1. Dividend - ₹12.0 per share FY26 Delivered - In the Q4 FY26 PPT, a dividend of ₹12.0 per share for FY26 was proposed and declared by the Board, subject to shareholders' approval. The final dividend of ₹12.00 per share was approved by shareholders at the AGM on July 22, 2026.
2. Ascent transaction - close in 3-4 months Partial - In the Q4 FY25 PPT, the Ascent transaction was expected to close in 3-4 months, i.e. July-August 2025. The acquisition was completed in October 2025, with integration effective 13th October 2025.
3. Ascent - 100% ownership over 5 years On track - In the Q4 FY25 PPT, KFintech committed to a defined path to 100% ownership of Ascent over the next five years, with the residual 49% in three equal tranches after FY28, FY29 and FY30. Q4 FY26 confirmed the tranches following Ascent fiscal years ending July 2028, 2029 and 2030, and Q1 FY27 reiterated the 5-year path.
4. Domestic MF and issuer solutions - 15-17% CAGR Missed - In the FY25 annual report, management targeted growing the domestic mutual fund and issuer solutions businesses at a CAGR of 15-17%. In FY26, domestic MF segment revenue grew 10.7% YoY and issuer solutions 9.6% YoY, both below the target.
5. International investor solutions - 15-17% of revenue in FY26 Missed - In the FY25 annual report, management said that with Ascent consolidation, international investor solutions would account for 15-17% of overall revenue in FY26. The segment contributed 12.19% of total revenue in FY26, below the target.
6. EBITDA margin - 40% threshold including Ascent by end of FY27 On track - At the Q1 FY27 call, management committed to maintain the 40% threshold including Ascent by the end of this year. Q1 FY27 EBITDA margin was 34.2% including Ascent, below the threshold, with margin expansion expected from Q2.
7. FY27 top line - 24-25% growth On track - At the Q4 FY26 call, management saw "reasonable line of visibility" to 23-24% consolidated top line growth for FY27, corrected to "more towards 24% to 25% top line" with EBITDA growth around 16-17% and PAT growth of little around 10%; at Q1 FY27 the outlook was raised to EBITDA growth closer to 20% (17-20%) and PAT growth 12-15%. Q1 FY27 delivered revenue +30.1% YoY, EBITDA +7.1% YoY and PAT -2.6% YoY.
8. Revenue growth - 15-20% including Ascent Delivered - At the Q3 FY26 call, closing guidance stated that including Ascent, YoY revenue growth was "well within the range of guidance that we gave of 15% to 20%"; later revisions pointed to 24-25% FY27 top line growth and an 18-20% CAGR. Q3 FY26 growth including Ascent was +27.9% YoY, FY26 revenue grew 19.3%, and Q1 FY27 grew +30.1% YoY.
9. No one-off costs from Ascent consolidation Missed - At the Q2 FY26 call, management said no one-off/write-off costs were expected in the books from that quarter onwards when Ascent consolidation starts. Q3 FY26 carried a one-time Labour Code hit of \~₹8.6 crores, and Q4 FY26 an exceptional item of ₹4.04 crore (₹12.59 crore for FY26) on account of new labour codes.
10. Ascent consolidation - in Q3 FY26 Delivered - At the Q2 FY26 call, management expected consolidation of Ascent's books "into the coming quarter". Ascent integration was completed effective 13th October 2025 and Q3 FY26 results include Ascent.
11. AIF book - cross ₹2 trillion by next call Delivered - At the Q2 FY26 call, management expected the AIF book to cross ₹2 trillion "by the next time I speak". AIF AUM was \~₹1.8 trillion at Q3 FY26 and ₹1.72 trillion at Q4 FY26, and by Q1 FY27 the fact sheet showed AAUM of ₹2,057.8 bn (₹2.06 trillion), crossing the mark.
12. International growth - 30-35% continue Partial - At the Q1 FY26 call, the CFO believed 30% to 35% growth in international and other businesses (except GBS) will continue; at Q1 FY27 this was revised to over 25% ex-Ascent. Growth ran from 36% in Q1 FY26 to 14% in Q2, 11% in Q3, 20.0% ex-Ascent and GBS in Q4, and 32.2% ex-Ascent in Q1 FY27.
13. MF-related revenue - up north of 15% in FY26 Partial - At the Q1 FY26 call, management expected revenue growth "up north of 15%" in mutual fund-related businesses into this year. Q1 FY26 domestic mutual fund revenue was up 17.2%, but Q2 slowed to 10.2% and FY26 domestic MF segment revenue closed +10.7%.
14. NPS - decent EBITDA in 3-4 quarters Delivered - At the Q1 FY26 call, management expected NPS to start contributing decent EBITDA in the next 3 to 4 quarters. NPS broke even with close to 30% EBITDA margin by Q3 FY26, and by Q1 FY27 added roughly 15%+ to EBITDA.
15. Corporate client roster - cross 10,000 by end of FY26 Delivered - At the Q1 FY26 call, management was "hopeful" the corporate client roster would cross the 10,000 mark by end of the year. The roster crossed 10,000 by Q3 FY26 (9,877 at release), reached 10,500 by 31st March, and the total client base stood at 11,275 in Q1 FY27.
16. MF yield - decline 3.5-4% YoY Delivered - At the Q1 FY26 call, management reiterated guidance that mutual fund yield will decline year-on-year by 3.5% to 4%, later framed as telescopic-based pricing reducing yield by about 3.5% to 4% every year. Q1 FY26 yield fell \~4.7% to 3.43 bps, Q3 FY26 declined \~2.6%, and Q4 FY26 yield was \~3 bps.
17. Businesses not linked to MTM - grow beyond 20% Delivered - At the Q4 FY25 call, management expected businesses not linked to mark-to-market movements to continue growing beyond 20%. Q1 FY26 Issuer Solutions grew 25.5% YoY and international and other investor solutions (ex-GBS) 29% YoY, with core business excluding GBS up 26.1% in Q2 FY26.
18. Dividend - ₹7.5 per share FY25 Delivered - At the Q4 FY25 call, a dividend of ₹7.5 per share was declared by the board, subject to shareholders' approval. Cash of ₹750 crores was earmarked for dividend and the Ascent acquisition in Q1 FY26, and ₹129 crores of dividend was paid by Q2 FY26.
19. BlackRock Aladdin - revenue clocking in 1-2 quarters Missed - At the Q4 FY25 call, management said BlackRock Aladdin partnership revenue clocking was "probably a quarter to 2 away"; revisions pushed go-to-market to mid-Q3 FY26 and business development to "a couple of quarters". By Q1 FY27, direct integration and business development were still to start in a couple of quarters, with no Aladdin revenue disclosed.
20. Ascent EPS impact - neutral FY26, accretive FY27 Delivered - At the Q4 FY25 call, the CFO said with the Ascent acquisition, EPS impact would be neutral for FY26 and value-accretive from FY27, reiterated at Q2 FY26. Ascent contributed ₹99.45 crore to FY26 revenue with profit contribution not material, was already EPS accretive on a cash basis by Q3 FY26, and showed a PAT gap vs KFin standalone of about ₹4.7 crore in Q1 FY27.
21. GIFT City - 75% market share Delivered - At the Q4 FY25 call, management intended to get to three-fourths (75%) of the total GIFT City funds market share with the combined KFin + Ascent strategy. KFin's own share was nearly \~60% in Q1 FY26, and adding Ascent's \~12-15% gave nearly 75% of all operational GIFT City funds, sustained through Q2 FY26.
22. mPower Wealth revenue - start in Q4 FY25 Delivered - At the Q3 FY25 call, the CFO guided that wealth (mPower Wealth) revenue "will start coming in from next quarter, I mean, in JFM". mPowerWealth was already about ₹20 crores of business within a few months of launch in Q4 FY25, and the platform formally went live on 2 large contracts in Q1 FY26.
23. BlackRock/Aladdin announcements - coming quarter Delivered - At the Q3 FY25 call, management promised more BlackRock/Aladdin announcements "into the coming quarter"; later revisions moved revenue clocking to "a quarter to 2 away" and business development to a couple of quarters. BlackRock formally onboarded KFintech as a preferred partner in late January 2025, with integration still advancing as of Q1 FY27.
24. Pensions - 10% market share by end of Q3 FY25 Delivered - At the Q3 FY25 call, management guided that pensions will touch "a very important milestone of 10% overall market share by end of this quarter". Pensions had moved from 0% to close to 10% share in 4 years, NPS market share was 9.8% in Q4 FY25, and NPS crossed double-digit share by Q1 FY26.
25. GBS/mortgage - cautious decision on exit Delivered - At the Q2 FY25 call, management expected continued fluctuation in the GBS/mortgage business and would take "a cautious and a purposeful decision" on staying in this non-core business, with no timeline; later revisions saw it "naturally scale down" with no further investment and exit complete in 1-2 quarters. GBS revenue declined 78.96% YoY to ₹56.23 million in FY26 and stood at ₹5.4 million, 0.2% of revenue, in Q1 FY27.
26. KRA business - launch Delivered - At the Q2 FY25 call, the board approved the KRA investment and management said it would launch a "materially different KYC solution" once regulator approvals were secured, with no timeline; revisions had the platform build complete awaiting SEBI final approval and revenue visible from the next quarter. KRA launched in Q1 FY26, signing 5 marquee clients within 15 days, going live that quarter and closing contracts with 25+ AMCs by Q4 FY26.
27. Domestic MF core revenue - 13-15% sustainable growth Partial - At the Q2 FY25 call, management reiterated that domestic mutual fund core revenue (ex-MTM) will grow in a range of 13% to 15% on a sustainable basis. Domestic MF segment revenue grew 33.5% in FY25 but 10.7% in FY26 and 6.9% YoY in Q1 FY27, with core revenue (excluding Ascent and GBS) up 12.4% in FY26.
28. Yield - no significant compression going forward Missed - At the Q1 FY25 call, management said no significant yield compression was anticipated going forward since almost all large contracts were renegotiated as of 1st April; later revisions guided a 3.5-4% annual decline and stabilization around current levels. Yield compressed from 3.72 to 3.66 bps in Q1 FY25, to 3.43 bps in Q1 FY26, \~2.6% lower in Q3 FY26 and \~3 bps by Q4 FY26.
29. Target acquisition - 10-15% of target revenue by end of year Missed - At the Q1 FY25 call, management said the target acquisition could add anywhere between 10% to 15% of target revenue for the end of this year. Ascent contributed ₹99.45 crore to FY26 Group revenues, about 7.6% of FY26 revenue of ₹1,301.49 crore, below the target.
30. Acquisition - one in coming quarter Missed - At the Q1 FY25 call, management was looking to add one acquisition in the coming quarter, with the international M&A believed to be about four to five months from conclusion. No acquisition was completed in Q2 FY25; the definitive agreement to acquire 51% of Ascent Fund Services was signed in Q4 FY25.
31. IPO mandates - significant number to go public in 2-3 quarters Delivered - At the Q1 FY25 call, management expected a significant number of already-won IPO mandates to go public in the coming two to three quarters. KFintech handled Hyundai, the largest IPO ever in India, in Q2 FY25, then Bajaj Housing Finance and NTPC Green in Q3 FY25, and the top three biggest IPOs of the year in Q4 FY25.
32. GIFT City - larger base Delivered - At the Q4 FY24 call, management stated it will set up a larger base in GIFT City as and when necessary regulatory approvals are received, with office expansion expected "into the coming month" at Q2 FY25. Approvals including GIFT City were received by Q3 FY25, the GIFT City license was secured and subsidiary created by Q3 FY26, and operations were active with 8 clients won in Q1 FY27.
33. Two large international deals - fructify in Q1 FY25 Delivered - At the Q4 FY24 call, management hoped two large international deals - one in the Philippines, one in Malaysia - would fructify "in this quarter itself" (Q1 FY25). Two large clients, both in Malaysia, were signed in the last four to five weeks of Q1 FY25, and a large contract with Sun Life of Philippines followed in Q2 FY25.
34. Wealth platform - launch late Q1 to early Q2 FY25 Delivered - At the Q4 FY24 call, management anticipated launching the new wealth platform "late Q1 to early Q2" (FY25). mPowerWealth, a first-of-its-kind wealth platform, was launched at the Hubbis symposium in Mumbai in mid-September 2024, with the mPower Wealth launch noted in October.
35. Expense growth - \~10% excluding one-time investments Partial - At the Q4 FY24 call, the CFO guided that expenses will continue to grow in a range of about 10%, excluding one-time investments in new markets, a limit management said it would try to hold at Q3 FY25. Total expenses grew about 21.7% YoY in Q1 FY25 and 16.6% in Q1 FY26, while Q4 FY26 employee expenses ex-Ascent were up only 13%.
36. Issuer solutions - \~20%+ growth through FY25 Delivered - At the Q4 FY24 call, management saw "excellent visibility" of a similar (\~20%+ YoY) growth profile for issuer solutions through fiscal year 2025, revised to mid-20s growth (20-25%) at Q1 FY25. Issuer Solutions revenue grew 27.1% YoY in FY25, exceeding the target, before slowing to 9.6% in FY26.
37. XAlt migration - all existing alternatives clients in Q1 FY25 Partial - At the Q4 FY24 call, management expected migration of all existing alternatives clients onto the new XAlt platform to be wrapped up "in the next coming quarter", later revised to the remaining \~20% of funds by end of calendar year 2025. Close to 80% of funds were migrated by Q2 FY26, and the XAlt consolidated fund count stood at roughly 731 in Q1 FY27.
38. International business - 25% of revenue in five years On track - At the Q3 FY24 call, management said they would love to see international business occupying about 25% of the total revenue pool in the next five years, later framed as 25-30% of overall revenue over the next four-to-five years. The share rose from \~11% in FY24 to \~14% in FY25, 12.2% in FY26 and \~20.5% in Q1 FY27, with core international revenue +103.4% YoY in FY26.
39. Equity AUM market share - 38% in eight quarters Missed - At the Q3 FY24 call, management said equity AUM market share (then 33.5%) "in the next two three quarters it could go up again" and "it is possible that in the next eight quarters it can easily go to 38". Equity AAUM market share moved from 33.4% in Q4 FY24 to 33.3% in Q4 FY25, 32.1% in Q4 FY26 and 32.4% in Q1 FY27, never reaching 38%.
40. Top 10 AMC parity - 4 of top 10 in 2-3 quarters Delivered - At the Q3 FY24 call, management hoped to have parity (four of top ten AMCs) "into the next two to three quarters", later expecting 5 of the top 10 in another quarter or 2. Four of the top ten AMCs were with KFintech by Q3 FY24, and 5 of the top 10 by fastest AAUM growth by Q1 FY27.
41. VAS growth trajectory - \~60% YoY maintained Partial - At the Q3 FY24 call, management hoped to maintain the \~60% YoY value-added solutions growth trajectory "into the coming quarters and years". VAS revenue grew 32.8% YoY in FY24, almost 50% in Q1 FY25, \~46% in Q2 FY25 and 57.1% in Q4 FY25, before slowing to 21.1% YoY in FY26.
42. Revenue mix - 50/50 MF vs non-MF On track - At the Q2 FY24 call, management expected the revenue mix to gravitate towards "near 50%, 50%" between mutual fund and non-mutual fund businesses over a period of time, with revisions setting a 3-5 year horizon and a below-50% domestic MF dependency target. Non-MF revenue share rose from 31% in FY24 and 29% in FY25 to 34.5% in FY26 and 39.6% in Q1 FY27, over 40% including non-domestic MF business.
43. IT spend - not beyond 20% of revenue Delivered - At the Q2 FY24 call, the CFO said overall IT spend is not expected to grow beyond 20% of revenue (currently 20-22%), with the percentage coming down as revenue grows; revisions held a 15-20% band and an expectation of continued decline. IT spend ran 19% of revenue in Q3 FY24, \~21% in Q4 FY24, over 27-28% in Q2 FY25, then \~18% in Q3 FY25, 19% in Q4 FY25, \~18% in Q2 FY26 and \~17.7% in FY26.
44. Application layer cloud rewrite - complete by end FY24/early FY25 Delivered - At the Q2 FY24 call, management expected the application layer rewrite to cloud to be largely complete "by end of fiscal 2024 into early 2025", after which infra spend would moderate in FY25, down "by a factor of anywhere between 25% to 33% of the total spend". Data movement into cloud was complete by Q3 FY25, migration into AWS was successfully completed by Q4 FY25, and IT spend was 19% of revenue in FY25 vs 21% in FY24.
45. Cloud-enabled AIF platform - launch in later half of November Delivered - At the Q2 FY24 call, management expected to launch the country's first cloud-enabled alternate investment platform "into later half of November". XAlt, a cloud-based alternative-specific integrated TA/FA platform, was launched in Q3 FY24, with the platform launch noted in March and announced at the annual investor conference.
46. RPS repayment - ₹134 crores in October 2023 Delivered - At the Q1 FY24 call, the CFO said the company will repay ₹134 crores in October, subject to board approval. The RPS of ₹134 crores was paid out at end of November 2023, with the buyback of Non-Convertible Redeemable Preference Shares completed on November 30, 2023.
47. Western expansion - Europe and America in FY24 Missed - At the Q1 FY24 call, management's intent was to expand into the western part of the world (Europe and America) "this year", with more clarity expected "into the coming quarters"; this was later revised to at least one European geography in FY25 and many European countries plus the US over three to five years. By Q4 FY24 KFin managed about three funds for a client in Canada but had not started Europe/US operations, and no organic KFin Europe/US operations are disclosed through Q1 FY27.
48. Revenue and margin acceleration - Q2 through Q4 FY24 Delivered - At the Q1 FY24 call, management expected the revenue and margin profile to accelerate from Q2 through Q4, since Q1 revenue was roughly flat with Q4 FY23. Q2 FY24 revenue grew \~16% YoY with 44.8% EBITDA margin, Q3 FY24 grew +16% YoY with margin nearing 45%, and Q4 FY24 grew +24.7% YoY with 45.8% EBITDA margin.