Kfin Technologies Management Guidance Tracker

33 forward-looking guidance items tracked across 9 quarters.

Growth

Q3 FY24International revenue to reach 25% of total in 5 yearsTracked

Management aims for international business to contribute 25% of total revenue within five years, up from ~11% currently.

Q3 FY24Value-added solutions growth trajectory to sustain 60%Active

Management expects to maintain the 60% YoY growth trajectory for value-added solutions in coming quarters.

Q4 FY24International pipeline of $25M+Tracked

The total pipeline for international business is over $25 million on a recurring annualized basis.

Q2 FY25International business to outgrow domestic growthTracked

International operations and AIF fund accounting are expected to grow faster than the domestic mutual fund business.

Q3 FY25Non-MF revenue to reach ~50% in 3-5 yearsTracked

Management targets non-mutual fund revenue to constitute about 50% of total revenue over a 3-5 year horizon, up from current ~35%.

Q4 FY25Essent acquisition neutral in FY26, accretive from FY27Tracked

The acquisition of 51% stake in AFS (Essent) will be EBITDA margin neutral in FY26 and become value-accretive from FY27.

Q1 FY26International business growth of 30%+Tracked

Management expects international and other investor solutions (ex-GBS) to continue growing at 30-35% YoY, with Essent acquisition adding further momentum.

Q2 FY26AIF AUM to cross INR 2 trillion next quarterActive

Management expects AIF AUM to exceed INR 2 trillion by next earnings call.

Q3 FY26Domestic MF revenue mix below 50% in 2 yearsTracked

Target to reduce domestic MF revenue contribution to under 50% within the next couple of years via faster growth in other segments.

Q4 FY26FY27 PAT growth ~10%Tracked

PAT growth expected around 10% for FY27, with potential upside if markets recover.

Q4 FY26International organic revenue growth 60%+Tracked

International business (ex-Ascent) expected to grow over 60% organically in FY27, driven by new large fund wins and Philippines contract execution.

Capex

Q3 FY24IT spend to remain 15-20% of revenueTracked

CFO indicated IT spend (OpEx + CapEx) will continue at 15-20% of revenue, with percentage declining as revenue grows.

Q3 FY25CapEx of INR 60-70 crore in FY26Tracked

Capital expenditure for the next fiscal year is guided at INR 60-70 crore, primarily for infrastructure and platform development.

Margins

Q4 FY24EBITDA margin guidance of 40-45%Active

Management reiterated commitment to maintain EBITDA margins in the 40-45% range for the coming year.

Q2 FY25EBITDA margin guidance maintained at 40%-45%Active

Management reiterated its EBITDA margin guidance range of 40%-45%, despite investments in technology and manpower.

Q3 FY25Cost growth limited to ~10% in FY26Tracked

Management expects expense growth to be contained around 10% in the coming fiscal year, with continued investment in IT and cloud.

Q1 FY26EBITDA margin maintained at 40-45%Active

CFO reiterated guidance of 40-45% EBITDA margin for FY26, with Q1 being seasonally weak and margins improving in subsequent quarters.

Q2 FY26EBITDA margin guidance of 40-45% maintainedActive

Management reiterated 40-45% EBITDA margin guidance, expecting to sustain even after Ascent consolidation.

Q2 FY26Ascent to be EBITDA neutral in FY26, double-digit margins next yearTracked

Ascent expected to be EBITDA neutral in FY26 and achieve double-digit EBITDA margins in FY27.

Q3 FY26EBITDA margin 40-45% for FY26Active

EBITDA margin guidance maintained at 40-45% for the full year, despite integration costs.

Q3 FY26Ascent margins to reach Kfin levels in 3 yearsTracked

Management expects Ascent's EBITDA margins to converge with Kfin's within 36 months through scale and cost synergies.

Q4 FY26FY27 EBITDA growth 16-17%Tracked

EBITDA expected to grow 16-17% in FY27, with margins around 39-40% as cost optimization offsets Ascent drag.

Other

Q4 FY24Expense growth of ~10%Active

Expenses are expected to grow in the range of about 10%, excluding one-time investments in new geographies.

Expansion

Q4 FY24Launch of new wealth platform in Q1/Q2 FY25Active

The new wealth platform is expected to launch late Q1 to early Q2 of FY25.

Q2 FY25Thailand subsidiary to accelerate client winsTracked

With RBI in-principle approval for a Thailand subsidiary, management expects to win more local asset manager mandates.

Q4 FY25TRA business launch expected in Q1 FY26Active

KFinTech has received in-principle SEBI approval for the TRA business and expects final approval to launch within the current quarter.

Revenue

Q2 FY25Core domestic mutual fund revenue growth of 13%-15% sustainableActive

Management expects core domestic mutual fund revenue (excluding mark-to-market) to grow in the 13%-15% range on a sustainable basis.

Q4 FY2518-20% top-line growth and 40-45% EBITDA marginActive

Management reiterated guidance for FY26, expecting revenue growth of 18-20% and EBITDA margins in the 40-45% range.

Q1 FY26Revenue growth of 15%+ for FY26Tracked

Management expects overall revenue growth north of 15% for the full year, driven by mutual fund AUM growth and issuer solutions momentum.

Q1 FY26No further yield compression in FY26Active

Management stated that the yield compression in Q1 (to 3.43 bps) was due to contract renewals and volume discounts; no further compression expected for the rest of the year.

Q2 FY26NPS fee structure moving to AUM-based basis pointsTracked

Regulatory shift from fixed fee to AUM-based pricing for NPS, expected to be finalized in 3-4 weeks.

Q3 FY26Revenue growth 15-20% for FY26Active

Management reiterated guidance of 15-20% revenue growth for the full year, including Ascent.

Q4 FY26FY27 consolidated revenue growth 24-25%Tracked

Management expects top-line growth of 24-25% for FY27, driven by international business (60%+ organic growth) and domestic MF recovery.