3.1%	2.0%	2.5%	2.7%	2.3%	2.6%	2.7%	2.2%
Earnings yield	3.1%	2.6%	2.4%	2.9%	2.5%	2.3%	2.5%	1.9%
Enterprise value	₹151.5B	₹180B	₹148.6B	₹100.9B	₹114.5B	₹91.1B	₹69.2B	₹69.4B
Net debt / EBITDA	-0.47×	-0.26×	0.2×	0.18×	0.18×	0.24×	0.28×	0.39×
Cash conversion cycle (days)	-21	-31	3	-286	69	-22	-410	-321