Motilal Oswal's research report on KFin Technologies
KFintech remains a dominant, cash-generative market infrastructure platform with leadership across domestic MF investor solutions and issuer services, underpinned by deep AMC relationships (~54% of AMCs; ~32% industry AAUM), strong annuity visibility and consistently high mandate win rates.
Outlook
We expect a CAGR of ~16%/16%/18% in revenue/EBITDA/PAT over FY25-28E. The stock trades at a premium to traditional capital-market intermediaries, reflecting revenue visibility and high RoCE. We reiterate Neutral rating with a one-year TP of INR1,200, based on 40x Sep’27E EPS.
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