KFin Technologies Limited (NSE: KFINTECH) released its financial results for the third quarter and nine months ended December 31, 2025, showcasing robust revenue growth and strategic business wins. The company reported significant expansions in core operations, international solutions, and domestic market share, driven by new mandates and operational efficiencies.
Q3 FY26 Financial Performance
Revenue from operations reached ₹3,708.7 million in Q3 FY26, marking a 27.9% year-on-year (y-o-y) increase. Core revenue grew even stronger at 29.7% y-o-y. International and other investor solutions saw core revenue surge 176.5% y-o-y, or 30.7% excluding contributions from Ascent Fund Services Singapore Pte. Ltd. and GBS. Ascent Fund Services revenue rose 27.4% y-o-y.
Value-added services (VAS) revenue stood at ₹252.0 million, up 11.5% y-o-y. EBITDA came in at ₹1,516.2 million, reflecting 16.1% y-o-y growth, with margins at 46.3% excluding Ascent and 40.9% including it. Core profit after tax (PAT) was ₹983.9 million, up 9.1% y-o-y, with PAT margins of 31.2% excluding Ascent and 26.5% including it. Diluted earnings per share (EPS) increased 1.7% y-o-y to ₹5.30. The company maintained strong liquidity, with cash and cash equivalents at ₹5,072.7 million as of December 31, 2025.
9M FY26 Cumulative Results
For the nine months ended December 31, 2025 (9M FY26), revenue from operations totaled ₹9,541.6 million, up 18.1% y-o-y, with core revenue advancing 20.8% y-o-y. International and other investor solutions core revenue jumped 80.7% y-o-y, or 28.8% excluding Ascent and GBS. VAS revenue grew 25.4% y-o-y to ₹729.3 million.
EBITDA rose 12.5% y-o-y to ₹4,011.9 million, with margins at 44.0% excluding Ascent and 42.0% including it. Core PAT increased 8.6% y-o-y to ₹2,689.6 million, yielding PAT margins of 29.9% excluding Ascent and 28.2% including it. Diluted EPS stood at ₹15.13, up 5.5% y-o-y.
These figures highlight KFin’s resilience, with core metrics demonstrating underlying strength despite integration costs from recent acquisitions.
Key Business Developments in Q3 FY26
KFin achieved overall average assets under management (AAUM) growth of 17.9% y-o-y, aligning closely with the industry’s 18.1% and securing a 32.5% market share. Equity AAUM grew 15.3% y-o-y against the industry’s 17.8%, holding a 32.7% market share. The company won registrar and transfer agent (RTA) deals from new asset management companies (AMCs) Nuvama Wealth Management Limited and Monarch Networth Capital Limited, plus two Speedy Instant Funding (SIF) mandates from existing AMC clients.
Internationally, client numbers rose to 4,286, including 328 from Ascent and 100 from KFintech SEA. Overall assets under management (AUM) expanded 325.3% y-o-y to US$40.9 billion (₹3.7 trillion). Ascent secured 47 new funds, while KFintech SEA added seven deals, including a pioneering pension administration platform from a major Philippine bank, two digital solutions in Malaysia, and a full-suite fund administration for digital assets in Bahrain.
In issuer solutions, KFin added 4,133 new corporate clients, achieving 51.4% market share among NSE500 companies. New RTA appointments included Chambal Fertilisers, BLS International Services, PhonePe, Zepto, Tonbo Imaging, and Duroflex.
Alternate investment funds reached 6,696, with a 39.0% market share and AUM growth of 30.9% y-o-y to ₹1.8 trillion. Wins included 25 new AIF funds from True Beacon, Alpha Alternatives, Anand Rathi Asset Management, Equirus, and ASK Investment Managers.
The National Pension System (NPS) subscriber base grew to 2.0 million, up 34.1% y-o-y versus the industry’s 12.7%, boosting market share to 11.2% from 9.4% a year earlier.
Leadership Perspective
Sreekanth Nadella, Managing Director and CEO, commented: “KFintech continues to deliver yet another strong quarter, reinforcing the strength of our diversified business model amidst uncertain global macro environment. We witnessed strong growth in revenue and profitability across our line of businesses, supported by new deal wins, differentiated service excellence, and strong operational control.”
He highlighted progress in integrating Ascent Fund Services, including the selection of Ascent’s “OneConstellation” EKYC, AML, and CFT platform by a major multinational bank. Nadella emphasized the Philippine pension deal as validation of the multi-geography strategy. Looking ahead, the focus remains on integration, technology-driven leverage, and capturing opportunities for sustainable growth and cash flows.