KFin Technologies (KFINTECH) Q3 25/26 earnings summary

Executive summary

• Revenue from operations grew 27.9% year-on-year and 19.9% sequentially in Q3FY26, reaching ₹3,708.7 million, with 9MFY26 revenue at ₹9,541.6 million, driven by the Ascent acquisition and robust top-line growth.

• EBITDA for Q3FY26 was ₹1,516.2 million (margin 40.9%), up 16.1% year-on-year; 9MFY26 EBITDA at ₹4,011.9 million (margin 42.0%), up 12.5% year-on-year.

• PAT for Q3FY26 stood at ₹919.9 million (margin 24.8%), and for 9MFY26 at ₹2,625.6 million (margin 27.5%), with core PAT up 8.6% year-on-year.

• The business is diversifying, with domestic mutual fund revenue now at 59.8% of total, down from 71% last year, and international investor solutions rising to 16.7%.

• Integration of Ascent added 328 clients and expanded AUM to $41 billion, supporting global ambitions and international footprint.

Financial highlights

• Nine-month revenue reached ₹9,541.6 million including Ascent, up 18.1% year-on-year.

• EBITDA for the nine months was ₹4,011.9 million, with margins at 42% including Ascent.

• Diluted EPS for Q3FY26 was ₹5.30, up 1.7% year-on-year; 9MFY26 EPS at ₹15.13, up 5.5% year-on-year.

• Cash and equivalents stood at ₹5,072.7 million as of December 31, 2025.

• Amortization charges and exceptional items related to Ascent and new Labour Codes impacted margins by ₹2.8-3.3 crore and ₹85.55 million respectively.

Outlook and guidance

• Management expects to maintain revenue growth in the 15%-20% range and EBITDA margins between 40%-45%.

• Yield correction in mutual funds is expected to stabilize, with potential for recovery as asset mix normalizes.

• Ascent margins are targeted to converge with group levels within three years, with further upside from scale and cost optimization.

• Focus on business diversification, international expansion, and technology investments to sustain growth.

• The group continues to monitor regulatory changes, including the new Labour Codes, and will adjust financial reporting as needed.