KFin Technologies Limited (KFINTECH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+42.9%

₹1,248.49

vs ₹873.70 price

Levered DCF

₹1,336.17

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

8.8

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	43.94×	53.23×	43.03×	24.04×	41.07×	-94.51×	1,299.46×	438.37×
P/B	9.03×	12.58×	9.28×	5.4×	8.89×	17.6×	14.1×	5.82×
P/S	11.24×	16.6×	13.06×	6.78×	9.29×	13.22×	14.01×	36.84×
EV / EBITDA	26.97×	34.29×	27.21×	15.2×	19.87×	29.69×	37.68×	88.9×
Gross margin	86.8%	65.7%	63.5%	62.2%	66.4%	62.4%	56.5%	76.1%
Operating margin	35.8%	39.4%	39.9%	36.5%	41.1%	25.2%	16.1%	20.6%
Net margin	25.6%	31.2%	30.4%	28.2%	24.1%	-14.0%	1.1%	5.4%
Current ratio	37.93×	5.22×	5.14×	2.04×	2.75×	2.02×	1.62×	13.64×
Debt / equity	0.03×	0.03×	0.04×	0.18×	0.25×	1.1×	1.01×	0.01×
Interest coverage	0×	103.08×	38.38×	23.8×	4.8×	2.23×	1.25×	1.67×
Dividend yield	0.9%	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	37.6%	29.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.5%	23.6%	21.6%	22.5%	23.1%	-18.6%	1.1%	0.9%
Return on invested capital	12.7%	19.6%	18.5%	16.6%	19.7%	-12.9%	2.0%	1.6%
Return on assets	12.4%	19.0%	17.3%	15.6%	14.5%	-7.0%	0.5%	38.8%
Free cash flow yield	2.3%	1.8%	1.9%	3.3%	3.2%	2.9%	1.6%	1.0%
Earnings yield	2.3%	1.9%	2.3%	4.2%	2.6%	-1.1%	0.1%	0.1%
Enterprise value	₹149.4B	₹177.1B	₹105.8B	₹48B	₹58.4B	₹64.6B	₹61.8B	₹60.4B
Net debt / EBITDA	-0.28×	0.02×	-0.02×	0.3×	0.39×	1.65×	2.45×	-0.2×
Cash conversion cycle (days)	-82	-1	30	39	27	43	44	216