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Revenue
₹347 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
KFin Tech reported Q4 FY26 consolidated revenue growth of 23% YoY, but EBITDA grew only 5% YoY and PAT was flat, impacted by mark-to-market erosion in equity markets, a shift to lower-yield passive funds, and a one-time labor code charge of INR 12.6 crore. Excluding Ascent, EBITDA margins were 42%, but consolidated margins compressed to 37% due to Ascent's low-margin contribution and market headwinds. Management guided for FY27 consolidated revenue growth of 24-25% and EBITDA growth of 16-17%, assuming a conservative base case with no market recovery. Key growth drivers include international business (targeting 60%+ organic growth), new AMC mandates, and cost optimization. Risk: prolonged market weakness could further pressure yields and delay IPO-related revenue in issuer solutions.
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Guidance to track
- Management expects top-line growth of 24-25% for FY27, driven by international business (60%+ organic growth) and domestic MF recovery.
- EBITDA expected to grow 16-17% in FY27, with margins around 39-40% as cost optimization offsets Ascent drag.
- PAT growth expected around 10% for FY27, with potential upside if markets recover.
- International business (ex-Ascent) expected to grow over 60% organically in FY27, driven by new large fund wins and Philippines contract execution.
Risks flagged
- Continued mark-to-market erosion and retail investor exodus could further compress yields and delay revenue recovery in issuer solutions.
- Ascent's EBITDA margin was only 8% in Q4, and amortization of intangibles (INR 6 crore/quarter) will continue to weigh on consolidated PAT until operating leverage kicks in.
- Changes in TER norms could lead to further pricing pressure from AMCs, though management believes most contracts are already negotiated.
- Industry shift to a single POS ID for KYC may reduce fetch-cost revenue for KRA business, though not yet operationalized.
Key quotes
- We have a reasonable line of visibility to get to about 23%-24% top line growth into the coming year. This isn't necessarily a guidance, but as much as, you know, I guess our bottom-up predictions internally.
- The margin compression this year was obviously large on account of two important factors. One obviously is the consolidation of accounts with Ascent... The second one, of course, was a substantive mark-to-market erosion that happened in Q4.
- We are working religiously in terms of creating that unique advantage, and you will see the results of that in times to come.
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