KFin Technologies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹14,710 Cr
- P/E
- 41.99
- ROE
- 21.61%
- PEG
- 2.16
- Price to sales
- 10.63
- Debt to equity
- 0.03
- 52W high / low
- ₹1,112 / ₹799
- Sales growth (5Y)
- 22.02%
- EBITDA margin
- 38.80%
- Net profit margin
- 25.58%
- Promoter holding
- 14.06%
- Sales (last year)
- ₹1,384 Cr
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]
Guidance scorecard · Q2 FY27 call
What KFin Technolog.'s management guided
and where it ranks in Capital Markets
Capital Markets
RevenueQ1 FY27 call
20–40%- KFin Technologies expects revenue growth of around 18% to 20% CAGR.
- EBITDA margins are anticipated to be in the range of 40% to 45%, maintaining a 40% threshold including Ascent by year-end.
- Ascent's margins are expected to reach double digits within 12 months, with EBITDA accretive status by end of the year or early next year.
- International business (excluding Ascent) is projected to grow over 25%.
- The company targets a diverse revenue mix with controllable revenues aiming for 20%+ of total revenue.
- Alternatives and wealth management businesses are poised for growth, with alternative investment platform market share nearing 40%.
- Continuous investments in technology and new mandates (e.g., IPO pipeline) aim to drive sales growth.
2 more points from KFin Technolog.'s call on revenue
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MarginsQ1 FY27 call
FlatSee what KFin Technolog. said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- KFin Technologies is focused on technology-driven transformation initiatives like SIP automation under the FinEx platform to automate large processes in mutual funds, improving transaction efficiency and optimizing costs.
- Investments are being made in digital assets and cryptocurrency-related infrastructure, including setting up a facility in the Cayman Islands to meet regulatory substance requirements, enabling greater global fund wins.
- Continued investments in the mPower platform for fund accounting and administration expansion into Malaysia, Philippines, and Thailand markets.
2 more points from KFin Technolog.'s call on capex
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FundraisingQ1 FY27 call
See what KFin Technolog. said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- In the previous quarter, KFin Technologies signed deals worth roughly INR 40 crores in total top-line, with varying durations from 3 months to 15 months.
- New contract closures for Ascent are staggered, with some due in October and others in January of the coming year.
- These contracts, as they expire, may transition into KFin’s structures, enabling further cost optimization.
- The company has several large IPO mandates in the pipeline, including PhonePe, Zepto, Jio, Manipal Health, and Razorpay.
- On the international business, Ascent revenue grew from US$4.4 million in Q1 FY '26 to US$5.9 million in Q1 FY '27, showing strong deal wins and dollar growth.
2 more points from KFin Technolog.'s call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Capital Markets
on management's own guidance
- Nippon Life Ind.Good growth2
- BSEGood growth1
- Motil.Oswal.Fin.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Capital Markets companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | BSE | 20–40% | Flat | ₹1.37L Cr | 48.4 |
| 2 | Nippon Life Ind. | 20–40% | Flat | ₹68,184 Cr | 41.6 |
| 3 | Motil.Oswal.Fin. | 20–40% | Flat | ₹63,771 Cr | 32.2 |
| 4 | 20–40% | Flat | ₹31,481 Cr | 29.1 | |
| 5 | KFin Technolog.This stock | 20–40% | Flat | ₹15,334 Cr | 43.8 |
| 6 | 20–40% | Flat | ₹12,638 Cr | 51.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Capital Markets rankingFinancials of KFin Technolog.
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
KFin Technolog.
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 39.05% | 38.97% | 33.06% | 33.04% | 32.96% | 32.91% | 22.90% | 22.89% | 22.87% | 22.86% | 22.82% | 14.06% |
| FIIs + | 12.13% | 16.73% | 22.80% | 24.61% | 25.40% | 22.56% | 27.81% | 25.53% | 26.16% | 26.26% | 20.73% | 20.07% |
| DIIs + | 24.64% | 20.98% | 21.47% | 20.61% | 19.42% | 20.37% | 23.71% | 24.81% | 24.88% | 25.22% | 27.31% | 37.54% |
| Public + | 24.18% | 23.31% | 22.67% | 21.74% | 22.22% | 24.15% | 25.59% | 26.76% | 26.11% | 25.66% | 29.14% | 28.32% |
| No. of Shareholders | 89,509 | 91,348 | 98,126 | 1,27,866 | 1,64,610 | 2,27,756 | 2,43,537 | 2,63,696 | 2,55,939 | 2,45,764 | 2,66,471 | 2,70,714 |
Financials of KFin Technolog.
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 209 | 219 | 228 | 238 | 280 | 290 | 283 | 274 | 309 | 371 | 347 | 357 | 402 |
| Expenses + | 116 | 121 | 125 | 138 | 154 | 159 | 160 | 160 | 174 | 219 | 219 | 235 | 241 |
| Operating Profit | 93 | 98 | 104 | 100 | 127 | 131 | 122 | 114 | 136 | 152 | 128 | 122 | 161 |
| OPM % | 45% | 45% | 45% | 42% | 45% | 45% | 43% | 41% | 44% | 41% | 37% | 34% | 40% |
| Other Income + | 6 | 6 | 7 | 8 | 11 | 9 | 10 | 10 | 11 | -2 | 11 | 10 | 8 |
| Interest | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 13 | 13 | 15 | 15 | 17 | 16 | 17 | 18 | 18 | 23 | 27 | 27 | 28 |
| Profit before tax | 84 | 89 | 94 | 92 | 119 | 122 | 114 | 105 | 127 | 125 | 111 | 103 | 139 |
| Tax % | 27% | 25% | 21% | 26% | 25% | 26% | 26% | 26% | 26% | 27% | 27% | 27% | 28% |
| Net Profit + | 61 | 67 | 74 | 68 | 89 | 90 | 85 | 77 | 93 | 92 | 81 | 75 | 100 |
| EPS in Rs | 3.61 | 3.92 | 4.36 | 3.97 | 5.21 | 5.25 | 4.94 | 4.49 | 5.42 | 5.33 | 4.70 | 4.35 | 5.80 |
Financials of KFin Technolog.
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 162 | 450 | 481 | 640 | 720 | 838 | 1,091 | 1,301 | 1,477 |
| Expenses + | 97 | 291 | 269 | 352 | 422 | 473 | 612 | 772 | 914 |
| Operating Profit | 66 | 159 | 212 | 288 | 298 | 364 | 479 | 530 | 562 |
| OPM % | 40% | 35% | 44% | 45% | 41% | 43% | 44% | 41% | 38% |
| Other Income + | 2 | 5 | 5 | 6 | 17 | 25 | 38 | 30 | 28 |
| Interest | 20 | 53 | 52 | 53 | 11 | 9 | 5 | 5 | 5 |
| Depreciation | 34 | 92 | 98 | 37 | 47 | 53 | 64 | 86 | 106 |
| Profit before tax | 14 | 19 | 68 | 204 | 258 | 327 | 448 | 468 | 478 |
| Tax % | 35% | 76% | 196% | 27% | 24% | 25% | 26% | 27% | |
| Net Profit + | 9 | 5 | -65 | 149 | 196 | 246 | 333 | 344 | 349 |
| EPS in Rs | 0.54 | 0.30 | -4.28 | 8.87 | 11.57 | 14.39 | 19.33 | 19.92 | 20.18 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 40% | 39% | 60% |
Financials of KFin Technolog.
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 166 | 151 | 151 | 168 | 169 | 171 | 172 | 173 | 173 |
| Reserves | 353 | 259 | 196 | 477 | 701 | 970 | 1,236 | 1,501 | 1,451 |
| Borrowings + | 435 | 413 | 383 | 160 | 160 | 49 | 47 | 55 | 75 |
| Other Liabilities + | 68 | 46 | 194 | 222 | 220 | 229 | 296 | 1,041 | 1,143 |
| Total Liabilities | 1,022 | 868 | 923 | 1,026 | 1,250 | 1,418 | 1,750 | 2,770 | 2,843 |
| Fixed Assets + | 732 | 691 | 630 | 669 | 691 | 764 | 803 | 1,773 | 1,883 |
| CWIP | 0 | 0 | 3 | 35 | 40 | 37 | 29 | 65 | 1 |
| Investments | 112 | 14 | 95 | 93 | 229 | 150 | 462 | 239 | 203 |
| Other Assets + | 178 | 163 | 196 | 230 | 291 | 467 | 456 | 691 | 756 |
| Total Assets | 1,022 | 868 | 923 | 1,026 | 1,250 | 1,418 | 1,750 | 2,770 | 2,843 |
Financials of KFin Technolog.
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 63 | 101 | 205 | 253 | 223 | 289 | 399 | 370 |
| Cash from Investing Activity + | -816 | 94 | -104 | -115 | -204 | -178 | -329 | -199 |
| Cash from Financing Activity + | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 124% | 83% | 98% | 105% | 94% | 97% | 103% | 90% |
Financials of KFin Technolog.
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 198 | 72 | 84 | 64 | 64 | 66 | 64 | 76 |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| 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% |
Guidance history
How KFin Technolog.'s guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
21 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −23.5% | 33% |
| Last 6 months | −5.0% | 47% |
| Last 3 months | −9.3% | 47% |
The price is 43.7% below its all-time high of ₹1,511.45 (27 Dec 2024). Stocks more than 20% below their peak have their score halved, so 42 became 21.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For KFin Technolog.: 0.4 × 33 + 0.4 × 47 + 0.2 × 47 = 42, halved to 21 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What KFin Technolog.'s management said in earlier quarters
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