KFin Technologies
KFin Technologies
Capital Markets F&OKey Fundamentals
SmallcapRTACapital MarketsTapetide Score
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Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 48.3% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 46.3%
Weaknesses
2- Stock is trading at 8.58 times its book value
- Promoter holding has decreased over last 3 years: -26.3%
Growth Rate
AI Analysis — Bull vs Bear
KFin Technologies has a market capitalisation of about ₹14,634 crore and trades at a P/E of 42.6x and a P/B of 8.69x. It has compounded sales at 22% over both 3 and 5 years with a return on equity (ROE) of 22-24%, and it is almost debt free. However, TTM profit growth has slowed to 3% against 23% sales growth, the stock has fallen 20% over the past year, and promoter holding has dropped 26.3% over three years.
- Revenue growth is steady: compounded sales growth is 22% over both 3 and 5 years, and TTM sales growth is 23%. Growth has not slowed at the top line.
- Return on equity is high and stable: 22% last year, a 23% 3-year average and a 24% 5-year average. This points to a capital-light business with lasting returns.
- Profit has compounded at 48.3% CAGR over 5 years and 19% over 3 years, showing the operating leverage the platform has delivered over the longer term.
- The company is almost debt free, so it has little financial risk and room to fund technology spending or acquisitions from internal cash flows.
- The dividend payout ratio is a healthy 46.3%, giving a 1.43% dividend yield. That is meaningful for a company still growing sales at over 20%.
- The stock has fallen 20% over the past year while sales still grew 23% TTM. The pullback has partly reset valuation compared with the stock's 21% 3-year CAGR.
- It holds a large scale position in capital-markets infrastructure, with a market cap of about ₹14,634 crore. Its financial profile of 22% ROE and near-zero debt suits a recurring-fee registrar and transfer agent model tied to growth in financial assets.
- Profit growth has slowed sharply: TTM profit grew only 3% while sales grew 23%. That gap of about 20 percentage points suggests pressure on margins or rising costs.
- Profit growth is slowing over time, from 48% (5-year CAGR) to 19% (3-year CAGR) to 3% (TTM). The earlier high growth rates may not continue.
- The valuation is rich at 42.6x earnings, an earnings yield of only about 2.3%. If profit growth stays near the 3% TTM level, the multiple could come down.
- At 8.69x book value, the price-to-book is steep compared with a 22% ROE. Investors are paying about 39x the ROE for each unit of book value.
- Promoter holding has fallen 26.3% over the last 3 years. Sustained selling by promoters can add supply to the market and weaken the signal of promoter commitment.
- The stock has fallen 20% over the past year, which reflects weaker market sentiment even while sales keep growing.
- ROE has eased from a 24% 5-year average to 22% last year. Returns are slipping slightly as the equity base grows.
- The stock's 1.43% dividend yield is modest, even with a 46.3% payout ratio. Income offers limited cushion against a possible valuation reset from 42.6x earnings.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Heavy institutional investor outreach Sep 21
KFintech scheduled one-to-one virtual meetings with Burman Capital on Sep 16, 2026 and Balyasny Asset Management on Sep 24, 2026. Both use previously filed materials, including the July 24 financial update, so no new disclosures are expected.
- Anand Rathi, J.P. Morgan conferences Sep 16
The company is attending the Anand Rathi G-200 Summit on Sep 21, 2026 and the J.P. Morgan India Conference on Sep 22, 2026, both in Mumbai. This points to steady engagement with domestic and global institutional investors.
- ESG rating of 71.31 Sep 18
Niche Ninety Nine gave KFintech an ESG rating of 71.31 for FY26, based only on the company's standalone public disclosures. The score suggests reasonable ESG disclosure standards but doesn't directly change the business outlook.
TL;DR: All news this month is routine: investor meetings, conference appearances and an ESG rating of 71.31. Nothing points to new headwinds or new growth triggers. The busy schedule of meetings with institutional funds such as Balyasny, Burman Capital and J.P. Morgan conference attendees shows strong institutional interest, which may support the stock's valuation and visibility. The trend looks stable rather than improving or deteriorating, and the next real catalysts are likely the Q2 FY27 results and capital-market activity levels that drive mutual fund and issuer-solutions volumes.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 182 | 209 | 219 | 228 | 238 | 280 | 290 | 283 | 274 | 309 | 371 | 347 | 357 |
| Expenses | 112 | 116 | 121 | 125 | 138 | 154 | 159 | 160 | 160 | 174 | 219 | 219 | 235 |
| Operating Profit | 70 | 93 | 98 | 104 | 100 | 127 | 131 | 122 | 114 | 136 | 152 | 128 | 122 |
| OPM % | 39% | 45% | 45% | 45% | 42% | 45% | 45% | 43% | 41% | 44% | 41% | 37% | 34% |
| Other Income | 5 | 6 | 6 | 7 | 8 | 11 | 9 | 10 | 10 | 11 | -2 | 11 | 10 |
| Interest | 3 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 12 | 13 | 13 | 15 | 15 | 17 | 16 | 17 | 18 | 18 | 23 | 27 | 27 |
| PBT | 60 | 84 | 89 | 94 | 92 | 119 | 122 | 114 | 105 | 127 | 125 | 111 | 103 |
| Tax % | 28% | 27% | 25% | 21% | 26% | 25% | 26% | 26% | 26% | 26% | 27% | 27% | 27% |
| Net Profit | 43 | 61 | 67 | 74 | 68 | 89 | 90 | 85 | 77 | 93 | 92 | 81 | 75 |
| EPS in Rs | 2.55 | 3.61 | 3.92 | 4.36 | 3.97 | 5.21 | 5.25 | 4.94 | 4.49 | 5.42 | 5.33 | 4.7 | 4.35 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 162 | 450 | 481 | 640 | 720 | 838 | 1,091 | 1,301 | 1,384 |
| Expenses | 97 | 291 | 269 | 352 | 422 | 473 | 612 | 772 | 847 |
| Operating Profit | 66 | 159 | 212 | 288 | 298 | 364 | 479 | 530 | 537 |
| OPM % | 40% | 35% | 44% | 45% | 41% | 43% | 44% | 41% | 39% |
| Other Income | 2 | 5 | 5 | 6 | 17 | 25 | 38 | 30 | 30 |
| Interest | 20 | 53 | 52 | 53 | 11 | 9 | 5 | 5 | 5 |
| Depreciation | 34 | 92 | 98 | 37 | 47 | 53 | 64 | 86 | 96 |
| PBT | 14 | 19 | 68 | 204 | 258 | 327 | 448 | 468 | 466 |
| Tax % | 35% | 76% | 196% | 27% | 24% | 25% | 26% | 27% | — |
| Net Profit | 9 | 5 | -65 | 149 | 196 | 246 | 333 | 344 | 342 |
| EPS in Rs | 0.54 | 0.3 | -4.28 | 8.87 | 11.57 | 14.39 | 19.33 | 19.92 | 19.8 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 40% | 39% | 60% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 166 | 151 | 151 | 168 | 169 | 171 | 172 | 173 |
| Reserves | 353 | 259 | 196 | 477 | 701 | 970 | 1,236 | 1,501 |
| Borrowings | 435 | 413 | 383 | 160 | 160 | 49 | 47 | 55 |
| Other Liabilities | 68 | 46 | 194 | 222 | 220 | 229 | 296 | 1,041 |
| Total Liabilities | 1,022 | 868 | 923 | 1,026 | 1,250 | 1,418 | 1,750 | 2,770 |
| Fixed Assets | 732 | 691 | 630 | 669 | 691 | 764 | 803 | 1,773 |
| CWIP | 0 | 0 | 3 | 35 | 40 | 37 | 29 | 65 |
| Investments | 112 | 14 | 95 | 93 | 229 | 150 | 462 | 239 |
| Other Assets | 178 | 163 | 196 | 230 | 291 | 467 | 456 | 691 |
| Total Assets | 1,022 | 868 | 923 | 1,026 | 1,250 | 1,418 | 1,750 | 2,770 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 63 | 101 | 205 | 253 | 223 | 289 | 399 | 370 |
| Investing | -816 | 94 | -104 | -115 | -204 | -178 | -329 | -199 |
| Financing | 775 | -206 | -89 | -115 | 7 | -127 | -95 | -134 |
| Net Cash Flow | 23 | -11 | 11 | 22 | 27 | -15 | -25 | 36 |
| Free Cash Flow | 58 | 94 | 175 | 185 | 154 | 204 | 313 | 259 |
| CFO/OP | 124 | 83 | 98 | 105 | 94 | 97 | 103 | 90 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 198 | 72 | 84 | 64 | 64 | 66 | 64 | 76 |
| Cash Conversion Cycle | 198 | 72 | 84 | 64 | 64 | 66 | 64 | 76 |
| Working Capital Days | -13 | 16 | 5 | 22 | -34 | 34 | 31 | 49 |
| ROCE % | — | 8% | 15% | 34% | 29% | 30% | 33% | 29% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY19–FY27.
Documents
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Company Information
KFin Technologies Limited is a leading technology-driven financial services platform. The company provides services and solutions to asset managers and corporate issuers across asset classes in India and provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong.[1]
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