Keynote Financial Services Ltd

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Keynote Finan. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Keynote Financial Services Ltd

₹ 239 -2.94%
18 Sep 4:00 p.m.
keynoteindia.net BSE: 512597 NSE: KEYFINSERV
About

Incorporated in 1993, Keynote Financial
Services Ltd is engaged in providing services
of Investment banking, corporate advisory, and ESOP advisory services.[1]

Key Points

Business Overview:[1]
a) KFSL provides services of Merchant Banking on ECM in the mid-market client segment.
b) With a focus on IPOs on the main board, the company is currently working actively on several mandates as BRLM, which will fructify over FY27-FY28.
c) The company also concluded a few mandates on Corporate Finance and Advisory.
d) It also continued its practice of providing services to Alternative Investment Funds, as mandated by SEBI

Website BSE NSE
  • Market Cap ₹ 133 Cr.
  • Current Price ₹ 239
  • High / Low ₹ 382 / 220
  • Stock P/E 56.1
  • Book Value ₹ 136
  • Dividend Yield 0.42 %
  • ROCE -1.88 %
  • ROE -1.91 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Debtor days have improved from 40.2 to 17.0 days.

Cons

  • The company has delivered a poor sales growth of -12.6% over past five years.
  • Company has a low return on equity of 6.25% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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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
4.80 3.48 7.13 9.27 5.31 3.57 0.46 0.21 6.11 -0.13 2.29 -2.69 14.75
1.46 1.40 1.59 6.47 2.02 1.74 1.57 2.42 1.86 2.09 1.92 2.40 4.74
Operating Profit 3.34 2.08 5.54 2.80 3.29 1.83 -1.11 -2.21 4.25 -2.22 0.37 -5.09 10.01
OPM % 69.58% 59.77% 77.70% 30.20% 61.96% 51.26% -241.30% -1,052.38% 69.56% 16.16% 67.86%
0.15 0.17 0.39 0.35 0.14 0.18 0.39 0.38 0.65 0.75 0.06 -0.22 0.41
Interest -0.00 -0.00 -0.00 -0.00 -0.00 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01
Depreciation 0.05 0.05 0.05 0.05 0.06 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
Profit before tax 3.44 2.20 5.88 3.10 3.37 1.91 -0.82 -1.93 4.80 -1.56 0.34 -5.40 10.33
Tax % 25.58% 26.36% 24.66% 22.58% 28.49% 27.23% -2.44% -138.86% 23.75% -23.72% 52.94% -20.19% 25.17%
2.56 1.62 4.44 2.39 2.41 1.39 -0.80 0.74 3.67 -1.18 0.16 -4.30 7.73
EPS in Rs 3.65 2.31 6.33 3.41 3.43 1.98 -1.14 1.33 6.59 -2.12 0.29 -7.72 13.89
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
5.65 9.55 7.53 10.42 7.89 5.23 10.98 8.92 6.80 25.32 10.34 5.59 14.22
4.49 4.69 4.85 5.48 5.85 5.66 4.12 5.29 6.11 10.91 7.75 8.26 11.15
Operating Profit 1.16 4.86 2.68 4.94 2.04 -0.43 6.86 3.63 0.69 14.41 2.59 -2.67 3.07
OPM % 20.53% 50.89% 35.59% 47.41% 25.86% -8.22% 62.48% 40.70% 10.15% 56.91% 25.05% -47.76% 21.59%
0.05 0.43 0.11 -0.12 0.66 0.32 0.29 0.28 0.27 0.41 0.29 1.24 1.00
Interest 0.05 0.03 0.01 -0.00 -0.00 -0.00 0.05 -0.00 -0.00 -0.00 0.05 0.06 0.04
Depreciation 0.37 0.44 0.41 0.39 0.39 0.35 0.32 0.28 0.21 0.21 0.31 0.32 0.32
Profit before tax 0.79 4.82 2.37 4.43 2.31 -0.46 6.78 3.63 0.75 14.61 2.52 -1.81 3.71
Tax % 34.18% 27.80% 19.83% 27.31% -5.19% -80.43% 31.86% -0.83% 32.00% 24.71% -48.02% -8.29%
0.52 3.48 1.89 3.23 2.43 -0.09 4.62 3.66 0.51 11.01 3.73 -1.66 2.41
EPS in Rs 0.74 4.96 2.69 4.60 3.46 -0.13 6.58 5.21 0.73 15.69 6.70 -2.98 4.34
Dividend Payout % 135.00% 20.17% 37.14% 54.33% 28.89% -780.00% 15.19% 19.18% 137.65% 6.38% 14.93% -33.55%
Compounded Sales Growth
10 Years: -5%
5 Years: -13%
3 Years: -6%
TTM: 37%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -53%
Stock Price CAGR
10 Years: 21%
5 Years: 25%
3 Years: 29%
1 Year: -3%
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 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 7.02 7.02 7.02 7.02 7.02 7.02 7.02 7.02 7.02 7.02 5.57 5.57
Reserves 40.08 42.73 44.62 47.01 48.80 47.88 51.83 54.80 54.70 64.91 68.09 70.01
0.33 0.17 0.08 -0.00 0.05 0.04 0.03 0.03 0.04 0.03 0.69 0.60
2.97 2.43 2.81 2.74 2.25 1.71 3.47 4.03 4.08 10.49 3.91 3.92
Total Liabilities 50.40 52.35 54.53 56.77 58.12 56.65 62.35 65.88 65.84 82.45 78.26 80.10
10.07 9.65 9.30 8.94 8.59 8.25 7.97 7.76 7.66 7.48 8.17 8.03
CWIP -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00
Investments 28.32 37.82 31.20 44.52 42.60 33.09 37.60 52.51 48.53 65.01 66.70 68.55
12.01 4.88 14.03 3.31 6.93 15.31 16.78 5.61 9.65 9.96 3.39 3.52
Total Assets 50.40 52.35 54.53 56.77 58.12 56.65 62.35 65.88 65.84 82.45 78.26 80.10

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-4.74 8.28 -7.70 12.02 -0.70 -1.08 5.74 -1.06 -4.15 8.46 0.42 -1.88
-3.39 -7.00 9.15 -11.63 5.94 9.73 -15.88 2.32 4.57 -7.99 1.81 1.82
-1.03 -0.94 -0.91 -0.85 -2.11 -0.85 -0.75 -0.71 -0.71 -0.71 -1.42 -0.74
Net Cash Flow -9.15 0.33 0.55 -0.47 3.13 7.80 -10.88 0.56 -0.28 -0.24 0.80 -0.80
Free Cash Flow -4.75 8.27 -7.72 11.99 -0.74 -1.09 5.70 -1.13 -4.25 8.42 -0.58 -1.92
CFO/OP -378% 190% -269% 262% -15% 133% 90% -10% -500% 67% 48% 54%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 105.30 37.46 44.59 9.11 26.83 48.85 25.26 55.24 45.09 94.57 9.18
Inventory Days
Days Payable
Cash Conversion Cycle 105.30 37.46 44.59 9.11 26.83 48.85 25.26 55.24 45.09 94.57 9.18
Working Capital Days 552.35 82.94 500.24 14.36 -7.40 37.69 -16.95 -10.23 -12.88 7.35 -20.83
ROCE % 2.06% 9.96% 4.68% 9.17% 4.20% -0.83% 12.00% 6.03% 1.21% 21.85% 3.51%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Advisory Services Share of Consolidated Revenue
%

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Broking & Related Activities Share of Consolidated Revenue
%
Investment/Financing Activities Share of Consolidated Revenue
%
Permanent Employees on Rolls
employees
Trading in Securities Share of Consolidated Revenue
%
AIF Due Diligence Certificates Issued
certificates

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.42% 56.42% 56.42% 56.42% 57.01% 57.01% 71.87% 71.87% 71.87% 71.87% 71.87% 71.87%
7.35% 7.35% 7.35% 7.35% 7.35% 7.35% 9.26% 9.28% 9.26% 9.26% 9.26% 9.26%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
36.23% 36.22% 36.22% 36.22% 35.64% 35.64% 18.86% 18.83% 18.87% 18.86% 18.85% 18.86%
No. of Shareholders 3,7603,8814,0603,9414,4554,6395,1395,2124,9864,8604,6234,527

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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