KFINTECH
Small CapKfin Technologies Limited
IT
KFin Technologies is a leading tech-driven financial services platform for capital markets, serving asset managers and corporate issuers across 18 jurisdictions. It's India's largest investor solutions provider to MFs and issuer solutions provider, and one of three CRAs for NPS, offering comprehensive services across asset classes.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/10 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -5% YoY · margin compression · Rev +23% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹347 Cr | +22.6% | -6.5% |
| EBITDA | ₹128 Cr | +4.9% | -15.8% |
| Operating margin | 37.0% | -600 bps | -400 bps |
| PAT | ₹81 Cr | -4.7% | -12.0% |
| PAT margin | 23.3% | -670 bps | -146 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
KFINTECH reported Q4FY26 revenue up 22.9% YoY, with core revenue up 24.7%. EBITDA grew 5.1% YoY to 1,285.1mn (37.0% margin), but Core PAT declined 1.0% YoY to 841.7mn (24.2% margin). FY26 saw revenue up 19.3% YoY, EBITDA up 10.6% YoY (40.7% margin), and Core PAT up 6.2% YoY (27.1% margin).
The company shows strong YoY revenue growth, driven by international expansion and acquisitions. However, Q4FY26 saw sequential softness and a YoY decline in core PAT and EPS, impacting profitability. Integration synergies are expected, but current margins are under pressure.
Revenue by vertical (Q4FY26)
Latest issuer-disclosed distribution across 8 reported categories.
International Expansion
Completed the acquisition of Ascent Fund Services, expanding global footprints to 18 countries. International business grew over 100% y-o-y.
Domestic Mutual Fund Solutions
Overall AAUM growth at 21.0% y-o-y at par with industry, market share at 32.4%. Won two SIF mandates.
AIF & Wealth Investor Solutions
Total no of AIF funds at 716 (38.1% market share). AUM grew 18.8% y-o-y to 1.7 trillion. Won 47 new AIF funds.
National Pension System
NPS subscriber base grew by 35.6% y-o-y vs 11.7% y-o-y growth for the industry. Market share at 11.9%.
Ascent Fund Services Acquisition
Completed the acquisition of Ascent Fund Services, expanding global footprints to 18 countries servicing nearly 1,000 global asset managers.
Philippines Pension Platform
POC completed for maiden pension administration platform deal from one of the largest banks in Philippines, project development to kickstart in Q1FY27.
Digital Assets Development
Won a contract from an AMC for development of digital assets. Won a contract from an NBFC for development of digital assets for wealth business.
AI-led Investor Relations Platform
Launched "AEGIX", India’s first fully integrated AI led investor relations platform for listed corporates.
Diversified Business Model
Performance underpinned by the strength of our diversified business model and strong focus on productivity and efficiency.
Ascent Integration Synergies
Making progress on the Ascent integration, with improving synergies and margins expected to trend upward as the integration matures.
Growing Market Confidence
Seeing a meaningful step-up in the quality of international mandates, with new client wins including funds with AUM in excess of $100 million.
Global Uncertainty
Challenging macro and geopolitical environment that weighed on markets in the second half.
Equity Market Weakness
Equity market weakness and global uncertainty impacted flows and valuations in the fourth quarter.
Sequential Softness
Fourth quarter witnessed some sequential softness, consistent with broader market trends.
Potential Legal Claims
Recognised a provision of 90.09 million towards potential claims by a former client, including claims relating to dividends on shares for earlier periods.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reports both quarterly and annual results. While annual (YoY) growth reflects strategic expansion and overall business trajectory, management explicitly noted "sequential softness" in Q4, making QoQ comparison crucial for assessing recent momentum and market conditions.
Domestic MF AAUM Growth
Overall AAUM growth at 21.0% y-o-y at par with industry, market share at 32.4%.
International AUM Growth
Overall AUM grew 381.5% y-o-y to US$45.7 billion.
International & Other Investor Solutions Core Revenue Growth
International and other investor solutions core revenue up by 161.1% y-o-y (Q4FY26) and 103.4% y-o-y (FY26).
NPS Subscriber Base Growth
NPS subscriber base grew to 2.2 million, up by 35.6% y-o-y vs. 11.7% y-o-y growth for the industry.
Deepening International Expansion
Remain focused on disciplined execution, deepening the international expansion.
Harnessing Technology for Operating Leverage
Harnessing technology to build operating leverage and positioning KFintech for sustainable long-term growth.
Ascent Integration Maturity
Improving synergies and margins expected to trend upward as the Ascent integration matures.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| International Business Revenue Share | ~20% of overall revenue mix (FY26) | Continued increase in the share of international business in overall revenue. |
| Core PAT Margin (incl. Ascent) | 24.2% (Q4FY26), 27.1% (FY26) | Recovery and expansion of core PAT margins as Ascent integration synergies materialize. |
| Domestic Equity AAUM Market Share | 32.1% (Q4FY26) | Stabilization or recovery of market share in domestic equity AAUM. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
KFintech will strengthen its differentiated fund administration and accounting services to global large asset managers.
"This will enable us to strengthen our differentiated fund administration and accounting services"
KFintech's thrust will continue to be on designing world-class innovative solutions for clients and delivering service excellence, leveraging unconventional technology stack and focused business development efforts.
"Our thrust will continue to design world class innovative solutions for our clients and deliver service excellence"
KFintech will continue to drive growth, diversification, and market leadership across its businesses.
"we will continue to drive growth, diversification, and market leadership across our businesses"
KFintech, with its multi-asset servicing platform, is well positioned to benefit from strong growth across large markets in India.
"is well positioned to benefit from strong growth across large markets in India"
Trend score and candlestick chart
43NeutralSMA20 -14.4% / mo · near 52W low
Technical chart
KFINTECHdaily · 6M-17.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~11.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 24% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Fair-value margin of safety is negative at -17.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 92nd percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding is only 22.9%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 92nd pctile, median 68 · Small: 97th pctile, median 65
70 documents indexed, but claim history is not strong enough yet.
10 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸Promoter holding is only 22.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 41.00
- P/B
- 8.63
- EV/EBITDA
- 23.61
- Market Cap
- 14466.00Cr
Profitability
- ROE
- 22.90%
- ROCE
- 30.50%
- ROA
- 12.40%
- Dividend Y
- 0.90%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 105.80×
- Altman Z
- 8.07
- Book Value
- 97.00
Cash Flow
- FCF Yield
- 1.15%
- FCF Positive Y
- 7/5
- OCF
- 370.00 Cr
- EPS TTM
- 19.92
Shareholding
- Promoter Hold
- 22.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.