The Board of Directors of KFin Technologies Limited has approved changes and enhancements in the roles and designations of two Senior Management Personnel through a circular resolution passed on May 09, 2026. The changes are part of the company's internal restructuring and take effect from the same date, as disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Management Role Changes

The restructuring involves a reallocation of responsibilities across senior leadership, with two personnel assuming expanded or revised mandates. The following table summarises the changes:

Mr. Muralidharan Sivaramakrishnan – New Role

As part of the internal restructuring, the responsibilities pertaining to Global Fund Services and National Pension System, currently under the leadership of Mr. Sunil Parchuri, Head - AIF Global Operations (Senior Management Personnel), have been transitioned to Mr. Muralidharan Sivaramakrishnan. He brings over 20 years of experience in transformation programs and large-scale run-the-business (RTB) operations across Middle Office, Back Office, and Data Management. From 2022 to 2025, he served as Managing Director at State Street, where he led middle office functions across asset classes in a global 24x5 environment, driving AI/ML automation and data visualization. Prior to this, he held leadership roles at Atos Europe, StateStreet Syntel, Broadridge, and eClerx Services Ltd. Mr. Muralidharan holds an engineering degree from Annamalai University and an MBA from K.J. Somaiya Institute of Management Studies and Research.

Mr. Amit Murarka – Enhanced Role

Mr. Amit Murarka has been elevated to the role of Chief Financial Officer - International Business and Head - M&A, with his mandate now encompassing the International Business function previously undertaken by Mr. Muralidharan Sivaramakrishnan. Additionally, the responsibilities pertaining to Head – Investor Relations will be transitioned to Mr. Ram Gattani, Assistant Vice President – Finance & Accounts, a Non-Senior Management Personnel of the company. Mr. Murarka brings over 17 years of experience across finance, strategy, corporate development, and analytics, and has been with the company since June 2021. During his tenure, he played a key role in the public listing of the company in 2022, led strategic M&A transactions and other strategic growth initiatives, and managed investor relations. He is an alumnus of the Indian Institute of Management, Ahmedabad, a fellow member of the Institute of Chartered Accountants of India, and a Cost and Management Accountant.

Disclosure Details

The company made the disclosure in compliance with SEBI's Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, as well as BSE's Circular No. 20230714-34 dated July 14, 2023, and NSE's Circular No. NSE/CML/2023/57 dated July 14, 2023. The event was recorded as occurring on May 09, 2026, at around 11:08 a.m. IST. The intimation was signed by Alpana Kundu, Company Secretary and Compliance Officer (ICSI Membership No.: F10191).

KFin Technologies held its Q4 FY26 Earnings Conference Call on April 30, 2026, hosted by IIFL Capital Services Limited. The call was addressed by MD and CEO Sreekanth Nadella, Whole-Time Director and CFO Vivek Mathur, and CFO International Business and Head IR Amit Murarka. Management walked through quarterly and full-year performance, key business developments across segments, and internal projections for the upcoming fiscal year.

Financial Performance Overview

The company delivered full-year revenue growth of approximately 19.3% on a consolidated basis. For the same quarter year-on-year, revenue grew approximately 23% including Ascent, and approximately 4.6% excluding Ascent. Sequentially, overall revenue declined 6.3%, and approximately 8.5% excluding Ascent, primarily due to mark-to-market corrections driven by geopolitical developments and a shift in AUM mix towards metal ETFs such as gold and silver.

The following table summarises key consolidated financial metrics for FY26:

A one-time exceptional item related to Labor Code-driven payroll inflation of ₹12.6 crores was accrued during the year, which management confirmed will not recur from FY27 onwards. Adjusted for this, PAT growth was described as flat for the quarter. Employee expenses including Ascent rose 30% for the year, but only 13% excluding Ascent. Amortization of intangible assets acquired from Ascent — including client contracts and brand valuation — of approximately ₹6 crores per quarter is being written off over 10 years and continues to weigh on consolidated PAT.

Revenue Mix and Segment Performance

Management provided a detailed breakdown of revenue contribution by segment for Q4 FY26:

The domestic mutual fund segment saw overall AUM grow approximately 21% in line with the industry, though revenue grew only approximately 11% due to pricing adjustments made in April 2025 and mark-to-market erosion on the equity side. Equity AUM market share dipped by approximately 200 basis points over the last two quarters, attributed to a surge in metal ETFs (gold and silver) driving AUM mix towards passives. Management noted early April trends suggesting a reversal, with the share of ETFs declining. KFin retained approximately 33% overall domestic mutual fund market share, expanding from 30.3% in FY22 to 32.5% in FY26. The company won 4 new AMC mandates during the year and holds a SIP market share of over 37%.

Issuer Solutions revenue was subdued in Q4, impacted by retail investor exodus reducing folios, low corporate actions activity, and the absence of a large demerger that had provided a one-time revenue bump in Q4 FY25. The company crossed 10,500 total corporate clients as of March 31, 2026, and successfully transitioned Punjab National Bank. Market share in Issuer Solutions stood at over 52% of Nifty companies by market cap, approximately 45% by folios. Approximately 740 new clients were added, with market share expanding by approximately 80 basis points quarter-on-quarter.

The Alternative Investment Fund (AIF) segment tracked 716 funds, marking over 38% market share. AUM grew approximately 19% despite mark-to-market pressures on Cat III funds. Revenue growth exceeded AUM growth, with Q4 delivering over 22% year-on-year growth and margins holding above 37%. The alternatives, private wealth, and PMS segment reported revenues of ₹16 crores in Q4 FY26, compared to ₹20.7 crores in Q3 FY26 and ₹18.3 crores in Q4 FY25, with the decline attributed to mark-to-market impact on private wealth and PMS portfolios.

International Business and Ascent Integration

The acquisition of Ascent Fund Solutions, completed in October, contributed approximately 15% of consolidated revenue in Q4 FY26. Ascent reported sequential top-line growth of approximately 5% in its functional currency and approximately 8% in INR terms. Ascent's EBITDA margin in Q4 stood at 8%, with management reiterating a medium-term target of margins exceeding 35% over a 3–5 year horizon. Ascent's annualised international revenue contribution was noted at little over $22 million. Ascent's yield range was confirmed at 6–7 basis points.

Key international business developments included:

• Total international clients grew from approximately 75 previously to approximately 500 post-Ascent acquisition; organic client growth moved from 76 to approximately 110
• Approximately 499 fund manager clients added overall; total funds serviced approximately 900–950
• 5 new funds with over $100 million AUM each won by Ascent; revenue from approximately 3.5–4 of these contracts expected to be recognised in FY27
• Geographic presence across 18 countries; key revenue contributors outside India include Malaysia, Singapore, Cayman Islands, and Hong Kong
• Completion of the largest international contract — fund accounting for the Philippines' largest bank — moving into execution phase
• Organic international (GFS) revenue projected to grow over 60% in the upcoming year; total international revenue including Ascent projected to grow over 70%

Management noted that synergy initiatives across technology, real estate, people, and shared service functions have been drawn out and put in place, with operating leverage from Ascent expected to build progressively over coming quarters. The Hexagram team and Ascent team are jointly developing solutions such as simulation tools for fund managers and LP/GP reporting to enhance Ascent's market positioning.

National Pension System, KRA Platform, and Other Businesses

The NPS segment achieved a turnaround, breaking even during the year. KFin grew NPS subscribers by over 34% for the full year, compared to industry growth of approximately 11%, implying a market share gain of approximately 3x the industry rate. The company launched the country's first gig economy pension platform and a health-related insurance-linked NPS withdrawal solution. Pricing has transitioned from a flat-fee model to a basis-points model aligned with AUM corpus growth.

The KRA platform, which went live in early Q4 FY26, has already signed contracts with over 25 asset management companies and large brokers, and has been selected by AMFI as a preferred partner for identifying unclaimed assets. Management flagged a potential industry-level impact from a proposed singular point-of-sale KYC ID initiative, which could reduce KRA fetch-cost revenues across the industry if operationalised. On the Aladdin platform integration, management noted the process remains ongoing given the complexity of integrating with the world's largest risk management platform; direct integration and business development activity are expected to commence in a couple of quarters.

Internal Projections for FY27

Management shared the following internal projections for FY27, emphasising these are not formal guidance and are subject to revision based on market conditions:

Management noted that the domestic mutual fund revenue dependency is currently at 58% (excluding value-added tech solutions revenue from MF clients) and reiterated a medium-term target of reducing this below 50%, which they expect to achieve sooner than the original 5-year timeline given the pace of international business growth. Cost optimisation initiatives, including payroll and non-payroll discretionary spend controls, AI-driven productivity improvements, and Ascent synergy realisation across technology, real estate, and shared services, are being actively pursued to protect EBITDA margins in the 40%–45% range. Management also indicated that the differential between EBITDA growth and PAT growth is expected to narrow in FY28 as Ascent's margins improve and the business normalises.