Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
KFin Technologies Ltd.
NSE: KFINTECHTechnologySoftware - Application
- Last close
- ₹799.00
- Day change
- −₹43.40 (−5.15%)vs
- Market cap
- ₹15,334 crIndian rupees
- Research updated
- 1 report
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About KFin Technologies
KFin Technologies Ltd. is a prominent technology solutions provider specializing in the financial services industry. Its primary function is to offer comprehensive registrar and transfer agent services, enabling efficient management of investor relations for mutual funds, corporate entities, and other financial institutions. The company plays a vital role in the infrastructure of the financial market by facilitating transactions, managing shareholder records, and ensuring compliance with regulatory frameworks. KFin Technologies also provides cutting-edge solutions in wealth management, account aggregation, and digital onboarding, thereby supporting a wide range of financial sectors, including asset management, insurance, and alternative investment funds. With a strong emphasis on leveraging technology for operational excellence, KFin Technologies has cemented its position in the market by delivering reliable and scalable solutions that enhance transparency and streamline clients' processes. The firm's innovative approach not only supports the operational backbone of various financial entities but also contributes significantly to the overall efficiency and growth of the financial ecosystem in which it operates.
- Sector
- Technology
- Industry
- Software - Application
- Listing
- NSE: KFINTECH
- Next results
- Chief executive
- Mr. Venkata Satya Naga Sreekanth Nadella
- Employees
- 6,044
- Headquarters
- Hyderabad, India
- ISIN
- INE138Y01010
- Website
- kfintech.com
Public research · Report of
Business model & financial foundation
KFin Technologies (NSE: KFINTECH), Capital market infrastructure: registrar and transfer agent, fund administration, investor/issuer servicing: revenue of ₹1,301 crore in FY26 (+19.3% on FY25), an EBITDA margin of 40.7%, net profit of ₹343.7 crore and net cash of ₹501.5 crore.
- Revenue, FY26 (₹ crore)
- 1,301
- consolidated
- Revenue growth, FY26
- +19.3%
- on FY25
- EBITDA margin, FY26
- 40.7%
- EBITDA (company operating definition) / revenue
- Net profit, FY26 (₹ crore)
- 343.7
- to owners
- Return on equity, FY26
- 22.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -501.5
- Lease-inclusive net debt; negative = net cash
- Market capitalisation (₹ crore)
- 15,368
- at the close of 17 Oct 2026
Company profile
KFin Technologies is India's largest mutual fund registrar and transfer agent by number of AMC clients and a leading issuer-registry (corporate RTA) provider, servicing investor folios, transactions and corporate actions for asset managers and listed issuers. It also provides fund administration and transfer-agency services to international asset managers (expanded by the FY26 acquisition of Ascent Fund Services), alternatives (AIF/PMS) servicing, NPS central record-keeping and technology platforms. Revenue is largely annuity-like, linked to assets under administration and folio counts.
| Item | Value |
|---|---|
| Legal name | KFin Technologies Limited (formerly Karvy Fintech Private Limited) |
| Exchange and ticker | NSE: KFINTECH; BSE: 543720 |
| ISIN | INE138Y01010 |
| CIN | L72400MH2017PLC444072 |
| Sector | Financial Services |
| Industry | Capital market infrastructure: registrar and transfer agent, fund administration, investor/issuer servicing |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R and Co (ICAI FRN 128510W) (since 2023-09-25) |
| Market capitalisation | ₹15,368 crore (17 Oct 2026) |
| Shares outstanding | 17.25 crore shares (FY26) |
| Price | ₹887.0 (close, 17 Oct 2026) |
| 52-week range | ₹785.0 - ₹1,215 (to 17 Oct 2026) |
| Website | https://www.kfintech.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| KFin Services Private Limited | 100% | KRA/KYC registration agency |
| KFin Global Technologies (IFSC) Limited | 100% | GIFT IFSC fund-services intermediary; yet to commence operations at31March2026 |
| KFin Technologies (Bahrain) W.L.L. | 100% | Fund administration |
| Hexagram Fintech Private Limited | 100% | Fund-accounting software and products |
| Hexagram Fintech SDN. BHD. | 100% | Malaysia software and consulting |
| KFin Technologies (Malaysia) SDN. BHD. | 100% | RTA/fund-services platforms and outsourcing |
| WebileApps (India) Private Limited | 100% | Enterprise product design/software, AI/ML/mobile solutions |
| WebileApps Technology Services Private Limited | 100% | Step-down web/mobile software services |
| KFin Technologies (Thailand) Limited | 99.99% | Securities registrar/software; yet to commence operations at31March2026 |
| KFin Technologies (Singapore) Pte. Ltd. | 100% | Auxiliary fund services/Ascent acquisition vehicle; operating services yet to commence at31March2026 |
| Ascent Fund Services (Singapore) Pte. Ltd. | 51% | Global fund administration; acquired13Oct2025, consolidated1Oct2025 |
| Ascent Corporate Solutions Pte. Ltd. | 51% | Singapore corporate services; effective group holding |
| Ascent Global Fintech Solutions Pte. Ltd. | 51% | Fintech; effective group holding |
| Ascent GlobalOP Sdn. Bhd. | 51% | Malaysia fund administration/corporate services; effective group holding |
| Ascent Fund Services (Hong Kong) Limited | 51% | Hong Kong fund administration; AOC1 name Ascent Fund Services Limited (Ascent Hong Kong) |
| Ascent Corporate Solutions (Hong Kong) Limited | 51% | Hong Kong corporate services; effective group holding |
| Ascent Fund Services (Shanghai) Co. Ltd. | 51% | China fund administration; effective group holding |
| Ascent Fund Services (Japan) Ltd. | 51% | Japan corporate/fund services; effective group holding |
| Ascent Fund Services (Australia) Pty. Ltd. | 51% | Australia fund administration; effective group holding |
| Ascent Fund Services (India) Private Limited | 51% | India fund accounting/back-office/RTA services; effective group holding |
| Ascent FS (India) LLP | 51% | India fund administration; effective group holding |
| AscentFS (Mauritius) Ltd. | 51% | Mauritius fund administration; effective group holding |
| AscentFS Management (Mauritius) Ltd. | 51% | Corporate/tax/fiduciary/compliance; effective group holding |
| Ascent Fund Services Ltd. | 51% | Abu Dhabi fund administration; effective group holding |
| Ascent Fund Services (DIFC) Limited | 51% | Dubai fund administration; effective group holding |
| Ascent Fund Services (USA) LLC | 51% | US fund administration; effective group holding |
| Ascent Fund Services (UK) Limited | 51% | UK fund administration; effective group holding |
| Ascent Management Consulting | 51% | Saudi management consulting; effective group holding |
At31 March2026:28 subsidiaries/stepdowns; no associates; MFC Technologies50% equity-method JV and controlled KFin Employees Welfare Trust. Ascent entities effective holding51%; anticipated acquisition accounting covers remaining49%. General Atlantic promoter, not parent; Kotak not promoter. September2026 merger/Philippines subject approvals, not completed. AOC1p393 prose13Oct2026 is typo: table/Note42 confirm13Oct2025.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 22.87% | 22.86% | 22.82% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 26.16% | 26.26% | 20.73% | |
| Domestic institutions | 24.88% | 25.22% | 27.31% | |
| of which mutual funds | 12.68% | 13.11% | 16.74% | |
| Retail | 11.75% | |||
| Other | 17.39% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
KFin Technologies is one of two registrar and transfer agents (RTAs) to Indian mutual funds, servicing 32.8% of industry AAUM in Q1 FY27 against CAMS's 67.2%. It earns a fee on assets serviced from AMCs on multi-year contracts with telescopic pricing (the bps rate falls as a client's AUM grows), plus transaction and value-added fees. Domestic MF was INR 852.8 cr of FY26 revenue of INR 1,301.5 cr; Issuer Solutions (corporate registry, 11,275 clients, about half of NSE 500 market cap) INR 153.9 cr; International and other (fund administration via KFintech SEA and Ascent Fund Services, alternatives, NPS CRA) INR 267.6 cr; OPE INR 27.2 cr. Ascent (51% bought 13 Oct 2025 for INR 307.7 cr, remaining 49% via EBITDA-linked put/call in 2028-2030) took international revenue from INR 11.8 cr in Q1 FY26 to INR 73.0 cr in Q1 FY27. The company controls its platform and contracts; it does not control AMC pricing pressure, market levels or industry flows.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Domestic Mutual Fund Investor Solutions | 852.8 | 65.2% |
| International & Other Investor Solutions | 267.6 | 20.5% |
| Issuer Solutions | 154.0 | 11.8% |
| Global Business Services | 5.62 | 0.4% |
| OPE / Other Operating Revenues | 27.2 | 2.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Computer Age Management Services (CAMS) | The other half of India's mutual fund RTA duopoly; same revenue model linked to AUM serviced |
| Central Depository Services (India) (CDSL) | Capital-market infrastructure with transaction and account-linked revenue, also an issuer-services and KRA provider |
| National Securities Depository (NSDL) | Capital-market infrastructure; depository and issuer-services peer, competes in KRA and CRA (NPS) services |
| BSE (BSE) | Market infrastructure whose StAR MF platform and transaction revenue track the same retail investment flows |
| Multi Commodity Exchange of India (MCX) | |
| HDFC Asset Management Company (HDFCAMC) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including recoverables | 639.5 | 693.4 | 837.5 | 1,091 | 1,301 |
| Cost of revenue (vendor classification) * | 232.5 | 261.5 | 295.0 | 365.5 | 477.9 |
| Other operating costs (vendor classification) * | 199.3 | 126.3 | 135.7 | 196.1 | 233.5 |
| EBITDA (vendor classification) * | 293.9 | 317.0 | 397.5 | 502.3 | 555.8 |
| EBIT * | 256.9 | 268.5 | 335.2 | 452.3 | 472.5 |
| Finance cost | 52.9 | 10.3 | 8.44 | 4.69 | 4.69 |
| Profit before tax (after exceptional and associate/JV) | 204.0 | 258.2 | 327.4 | 447.6 | 467.8 |
| Tax expense | 55.4 | 62.5 | 81.3 | 115.0 | 124.1 |
| Consolidated profit for year | 148.6 | 195.7 | 246.0 | 332.6 | 343.7 |
| Diluted EPS (₹) | 8.79 | 11.52 | 14.34 | 19.27 | 19.81 |
| Employee benefits expense | 319.7 | 403.3 | 525.1 | ||
| Other operating expenses | 151.3 | 208.5 | 246.7 | ||
| EBITDA (company operating definition) | 366.6 | 479.0 | 529.7 | ||
| Other income | 24.7 | 37.7 | 42.4 | ||
| Depreciation, impairment and amortisation | 53.0 | 64.5 | 86.3 | ||
| Exceptional items (profit impact) | n.d. | 0.00 | -12.6 | ||
| Share of associate/JV result (net of tax) | -2.41 | 0.00 | -0.76 | ||
| PAT attributable to owners | n.d. | n.d. | n.d. | ||
| PAT attributable to non-controlling interests | n.d. | n.d. | n.d. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 644.3 | 870.2 | 1,141 | 1,408 | 1,673 |
| Borrowings excluding leases/acquisition consideration | 37.2 | 159.8 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 45.0 | 66.3 | 56.4 | 31.0 | 67.4 |
| Net trade receivables including unbilled | 112.6 | 126.6 | 151.9 | 192.7 | 269.4 |
| Trade payables | 25.5 | 26.2 | 35.5 | 67.0 | 77.7 |
| Net property, plant and equipment excluding ROU | 63.3 | 60.7 | 48.9 | 66.0 | 82.7 |
| Capital work in progress | 0.63 | 0.02 | 0.00 | 3.45 | 4.53 |
| Total consolidated assets | 1,026 | 1,251 | 1,419 | 1,751 | 2,774 |
| Unbilled receivables (included, not additive) | 11.8 | 25.5 | 53.0 | ||
| Current liquid mutual-fund investments | 145.8 | 460.6 | 238.7 | ||
| Other bank balances incl restricted/customer funds | 195.3 | 139.4 | 144.9 | ||
| Unrestricted deposits maturing within12months | 195.2 | 155.0 | 250.9 | ||
| Current plus noncurrent lease liabilities | 48.7 | 46.5 | 55.4 | ||
| Lease-inclusive net debt; negative = net cash | -344.4 | -600.0 | -501.5 | ||
| Goodwill net carrying amount | 552.6 | 552.6 | 1,327 | ||
| Other intangibles excluding underdevelopment | 118.0 | 143.8 | 313.1 | ||
| Intangible assets under development | 36.9 | 25.8 | 60.9 | ||
| Ascent put deferred/contingent consideration | 0.00 | 619.0 | |||
| Right-of-use assets net | 44.7 | 40.8 | 50.4 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 265.2 | 249.5 | 289.3 | 398.9 | 369.6 |
| Free cash flow (vendor definition) * | 184.6 | 153.3 | 204.2 | 312.8 | 258.7 |
| Cash dividends paid | 0.00 | -98.5 | -129.1 | ||
| Cash purchase of PPE and intangible assets | -20.5 | -23.1 | -85.1 | -86.1 | -110.9 |
| Acquisition of subsidiaries net of cash acquired | -11.0 | 0.00 | -256.7 | ||
| Repayment of lease principal | -9.87 | -10.5 | -13.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual year-end shares outstanding (crore shares) | 16.76 | 16.78 | 17.10 | 17.21 | 17.25 |
| CFO/PAT (reported after-tax CFO) | 1.18x | 1.20x | 1.08x | ||
| Closing net receivables / annual revenue x365 (days) | 66 | 64 | 76 | ||
| Average opening/closing net receivables / annual revenue x365 (days) | 58 | 65 | |||
| P&L share-based payment expense | 2.62 | 13.9 | 12.6 | ||
| Tax/PBT after exceptions and JV loss (%) | 25.7% | 26.5% | |||
| Treasury aggregate incl restricted/customer/noncurrent deposits | 570.7 | ||||
| Lease-inclusive net debt plus Ascent put consideration | 117.5 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 280.5 | 290.0 | 282.7 | 274.1 | 309.2 | 370.9 | 347.3 | 356.5 |
| Cost of revenue (vendor classification) * | 101.8 | 104.0 | 101.7 | 111.7 | 147.6 | 151.8 | 160.8 | |
| Other operating costs (vendor classification) * | 52.2 | 55.5 | 58.8 | 48.5 | 71.6 | 67.1 | 73.8 | |
| EBITDA (vendor classification) * | 137.1 | 139.6 | 132.3 | 123.6 | 158.2 | 143.1 | 132.1 | |
| EBIT * | 120.6 | 123.2 | 115.5 | 106.0 | 126.4 | 112.1 | 104.8 | |
| Finance cost | 1.08 | 1.15 | 1.29 | 1.09 | 1.09 | 1.18 | 1.33 | 1.37 |
| Profit before tax | 119.5 | 122.1 | 114.2 | 104.9 | 126.9 | 125.2 | 110.7 | 103.4 |
| Tax expense | 30.1 | 31.9 | 29.2 | 27.6 | 33.6 | 33.2 | 29.6 | 28.2 |
| Profit after tax (total consolidated) | 89.3 | 90.2 | 85.1 | 77.3 | 93.3 | 92.0 | 81.1 | 75.2 |
| Diluted EPS (₹) | 5.16 | 5.21 | 4.91 | 4.45 | 5.38 | 5.30 | 4.67 | 4.34 |
| Depreciation, impairment and amortisation | 16.5 | 16.4 | 16.7 | 17.6 | 18.4 | 23.3 | 26.9 | 27.3 |
| Employee benefits expense | 101.8 | 104.0 | 101.7 | 111.7 | 114.0 | 147.6 | 151.8 | 160.8 |
| Other operating expenses | 52.2 | 55.5 | 58.8 | 48.5 | 59.5 | 71.6 | 67.1 | 73.8 |
| EBITDA (company operating definition) | 126.5 | 130.6 | 122.3 | 113.9 | 135.7 | 151.6 | 128.5 | 122.0 |
| Other income | 10.5 | 9.09 | 10.0 | 10.0 | 10.8 | 6.64 | 15.0 | 10.4 |
| Exceptional items (profit impact) | n.d. | 0.00 | 0.00 | n.d. | 0.00 | -8.56 | -4.04 | n.d. |
| Share of associate/JV result (net of tax) | 0.00 | 0.00 | 0.00 | -0.26 | -0.04 | -0.05 | -0.41 | -0.25 |
| PAT attributable to owners | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| PAT attributable to non-controlling interests | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 38.7% | 8.4% | 20.8% | 30.2% | 19.3% |
| EBITDA margin | 43.8% | 43.9% | 40.7% | ||
| Net margin | 23.2% | 28.2% | 29.4% | 30.5% | 26.4% |
| Return on equity | 23.1% | 25.8% | 24.5% | 26.1% | 22.3% |
| Return on capital employed | 37.7% | 31.4% | 30.9% | 35.5% | 30.7% |
| Return on assets | 14.5% | 17.2% | 18.4% | 21.0% | 15.2% |
| Net debt (₹ crore) | -344.4 | -600.0 | -501.5 | ||
| Net debt / EBITDA | -0.94x | -1.25x | -0.95x | ||
| Interest cover | 4.86x | 26.1x | 39.7x | 96.5x | 100.7x |
| Asset turnover | 0.62x | 0.61x | 0.63x | 0.69x | 0.58x |
| Receivable days | 64 | 67 | 66 | 64 | 76 |
| Payable days (on revenue) | 15 | 14 | 15 | 22 | 22 |
| Cash conversion | 1.78x | 1.27x | 1.18x | 1.20x | 1.08x |
| Capex intensity | 3.2% | 3.3% | 10.2% | 7.9% | 8.5% |
| Free cash flow (₹ crore) | 244.7 | 226.5 | 204.2 | 312.8 | 258.7 |
| Dividend payout | 0.0% | 29.6% | 37.6% | ||
| EPS, diluted (₹) | 8.79 | 11.52 | 14.34 | 19.27 | 19.81 |
| Book value per share (₹) | 38,45,22,197 | 51,85,74,578 | 66,72,89,815 | 81,81,09,397 | 96,97,58,107 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company operating definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease-inclusive net debt; negative = net cash.
- Net debt / EBITDA: net debt / EBITDA (company operating definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on KFin Technologies includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on KFin Technologies
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.