Analysts/Institutional Investor Meet/Con. Call Updates

November 03, 2026 CS&G/STX/DQ2026/14 1) National Stock Exchange of India Limited 2) BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Scrip Symbol: KFINTECH Scrip Code: 543720 Sub. : Transcript of Earnings Conference Call Ref. : Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) Dear Sir / Madam, Further to our previous intimation bearing reference no. CS&G/STX/DQ2026/02 dated October 07, 2026, pursuant to Regulation 30 and other applicable provisions of the LODR Regulations, please find enclosed herewith the transcript of the Earnings Conference Call held on October 27, 2026, in respect of the standalone and consolidated unaudited financial results of the Company for the quarter and half year ended September 30, 2026. The transcript can also be accessed on the Company’s website at the following link: Financials and Presentations – Investor Support This is for your information and records. Thanking you, Yours faithfully, For KFin Technologies Limited Alpana Kundu Company Secretary and Compliance Officer ICSI Membership No.: F10191 Encl.: a/a “KFin Technologies Limited Q2 FY '27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MR. SREEKANTH NADELLA – MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER, KFIN TECHNOLOGIES LIMITED MR. VIVEK MATHUR – WHOLE-TIME DIRECTOR & CFO, KFIN TECHNOLOGIES LIMITED MR. RAM GATTANI – HEAD - INVESTOR RELATIONS, KFIN TECHNOLOGIES LIMITED MODERATOR: MR. DEVESH AGARWAL – IIFL CAPITAL SERVICES LIMITED Page 1 of 20 KFin Technologies Limited October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to KFin Technologies Limited Q2 and FY '27 Earnings Conference Call, hosted by IIFL Capital Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Devesh Agarwal from IIFL Capital Services Limited. Thank you, and over to you, sir. Devesh Agarwal: Thank you, Shaurya. Good morning, everyone, and welcome to the Q2 FY '27 Earnings Call of KFin Technologies Limited. Today from the company, we have with us Mr. Sreekanth Nadella – MD and CEO, Mr. Vivek Mathur – CFO, and Mr. Ram Gattani – Head of Investor Relations. I will now hand over the call to Sreekanth for his opening remarks and thereafter open the floor for Q&A session. Thank you, and over to you, Sreekanth. Sreekanth Nadella: Thank you, Devesh. Very good morning and good evening if you are dialing in from outside of India and a very warm welcome. Well, I will bring to you yet another quarter of a certain sense of consistency. As the saying goes, patience, consistency, and hard work. I think that's pretty much the need of the hour. That's pretty much what sets organizations that have a long-term vision to stay dogged at it and to ensure that we deliver to the promises we make. As your organization continues to make strident steps in the forward direction, our market share expansion, our growth in terms of our client wins, and steadfast focus on innovation-driven productivity, not arbitrarily, not based on the vagaries of the market, but in a scientific and a clinical fashion of driving technology-driven productivity is pretty much the sum and substance of what we could do in the previous quarter. And we will continue to stay on course in terms of making sure that it is, we deliver quantitative and qualitative results over a period of time. From a glance, overall, if you see where KFin Tech stands today, by and large, many of the metrics that we typically speak to you are in the similar range in terms of we continue to be the largest registrar and transfer agent in India and among the largest in the world in terms of the number of human beings we service, whether it is in India or abroad. Between the capital markets, the securities market and the mutual funds, it has now crossed over 12.5 crores in India and roughly about 75 lakhs outside of India. So, that makes us probably one of the largest, maybe ex-China. Page 2 of 20 KFin Technologies Limited October 27, 2026 In terms of our growth on the individual business lines, very heartening to see and hear and tell you that nearly every business line we have grown, albeit in an extremely challenging environment in the form of macros, whether it is our win rates in the form of new client mandates, whether it is mutual funds, whether it is issuer solutions, alternatives, international so on and so forth, had been one of the most striking features of this quarter. AUM growth and revenue growth in an environment where the markets have been significantly down, but obviously hints at the direction of net new wins. And hopefully, in time to come, when the markets do recover, we should have a compounding effect of significantly additional clientele and volumes than with some help of market-to-market again that we may get. In terms of our market share in issuer solutions had been one of the big turnaround over the last 18 months, even excluding Jio Platforms IPO, which is happening real time as we speak. And we have completed the entire activity 12 hours ahead, considering it is the world's largest IPO. One, we are extremely honored and privileged to have been chosen as the RTA. Two, to have delivered significantly beyond much of the expectations in terms of the timelines and including the allotment statuses that the investors are checking where the latency time has been less than 40 milliseconds. Now, that obviously is going to be for the upcoming quarter, but by and large, I am very happy with the progress we've made in terms of the wins in the case of issuer solutions. Same is the case with our international. We have added 18 new clients, which are in the transition and they are expected to go live into the coming quarter to two, depending upon the transition timelines, which will then go on to add, hopefully, additional AUM and consequent revenue soon after that. Our acquisition of Ascent and its integration is one of the most strategically important initiatives that we have embarked on. Happy to inform you that we continue to grow the business again, against an extremely challenging macro, especially given that 25% of our revenues come from the Middle East for Ascent and given the situation that one would have imagined, maybe the growth could have been tepid. But again, thanks to some really wonderful work by the business development teams. In each of the operating geographies, we continue to grow 30% plus on Ascent. And again, with a committed focus on cost optimization, the margin profile continues to expand. We hope to hit double-digit EBITDA numbers in the next couple of quarters or so. Pensions too, entire of last year, we grew 3x of the pace of the industry. Industry grew at about 12. KFin grew at 36. This year, we have grown faster than that, I think 42% as against similar 12% to 13% growth of the industry. So, again, it is a long haul when it comes to pensions, it tends to compound. But not only have we broken even about three quarters back, growth continues to be significantly higher than that of the industry. Page 3 of 20 KFin Technologies Limited October 27, 2026 Now, all of this gives us a fairly well-rounded growth across business lines. And again, product transformation driven productivity gains and new feature rollout has been one of the most important focus areas that we have had. The overall AUM for KFin Tech clients this quarter had grown at 15%, whereas industry grew at 13%. So, that is very heartening. Now, it is also, however, true that the share of the passives for ou [Showing first 8,000 characters — download PDF for full document]