The quarter saw weakness across segments, while an exceptional expense of ₹4 crore was recognised due to labour code-related changes.
Despite this, Jefferies has maintained a ‘Buy’ rating on the stock, with a price target of ₹1,200, implying an upside of nearly 23% from current levels.
The brokerage said that Q4 EBITDA was 5% ahead of its estimates, driven by a better-than-expected performance in the domestic mutual fund segment.
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Mutual Fund (MF) Registrar and Transfer Agent (RTA) yields came in at 3.25 basis points, above its estimate of 3.15 bps, although sequentially lower due to a higher share of ETF AUM.
The company’s international business, Ascent, reported strong traction, with revenue growing 27% YoY and 127 new fund wins during the quarter, including six with over $100 million in AUM.
Adjusted PAT (excluding one-offs) was 11% ahead of estimates, supported by higher other income.
Kfin Technologies shares ended 2.57% higher at ₹979 on Wednesday, although the stock remains down about 9% so far this year.
First Published: Apr 30, 2026 8:30 AM IST
