KFin Technologies Ltd
KFin Technologies Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY19–FY26.
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Technical Indicators
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 9.69 times its book value
- Promoter holding has decreased over last 3 years: -26.4%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoKFin Technologies is a near-debt-free capital markets infrastructure company with a 32% share of India's mutual fund RTA market. FY25 consolidated revenue grew 30.2% YoY to ₹1,091 crore with a 5-year profit CAGR of 48%, though the stock trades at an elevated 46.7x PE and 9.5x book value while promoter General Atlantic has reduced its stake by ~26% over the past two years.
- FY25 revenue from operations grew 30.2% YoY to ₹1,091 crore, demonstrating strong top-line momentum
- 5-year compounded profit growth of 48% CAGR indicates rapid earnings scale-up from a low base
- Company is virtually debt-free, providing financial flexibility and low interest cost burden
- Consistent 3-year ROE of 23% and 5-year ROE of 24% reflect efficient capital deployment
- Healthy dividend payout ratio of 46.3% with a 1.29% yield signals shareholder-friendly capital allocation
- Diversification underway — domestic MF revenue share reduced from 71% to 59.8% of total, with international investor solutions rising to 16.7%
- 39% market share in Alternative Investment Funds managing ₹1.8 trillion AUM provides a growing non-MF revenue stream
- 3-year compounded sales CAGR of 22% shows sustained demand for RTA and capital market infrastructure services
- Stock trades at 46.7x PE, a significant premium to peer CAMS which trades at ~39x PE despite CAMS holding a larger 68% MF RTA market share
- Promoter General Atlantic sold ~26% stake between Q3 FY24 and Q1 FY26, reducing holding to 22.9% — sustained supply overhang
- Price-to-book of 9.54x is elevated for a services business, leaving limited margin of safety
- TTM profit growth decelerated sharply to just 3% versus the 5-year CAGR of 48%, suggesting growth normalization
- Stock has declined 17% over the past 1 year and corrected ~40-50% from its 52-week high, reflecting market re-rating risk
- EBITDA margin compressed to 41.5% in the most recent quarter from 43.25% sequentially, indicating cost pressures or investment drag
- 32% mutual fund RTA market share versus CAMS's 68% means KFin is the smaller duopoly player with less pricing power
- Revenue remains significantly linked to equity market AUM levels — a prolonged market downturn would directly impact fee income
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 net profit falls 2.6% YoY Jul 27
Consolidated net profit declined to ₹752.14M in Q1FY27, a 2.6% YoY drop despite 30% revenue growth, indicating margin pressure amid top-line expansion.
- 18-20% revenue CAGR guidance reaffirmed Jul 28
Management reaffirmed 18%-20% revenue CAGR, 40%-45% EBITDA margins, and 17%-20% EBITDA growth targets. Cost optimization from Q2 and Ascent subsidiary targeting double-digit EBITDA margin within 12 months.
- 30% revenue growth in Q1FY27 Jul 27
Consolidated revenue rose 30% YoY to ₹3,565.36M in Q1FY27, driven by strong international segment growth.
- New COO appointed for registry Aug 1
Narayan Venkat appointed as COO – Corporate Registry effective August 01, 2026, strengthening the leadership team.
- Singapore investor conference participation Aug 12
KFin Technologies will present at the Ambit-Daiwa India Access conference in Singapore on August 17, 2026, engaging institutional investors.
- AGM resolutions approved Jul 22
Shareholders approved financial statements, dividend, and director appointments at the 9th AGM held on July 22, 2026.
- Analyst meet hosted in Mumbai Jul 23
KFin Technologies hosted an in-person analyst meet with Lyptus Capital in Mumbai on July 28, 2026, presenting updates consistent with April 29 disclosures.
TL;DR: KFin Technologies is delivering strong top-line momentum with 30% revenue growth and has reaffirmed ambitious medium-term guidance of 18-20% revenue CAGR. However, Q1 profit declined 2.6% YoY despite the revenue surge, signalling near-term margin compression. Management expects cost optimization benefits to kick in from Q2 onwards, making the next quarter a key proof point for the margin recovery thesis.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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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]