NSE: KFINTECH · BSE: 543720
KFIN TECHNOLOGIES LIMITED
Operates as a Registrar and Transfer Agent (RTA) serving India's mutual fund industry and corporate registry clients. Three reporting segments generated ₹1,301.49 crore in FY26 revenue. Domestic mutual fund investor solutions is the largest, contributing 66.2% of segment revenue (₹862.23 crore) at a 56.7% EBIT margin — the core RTA business processing folios for asset management companies, with 32.8% market share in AAUM. International and other investor solutions contributed 20.6% (₹268.04 crore) at a 9.6% EBIT margin, covering the Ascent-acquired global fund administration business for 511 international clients and the National Pension System (NPS) platform managing ~2.5 million pensioners and ~60% of Indian pension fund managers on its mPower platform. Issuer solutions contributed 13.2% (₹171.23 crore) at a 49.2% EBIT margin, providing corporate registry services to listed companies — with main board IPO market share of ~80% by market cap on issue size, winning mandates for Jio Platforms, Razorpay, Groww, FirstCry and Garuda Aerospace. The largest cost is people, with employee costs at ₹525.08 crore or 40.3% of revenue, followed by other operating expenses at ₹246.75 crore (19%). The business is asset-light with capex at 3.1% of revenue, debt-free, and a cash position of ₹687 crore. It is the largest RTA in India by folios managed and holds 50% market share among NSE500 corporates. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Domestic mutual fund investor solutions (66%), International and other investor solutions (21%), Issuer solutions (13%). Asset-light, services-based financial intermediary (RTA)
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 720 | 838 | 1,091 | 1,301 |
| EBITDA (ex other income) | 298 | 367 | 479 | 517 |
| margin % | 41.4 | 43.8 | 43.9 | 39.7 |
| Owners' profit | 0 | 0 | 333 | 0 |
| EPS, as reported (₹) | 11.66 | 14.46 | 19.39 | 19.95 |
| ROE % · ROCE % | 22.5 · 26.4 | 21.6 · 25.9 | 23.6 · 28.6 | 20.5 · 18.9 |
| Debt / equity (x) | 0.15 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 223 | 289 | 399 | 370 |
| Capex | (23) | (28) | (41) | (40) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 280 | 290 | 283 | 274 | 309 | 371 | 347 | 357 |
| Profit before tax | 119 | 122 | 114 | 105 | 127 | 125 | 111 | 104 |
| Net profit | 89 | 90 | 85 | 77 | 93 | 92 | 81 | 75 |
| EPS (₹) | 5.21 | 5.25 | 4.95 | 4.49 | 5.42 | 5.34 | 4.70 | 4.36 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Domestic mutual fund investor solutions | 862 | 66.2 |
| Issuer solutions | 84 | 6.4 |
| International and other investor solutions | 268 | 20.6 |
| Issuer Solutions | 87 | 6.7 |
| Total, before eliminations | 1,301 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL DEPO SER (I) LTD | 25,540 | 54.2 | 12.76 | 37.5 | 22.7 | 29.9 | 27.2 | 63.4 |
| COMPUTER AGE MNGT SER LTD | 16,813 | 17.6 | 12.73 | 22.9 | 35.7 | 43.8 | 16.5 | 50.5 |
| KFIN TECHNOLOGIES LIMITED ◆ | 15,030 | 43.9 | 8.98 | 26.7 | 20.5 | 18.7 | — | 37.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.9 | 19.2 | 48 of 58 | 18% |
| P/B | 9.0 | 2.8 | 52 of 65 | 20% |
| ROCE | 18.7 | 16.0 | 15 of 33 | 56% |
| ROE | 20.5 | 11.4 | 19 of 65 | 72% |
| Debt / Equity | 0.0 | 0.0 | 1 of 30 | 72% |
| EBITDA margin | 37.1 | 45.7 | 37 of 64 | 43% |
| Revenue growth | 30.1 | 23.1 | 21 of 58 | 65% |
| Profit growth | (2.6) | 17.6 | 50 of 61 | 18% |
| Market cap | 15030 | 946 | 15 of 69 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Earnings call audio recording uploaded for Q2 and H1 FY27 | investor communications | low | — | — |
| 27 Oct 2026 · KFin publishes Q2 FY27 and H1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 27 Oct 2026 · Thailand subsidiary receives foreign business license | regulatory legal | medium | — | — |
| 26 Oct 2026 · Q2FY27 revenue rises 29.9%, led by international growth | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 29.9%, while PAT growth lags at 7.5% | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 revenue up 30%, profit up 8%; ₹9.3 crore claims provision highlighted | results | medium | — | — |
| 16 Oct 2026 · KFin Tech elevates Srinivas Yadav Karri to Group CISO role | management changes | medium | — | — |
| 12 Oct 2026 · RTA compliance certificate filed for July-Sept 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Earnings call scheduled for October 27, 2026 to discuss Q2FY27 results | board shareholder meetings | low | — | — |
| 1 Oct 2026 · KFintech and APMI launch InPro AML platform for PMS industry | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.