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Kfin Technologies Limited
(KFINTECH)
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Rating:75Outperform
Price Target:
₹1,068.00
▲(24.48% Upside)
Action:Upgraded
Date:07/28/26
The score is primarily driven by strong financial performance (solid growth, profitability, low leverage, and improving cash generation). Technicals are moderately positive near term (above 20/50/100-DMAs) but tempered by being below the 200-DMA. Valuation is the main constraint due to the elevated P/E despite a modest dividend yield.
Positive Factors
Consistent Revenue Growth
Multi-year top-line growth through 2022–2026, with healthy ~18% growth in 2026, indicates durable demand for Kfin's investor/issuer servicing. Sustained revenue expansion supports scale benefits, higher operating leverage, and a larger addressable base for cross-selling technology and value-added services over the medium term.
Negative Factors
Revenue Concentration on Volume-Linked Fees
A business model tied to account/folio counts and transaction volumes concentrates revenue sensitivity to market activity and asset growth. Mandate renewal and asset flow cycles materially influence revenues, making long-term growth dependent on industry volumes and client retention rather than solely on proprietary product pricing or recurring fixed fees.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Multi-year top-line growth through 2022–2026, with healthy ~18% growth in 2026, indicates durable demand for Kfin's investor/issuer servicing. Sustained revenue expansion supports scale benefits, higher operating leverage, and a larger addressable base for cross-selling technology and value-added services over the medium term.
Read all positive factors
Kfin Technologies Limited (KFINTECH) vs. iShares MSCI India ETF (INDA)
Market Cap
₹162.02B
Dividend Yield1.28%
Average Volume (3M)56.38K
Price to Earnings (P/E)47.3
Beta (1Y)1.35
Revenue Growth22.26%
EPS Growth-0.41%
CountryIN
Employees6,044
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)19.81
Shares Outstanding172,846,300
10 Day Avg. Volume83,788
30 Day Avg. Volume56,378
Financial Highlights & Ratios
PEG Ratio15.21
Price to Book (P/B)9.03
Price to Sales (P/S)11.24
P/FCF Ratio43.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,175.00Price Target Upside36.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)22.71
Revenue Forecast (FY)₹15.93B
Kfin Technologies Limited Business Overview & Revenue Model
Company Description
KFin Technologies Limited operates as a leading corporate registrar and transfer agent, offering its services both in India and internationally. Its operations are structured around three core segments: Registry Services, Data Processing Services,...
How the Company Makes Money
Kfin Technologies makes money by charging fees for technology-enabled, outsourced servicing work it performs for financial product manufacturers and issuers, with revenues largely linked to the volume of accounts/folios serviced and the number of ...
Kfin Technologies Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.20B | 13.44B | 10.66B | 8.11B | 6.93B | 6.17B |
| Gross Profit | 11.23B | 11.67B | 7.01B | 5.14B | 4.31B | 4.10B |
| EBITDA | 5.63B | 5.54B | 5.17B | 3.88B | 3.16B | 2.94B |
| Net Income | 3.42B | 3.44B | 3.33B | 2.46B | 1.96B | 1.49B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 27.74B | 17.51B | 14.19B | 12.51B | 10.26B |
| Cash, Cash Equivalents and Short-Term Investments | 5.57B | 4.51B | 6.54B | 4.00B | 2.98B | 1.47B |
| Total Debt | 0.00 | 554.43M | 465.23M | 486.61M | 1.60B | 1.60B |
| Total Liabilities | -16.73B | 11.01B | 3.43B | 2.78B | 3.81B | 3.82B |
| Stockholders Equity | 16.73B | 16.73B | 14.08B | 11.41B | 8.70B | 6.44B |
Cash Flow | ||||||
| Free Cash Flow | 1.59B | 3.44B | 3.13B | 2.04B | 1.53B | 1.85B |
| Operating Cash Flow | 1.81B | 3.84B | 3.99B | 2.89B | 2.23B | 2.53B |
| Investing Cash Flow | -574.02M | -2.17B | -3.23B | -1.78B | -2.04B | -1.15B |
| Financing Cash Flow | -1.31B | -1.34B | -953.29M | -1.27B | 72.53M | -1.15B |
Kfin Technologies Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹77.85B | 14.54 | ― | 2.00% | 13.21% | 12.05% | |
75 Outperform | ₹162.02B | 47.34 | ― | 1.40% | 22.26% | -0.41% | |
72 Outperform | ₹38.60B | 32.91 | ― | 0.27% | 29.74% | 25.01% | |
70 Outperform | ₹79.21B | 24.94 | ― | 1.19% | 7.88% | -1.77% | |
69 Neutral | ₹18.07B | 17.13 | ― | 1.71% | 1.66% | -37.05% | |
63 Neutral | ₹101.00B | 28.40 | ― | 0.55% | 22.59% | -0.57% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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Kfin Technologies Limited Corporate Events
Kfin Technologies Shifts Senior CRM Leader to IFSC Subsidiary
Jul 2, 2026
Kfin Technologies Limited has announced the cessation of Senior Vice President – Customer Relationship Management, Mr. Ramesh Ramchandran, as a senior management personnel effective July 02, 2026. The change follows his appointment as Princi...
KFin Technologies Publishes AGM Notice and E-Voting Details for Shareholders
Jun 30, 2026
KFin Technologies Limited has notified the stock exchanges that it has published in newspapers the notice convening its 9th Annual General Meeting along with details of the e-voting process for shareholders. The communication, made under Regulatio...
KFin Technologies Files FY 2025-26 Annual Report and AGM Notice with Exchanges
Jun 30, 2026
KFin Technologies Limited has submitted its non-interactive Annual Report for the financial year 2025-26 to the National Stock Exchange of India and BSE, in line with Regulation 34 of the SEBI Listing Obligations and Disclosure Requirements. The f...
KFin Technologies Sets Virtual 9th AGM, Expands Digital Shareholder Engagement
Jun 29, 2026
KFin Technologies Limited has scheduled its 9th Annual General Meeting for July 22, 2026, at 11:30 a.m. IST, to be conducted via video conferencing and other audio-visual means in line with regulatory circulars from the Ministry of Corporate Affai...
KFin Technologies Plans U.S. Non-Deal Roadshows to Engage Global Investors
Jun 17, 2026
KFin Technologies Limited has announced a schedule of non-deal roadshow meetings with analysts and institutional investors organized by Investec, spanning June 22–26, 2026 across key U.S. financial centers including New York, Boston, Chicago...
KFin Technologies Schedules Analyst and Institutional Investor Meetings in Mid-May
May 11, 2026
KFin Technologies Limited has scheduled meetings with key institutional investors and analysts, including Steinberg Asset Management via a virtual one-to-one session on May 14, 2026, and Aditya Birla Mutual Fund through an in-person one-to-one mee...
KFin Technologies Publishes FY26 Earnings Call Transcript for Investor Access
May 7, 2026
KFin Technologies Limited has released the transcript of its earnings conference call held on April 30, 2026, covering the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026. The document,...
KFin Technologies boosts FY26 revenue and global reach as international business surges
Apr 29, 2026
KFin Technologies reported stable growth for the quarter and full year ended March 31, 2026, driven by a diversified business mix and accelerating international expansion despite global market volatility. Revenue from operations rose 22.9% year-on...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.