Kfin Technologies shares get a 'double upgrade' from Citi; Stock jumps 4%

Shares of Kfin Technologies Ltd. gained nearly 4% on Monday, October 13, after brokerage firm Citi's double upgrade on the stock, along with an increase in price target

Citi "double-upgraded" the stock to "buy" from its earlier rating of "sell", and also increased its share price target by 13% to ₹1,215 from ₹1,100 earlier. The revised price target implies a potential upside of 10.4% from Friday's closing levels.

The brokerage said in its note that Kfin Tech is well-positioned to benefit from robust mutual fund flows and a rise in international clients.

Kfin Tech is aided by Ascent's global capabilities and near-term buoyancy in primary markets, it said.

In April this year, Kfin Technologies had signed a definitive agreement with Ascent Fund Services to acquire a controlling 51% stake for nearly $35 million. In an interaction with CNBC-TV18 post the deal, the company's management said that international business will begin to contribute up to 50% of the consolidated topline after this acquisition.

Unlike CAMS, Kfin Tech benefits from lower pressure of telescopic pricing and higher share of smaller clientele, Citi said, adding that the company continues to augment its product capabilities, thereby driving revenue diversification.

Overhang of promoter stake sale persists, nevertheless, it added.

Of the 18 analysts that have coverage on the stock, 14 have a "buy" rating, two each have a "hold" and "sell" rating.

Shares of Kfin Technologies are trading 3.6% higher on Monday at ₹1,111.6. The stock is still well below its recent 52-week high of ₹1,641.35. The stock has been an underperformer in 2025 so far, having declined 28% till date.

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