KFin Technologies logo

KFin Technologies

KFINTECH NSE

Key Fundamentals

SmallcapRTACapital Markets
Market Cap
₹15,313 Cr
Volatility
Moderate
P/E Ratio
45.45
EBITDA
₹572 Cr
Return on Equity
20.54%
Debt to Equity
0.03
Book Value
₹96.8
EPS
₹15.8
52W High
₹1,215
52W Low
₹784.95

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has delivered good profit growth of 48.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 46.3%

Weaknesses

2
  • Stock is trading at 9.28 times its book value
  • Promoter holding has decreased over last 3 years: -26.4%

Growth Rate

Revenue Growth
19.09% lower than 3Y
Net Income Growth
3.34% lower than 3Y
Cash Flow Change
-7.35% lower than 3Y
ROE
-13.08% lower than 3Y
ROCE
-34.02% lower than 3Y
EBITDA Margin (Avg.)
-7.03% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

KFin Technologies Ltd is a capital markets infrastructure company with a market cap of ₹15,924 Cr, trading at a PE of 46.7x and 9.54x book value. The company has delivered 22% compounded sales CAGR over 3 and 5 years with near-zero debt, though profit growth has decelerated to 3% on a TTM basis and the stock has declined 16% over the past year.

Bull Case 7
  • Company is virtually debt-free, providing significant financial flexibility and resilience against interest rate cycles
  • Consistent revenue compounding at 22% CAGR over both 3-year and 5-year periods, with TTM sales growth accelerating to 23%
  • Strong 5-year compounded profit growth of 48% CAGR demonstrates operating leverage in the business model
  • Healthy and sustained ROE of 22-24% across 3-year (23%) and 5-year (24%) periods indicates efficient capital allocation
  • Attractive dividend payout ratio of 46.3% with a current dividend yield of 1.3%, reflecting shareholder-friendly capital return policy
  • As a registrar and transfer agent, KFinTech operates in a duopoly market structure with high switching costs for mutual fund and corporate clients
  • Stock has corrected 16% over the past year, compressing valuations from prior peaks while underlying business growth remains in the low-20s range
Bear Case 8
  • PE ratio of 46.7x is elevated, demanding sustained high growth to justify current valuation levels
  • Price-to-book of 9.54x is steep, indicating significant premium over tangible asset base
  • TTM profit growth has sharply decelerated to just 3% compared to the 5-year CAGR of 48%, signalling potential margin compression or one-off cost pressures
  • Promoter holding has declined by 26.4% over the last 3 years, which may signal reduced promoter confidence or stake monetization
  • Stock has underperformed with a negative 16% return over the past 1 year despite broader market resilience
  • Last year ROE of 22% has slipped slightly from the 5-year average of 24%, suggesting incremental capital is generating marginally lower returns
  • Revenue concentration in Indian mutual fund and capital markets ecosystem exposes the company to regulatory changes and market cyclicality
  • Gap between TTM sales growth (23%) and TTM profit growth (3%) suggests operating expenses or investments are growing faster than revenue

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • GA sells 8.75% stake at discount Aug 20

    General Atlantic sold 1.51 crore shares (8.75% equity) at ₹925/share — a 3% discount to previous close of ₹961 — reducing its holding from 21.89% to ~13.14%. This is the third major stake sale after May 2025 (10%) and May 2024 (5.8%).

  • Senior executive resignation Aug 31

    Saijo Menachery, Head of Fund Accounting Solutions, resigned effective Aug 31, 2026, citing pursuit of better opportunity.

Positives 4
  • ARYA AI platform launch Sep 2

    KFin launched ARYA, an AI-driven conversational platform for mutual fund transactions with ~90% fact accuracy and sub-second latency. Debut at Global Fintech Fest on Sep 10 with wider rollout in Oct 2026.

  • Philippines subsidiary expansion Sep 1

    Board approved a step-down subsidiary in the Philippines for transfer agency services, capitalized at up to USD 300,000 through its Singapore unit.

  • 18-20% revenue CAGR guidance Aug 21

    KFin Technologies announced a long-term revenue growth target of 18-20% CAGR, reflecting confidence in its financial services growth trajectory.

  • Strong institutional buyer interest Aug 20

    12 global and domestic investors absorbed the GA block deal — Invesco MF (2.5% stake, ~₹400 cr), Mirae Asset MF (1.48%, ₹237 cr), and Kotak AMC (1.15%, ₹185 cr) were top buyers. Stock held up, closing 1.37% higher on deal day.

Neutral 1
  • Investor meets with top funds Sep 10

    KFin scheduled multiple one-to-one investor meetings — Burman Capital on Sep 16, Millennium Management and ICICI Prudential AMC on Sep 7, and Bajaj Finserv MF on Aug 26.

TL;DR: KFin Technologies is executing well on growth levers — the ARYA AI platform, Philippines expansion, and 18-20% revenue CAGR guidance signal a strong product and geographic roadmap. The key overhang is General Atlantic's continued stake reduction (down to ~13.14% from 21.89%), though institutional demand from 12 marquee buyers at the block deal and resilient stock price suggest the market is absorbing supply comfortably. The departure of a senior executive is a minor watch item. Overall trend is constructive, with the GA overhang gradually diminishing as more shares move into diversified institutional hands.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
182
209
219
228
238
280
290
283
274
309
371
347
357
Expenses
112
116
121
125
138
154
159
160
160
174
219
219
235
Operating Profit
70
93
98
104
100
127
131
122
114
136
152
128
122
OPM %
39%
45%
45%
45%
42%
45%
45%
43%
41%
44%
41%
37%
34%
Other Income
5
6
6
7
8
11
9
10
10
11
-2
11
10
Interest
3
3
1
1
1
1
1
1
1
1
1
1
1
Depreciation
12
13
13
15
15
17
16
17
18
18
23
27
27
PBT
60
84
89
94
92
119
122
114
105
127
125
111
103
Tax %
28%
27%
25%
21%
26%
25%
26%
26%
26%
26%
27%
27%
27%
Net Profit
43
61
67
74
68
89
90
85
77
93
92
81
75
EPS in Rs
2.55
3.61
3.92
4.36
3.97
5.21
5.25
4.94
4.49
5.42
5.33
4.7
4.35
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
162
450
481
640
720
838
1,091
1,301
1,384
Expenses
97
291
269
352
422
473
612
772
847
Operating Profit
66
159
212
288
298
364
479
530
537
OPM %
40%
35%
44%
45%
41%
43%
44%
41%
39%
Other Income
2
5
5
6
17
25
38
30
30
Interest
20
53
52
53
11
9
5
5
5
Depreciation
34
92
98
37
47
53
64
86
96
PBT
14
19
68
204
258
327
448
468
466
Tax %
35%
76%
196%
27%
24%
25%
26%
27%
—
Net Profit
9
5
-65
149
196
246
333
344
342
EPS in Rs
0.54
0.3
-4.28
8.87
11.57
14.39
19.33
19.92
19.8
Div. Payout %
0%
0%
0%
0%
0%
40%
39%
60%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
166
151
151
168
169
171
172
173
Reserves
353
259
196
477
701
970
1,236
1,501
Borrowings
435
413
383
160
160
49
47
55
Other Liabilities
68
46
194
222
220
229
296
1,041
Total Liabilities
1,022
868
923
1,026
1,250
1,418
1,750
2,770
Fixed Assets
732
691
630
669
691
764
803
1,773
CWIP
0
0
3
35
40
37
29
65
Investments
112
14
95
93
229
150
462
239
Other Assets
178
163
196
230
291
467
456
691
Total Assets
1,022
868
923
1,026
1,250
1,418
1,750
2,770
Figures in ₹ Crores

Cash Flow

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
63
101
205
253
223
289
399
370
Investing
-816
94
-104
-115
-204
-178
-329
-199
Financing
775
-206
-89
-115
7
-127
-95
-134
Net Cash Flow
23
-11
11
22
27
-15
-25
36
Free Cash Flow
58
94
175
185
154
204
313
259
CFO/OP
124
83
98
105
94
97
103
90
Figures in ₹ Crores

Ratios

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
198
72
84
64
64
66
64
76
Cash Conversion Cycle
198
72
84
64
64
66
64
76
Working Capital Days
-13
16
5
22
-34
34
31
49
ROCE %
—
8%
15%
34%
29%
30%
33%
29%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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56 extracted metrics + investor summaries across FY19–FY27.

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Shareholding Pattern

DIIs27.31%Promot.22.82%Others14.14%Public15.01%FIIs20.73%As ofJun 2026

Documents

Frequently Asked Questions about KFin Technologies

What does KFin Technologies Ltd do?
KFin Technologies Limited is a leading technology-driven financial services platform. The company provides services and solutions to asset managers and corporate issuers across asset classes in India and provides several investor solutions including transaction origination and processing for mutu...
Where is KFin Technologies Ltd (KFINTECH) listed?
KFin Technologies Ltd trades as KFINTECH on the NSE and under code 543720 on the BSE.
Which sector does KFin Technologies Ltd belong to?
KFin Technologies Ltd is classified under the Capital Markets sector, in the RTA industry.
What is the market capitalisation of KFin Technologies Ltd?
KFin Technologies Ltd has a market capitalisation of ₹15,313 Cr, which places it in the Mid Cap band.
What is the PE ratio of KFin Technologies Ltd?
KFin Technologies Ltd trades at a PE ratio of 45.45, on earnings per share of ₹15.8, against a book value of ₹96.8 per share.
What is the 52-week high and low of KFin Technologies Ltd?
Over the last 52 weeks KFin Technologies Ltd has traded between ₹784.95 and ₹1,215.
Does KFin Technologies Ltd pay dividends?
KFin Technologies Ltd has a dividend yield of 1.33%.
What is the Return on Equity (ROE) of KFin Technologies Ltd?
KFin Technologies Ltd reported a return on equity of 20.54%. Its debt-to-equity ratio is 0.03.

Company Information

KFin Technologies Limited is a leading technology-driven financial services platform. The company provides services and solutions to asset managers and corporate issuers across asset classes in India and provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong.[1]

Website kfintech.com
Listed 2022-12-29
Face Value ₹ 10
Issued Size 17,24,56,886

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