AI-generated · cited to primary sources · not investment advice
Cams Services (543232) Aug 2025 Filing Analysis
Does management do what it says?
Management had guided for a 0.03 to 0.04 bps yield compression for Q2 FY26, and the actual result came in at exactly 0.04 bps, meeting the guidance despite a static equity mix. (1 met, 1 revised across 2 tracked commitments)
“And you know that from, if you see the math on a 5-year average basis, telescopic depletion has been around 3% to 3.5% per year. So, we should expect closer or lesser to that going forward in terms of yield depletion. ... But the next 3 quarters would see a very, very moderate decrease, if at all, in terms of yield depletion.”
See the full cited Management analysis of Cams Services
What could break the thesis?
The KRA business is currently intensifying as a risk due to industry-wide contraction in new account openings for F&O and regular trading, leading to a year-on-year and quarter-on-quarter contraction in this segment. (1 intensifying, 4 easing)
“Our KRA business from a year-on-year and a quarter-on-quarter perspective did see some contraction... given everything which has been happening, including the smaller number of new accounts which are being opened for F&O and regular trading.”
See the full cited Risk analysis of Cams Services
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