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Motilal Oswal Report
Domestic brokerge firm Motilal Oswal has upgraded KFin Technologies Ltd.'s stock to a Buy from Neutral, implying a potential upside of 21% from the current levels, as it expects -
- continued momentum in the domestic MF business,
- a robust pipeline for the issuer solutions business, and
- gradually improving margins of the international business, which would result in consolidated margin expansion for KFin.
The brokerage's one-year target price of Rs 1,150 is based on a 39 times FY28 earnings per share multiple.
Motilal Oswal has retained its FY27/FY28 earnings estimates, based on KFin Technologies Ltd.'s Q1 performance, and it projects the company to deliver a revenue/Ebitda/net profit compound annual growth of 22%/22%/18% over FY26–28E.
Structural tailwinds in the MF industry, coupled with increasing diversification into international, issuer solutions, alternates and pension businesses, are expected to drive KFin's long-term growth, believes the brokerage.
Its technology-led, asset-light platform model, improving global fund administration capabilities through Ascent, and continued focus on operational efficiency position the company well to capitalize on opportunities across both Indian and global markets.
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