Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Please find attached Intimation of Schedule of Analyst/Institutional Investors'' Meet
Source: Bse
Kfin Technologies Limited (KFINTECH)
Small CapFinancial Services stocks · Small cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result25 Jul, 12:29 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -6.3% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KFINTECHD candles · FIT view-11.6%Latest close ₹848.80 on 2026-10-21
Bar
-2.7%
RSI
42
MACD hist
2.78
52W pos
15%
2026-10-21O ₹872.55H ₹874.80L ₹840.05C ₹848.80Vol 3.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KFINTECHNifty Financial ServicesNifty 500
- KFINTECH
- -4.5%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +2.0 pp
Chart stats
21 Oct 2026- From 52W high
- -30.1%
- 52W range position
- 15%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.52x
- Avg traded value
- ₹55.2 Cr
- 20D price channel
- ₹815.7 - ₹917.4
₹1,215
₹785 - ₹1,215
₹25.5
Latest completed session
20-session average
34.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +30.3% · PAT -2.6% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-68.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -3% YoY · margin compression · Rev +30% YoY
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹357 Cr | +30.3% | +2.9% |
| EBITDA | ₹122 Cr | +7.0% | -4.7% |
| Operating margin | 34.0% | -700 bps | -300 bps |
| PAT | ₹75 Cr | -2.6% | -7.4% |
| PAT margin | 21.0% | -709 bps | -233 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.70
- P/B
- 9.14
- EV/EBITDA
- 24.31
- Market Cap
- 15334.00Cr
Profitability
- ROE
- 21.60%
- ROCE
- 29.20%
- ROA
- 12.35%
- Dividend Y
- 1.35%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 107.40×
- Altman Z
- 8.12
- Book Value
- 97.00
Cash Flow
- FCF Yield
- 1.12%
- FCF Positive Y
- 7/5
- OCF
- 370.00 Cr
- EPS TTM
- 19.80
Shareholding
- Promoter Hold
- 22.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 357+2.9% vs prev
Net Profit
₹ CrLatest: 75.0-7.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 30% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 1 Base / Transition
1M return
-5.3%
3M return
-4.5%
6M return
-13.6%
1Y return
-24.8%
RS 1D
+2
RS 20D
+3
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 5.4% of the 30-week proxy.
- The 30-week proxy changed -1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 83.19-1.82%
RS vs Nifty 50083
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth18/25
Quality14/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
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 -68.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
43.7
PB
9.1
EV/EBITDA
24.3
ROE
21.6%
ROCE
29.2%
FCF Yield
1.1%
Debt/Equity
0.0
MoS
-68.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-68.1%
Previous: -72.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
54
54
54
54
54
54
53
53
53
53
53
53
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹207.88
-308.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹504.9
-68.1% MoS
PEG
1.20
Comparable companies
Peers
Business-comparable peers in Financial Services — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
POLICYBZR
Mid
PB Fintech Limited
IT Services / Digital
match 143
38
65.9
9.8%
-151%
WATCHLIST
CAMS
Small
Computer Age Management Services Limited
IT Services / Digital
match 143
54
35.1
36.3%
-35%
FAIR VALUE
STYL
Micro
Seshaasai Technologies Limited
IT Services / Digital
match 127
56
21.0
23.3%
+25%
FAIR VALUE
CCAVENUE
Micro
AvenuesAI Limited
IT Services / Digital
match 126
59
14.5
6.6%
+46%
FAIR VALUE
FRACTAL
Small
Fractal Analytics Limited
IT Services / Digital
match 123
44
37.9
12.0%
-5%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-06T08:09:27.670Z
Management commentary snapshot
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.
Current business mix
Revenue by vertical (Q4FY26)
Latest issuer-disclosed distribution across 8 reported categories.
Domestic Mutual Fund61.4%
International Investor Solutions20.4%
Issuer Solution9.4%
Alternates, Private Wealth and PMS4.6%
NPS1.6%
Other Allied Services0.9%
GBS0.2%
OPE1.5%
Growth engines
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%.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
operational efficiencynot yet verifiable
KFintech will strengthen its differentiated fund administration and accounting services to global large asset managers.
Timeframe: ongoingDirection: improvementConfidence: high
"This will enable us to strengthen our differentiated fund administration and accounting services"
operational efficiencynot yet verifiable
KFintech will strengthen its differentiated fund administration and accounting services to global large asset managers.
Timeframe: ongoingDirection: improvementConfidence: high
"This will enable us to strengthen our differentiated fund administration and accounting services"
operational efficiencynot yet verifiable
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.
Timeframe: ongoingDirection: improvementConfidence: high
"Our thrust will continue to design world class innovative solutions for our clients and deliver service excellence"
operational efficiencynot yet verifiable
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.
Timeframe: ongoingDirection: improvementConfidence: high
"Our thrust will continue to design world class innovative solutions for our clients and deliver service excellence"
revenue outlooknot yet verifiable
KFintech will continue to drive growth, diversification, and market leadership across its businesses.
Timeframe: ongoingDirection: increaseConfidence: high
"we will continue to drive growth, diversification, and market leadership across our businesses"
revenue outlookdelivered
KFintech will continue to drive growth, diversification, and market leadership across its businesses.
Timeframe: ongoingDirection: increaseConfidence: high
"we will continue to drive growth, diversification, and market leadership across our businesses"
Outcome check: Revenue YoY averaged 19.6% across 2 later quarter(s).
revenue outlooknot yet verifiable
KFintech, with its multi-asset servicing platform, is well positioned to benefit from strong growth across large markets in India.
Timeframe: futureDirection: positiveConfidence: moderate
"is well positioned to benefit from strong growth across large markets in India"
revenue outlookdelivered
KFintech, with its multi-asset servicing platform, is well positioned to benefit from strong growth across large markets in India.
Timeframe: futureDirection: positiveConfidence: moderate
"is well positioned to benefit from strong growth across large markets in India"
Outcome check: Revenue YoY averaged 19.6% across 2 later quarter(s).
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 90th percentile of the scored universe and 93rd percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
79 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Financial Services: 93rd pctile, median 62 · Small: 92nd pctile, median 66
Evidence depth
Financial-only
79 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/10 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸Promoter holding is only 22.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Kfin Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Please find attached Intimation of Schedule of Analyst / Institutional Investors'' Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Aug - KFinTech launched Klarity, an Agentic AI solution to reduce signature fraud and speed verification.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Aug - Please find attached Intimation of Allotment of Equity Shares pursuant to exercise of options by the eligible grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jul - Please find attached intimation of allotment of Equity Shares pursuant to exercise of options by the eligible grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jul - Please find attached Intimation of Schedule of Earnings Conference Call
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Jul - KFintech’s Finex raises same-day SIP activation from 15% to 90% and improves mandate processing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun - Please find attached the Notice of 9th Annual General Meeting and e-voting information, published in the newspapers today
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jun - Please find attached the information regarding 9th Annual General Meeting to be held through video conferencing / other audio- visual means, published in the newspapers …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun - Please find attached Intimation of Schedule of Analyst / Institutional Investors'' Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jun - Please find attached Intimation of allotment of Equity Shares pursuant to exercise of options by the eligible grantees
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.