KFin Technologies Ltd(KFINTECH)

NSE: KFINTECHBSE: 543720

₹ 804-5.08%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 13,899 crNext results: 26 Oct 2026Website: www.kfintech.comUpdated: 24 Oct 2026

About

KFin Technologies is an India-headquartered financial infrastructure and services company that acts as registrar and transfer agent (RTA) for mutual funds, provides issuer solutions to listed corporates, and administers NPS pension accounts and alternative investment funds. In FY26 it generated ₹1,301.49 crore in revenue and held a 32.8% overall AAUM market share in domestic mutual funds as of Q1 FY27. Following the October 2025 acquisition of a 51% stake in Singapore-based Ascent Fund Services, KFin now services US$49.6 billion in international AUM across 18+ geographies.^[1][2][3]

Business segments

Domestic mutual fund investor solutions: 66.2% of FY26 revenue (₹862.23 cr), EBIT margin 56.7%. Acts as RTA for mutual fund AMCs, processing transactions and maintaining investor folios.^[4]
International and other investor solutions: 20.6% of FY26 revenue (₹268.04 cr), EBIT margin 9.6%. Includes Ascent Fund Services (consolidated Oct 2025) and organic GFS business across SEA and GIFT City.^[4]
Issuer solutions: 13.2% of FY26 revenue (₹171.23 cr), EBIT margin 49.2%. Provides registrar services, IPO management, corporate actions and folio administration to listed companies.^[4]
International and other investor solutions segment revenue share rose 11.5 percentage points over FY2023 - FY2026 as domestic MF share fell 2.9 pp and issuer solutions fell 2.5 pp, reflecting structural diversification.^[4]

Key operating numbers

Domestic MF AAUM serviced: ₹27,306 billion in Q1 FY27 (+16.4% YoY); overall AAUM market share 32.8% and equity AAUM market share 32.4% in Q1 FY27.^[2]
MF transaction volume: 159.1 million in Q1 FY27 (+17.9% YoY); SIP inflows from KFin-serviced clients ₹341.7 billion in Q1 FY27.^[2]
International AUM (KFin organic + Ascent SEA): US$49.6 billion in Q1 FY27 (+389.9% YoY); Ascent alone serviced US$36.3 billion in Q1 FY27.^[2]
AIF funds serviced: 731 in Q1 FY27 (+22.7% YoY) with AUM of ₹20.6 trillion (+27.9% YoY); AIF market share 37.3% in Q1 FY27.^[2]
NPS subscriber base: 2.33 million in Q1 FY27 (+39.4% YoY vs 12.7% industry growth); overall NPS market share by subscribers 12.2% in Q1 FY27, up from 9.9% as of June 30, 2025.^[2]
Issuer solutions: added 672 new corporate clients in Q1 FY27; NSE500 market share 50% by market cap and main board IPO market share 79.2% by issue size in Q1 FY27.^[2]
Consolidated EBITDA margin (excl. Ascent) was 39.4% in Q1 FY27; consolidated including Ascent compressed to 34.2% as Ascent operated at ~8.4% EBITDA margin in Q1 FY27.^[2]

Domestic mutual fund RTA business

KFin's domestic MF AAUM grew 16.4% YoY in Q1 FY27 vs 15.3% for the industry; equity AAUM grew 14.1% YoY vs 16.3% for the industry in Q1 FY27.^[2]
MF revenue grew only 6.9% YoY in Q1 FY27 as yield compressed ~2% due to a shift from debt to liquid funds and contract renegotiation provisions.^[2]
SIP market share was 37.2% as of Dec 2025; SIP inflows from KFin clients grew 10.4% YoY to ₹340.7 billion in Q4 FY26.^[5][6]
Core mutual fund platform (FinEx) is being replatformed; key business-process modules went live in Q3 FY26 with processing speed improved to millisecond response times.^[5]

International and alternatives business

KFin acquired 51% of Singapore-based Ascent Fund Services on October 13, 2025 for US$34.68 million; remaining 49% to be acquired in three equal tranches after FY28, FY29 and FY30 at EBITDA-linked prices.^[3]
Consolidated international revenue grew 192.1% YoY in Q1 FY27; organic international (excl. Ascent and GBS) grew 32.2% YoY. Non-domestic MF revenue share reached 39.6% of total in Q1 FY27 vs 26.5% in Q1 FY26.^[2]
Ascent EBITDA margin reached ~8.4% in Q1 FY27, having turned EBITDA-positive in Q4 FY26, ahead of the original breakeven timeline.^[2]
Organic GFS (SEA) international business had 100 clients as of Q3 FY26 (up from 70 a year earlier), with overall international client count at 499 in FY26 (up from 76 a year prior).^[5][6]
AIF business: 731 funds under administration in Q1 FY27 with 37.3% market share; AUM compounded at 60%+ over 4 years. Won 15 new AIF funds in Q1 FY27 including from JM Financial, 360 One WAM and Godrej Asset Management.^[2]

Issuer solutions and NPS

Issuer solutions corporate client base crossed 10,000 in Q3 FY26; NSE500 market share by market cap was 52.3% in Q4 FY26, up from 49.6% in Q4 FY25.^[5][6]
Won mandates for Jio Platforms, Razorpay and Garuda Aerospace in Q1 FY27; main board IPO market share was 79.2% by issue size and 66.7% by number of IPOs in Q1 FY27.^[2]
NPS subscriber base grew 39.4% YoY to 2.33 million in Q1 FY27, more than 3x the 12.7% industry growth rate; market share in new subscriber additions rose to 22.0% from 12.3% in Q1 FY26.^[2]
NPS business contributing ~15%+ EBITDA margin in Q1 FY27, having scaled from losses to close to 30% EBITDA margin in Q3 FY26 and pricing shifted to AUM-linked basis points.^[2][5]

Technology and value-added services

VAS revenue share was 5.4% of consolidated revenue in Q1 FY27, below the stated target of 20%+; signed ~₹40 crore in technology deals in Q1 FY27 including a ₹25 crore big data platform mandate for delivery over 18 months.^[2]
AI platform AEGIX, described as India's first fully integrated AI-led investor relations platform for listed corporates, was launched in Q4 FY26.^[6]
KRA business (KYC Registration Agency) went live in Q2 FY26 with 25+ AMC and broker contracts signed and was selected by AMFI to identify unclaimed assets; KFin is the only fully API-driven KRA completing KYC in 3 - 4 minutes.^[3][6]
AI-native development cut delivery cycle time by 45 - 50%; two AI-native platforms (bond market and investor relations) were delivered in ~3 months vs typical 5 - 6 months as of Q3 FY26.^[5]
mPowerWealth platform won 3 new mandates from private wealth management firms in Q1 FY27; BlackRock Aladdin - mPower integration targeted for business development go-to-market in Q2 - Q3 FY27.^[2][6]

Expansion and new geographies

Philippines pension administration platform: POC with one of the largest banks in Philippines completed in Q4 FY26; project development commenced in Q1 FY27.^[6]
A fund administration deal in Bahrain for digital assets was won in Q3 FY26, extending the international footprint beyond Southeast Asia.^[5]
GIFT City subsidiary to consolidate international operations delivery with 20-year tax credit benefit expected as international business scales.^[5]
NPS platform (Suprema) and the wealth management platform (multi-currency, multi-geography, multi-asset) are being offered to clients in Singapore and Philippines.^[3]

Recent developments

Employee costs grew 43.9% YoY (including Ascent) and 8.5% excluding Ascent in Q1 FY27 after full-scale annual increments; cost optimisation initiatives expected to flow into P&L from Q2 FY27.^[2]
Management upgraded FY27 guidance in Q1 FY27 earnings call: EBITDA growth of 17 - 20% YoY and PAT growth of 12 - 15% YoY; consolidated EBITDA margin targeted to recover to 40% threshold including Ascent by end of FY27.^[2]
Non-domestic MF revenue concentration target: management aims to reduce domestic MF revenue below 50% of total revenue within 3 years or sooner from Q1 FY27.^[2]
Issuer solutions corporate actions expected to be tepid in Q2 FY27, particularly in the IT sector, while non-IT sectors remain healthy.^[2]

Market Cap

₹13,899 Cr

High / Low

₹1,217 / 785

Stock P/E

42.6

Price / Book

8.7

Book Value

₹97

EPS

₹19.9

No. of Shares

17.25 Cr

ROE

22.3%

Sales

₹1,301 Cr

Net Profit

₹344 Cr

Promoter holding

14.1%

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KFin Technologies Ltd(KFINTECH)

About

Business segments

Key operating numbers

Domestic mutual fund RTA business

International and alternatives business

Issuer solutions and NPS

Technology and value-added services

Expansion and new geographies

Recent developments

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