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Revenue
₹290 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
KFin Technologies delivered a strong Q3 FY25 with revenue growing 33% YoY and EBITDA up 35% YoY, driven by broad-based expansion across mutual funds, issuer solutions, international, and alternatives. Mutual fund AUM market share expanded 300 bps YoY to 32.4%, supported by robust SIP inflows and 57% of NFOs handled. International business signed two full-service TA deals in the Philippines and a large deal in Malaysia, with deal sizes expanding to INR 3-3.5 crore annuity. The BlackRock Aladdin partnership opens a global opportunity, though near-term revenue impact is uncertain. Management guided for cost growth limited to ~10% in FY26 and CapEx of INR 60-70 crore. Key risk: market correction could pressure AUM growth and revenue if net inflows fail to offset mark-to-market declines.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects expense growth to be contained around 10% in the coming fiscal year, with continued investment in IT and cloud.
- Capital expenditure for the next fiscal year is guided at INR 60-70 crore, primarily for infrastructure and platform development.
- Management targets non-mutual fund revenue to constitute about 50% of total revenue over a 3-5 year horizon, up from current ~35%.
Risks flagged
- A sustained market downturn could reduce AUM growth and revenue, especially if net inflows fail to offset mark-to-market losses.
- Deals in Singapore and Hong Kong have been in pipeline for several quarters without conversion, partly due to platform readiness and M&A considerations.
- Incumbents like BNP Paribas, JPMorgan offer bundled custody and fund services, posing a challenge to KFin's standalone TA/FA model.
Key quotes
- Our strategy for the last five years has been one that of diversifying risk whilst using that opportunity to expand our addressable market.
- We have been one of the few market for the market intermediaries who have gone beyond borders.
- The net flows in Q3 were 20% higher as compared to Q2 of this fiscal year.
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