Keynote Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Merchant Banking: 81.6% • Corporate Finance: 13.4% • ESOP Advisory: 5.0%
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
- Latest quarter profit grew 110.7% YoY, showing strong momentum
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of 7.7%
- Company has a low return on equity of 6.4% over last 3 years
- Company's sales have been declining over the last five years
- Operating margins have contracted to -47.7% from 15.9%
- Effective tax rate is unusually low at 8.3% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1917.30 | 30.28 | 307163.22 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 546.65 | 22.13 | 46422.91 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.75 | 10.74 | 28650.15 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13000.05 | 13.35 | 26301.84 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 266.10 | 22.71 | 25602.92 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13002.55 | 53.35 | 14860.05 | 1.69 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11435.95 | 92.40 | 12693.48 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 124.75 | 11.48 | 11938.08 | 2.61 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 437.25 | 19.95 | 9711.49 | 2.55 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 256.95 | 161.25 | 8857.93 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2282.95 | 7.87 | 7326.12 | 1.82 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| KEYFINSERV | 239.00 | 23.42 | 133.04 | 0.42 | 11.58 | -90.78 | 19.38 | 23.75 | 6.66 | 79.70 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 3 | 7 | 9 | 5 | 4 | 0 | -2 | 6 | -0 | 2 | -4 | 15 | |
| 1 | 1 | 2 | 6 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 5 | |
| Operating Profit | 3 | 2 | 6 | 3 | 3 | 2 | -1 | -2 | 4 | -2 | -0 | -5 | 10 |
| OPM % | 69.73% | 59.77% | 77.70% | 30.20% | 61.96% | 51.40% | -241.30% | 127.59% | 69.51% | 1707.69% | -14.35% | 127.57% | 67.86% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | 2 | 6 | 3 | 3 | 2 | -1 | -2 | 5 | -2 | 0 | -5 | 10 | |
| Tax % | 25.58% | 26.36% | 24.49% | 22.58% | 28.49% | 27.75% | 2.44% | 138.14% | 23.54% | 23.72% | 52.94% | 20.19% | 25.18% |
| Net Profit | 3 | 2 | 4 | 2 | 2 | 1 | -1 | 1 | 4 | -1 | 0 | -4 | 8 |
| 4 | 2 | 6 | 3 | 3 | 2 | -1 | 1 | 7 | -2 | 0 | -8 | 1 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 8 | 8 | 4 | 10 | 7 | 6 | 25 | 10 | 6 | 13 | |
| 5 | 5 | 6 | 6 | 4 | 5 | 6 | 11 | 8 | 8 | 11 | |
| Operating Profit | 0 | 3 | 2 | -2 | 6 | 2 | -0 | 14 | 2 | -3 | 2 |
| OPM % | 3.13% | 33.81% | 25.35% | -36.63% | 57.76% | 26.29% | -3.13% | 55.80% | 18.84% | -47.73% | 13.22% |
| 3 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 2 | 4 | 2 | -0 | 7 | 4 | 1 | 15 | 3 | -2 | 4 |
| Tax % | 20.22% | 27.26% | -5.35% | 79.73% | 31.87% | -0.87% | 32.34% | 24.66% | -47.78% | 8.35% | 35.60% |
| Net Profit | 2 | 3 | 2 | -0 | 5 | 4 | 1 | 11 | 4 | -2 | 2 |
| EPS | 2.69 | 4.60 | 3.46 | -0.13 | 6.59 | 5.21 | 0.73 | 15.69 | 6.71 | -2.98 | — |
| Dividend Payout % | 37.14% | 54.37% | 28.88% | -748.50% | 15.18% | 19.19% | 137.78% | 6.37% | 14.91% | -33.54% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -2%
- 5 Years:
- -11%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 23%
- 3 Years:
- 29%
- 1 Year:
- -6%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 5%
- 3 Years:
- 6%
- Last Year:
- -2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 6 | 6 |
| 45 | 47 | 49 | 48 | 52 | 55 | 55 | 65 | 68 | 66 | |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 10 | 11 | 5 | 4 | 7 | 8 | 8 | 16 | 7 | 3 | |
| Total Liabilities | 62 | 65 | 61 | 60 | 66 | 70 | 70 | 88 | 81 | 75 |
| 9 | 9 | 9 | 8 | 8 | 8 | 8 | 7 | 8 | 8 | |
| 31 | 45 | 43 | 33 | 38 | 53 | 49 | 65 | 67 | 65 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 0 | |
| Cash & Bank | 1 | 1 | 4 | 12 | 14 | 2 | 1 | 1 | 2 | 1 |
| 20 | 10 | 6 | 6 | 7 | 8 | 12 | 8 | 4 | 2 | |
| Total Assets | 62 | 65 | 61 | 60 | 66 | 70 | 70 | 88 | 81 | 75 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -7 | 12 | -0 | -1 | 6 | -0 | -3 | 8 | 0 | -2 | |
| Cash from Investing | 9 | -12 | 6 | 10 | -16 | 2 | 5 | -8 | 2 | 2 |
| Cash from Financing | -1 | -1 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | -1 |
| 1 | -0 | 3 | 8 | -11 | 1 | -0 | -0 | 1 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Keynote Financial Services Limited has informed the Exchange about Copy of Newspaper Publication
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
News
Recent coverage and analyst commentary for KEYFINSERV
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Keynote Financial Services Ltd.
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