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An announcement from Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) is now available.
Kaspi.kz reported unaudited IFRS results for the quarter ended 31 March 2026, highlighting that e-commerce has become its main growth engine, with constant-currency, pro-forma GMV up 41% and orders up 43%, driven by a 44% jump in purchases per consumer. Total revenue rose 31% year-on-year to KZT 1.1 trillion, adjusted EBITDA increased 9% to KZT 368 billion, and net income was broadly flat at KZT 252 billion, as higher funding costs and full-quarter consolidation of Turkish unit Hepsiburada weighed on margins.
The company is deepening monetization across its marketplace, payments and fintech platforms, with e-commerce revenue up 58%, value-added advertising and delivery services up 73%, and fintech revenue up 25% despite slightly higher cost of risk. On 11 May 2026 the board recommended a quarterly dividend of KZT 850 per ADS, representing a 64% payout ratio, and following quarter-end Kaspi.kz settled a $600 million five-year note issuance, moves that underscore its strong cash generation, support liquidity for continued expansion in Kazakhstan and Türkiye, and signal confidence in its multi-engine growth strategy.
The most recent analyst rating on (KSPI) stock is a Hold with a $95.00 price target. To see the full list of analyst forecasts on Kaspi.kz JSC Sponsored ADR RegS stock, see the KSPI Stock Forecast page.
Spark’s Take on KSPI Stock
According to Spark, TipRanks’ AI Analyst, KSPI is a Outperform.
The score is driven primarily by strong financial performance (profitability, improving leverage, and 2025 cash-flow rebound) and supportive valuation (low P/E). These positives are tempered by weaker technical momentum (below key longer-term moving averages with negative MACD) and earnings-call risks around margin pressure and macro/regulatory headwinds, alongside near-term investment drag from Hepsiburada.
To see Spark’s full report on KSPI stock, click here.
More about Kaspi.kz JSC Sponsored ADR RegS
Kaspi.kz JSC is a Kazakhstan-based fintech and e-commerce platform operator, best known for its “Super App” that combines marketplace, payments and consumer lending services. Listed on Nasdaq, the company focuses on Kazakhstan and is rapidly expanding in Türkiye, where it is applying its e-commerce, payments and fintech expertise to a larger, 85 million-strong consumer market.
Average Trading Volume: 572,718
Technical Sentiment Signal: Buy
Current Market Cap: $14.08B
Find detailed analytics on KSPI stock on TipRanks’ Stock Analysis page.