Synopsis:
Anand Rathi and Emkay Global have both given “Buy” ratings on KFin Technologies Limited, with target prices of ₹1,572 and ₹1,400, indicating 43.10% and 27.45% upside potential, respectively.
This Fintech stock, engaged in providing registrar and transfer agent (RTA) services, investor servicing, and technology-driven solutions to mutual funds, corporations, and financial institutions, is in focus after Anand Rathi and Emkay Global gave a target, which has an upside potential of up to 43 percent.
With a market capitalization of Rs. 18,970.74 crore, the shares of KFin Technologies Limited were currently trading at Rs. 1,101.05 per equity share, rising nearly 0.23 percent from its previous day’s close price of Rs. 1,098.50.
What is the news?
Anand Rathi, a prominent brokerage firm, has recommended a “Buy” call on KFin Technologies Limited with a target price of Rs. 1,572 per share, indicating an upside potential of 43.10 percent from its previous day’s close price of Rs. 1,098.50.
Anand Rathi expects KFin Technologies Limited to deliver strong growth over FY25–27, with revenue, EBITDA, and earnings projected to grow at 21 percent, 19 percent, and 19 percent CAGR, respectively. The company continues to benefit from steady performance in its core businesses and rising demand across financial services platforms.
Further, Anand Rathi believes growth will be driven by international operations and the expanding Alternative Investment Funds (AIF) segment. With consistent profitability and business visibility, Anand Rathi maintains a ‘Buy’ rating, reflecting confidence in KFinTech’s sustainable long-term growth outlook.
Additionally, Emkay Global Financial Services, a prominent brokerage firm, has recommended a “Buy” call on KFin Technologies Limited with a target price of Rs. 1,400 per share, indicating an upside potential of 27.45 percent from its previous day’s close price of Rs. 1,098.50.
Emkay Global Financial Services remains optimistic about KFin Technologies Limited after a strong Q2FY26 performance. The company’s revenue grew 13 percent QoQ to Rs. 3.1 billion, about 2 percent above estimates, while EBITDA margin expanded to 43.9 percent (vs. estimated 42.3 percent). PAT rose 21 percent QoQ to Rs. 0.93 billion, beating forecasts by around 5 percent, driven by strong cost control and diversified growth.
Emkay expects mutual fund revenue yields to remain stable for the next 18–24 months, with only a 3.5-4 percent annualized yield decline. The issuer solutions segment is likely to benefit from higher retail participation, while the Ascent Fund Services acquisition and potential global deals should further strengthen growth.
Further, Emkay Global Financial Services has revised its outlook for KFin Technologies Limited after strong Q2FY26 results. The brokerage raised its revenue estimates by 1-2 percent and EBITDA margin by 30-50 bps, leading to a 2–3 percent increase in EBITDA for FY26-28E.
Company Overview
KFin Technologies Limited was established in 2017 and was formerly known as Karvy Fintech. The company specializes in registrar and transfer agent (RTA) services, providing comprehensive investor services and technology solutions primarily to mutual funds, corporations, pension funds, and alternative investment funds
The company manages over 33.8 crore investor folios and assets worth Rs. 23.50 lakh crores, supporting seamless transactions and investor communications across India. The company operates across multiple business segments, including mutual fund registrar services, corporate registry services, and pension fund management.
KFin Technologies Limited operates in over 100 locations across India and serves more than 9,464 corporate clients, including prominent asset management companies and financial institutions.
Recent quarter results
Coming into financial highlights, KFin Technologies Limited’s revenue has increased from Rs. 280 crore in Q2 FY25 to Rs. 309 crore in Q2 FY26, which has grown by 10.36 percent. The net profit has also grown by 4.49 percent from Rs. 89 crore in Q2 FY25 to Rs. 93 crore in Q2 FY26. KFin Technologies Limited’s revenue and net profit have grown at a CAGR of 19.38 percent and 131.58 percent, respectively, over the last five years.
In terms of return ratios, the company’s ROCE and ROE stand at 32.8 percent and 25 percent, respectively. KFin Technologies Limited has an earnings per share (EPS) of Rs. 20.1, and its debt-to-equity ratio is 0.03x.
Written By – Nikhil Naik
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