KFin Technologies (KFINTECH) Q4 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of ₹13,014.9 million in FY26, up 19.3% year-over-year, with Q4 revenue growing 22.9% year-over-year, driven by market share gains and new client wins across core and international businesses.

• International business, especially through the Ascent acquisition, contributed significantly to client and revenue growth, with robust pipeline and expansion in Asia and other geographies.

• EBITDA for FY26 was ₹5,297.0 million, up 10.6% year-over-year, with a margin of 40.7%; Q4FY26 EBITDA margin was 37.0%.

• Core PAT for FY26 grew 6.2% year-over-year to ₹3,531.4 million; Q4FY26 Core PAT margin was 24.2%.

• Board proposed a dividend of ₹12.0 per share for FY26, subject to shareholder approval.

Financial highlights

• Consolidated revenue grew 19.3% for the year and 23% year-over-year in Q4; excluding Ascent, Q4 revenue grew 4.6% year-over-year.

• International and other investor solutions revenue (excluding GBS) grew 103.4% year-over-year in FY26; non-domestic mutual fund revenue share rose to ~39% of total.

• EBITDA margin for the year was 40.7% (excluding Ascent: 43.5%), with Q4 margin at 37% due to integration and mark-to-market impacts.

• Core PAT rose 6.2% to ₹3,531.4 million; PAT margin at 27.1% consolidated, nearly 30% excluding Ascent.

• Diluted EPS at ₹19.81 (with Ascent) and ₹20.16 (without Ascent); cash and cash equivalents stood at ₹5,707.3 million as of March 31, 2026.

Outlook and guidance

• Projected consolidated revenue growth of 24%-25% and EBITDA growth of 16%-17% for FY27, with PAT growth around 10%.

• Margin guidance remains at 40%-45% over the medium term, with near-term margin at ~39% due to business mix and integration.

• International business expected to grow over 70%, further diversifying revenue and reducing dependency on domestic mutual funds.

• Focus on expanding global footprint, deepening client relationships, and investing in technology and product innovation.

• Conservative estimates used due to market volatility; upside possible if macro conditions improve.