KFINTECH
Kfin Technologies share price & financials
- Price
- ₹915.35
- Market cap
- ₹16.2k Cr
- Sector
- Financial Services
- Calls analysed
- 8
Kfin Technologies Limited Q1 FY27
What went well
- Total revenue grew over 30% YoY (consolidating Ascent), and nearly 10% YoY (excluding Ascent).
- International fund solutions revenue grew over 30% YoY, with Ascent growing nearly 200% YoY.
- EBITDA grew 7.1% YoY and 5.1% QoQ.
What to watch
- PAT showed a marginal decline to flattish performance, largely due to depreciation, amortization, and non-cash items.
- Yield compression in mutual funds due to shift from debt to liquid funds and provision for contract renegotiations.
What Kfin Technologies Limited does
KFin Technologies (KFintech) is a technology-driven financial services platform that provides registrar and transfer agency (RTA), fund administration, fund accounting, digital onboarding and data-analytics services to asset managers and corporate issuers across the capital markets ecosystem. It is India's largest investor-solutions provider to mutual funds by number of AMCs serviced, the largest issuer-solutions provider by number of corporate clients serviced, and one of three operational Central Recordkeeping Agencies (CRAs) for India's National Pension System. Beyond domestic mutual funds it services alternative investment funds, wealth managers, pension schemes and listed corporate issuers, and through its Ascent Fund Services and KFintech SEA units extends fund administration, EKYC/AML/CFT compliance and digital-onboarding solutions to global asset managers across 18 jurisdictions. It earns fee-based revenue for these back-office and technology servicing functions rather than by managing or investing client assets itself.
Segments
- Domestic Mutual Fund Investor Solutions
- Issuer Solutions
- International & Other Investor Solutions
- Alternative Investment Funds (AIF) & Wealth Solutions
- National Pension System (NPS)
- Value-Added Solutions (VAS)
- Market position
- Largest investor-solutions (RTA) provider to Indian mutual funds by AMCs serviced; largest issuer-solutions provider by client count
- Countries served
- 18 jurisdictions
- Domestic AMC clients serviced
- 312 of 592 AMCs in India
- Corporate issuer clients (RTA)
- 9,877
- International clients
- 428, across Ascent Fund Services and KFintech SEA
- Investor service centres
- 195 across India
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 2 delivered 3 missed 17 open- Global Fund Services Revenue Mix delivered said Q3 FY25 Promised: 20%+ post-acquisition Q1 FY27: Management reported that the 'non-domestic mutual fund business' (which includes GFS and Ascent) now contributes 'close to 40% of total revenue', significantly exceeding the 20% target.
- FY26 Capex went quiet said Q3 FY25 Promised: ₹60-70 crores in FY26 Q1 FY27: The target period has passed, and no final figure for FY26 capex was provided.
- EBITDA Margin Band at risk said Q3 FY25 Promised: 40-45% on an ongoing basis Q1 FY27: Reported consolidated EBITDA margin of 34.2%, significantly below the guided band. Management reiterated the goal to 'maintain 40% threshold including Ascent by the end of this year'.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.7%, net profit up 5.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 269 | 282 | 274 | 264 | 297 +10% | 313 +11% | 284 +4% | 287 +9% |
| EBITDA | 123 | 131 | 117 | 110 | 130 +6% | 147 +12% | 120 +3% | 115 +5% |
| Net profit | 85 | 91 | 81 | 76 | 91 +7% | 94 +3% | 85 +5% | 80 +5% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −19.3% 1Y
1Y: ₹1,115.9 on 10 Sept 2025 → ₹900. High ₹1,174.8 (28 Oct 2025), low ₹805.6 (11 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- +10.7%
- 27 Jul
- Q4 FY26
- −8.3%
- 30 Apr
- Q3 FY26
- +3.4%
- 16 Feb
- Q2 FY26
- +0.5%
- 28 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 17.4% a year over 3 years, FY23 to FY26. Operating margin widened to 43.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹715 Cr | ₹811 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Operating profit | ₹298 Cr | ₹359 Cr | ₹469 Cr | ₹507 Cr |
| Operating margin | 41.7% | 44.3% | 44.5% | 43.8% |
| Interest | ₹12 Cr | ₹8 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹45 Cr | ₹48 Cr | ₹59 Cr | ₹66 Cr |
| Net profit | ₹195 Cr | ₹246 Cr | ₹325 Cr | ₹346 Cr |
| Net margin | 27.3% | 30.3% | 30.8% | 29.9% |
| ROCE | 29.0% | 30.0% | 34.0% | 31.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹151 Cr | ₹168 Cr | ₹169 Cr | ₹171 Cr | ₹172 Cr | ₹173 Cr |
| Reserves | ₹193 Cr | ₹478 Cr | ₹702 Cr | ₹971 Cr | ₹1.3k Cr | ₹1.5k Cr |
| Borrowings | ₹346 Cr | ₹158 Cr | ₹159 Cr | ₹48 Cr | ₹47 Cr | ₹42 Cr |
| Other liabilities | ₹230 Cr | ₹216 Cr | ₹213 Cr | ₹228 Cr | ₹346 Cr | ₹327 Cr |
| Total liabilities | ₹919 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Fixed assets | ₹621 Cr | ₹629 Cr | ₹651 Cr | ₹714 Cr | ₹837 Cr | ₹748 Cr |
| Capital work in progress | ₹3 Cr | ₹35 Cr | ₹40 Cr | ₹36 Cr | ₹10 Cr | ₹54 Cr |
| Investments | ₹110 Cr | ₹147 Cr | ₹290 Cr | ₹225 Cr | ₹466 Cr | ₹652 Cr |
| Other assets | ₹186 Cr | ₹209 Cr | ₹263 Cr | ₹443 Cr | ₹544 Cr | ₹561 Cr |
| Total assets | ₹919 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.9k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −7.08 pp while DIIs added +3.60 pp. The shareholder count grew 9% to 2,66,471.
- Promoters
- 22.8%
- FIIs
- 20.7%
- DIIs
- 27.3%
- Public
- 29.1%
Since Jun 2025
- FIIs −7.08 pp
- DIIs +3.60 pp
- Public +3.55 pp
How it drifted, 12 quarters
Over this window promoters fell from 49.1% to 22.8% — −26.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 49.1%, FIIs 9.2%, DIIs 22.1%, Public 19.6%.Dec '23: Promoters 39.0%, FIIs 12.1%, DIIs 24.6%, Public 24.2%.Mar '24: Promoters 39.0%, FIIs 16.7%, DIIs 21.0%, Public 23.3%.Jun '24: Promoters 33.1%, FIIs 22.8%, DIIs 21.5%, Public 22.7%.Sep '24: Promoters 33.0%, FIIs 24.6%, DIIs 20.6%, Public 21.7%.Dec '24: Promoters 33.0%, FIIs 25.4%, DIIs 19.4%, Public 22.2%.Mar '25: Promoters 32.9%, FIIs 22.6%, DIIs 20.4%, Public 24.1%.Jun '25: Promoters 22.9%, FIIs 27.8%, DIIs 23.7%, Public 25.6%.Sep '25: Promoters 22.9%, FIIs 25.5%, DIIs 24.8%, Public 26.8%.Dec '25: Promoters 22.9%, FIIs 26.2%, DIIs 24.9%, Public 26.1%.Mar '26: Promoters 22.9%, FIIs 26.3%, DIIs 25.2%, Public 25.7%.Jun '26: Promoters 22.8%, FIIs 20.7%, DIIs 27.3%, Public 29.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Small Cap Fund Mutual fund newly disclosed 1.79% held
- Bandhan Small Cap Fund Mutual fund newly disclosed 1.40% held
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.83 pp 4.19% held
- Kotak Small Cap Fund Mutual fund +0.43 pp 1.89% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund +0.16 pp 1.80% held
- Indus India Fund (Mauritius) Limited FPI fund +0.14 pp 2.70% held
The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kfin Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| General Atlantic Singapore Fund Pte. Ltd. | 21.89% | unchanged |
| Compar Estates And Agencies Private Limited | 10.65% | unchanged |
| Kotak Mahindra Bank Limited Bank | 7.67% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 4.19% | +0.83 pp |
| St. James's Place Emerging Markets Equity Unit Trust Managed By Wasatch Advisors Inc Global fund house | 3.50% | unchanged |
| Indus India Fund (Mauritius) Limited FPI fund | 2.70% | +0.14 pp |
| Kotak Small Cap Fund Mutual fund | 1.89% | +0.43 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 1.80% | +0.16 pp |
| Mirae Asset Small Cap Fund Mutual fund | 1.79% | newly disclosed |
| Bandhan Small Cap Fund Mutual fund | 1.40% | newly disclosed |
| HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund | 1.28% | unchanged |
| Sei Trust Company, As Trustee On Behalf Of Wasatch Emerging Markets Select Cit Global fund house | 1.26% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in KFINTECH
Filings to Aug 2026
1 new, 5 added, 1 trimmed, 0 sold out — net +1.33 L shares (+1.8%).
- Held by funds
- ₹727 Cr
- 12 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹382 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹382 Cr | held | Jul '23 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹140 Cr | +0.50 L | Dec '22 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹61 Cr | held | Dec '23 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹59 Cr | held | Apr '26 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹32 Cr | held | Dec '25 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹21 Cr | +0.03 L | Mar '23 |
| Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund | ₹12 Cr | held | Aug '25 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹11 Cr | +0.01 L | Mar '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +1.33 L shares (+1.8%)
- Funds are sitting on
- +39%
- vs est. average cost
- Held by funds
- ₹727 Cr
- 12 schemes · ≈ 4.2% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹382 Cr · 0.5% of that fund
- Longest holder
- Nippon India Banking & Financial Services Fund
- 3y 9m · since Dec '22
Shares held by these funds +55%
Aug '23 73.61 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Kfin Technologies Limited
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