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Revenue
₹371 Cr
verified against source
Revenue YoY
27.9%
reported change
EBITDA
₹151.6 Cr
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 reported a strong Q3 FY26 with revenue including Ascent at ₹323 crore, up 27.9% YoY, driven by the successful integration of Ascent and robust organic growth. EBITDA margins came in at 40.9%, within the guided 40-45% range, despite a 300bps dip due to integration costs. The domestic mutual fund revenue mix declined to 60% as international investor solutions grew to 16.7%, reflecting successful diversification. Management highlighted a 60% win rate in new MF mandates, market share gains to 32.7% in AAUM, and issuer solutions crossing 10,000 corporates. Guidance for FY26 remains 15-20% revenue growth and 40-45% EBITDA margins. Key risk: continued shift to passive ETFs could pressure yields further.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 15-20% revenue growth for the full year, including Ascent.
- EBITDA margin guidance maintained at 40-45% for the full year, despite integration costs.
- Management expects Ascent's EBITDA margins to converge with Kfin's within 36 months through scale and cost synergies.
- Target to reduce domestic MF revenue contribution to under 50% within the next couple of years via faster growth in other segments.
Risks flagged
- Shift in AUM mix towards lower-yield passive ETFs (gold/silver) caused a 2.6% yield decline; continued trend could pressure revenue.
- Retail participation has declined due to sideways markets, impacting folio growth and corporate action revenue in issuer solutions.
- Analyst raised concern about Ascent's lower margins; management acknowledged it may take 3 years to reach Kfin levels, with potential delays.
- Analyst questioned if AI could lower barriers for new RTAs; management argued scale and domain expertise remain key moats, but risk is non-zero.
Key quotes
- It is not for somebody else to come and disrupt us. It is for us to disrupt our own selves.
- Our objective has been to move towards diversification and it's a true reflection of how the future quarters are going to look like.
- We have already created two platforms which are AI native... reducing the cycle time of the delivery by about 45 to 50%.
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