Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Runs the back office for fund houses - investor accounts, SIP mandates, NAV-based transactions, payouts, KYC and statements - paid mostly as basis points on the assets they service. Also handles company share registries, IPO allotments, insurance repositories and pension (NPS) records.
Why it matters
Two companies service the whole mutual-fund industry: CAMS about two-thirds of assets and KFin the rest. Contracts last years and switching is rare, so they grow almost in step with industry AUM - a quieter way to own the SIP story than an AMC.
Where the value pool sits
Fees are a few basis points of AUM on a telescopic scale (falling as each fund house grows), so revenue grows a little slower than AUM. Non-fund businesses - payments, KYC, insurance and NPS records, international fund admin (KFin) - are the growth add-ons.
Key drivers
Mutual-fund AUM and SIP transaction growth
New AMCs (each needs an RTA) and new products (SIFs, passive)
Non-MF businesses: alternatives, NPS, insurance repositories, global fund admin
Potential bottlenecks
Telescopic pricing - yields fall as client AUM rises