Keynote Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Other Advisory Services: 50.4% • Trading in Securities: 22.6% • Broking & Related Activities: 14.5%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Promoters have been increasing their shareholding - up 15.4pp over 2 years
- Solid return on assets for a lender - ROA of 4.4%
- Asset quality is healthy - gross NPA of just 0.0%
- Company has delivered good sales growth of 25.3% CAGR over last 5 years
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- Recent results are weak - TTM profit is down 264.0% versus prior year
- Operating margins have contracted to 38.0% from 71.5%
- Thin net interest margin of 0.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1958.00 | 30.92 | 313683.61 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 519.30 | 21.02 | 44100.28 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 30.27 | 88.91 |
| CHOLAHLDNG | 1503.20 | 10.58 | 28226.71 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13145.00 | 13.50 | 26595.10 | 0.65 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 271.75 | 23.19 | 26146.53 | 0.07 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13642.20 | 55.98 | 15591.08 | 1.61 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JMFINANCIL | 134.50 | 12.38 | 12871.11 | 2.42 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| JSWHL | 11523.05 | 93.10 | 12790.15 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| TSFINV | 406.05 | 18.52 | 9018.53 | 2.75 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 251.85 | 158.05 | 8682.12 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2344.15 | 8.08 | 7522.51 | 1.77 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| KEYFINSERV | 248.15 | 24.32 | 138.14 | 0.40 | 11.58 | -90.78 | 19.38 | 23.75 | 9.27 | 79.70 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 9 | 14 | 14 | 12 | 11 | 7 | -2 | 16 | -2 | 12 | 0 | 19 | |
| 3 | 3 | 3 | 4 | 4 | 4 | 3 | 7 | 4 | 4 | 4 | 6 | 4 | |
| Operating Profit | 8 | 6 | 11 | 9 | 9 | 8 | 3 | -9 | 12 | -6 | 7 | -5 | 15 |
| OPM % | 74.46% | 69.01% | 77.20% | 69.45% | 70.62% | 68.77% | 52.18% | 504.44% | 75.73% | 364.15% | 54.57% | -10740.00% | 79.70% |
| Other Income | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | -0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | 6 | 11 | 10 | 9 | 8 | 4 | -9 | 12 | -5 | 8 | -6 | 16 | |
| Tax % | 23.66% | 25.58% | 22.38% | 16.75% | 28.77% | 29.05% | 20.38% | 53.37% | 40.14% | 66.39% | 25.80% | 19.32% | 26.08% |
| Net Profit | 0 | 0 | 0 | 0 | 8 | 87 | 56 | -77 | 126 | -9 | 4 | -95 | 12 |
| 12 | 8 | 16 | 15 | 14 | 16 | 10 | -14 | 23 | -2 | 8 | -17 | 2 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 12 | 15 | 13 | 9 | 20 | 29 | 14 | 47 | 28 | 30 | |
| 13 | 10 | 10 | 14 | 14 | 8 | 11 | 16 | 13 | 18 | 19 | |
| Operating Profit | 5 | 1 | 5 | -1 | -5 | 12 | 17 | -2 | 34 | 11 | 11 |
| OPM % | 25.66% | 12.39% | 33.41% | -4.76% | -55.44% | 62.03% | 60.71% | -11.03% | 72.40% | 37.99% | 37.69% |
| 6 | 13 | 5 | 2 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | |
| Interest | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 |
| Depreciation | 1 | 4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 6 | 7 | 7 | -1 | -4 | 13 | 19 | -0 | 35 | 12 | 12 |
| Tax % | 30.63% | 22.64% | 21.42% | -19.61% | 3.14% | 15.11% | 13.85% | -3190.19% | 21.66% | 7.00% | 13.68% |
| Net Profit | 5 | 6 | 6 | -1 | -4 | 11 | 16 | -2 | 28 | 11 | 11 |
| EPS | 8.09 | 10.36 | 10.26 | -1.91 | -7.59 | 20.25 | 28.89 | -3.07 | 48.12 | 26.17 | — |
| Dividend Payout % | 12.36% | 9.66% | 24.36% | -52.35% | -13.18% | 4.94% | 3.46% | -34.15% | 2.08% | 3.82% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 25%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 24%
- 5 Years:
- —
- 3 Years:
- -3%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 23%
- 3 Years:
- 27%
- 1 Year:
- -3%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 13%
- 3 Years:
- 10%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | |
| 61 | 67 | 72 | 73 | 68 | 79 | 95 | 93 | 119 | 133 | |
| 12 | 13 | 14 | 20 | 22 | 26 | 27 | 2 | 1 | 2 | |
| Trade Payables | 14 | 55 | 6 | 5 | 21 | 5 | 3 | 2 | 3 | 4 |
| 15 | 22 | 19 | 6 | 6 | 8 | 10 | 8 | 13 | 8 | |
| Total Liabilities | 108 | 162 | 116 | 110 | 121 | 123 | 141 | 111 | 141 | 152 |
| 23 | 19 | 18 | 18 | 17 | 17 | 16 | 17 | 17 | 18 | |
| 18 | 24 | 35 | 34 | 28 | 44 | 62 | 60 | 84 | 102 | |
| 2 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 3 | |
| Cash & Bank | 33 | 22 | 19 | 23 | 43 | 35 | 22 | 13 | 12 | 13 |
| 32 | 97 | 42 | 35 | 33 | 27 | 40 | 21 | 19 | 17 | |
| Total Assets | 108 | 162 | 116 | 110 | 121 | 123 | 141 | 111 | 141 | 152 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 19 | -10 | 6 | -2 | 15 | -9 | -12 | 21 | 6 | 7 | |
| Cash from Investing | -7 | 7 | -1 | 5 | 1 | -16 | 22 | -3 | -4 | -6 |
| Cash from Financing | -1 | -4 | -3 | 1 | -0 | 4 | -0 | -26 | -3 | -0 |
| 9 | -8 | 2 | 2 | 17 | -21 | 9 | -8 | -1 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 8.09 | 10.36 | 10.26 | -1.91 | -7.59 | 20.25 | 28.89 | -2.93 | 48.12 | 26.17 |
| Book Value (₹) | 119.19 | 129.55 | 138.55 | 140.43 | 131.62 | 152.61 | 180.63 | 176.26 | 223.27 | 248.60 |
| Dividend per Share (₹) | 1.00 | 1.00 | 2.50 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Cash EPS (₹) | 9.78 | 18.20 | 11.54 | -0.53 | -6.22 | 21.56 | 30.14 | -1.94 | 51.34 | 20.95 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 56.69% | 122.48% | 67.39% | 7.71% | -25.95% | 74.95% | 71.45% | 5.92% | 72.40% | 37.99% |
| Net Margin % | 25.39% | 48.71% | 37.48% | -8.13% | -46.03% | 55.96% | 55.93% | -12.15% | 58.75% | 37.95% |
| ROE % | 6.99% | 8.33% | 7.66% | -1.37% | -5.58% | 14.25% | 17.34% | -1.72% | 25.00% | 8.18% |
| ROCE % | 11.30% | 12.38% | 10.38% | 0.25% | -3.25% | 13.93% | 16.57% | 0.18% | 31.73% | 9.27% |
| 4.34% | 4.27% | 4.10% | -0.94% | -3.66% | 9.22% | 12.18% | -1.36% | 22.12% | 7.33% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 115 | 830 | 646 | 141 | 157 | 50 | 37 | 95 | 47 | 79 |
| Inventory Days | 27 | 0 | 48 | 31 | 7 | 3 | 2 | 5 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 3377 | 0 | 0 | 0 | 0 | 4555 | 0 |
| 142 | 830 | 694 | -3204 | 164 | 53 | 40 | 100 | -4508 | 79 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.18x | 0.18x | 0.17x | 0.26x | 0.30x | 0.30x | 0.27x | 0.03x | 0.01x | 0.01x |
| Interest Coverage (x) | 3.48x | 3.78x | 4.90x | 0.21x | -2.58x | 13.18x | 16.78x | 0.80x | 122.82x | 16.93x |
| 2.13x | 1.39x | 2.51x | 2.66x | 2.15x | 3.03x | 3.46x | 11.52x | 13.62x | 12.47x | |
| GROWTH | ||||||||||
| Revenue Growth % | 42.05% | -33.29% | 28.80% | -14.17% | -29.87% | 119.58% | 42.72% | -51.03% | 236.06% | -40.16% |
| Operating Profit Growth % | 45.42% | 44.14% | -29.14% | -90.18% | -336.03% | 734.26% | 36.07% | -95.95% | 4287.88% | -63.91% |
| Net Profit Growth % | 166.20% | 28.02% | -0.91% | -118.62% | -297.15% | 366.95% | 42.66% | -110.64% | 1724.95% | -61.35% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1743.15% | -45.61% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.99x | 11.52x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.64x | 1.21x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.70% | 0.33% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.88x | 11.89x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Keynote Financial Services Limited has informed the Exchange regarding 'Dispatch Of Letter To Shareholders, Whose Email Addresses Are Not Registered With The Company Or With Any Depository Participants.'.
2026-09-04 - Keynote Financial Services Limited has informed the Exchange regarding Notice of undefined to be held on September 28, 2026
2026-08-17 - Keynote Financial Services Limited has informed the Exchange regarding 'Newspaper Publication'.
2026-08-13 - Keynote Financial Services Limited has informed the Exchange about General Updates
2026-08-13 - Keynote Financial Services Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.
2026-08-13 - Keynote Financial Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-07 - Keynote Financial Services Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-29 - Keynote Financial Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-22 - Keynote Financial Services Limited has informed the Exchange regarding 'Legible Copies of Financials'.
News
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Keynote Financial Services Ltd.
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