Keynote Financial Services Ltd

₹ 277 -1.39%

03 Dec - close price

keynoteindia.net BSE: 512597 NSE: KEYFINSERV

About

Incorporated in 1993, Keynote Financial Services Ltd is in the business of Investment banking, Corporate advisory, ESOP advisory, etc.^[1]

Key Points

Business Overview:^[1]
Company is a Category 1 Merchant Banker and a full service Investment Bank and Brokerage house offering financial services

Website BSE NSE

Market Cap ₹ 194 Cr.
Current Price ₹ 277
High / Low ₹ 479 / 170
Stock P/E 20.3
Book Value ₹ 213
Dividend Yield 0.36 %
ROCE 9.27 %
ROE 11.1 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Debtor days have improved from 56.3 to 35.1 days.

Cons

Tax rate seems low
Company has a low return on equity of 11.6% over last 3 years.
Earnings include an other income of Rs.3.60 Cr.
Company's cost of borrowing seems high

* 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

Financial Services Financial Services Capital Markets Stockbroking & Allied

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	5.23	5.55	5.40	11.05	8.52	13.95	13.56	12.22	11.28	6.65	-1.80	15.67	-1.59
	2.43	2.56	7.34	2.83	2.64	3.19	4.15	3.58	3.55	3.18	7.28	3.82	4.20
Operating Profit	2.80	2.99	-1.94	8.22	5.88	10.76	9.41	8.64	7.73	3.47	-9.08	11.85	-5.79
OPM %	53.54%	53.87%	-35.93%	74.39%	69.01%	77.13%	69.40%	70.70%	68.53%	52.18%		75.62%
	0.42	0.47	0.43	0.39	0.58	0.61	0.71	0.42	0.63	0.51	0.87	0.93	1.29
Interest	0.01	0.10	0.08	0.04	0.14	0.03	0.08	0.02	0.05	0.09	0.56	0.04	0.05
Depreciation	0.22	0.12	0.14	0.16	0.26	0.17	0.19	0.20	0.22	0.21	0.28	0.26	0.26
Profit before tax	2.99	3.24	-1.73	8.41	6.06	11.17	9.85	8.84	8.09	3.68	-9.05	12.48	-4.81
Tax %	26.09%	23.77%	81.50%	23.66%	25.58%	22.38%	16.75%	28.73%	29.05%	20.38%	-53.37%	40.06%	-66.32%
	2.32	2.81	-3.51	7.17	5.49	9.77	4.35	7.91	8.71	5.63	-7.69	12.56	-0.91
EPS in Rs	3.31	4.00	-5.00	10.22	7.82	13.92	6.20	11.27	12.41	8.02	-10.96	17.90	-1.30
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	20.23	15.88	22.73	24.71	20.21	13.36	11.20	22.67	31.51	15.93	49.23	30.69	18.93
	13.99	9.25	13.16	10.36	10.16	13.04	13.75	7.65	11.20	15.12	13.07	17.54	18.48
Operating Profit	6.24	6.63	9.57	14.35	10.05	0.32	-2.55	15.02	20.31	0.81	36.16	13.15	0.45
OPM %	30.85%	41.75%	42.10%	58.07%	49.73%	2.40%	-22.77%	66.25%	64.46%	5.08%	73.45%	42.85%	2.38%
	1.33	0.18	0.48	0.15	-0.21	0.69	0.17	0.08	0.23	0.02	0.39	0.05	3.60
Interest	2.26	3.52	2.62	2.68	1.86	1.13	1.22	1.09	1.18	0.25	0.29	0.73	0.74
Depreciation	0.95	0.75	0.94	4.37	0.71	0.77	0.76	0.73	0.69	0.63	0.78	0.91	1.01
Profit before tax	4.36	2.54	6.49	7.45	7.27	-0.89	-4.36	13.28	18.67	-0.05	35.48	11.56	2.30
Tax %	30.96%	33.46%	30.66%	22.68%	21.46%	20.22%	-3.21%	15.06%	13.87%	3,320.00%	21.67%	7.01%
	3.02	1.69	4.50	5.77	5.71	-1.06	-4.22	11.27	16.08	-1.63	26.79	14.57	9.59
EPS in Rs	4.30	2.41	6.41	8.22	8.14	-1.51	-6.01	16.06	22.91	-2.32	38.17	20.76	13.66
Dividend Payout %	18.44%	32.96%	12.38%	9.65%	19.51%	-52.55%	-13.20%	4.94%	3.46%	-34.17%	2.08%	3.82%

Compounded Sales Growth
10 Years:	7%
5 Years:	22%
3 Years:	-1%
TTM:	-63%

Compounded Profit Growth
10 Years:	23%
5 Years:	40%
3 Years:	-3%
TTM:	-69%

Stock Price CAGR
10 Years:	21%
5 Years:	26%
3 Years:	38%
1 Year:	4%

Return on Equity
10 Years:	9%
5 Years:	13%
3 Years:	12%
Last Year:	11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	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	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57
Reserves	55.95	56.97	60.78	66.55	71.56	72.61	67.70	79.38	94.98	92.55	118.72	132.82	143.93
	9.85	20.65	11.85	13.30	13.47	20.25	21.73	26.44	27.71	2.49	0.70	1.66	1.44
	50.27	15.17	22.77	65.02	14.41	9.10	24.16	9.24	11.16	9.19	14.94	11.73	9.97
Total Liabilities	121.64	98.36	100.97	150.44	105.01	107.53	119.16	120.63	139.42	109.80	139.93	151.78	160.91
	24.32	23.35	22.87	18.62	17.96	18.17	17.43	16.74	16.21	16.63	16.84	17.74	17.43
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.45	0.00	0.00	0.00
Investments	0.92	6.08	17.68	24.13	34.63	33.62	27.99	44.29	62.39	59.57	83.56	101.58	97.30
	96.40	68.93	60.42	107.69	52.42	55.74	73.74	59.60	60.61	33.15	39.53	32.46	46.18
Total Assets	121.64	98.36	100.97	150.44	105.01	107.53	119.16	120.63	139.42	109.80	139.93	151.78	160.91

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-10.19	-4.29	17.43	-11.78	5.44	-4.24	16.39	-9.44	-12.64	20.78	5.59	6.80
	7.71	-2.86	-6.89	7.25	-0.59	4.61	0.90	-15.80	21.92	-2.83	-4.25	-5.92
	-2.00	-2.88	-1.39	-3.50	-2.58	1.33	-0.43	3.98	-0.49	-26.01	-2.63	-0.35
Net Cash Flow	-4.48	-10.02	9.15	-8.03	2.27	1.69	16.87	-21.25	8.79	-8.05	-1.29	0.53

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	141.99	115.84	99.24	704.00	113.78	103.54	129.38	16.91	28.03	64.61	69.17	35.08
Inventory Days
Days Payable
Cash Conversion Cycle	141.99	115.84	99.24	704.00	113.78	103.54	129.38	16.91	28.03	64.61	69.17	35.08
Working Capital Days	-167.80	124.35	-164.27	1.18	-20.77	-337.68	-477.76	-38.32	107.26	157.64	87.19	116.31
ROCE %	6.69%	8.01%	11.33%	12.38%	10.85%	0.25%	-3.25%	13.93%	16.57%	0.17%	31.71%	9.27%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	56.42%	56.42%	56.42%	56.42%	56.42%	56.42%	56.42%	57.01%	57.01%	71.87%	71.87%	71.87%
	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	9.26%	9.28%	9.26%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
	36.22%	36.22%	36.22%	36.23%	36.22%	36.22%	36.22%	35.64%	35.64%	18.86%	18.83%	18.87%
No. of Shareholders	3,653	3,580	3,572	3,760	3,881	4,060	3,941	4,455	4,639	5,139	5,212	4,986

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	57.88%	57.88%	57.88%	57.88%	57.88%	57.88%	56.42%	56.42%	71.87%	71.87%
	0.00%	8.00%	8.00%	8.00%	7.35%	7.35%	7.35%	7.35%	9.26%	9.26%
	8.20%	0.20%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%
	33.92%	33.92%	33.94%	34.12%	34.77%	34.77%	36.22%	36.22%	18.86%	18.87%
No. of Shareholders	2,396	2,139	2,014	2,000	2,647	3,875	3,580	4,060	5,139	4,986

* 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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Keynote Financial Services Ltd

Keynote Financial Services Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports