KFINTECH - KFin Technologies Limited Share Price

Capital Markets

₹1239.20+19.60(+1.61%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does KFin Technologies Limited do?

Depositories, Clearing Houses and Other Intermediaries•Financial Services•Small Cap

KFin Technologies Limited operates as a corporate registrar and transfer agency in India, the United States, Canada, and internationally. The company offers Saas based end-to-end digital onboarding, transaction and order management, transfer agency, channel management, fund accounting, fund administration, compliance solutions, data analytics, regulatory reporting, mobility solutions, and other digital services to asset managers, as well as outsourcing services. It also provides investor solutions, which include registrar and transfer agency, fund administration and accounting, transaction origination and processing, channel management, payment processing, brokerage computation, digital onboarding solutions, communication management, reporting, compliance, compliance/regulatory reporting, recordkeeping, MIS/decision support, analytics, and other digital solutions for asset managers; and global business services, such as mortgage, legal, transfer, wealth management, and finance and accounting services. In addition, the company offers issuer solutions, including folio creation and maintenance, corporate actions processing, compliance/regulatory reporting, recordkeeping, MIS/decision support, e-Voting, e-AGM, e-Vault, Insider trading compliance, AML / PML screening, check, and other platform solutions. The company was incorporated in 2017 and is headquartered in Hyderabad, India.

Industry Group:Capital Markets

Employees:5,599

Website:www.kfintech.com

Summary of Latest Earnings Report from KFin Tech

Summary of KFin Tech's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

Management Outlook and Key Points:

Outlook:

Growth Strategy: Focus on diversifying revenue streams across business services (beyond RTA), asset classes (mutual funds, alternatives, pensions), and geographies (international expansion). Target: 50% revenue from non-mutual fund businesses in 3"“5 years.
International Expansion: Strong momentum in Southeast Asia (Malaysia, Philippines, Thailand) with plans to enter Singapore/Hong Kong via organic growth or M&A. BlackRock partnership to drive global opportunities.
Technology Investment: Continued IT spend (18% of revenue) for cloud migration, scalability, and platform innovation (e.g., mPower Wealth).
Margin Resilience: Aim to sustain EBITDA margins at 40"“45% despite market volatility, supported by cost optimization and operational efficiency.

Major Points:

Financial Performance:
- Revenue/EBITDA/PAT grew ~33% YoY in Q3.
- Mutual Fund AUM market share at 32.4%, SIP share at 40%. Net flows offset market declines.
- Cash reserves: INR 570 crores for expansion/M&A.
Business Highlights:
- International: 70 clients, 90 contracts. Signed deals in Philippines/Malaysia; LOIs for Malaysia custodian/AMC.
- Alternatives: 37% market share (535 funds, INR 1.4T AUM, +55% YoY).
- Pensions: Breakeven; 35% growth (3x industry) with ~10% market share.
- Wealth Management: Launched mPower Wealth; signed 5 clients (e.g., Tata Capital, Aditya Birla Wealth).
Strategic Wins:
- BlackRock Partnership: Selected as Aladdin platform partner (9th globally), targeting $10T+ AUM opportunities.
- Hexagram Growth: Revenue up 60% YoY (9 months).
- Corporate Registry: Added 366 clients (Q3), 8M folios; 50% market share in IPOs.
Risks & Mitigation:
- Market volatility may impact AUM, but diversification (non-MF segments) and SIP stickiness provide resilience.
- Focus on higher-margin services (data analytics, FA/TA bundling) to offset cyclical risks.

Conclusion: Management remains bullish on diversified growth, international scaling, and technology-led efficiency, while cautiously monitoring market trends.

Q&A Session

Last updated: Jan 25

1) What is the overall contract value of new deal wins and how should we forecast growth?
Answer: Contract values vary; international deals now average Rs.3-3.5 crore/year, up from Rs.1 crore, with larger pipeline deals (~$1M each). Revenue timing depends on transition periods, license fees, and annuity structures.

2) How does KFintech compete with global players like BNP Paribas or JP Morgan in the BlackRock Aladdin partnership?
Answer: KFintech focuses on specialized fund administration (not banking/custody), partners with custodians (e.g., Deutsche, StanChart), and leverages cost efficiency. Its non-bank specialization addresses client dissatisfaction with incumbents.

3) Why hasn't Singapore's pipeline converted to deals, and when will it materialize?
Answer: Singapore's market is alternatives-heavy; KFintech's XAlt platform is now ready. M&A and organic strategies are in motion, with progress expected soon.

4) Can international revenue guidance ($25M in 2 years) be revised post-BlackRock Aladdin partnership?
Answer: Potential is significant (108 funds, ~$10T AUM), but exact revenue impact will be clearer after Q1 2025 discussions with BlackRock on go-to-market plans.

5) Why wasn't KFintech selected for Jio BlackRock's India RTA?
Answer: Jio's decision prioritized diversification. The Aladdin partnership focuses on global opportunities, while India RTA remains separate due to platform differences.

6) What is the revenue sensitivity to a market downturn with reduced inflows?
Answer: A 4-5% sequential revenue decline is possible if mark-to-market drops outweigh inflows. Diversification (35% non-MF revenue) mitigates long-term risk.

7) How does the wealth management platform differ from existing TA/FA services?
Answer: Wealth solutions aggregate multi-asset portfolios (equity, PMS, alternatives) with advisory tools, unlike TA's single-asset operations. Revenue models include basis points (full service) or licensing fees.

8) Why did international revenue growth slow sequentially?
Answer: Q2 included lumpy transition revenue (e.g., Malaysia's Amanahraya). Recurring revenue will scale as signed deals (e.g., Philippines' Sun Life) mature.

9) What is the Sun Life custodian partnership's scope?
Answer: KFintech serves Sun Life's AMC and custodial clients (4-5 AMCs) in the Philippines. Similar custodian partnerships (e.g., StanChart) aid global expansion.

10) What is Hexagram's revenue contribution?
Answer: Hexagram revenue grew 60% YoY to Rs.9.5 crore for 9M FY25. It supports mutual funds, pensions, and alternatives via the mPower platform.

11) How volatile are Issuer Solutions yields?
Answer: Folio yields fluctuate with retail participation shifts in listed companies. High retail activity in outperforming stocks boosts yield, while outflows reduce it.

12) What is the revenue potential from the BlackRock Aladdin partnership?
Answer: Top-down estimates suggest ~6-7 bps on $11T AUM, but exact figures depend on client onboarding. Existing partners charge 2-3x KFintech's rates, aiding competitiveness.

Pros

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Balance Sheet: Strong Balance Sheet.

Profitability: Very strong Profitability. One year profit margin are 30%.

Technicals: Bullish SharesGuru indicator.

Growth: Good revenue growth. With NA% growth over past three years, the company is going strong.

Size: Market Cap wise it is among the top 20% companies of india.

Cons

Smart Money: Smart money looks to be reducing their stake in the stock.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: KFINTECH vs Capital Markets

Comprehensive comparison against sector averages

Comparative Metrics

KFINTECH metrics compared to Capital

Category	KFINTECH	Capital
PE	65.07	24.31
PS	19.57	8.22
Growth	31.1 %	23.8 %

Performance Comparison

KFINTECH vs Capital (2023 - 2025)

Key Insights

1. KFINTECH is among the Top 10 Capital Markets companies but not in Top 5.
2. The company holds a market share of 2% in Capital Markets.
3. In last one year, the company has had an above average growth that other Capital Markets companies.

Cash Flow for KFin Tech

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	-25.6%
Depreciation	13%
Dividend income	-
Adjustments for interest income	-
Share-based payments	-77.8%
Net Cashflows from Operations	20.4%
Dividends received	89.8%
Interest received	90.3%
Income taxes paid (refund)	18.2%
Net Cashflows From Operating Activities	29.7%
Proceeds from sales of PPE	-
Purchase of property, plant and equipment	22.7%
Purchase of intangible assets	24.4%
Proceeds from sales of long-term assets	-
Purchase of other long-term assets	-
Dividends received	104.3%
Interest received	-84.8%
Other inflows (outflows) of cash	99.3%
Net Cashflows From Investing Activities	13%
Payments to acquire or redeem entity's shares	-
Proceeds from exercise of stock options	5%
Repayments of borrowings	-
Payments of lease liabilities	-31.8%
Interest paid	-
Net Cashflows from Financing Activities	-2143.8%
Effect of exchange rate on cash eq.	-166%
Net change in cash and cash eq.	-163%

Standalone figures (in Rs. Crores) / View Consolidated Data

Finance costs	-26.8%
Depreciation	14.3%
Unrealised forex losses/gains	11%
Share-based payments	-92.8%
Net Cashflows from Operations	26.1%
Dividends received	-79.5%
Interest received	-472.7%
Income taxes paid (refund)	16.7%
Net Cashflows From Operating Activities	23.4%
Cashflows used in obtaining control of subsidiaries	684.6%
Proceeds from sales of PPE	-
Purchase of property, plant and equipment	23.8%
Purchase of intangible assets	-102.4%
Dividends received	104.3%
Interest received	141.2%
Other inflows (outflows) of cash	33.7%
Net Cashflows From Investing Activities	19.6%
Proceeds from exercise of stock options	5%
Payments of lease liabilities	-31.6%
Interest paid	-
Other inflows (outflows) of cash	-
Net Cashflows from Financing Activities	-1928.7%
Net change in cash and cash eq.	-145.5%

Valuation
Market Cap	20.96 kCr
Price/Earnings (Trailing)	65.07
Price/Sales (Trailing)	19.57
EV/EBITDA	42.28
Price/Free Cashflow	63.18
MarketCap/EBT	48.87

Fundamentals
Revenue (TTM)	1.07 kCr
Rev. Growth (Yr)	32.84%
Rev. Growth (Qtr)	2.78%
Earnings (TTM)	322.04 Cr
Earnings Growth (Yr)	34.94%
Earnings Growth (Qtr)	0.96%

Profitability
Operating Margin	40.05%
EBT Margin	40.05%
Return on Equity	26.49%
Return on Assets	21.04%
Free Cashflow Yield	1.58%

Investor Care
Dividend Yield	0.64%
Dividend/Share (TTM)	5.75
Shares Dilution (1Y)	0.70%
Diluted EPS (TTM)	18.63

Financial Health
Current Ratio	4.47
Debt/Equity	0.00
Debt/Cashflow	0.00

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
BSE	BSEOther	4.83 kCr	2.88 kCr	+40.59%	+99.87%	8.1	2.39	+114.54%	+24.18%
CDSL	Central Depository Services (India)Other	16.74 kCr	1.21 kCr	+12.67%	+23.75%	31.4	14.57	+54.50%	+57.21%
ALANKIT	AlankitDiversified Commercial Services	388.03 Cr	300.27 Cr	-3.44%	-19.15%	16.97	1.29	-1.71%	+8.27%

Balance Sheet for KFin Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023
Cash and cash equivalents	-71.7%	14	47	21	57
Current investments	23.4%	175	142	320	222
Total current financial assets	16.1%	628	541	533	431
Total current assets	16.1%	656	565	559	449
Property, plant and equipment	4.3%	50	48	44	39
Capital work-in-progress	-	5.95	0	1.8	0.02
Goodwill	0%	516	516	516	516
Non-current investments	-8.5%	76	83	81	5.1
Total non-current financial assets	-9%	82	90	88	73
Total non-current assets	0.8%	860	853	854	795
Total assets	7%	1,516	1,417	1,413	1,244
Total non-current financial liabilities	-8.1%	35	38	44	25
Provisions, non-current	-1%	0	0.01	0	0
Total non-current liabilities	-0.6%	159	160	166	146
Borrowings, current	-	0	0	134	130
Total current financial liabilities	16.1%	102	88	213	194
Provisions, current	12.7%	8.72	7.85	5.81	5.18
Current tax liabilities	405.1%	21	4.96	21	15
Total current liabilities	28.1%	147	115	254	226
Total liabilities	10.5%	305	276	419	372
Equity share capital	0%	171	171	170	169
Total equity	6%	1,211	1,142	993	872
Total equity and liabilities	7%	1,516	1,417	1,413	1,244

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023
Cash and cash equivalents	-58.2%	24	56	34	72
Current investments	24.8%	182	146	320	222
Total current financial assets	16.8%	662	567	558	457
Total current assets	16.9%	691	591	584	475
Property, plant and equipment	4.2%	51	49	46	40
Capital work-in-progress	-	5.95	0	1.8	0.02
Goodwill	0%	553	553	553	543
Non-current investments	-	0	0	0	5.26
Total non-current financial assets	0.5%	6.95	6.92	7.36	5.26
Total non-current assets	1.3%	839	828	833	776
Total assets	7.8%	1,530	1,419	1,417	1,251
Total non-current financial liabilities	-8.1%	35	38	45	25
Provisions, non-current	-900%	0	0.9	1.12	0.59
Total non-current liabilities	-1.9%	160	163	168	149
Borrowings, current	-	0	0	134	130
Total current financial liabilities	22.6%	104	85	216	197
Provisions, current	24.7%	9.83	8.08	6.77	5.7
Current tax liabilities	350.5%	21	5.44	22	15
Total current liabilities	35.1%	155	115	259	233
Total liabilities	13%	314	278	427	381
Equity share capital	0%	171	171	170	169
Total equity	6.6%	1,216	1,141	990	870
Total equity and liabilities	7.8%	1,530	1,419	1,417	1,251

Description	Share	Value
Domestic mutual fund investor solutions	71.8%	208.2 Cr
Issuer solutions	15.2%	43.9 Cr
International and other Investor Solutions	11.3%	32.9 Cr
Global business services	1.7%	5 Cr
Total		290 Cr

Income Statement for KFin Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	4.9%	282	269	230	224	211	200
Other Income	9.3%	8.55	7.91	7.85	6.36	6.24	6.14
Total Income	5.1%	291	277	237	231	217	207
Employee Expense	1.1%	94	93	89	80	77	70
Finance costs	100%	1.14	1.07	1.16	1.11	1.16	3.17
Depreciation and Amortization	0%	15	15	14	13	12	12
Other expenses	7.7%	57	53	43	45	38	37
Total Expenses	3.7%	168	162	146	140	128	122
Profit Before exceptional items and Tax	7%	123	115	91	91	89	84
Total profit before tax	7%	123	115	91	91	89	84
Current tax	7.1%	31	29	23	17	23	22
Deferred tax	76.7%	0.8	0.14	0.67	1.03	0	0
Total tax	6.9%	32	30	23	18	23	22
Total profit (loss) for period	7.1%	91	85	68	73	66	62
Other comp. income net of taxes	-	0	0	0	-2.18	0	0
Total Comprehensive Income	7.1%	91	85	68	71	66	62
Earnings Per Share, Basic	8.3%	5.3	4.97	3.97	4.26	3.86	3.65
Earnings Per Share, Diluted	8.4%	5.26	4.93	3.93	4.22	3.82	3.61

Description	(%) Q/Q	Mar-2024	Mar-2023
Revenue From Operations	16.5%	811	696
Other Income	43.8%	24	17
Total Income	17.1%	835	713
Employee Expense	9.2%	297	272
Finance costs	-26.8%	8.32	11
Depreciation and Amortization	14.3%	49	43
Other expenses	22%	156	128
Total Expenses	12.4%	510	454
Profit Before exceptional items and Tax	25.6%	325	259
Total profit before tax	25.6%	325	259
Current tax	22.2%	78	64
Deferred tax	145.9%	1.68	-0.48
Total tax	27.4%	80	63
Total profit (loss) for period	25.1%	245	196
Other comp. income net of taxes	-8.1%	-0.6	-0.48
Total Comprehensive Income	25.1%	245	196
Earnings Per Share, Basic	25.5%	14.42	11.69
Earnings Per Share, Diluted	26.1%	14.3	11.55

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	3.6%	290	280	238	228	219	209
Other Income	-19.1%	9.09	11	8.09	6.6	6.44	6.3
Total Income	2.8%	299	291	246	235	225	215
Employee Expense	2%	104	102	96	85	83	76
Finance costs	87.5%	1.15	1.08	1.17	1.11	1.17	3.2
Depreciation and Amortization	-6.2%	16	17	15	15	13	13
Other expenses	5.9%	55	52	42	39	38	39
Total Expenses	2.9%	177	172	154	139	135	131
Profit Before exceptional items and Tax	2.5%	122	119	92	95	90	84
Total profit before tax	2.5%	122	119	92	95	90	84
Current tax	3.4%	31	30	23	18	23	23
Deferred tax	42.4%	0.43	0.01	0.46	2.11	0	-1.11
Total tax	6.9%	32	30	24	20	23	22
Total profit (loss) for period	1.1%	90	89	68	74	67	61
Other comp. income net of taxes	-481.8%	-0.68	1.44	0.01	-1.89	0.17	0.12
Total Comprehensive Income	-1.1%	90	91	68	73	67	62
Earnings Per Share, Basic	1%	5.25	5.21	3.98	4.36	3.92	3.62
Earnings Per Share, Diluted	1.2%	5.21	5.16	3.94	4.32	3.88	3.58

Description	(%) Q/Q	Mar-2024	Mar-2023
Revenue From Operations	16.4%	838	720
Other Income	50%	25	17
Total Income	16.8%	862	738
Employee Expense	10.8%	320	289
Finance costs	-25.6%	8.44	11
Depreciation and Amortization	13%	53	47
Other expenses	13.6%	151	133
Total Expenses	11.1%	532	479
Profit Before exceptional items and Tax	28%	330	258
Total profit before tax	28%	330	258
Current tax	23.8%	79	64
Deferred tax	133.8%	1.92	-1.72
Total tax	31.1%	81	62
Total profit (loss) for period	25.6%	246	196
Other comp. income net of taxes	-	-0.44	0
Total Comprehensive Income	25.6%	246	196
Earnings Per Share, Basic	26.3%	14.46	11.66
Earnings Per Share, Diluted	26.8%	14.34	11.52

Share Holdings

Understand KFin Tech ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
General Atlantic Singapore Fund Pte. Ltd.	31.98%
COMPAR ESTATES AND AGENCIES PRIVATE LIMITED	10.7%
KOTAK MAHINDRA BANK LIMITED	7.7%
NIPPON LIFE INDIA TRUSTEE LTD.A/C NIPPON INDIA NIFTY 500 MOMENTUM 50 INDEX FUND	3.38%
SIXTEENTH STREET ASIAN GEMS FUND	2.59%
360 ONE INDIA PRIVATE EQUITY FUND - SERIES 1A	1.62%
HSBC SMALL CAP FUND	1.53%
INDUS INDIA FUND (MAURITIUS) LIMITED	1.39%
AXIS MUTUAL FUND TRUSTEE LTD. A/C AXIS MUTUAL FUND A/C AXIS MOMENTUM FUND	1.19%
ABERDEEN STANDARD SICAV I - INDIAN EQUITY FUND	1.15%
PARTHASARATHY COMANDUR	1.15%
GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	1.07%
ABRDN ASIA FOCUS PLC	1.03%
General Atlantic Singapore KFT Pte. Ltd.	0.93%
Employees	0.17%
GA Robusta F&B Company Pte. Ltd.	0%
GA Robusta F&B Holding Pte. Ltd.	0%
General Atlantic Singapore 58TP Pte. Ltd.	0%
General Atlantic Singapore AB Pte. Ltd.	0%
General Atlantic Singapore ACK Pte. Ltd.	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

KFINTECH - KFin Technologies Limited Share Price

What does KFin Technologies Limited do?

Summary of Latest Earnings Report from KFin Tech

Sector Comparison: KFINTECH vs Capital Markets

Comparative Metrics

Performance Comparison

Cash Flow for KFin Tech

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Is KFin Tech Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Balance Sheet for KFin Tech

Revenue Breakdown

Income Statement for KFin Tech

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution