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.

KFin Technologies Limited has published the extract of audited consolidated financial results for the quarter and financial year ended March 31, 2026, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were approved by the Board of Directors at its meeting held on April 29, 2026, with statutory auditors expressing an unmodified audit opinion.

Consolidated Financial Performance

The company reported consolidated revenue from operations of ₹3,473.30 million for the quarter ended March 31, 2026, compared to ₹2,826.98 million in the corresponding quarter of the previous year. For the full financial year ended March 31, 2026, consolidated revenue stood at ₹13,014.93 million, up from ₹10,907.52 million in FY25.

Standalone Performance

On a standalone basis, KFin Technologies reported revenue from operations of ₹2,840.12 million for Q4FY26 and ₹11,588.10 million for the full fiscal year. Net profit after tax for the quarter stood at ₹851.12 million, while annual net profit after tax reached ₹3,462.44 million.

Regulatory Compliance and Access

The financial results have been prepared in accordance with Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013. The figures for the quarter ended March 31, 2026 represent balancing figures between audited full-year results and published unaudited year-to-date figures up to the third quarter.

The complete format of the quarter and financial year ended financial results (Standalone and Consolidated) is available on the websites of BSE Limited ( www.bseindia.com ), National Stock Exchange of India Limited ( www.nseindia.com ), and the company ( www.kfintech.com ). The announcement was signed by Alpana Uttam Kundu, Company Secretary and Compliance Officer, with ICSI Membership No. F10191.