Keynote Financial Services Limited (KEYFINSERV)

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Keynote Financial Services Limited (KEYFINSERV) · mywealthgrid

About

Keynote Financial Services operates in stockbroking and allied capital markets services. With market cap of ₹144.45 Cr and standalone quarterly revenues of ₹10–19 Cr, it is a smaller participant in Indian broking. The company generates operating margins of 67–79% in profitable quarters and maintains minimal debt (D/E 0.03), but has experienced severe earnings volatility including quarters with negative revenues and net losses, while consistently paying annual dividends.

Face value: ₹10

Market cap

₹137 Cr

P/E

24.1×

P/B

0.9×

Dividend yield

0.4%

ROE

4.7%

ROCE

—

Debt / equity

0.03

OPM

30.8%

EPS (TTM)

₹10.2

Book value

₹259.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme earnings volatility tied to market cycles: net losses in Mar 2026 (–₹4.3 Cr, –₹9.48 Cr) and Sep 2025 (–₹1.18 Cr, –₹0.91 Cr); negative revenues in same periods—verify equity market correlation and whether business model can stabilize earnings
Valuation-returns mismatch: PE of 25.43x against ROE of 4.71% and 1-year return of 0.76% suggests market is pricing specific growth catalysts—verify management's revenue expansion and capital deployment plans
Investor participation skew: domestic institutional interest is minimal (DII 0.01%) while FII holds 9.26% and promoters 71.88%—verify if this reflects investor category preferences or raises capital-structure concerns

Generated analysis · source review pending

Growth drivers

Operating margins of 67–79% in profitable quarters (Jun 2026: 79.67%, Dec 2025: 67.26%) create profit acceleration if quarterly revenues sustain at ₹14–19 Cr
Minimal debt (D/E 0.03) provides capital for growth initiatives, acquisitions, or service expansion in broking
Revenue peaks at ₹19.38 Cr (Jun 2026) demonstrate platform capacity—verify whether market tailwinds or management strategy can sustain these quarterly levels

Generated analysis · source review pending

2,180 historical price candles were omitted because the exchange source has not been verified.

₹244.1+4.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 30.8%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 31.1×
+High promoter holding of 71.9% with no pledge

Cons

−Profit declined 10% a year over the last 5 years
−Modest revenue growth of 5.7% a year over the last 5 years
−Low dividend payout of 9.9% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

68/100

Business quality: 71
Growth: 63

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	15	11	20	29	14	47	28	27
COGS	0	0	-0	0	-0	0	0	0
Gross profit	—	11	—	—	—	—	—	—
	10	14	8	11	15	14	14	18
	5	-3	13	18	-1	33	15	8
OPM %	33.3%	-22.8%	62%	61%	-6.8%	70.3%	51.5%	30.8%
Depreciation	1	1	1	1	1	1	1	1
Interest	2	1	1	1	0	0	1	0
	5	0	3	3	2	2	2	3
Profit before tax	7	-4	13	19	0	34	15	9
Tax	2	-0	2	3	2	8	1	3
Tax %	21.5%	-3.2%	15.1%	13.9%	5,533.3%	22.3%	5.3%	28.3%
	—	-4	11	16	-2	27	15	7
PAT margin %	—	-37.7%	55.9%	55.9%	-11.6%	56.6%	51.5%	25%
EPS (₹)	10.3	-7.6	20.3	28.9	-3.1	49.9	26.2	12
EPS adjusted (₹)	—	—	18.3	26.1	-2.9	48.1	26.2	12
	24.4%	—	4.9%	3.5%	—	2%	3.8%	8.4%
Annual report	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	—	6	6	6	6	6	6
Reserves	—	—	95	93	119	133	139
	22	26	27	2	1	2	5
	—	—	11	9	15	12	10
Total equity & liabilities	—	—	139	110	140	152	159
	—	17	16	17	17	17	19
CWIP	—	—	0	0	0	0	0
Investments	29	44	62	60	84	102	78
	—	—	61	33	40	33	63
Total assets	—	—	139	110	140	152	159

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-22	-13	21	6	7	-24
	-3	22	-3	-4	-6	22
	4	-0	-26	-3	-0	2
Net cash flow	-21	9	-8	-1	1	-0
Free cash flow	-23	-13	20	5	5	-26
CFO / Operating profit %	-179.6%	-72%	—	16.3%	63.1%	-291.2%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Advisory Services	16.5	5.25	9.24	1.48	7.76	67.65
Broking & Related Activities	4.31	2.22

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	98.6%	—	—	—	—	—	—
EBITDA margin %	33.3%	-22.8%	62%	61%	-7.4%	72.4%	38%	30.8%
EBIT margin %	28.7%	-29.6%	58.4%	58.6%	-11.9%	70.8%	34.8%	26.7%
PAT margin %	—	-37.7%	55.9%	55.9%	-11.6%	56.6%	51.5%	25%
Working capital
Receivable days	—	—	—	56	—	—	—	—
Inventory days	—	—	—	5	5	0	0	0
Payable days	—	—	—	111	—	—	—	—
NWC days	—	—	—	-50	—	—	—	—
Leverage
Current ratio	—	—	—	3.33	—	—	—	—
Debt to EBITDA	—	—	2.07	1.54	—	0.02	0.15	0.59
Debt to equity	—	—	—	0.27	0.03	0.01	0.01	0.03
Interest coverage	5.1	-2.6	13.2	16.8	0.8	123.3	16.8	31.1
Asset turnover	—	—	—	0.21	0.13	0.34	0.19	0.17
Return ratios
Return on assets %	—	—	—	11.5%	-1.5%	19.1%	9.6%	4.2%
Return on capital employed %	—	—	—	18.8%	—	—	—	—
Return on equity %	—	—	—	15.9%	-1.7%	21.6%	10.5%	4.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.43%	56.43%	56.43%	56.43%	57.01%	57.01%	71.88%	71.88%	71.88%	71.88%	71.88%	71.88%
	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%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.22%	36.22%	36.22%	36.22%	35.64%	35.64%	18.85%	18.83%	18.85%	18.85%	18.85%	18.85%
No. of shareholders	—	—	—	—	—	—	—	—	4,986	4,860	4,623	4,527

Promoter holding up 15.45 percentage points since Sep 2023.

18 deals · 13 Dec 2021 – 15 Apr 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 Apr 2025	MUDUPULAVEMULA SURENDRANADHA REDDY	Bulk	NSE	Sell	38,119	₹451.79	₹1.72 Cr
15 Apr 2025	MUDUPULAVEMULA SURENDRANADHA REDDY	Bulk	NSE	Buy	38,119	₹450.29	₹1.72 Cr
2 Apr 2025	ARPIT JAIN HUF	Bulk	NSE	Sell	36,521	₹340.32	₹1.24 Cr
2 Apr 2025	ARPIT JAIN HUF	Bulk	NSE	Buy	36,521	₹337.35	₹1.23 Cr
5 Apr 2024	KRUNALKUMAR KANUJI THAKOR	Bulk	NSE	Sell	36,038	₹185.82	₹0.67 Cr
5 Apr 2024	KRUNALKUMAR KANUJI THAKOR	Bulk	NSE	Buy	36,038	₹184.73	₹0.67 Cr
17 Oct 2023	SURESHKUMAR MAKWANA	Bulk	NSE	Sell	72,794	₹156.60	₹1.14 Cr
17 Oct 2023	SURESHKUMAR MAKWANA	Bulk	NSE	Buy	64,900	₹157.80	₹1.02 Cr
17 Oct 2023	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	41,548	₹156.65	₹0.65 Cr
17 Oct 2023	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	41,292	₹156.33	₹0.65 Cr

1–10 of 18

1 / 2

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Keynote Financial Services Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

73 announcementsExport CSV

30 Sept 2026, 3:25 pmAGM/EGM

Scrutinizers Report And Disclosure Of Voting Results Under Regulation 44 Of SEBI (LODR) Regulations, 2015.

AGM PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	98.6%	—	—	—	—	—	—
EBITDA margin %	33.3%	-22.8%	62%	61%	-7.4%	72.4%	38%	30.8%
EBIT margin %	28.7%	-29.6%	58.4%	58.6%	-11.9%	70.8%	34.8%	26.7%
PAT margin %	—	-37.7%	55.9%	55.9%	-11.6%	56.6%	51.5%	25%
Working capital
Receivable days	—	—	—	56	—	—	—	—
Inventory days	—	—	—	5	5	0	0	0
Payable days	—	—	—	111	—	—	—	—
NWC days	—	—	—	-50	—	—	—	—
Leverage
Current ratio	—	—	—	3.33	—	—	—	—
Debt to EBITDA	—	—	2.07	1.54	—	0.02	0.15	0.59
Debt to equity	—	—	—	0.27	0.03	0.01	0.01	0.03
Interest coverage	5.1	-2.6	13.2	16.8	0.8	123.3	16.8	31.1
Asset turnover	—	—	—	0.21	0.13	0.34	0.19	0.17
Return ratios
Return on assets %	—	—	—	11.5%	-1.5%	19.1%	9.6%	4.2%
Return on capital employed %	—	—	—	18.8%	—	—	—	—
Return on equity %	—	—	—	15.9%	-1.7%	21.6%	10.5%	4.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
IIFL Capital Services LimitedIIFLCAPSIIFLCAPS	₹10,762 Cr	₹12,583 Cr	₹2,434 Cr	₹853 Cr	35%	₹572 Cr	23.3%	—	20.1%	—
Share India Securities LimitedSHAREINDIASHAREINDIA	₹4,487 Cr	₹5,158 Cr	₹1,577 Cr	₹633 Cr	38.8%	₹363 Cr	22.1%	—	13%	—
Anand Rathi Share And Stock Brokers LimitedARSSBLARSSBL	₹3,283 Cr	₹4,114 Cr	₹977 Cr	₹401 Cr	40.7%	₹130 Cr	13.9%	23.9%	14%	-3,037
Monarch Networth Capital LimitedMONARCHMONARCH	₹2,718 Cr	₹2,744 Cr	₹365 Cr	₹255 Cr	69.3%	₹181 Cr	48.7%	28.3%	20.5%	-1,399
Geojit Financial Services LimitedGEOJITFSLGEOJITFSL	₹2,113 Cr	₹2,177 Cr	₹678 Cr	₹145 Cr	24%	₹73 Cr	12.5%	—	6.8%	—
Smc Global Securities LimitedSMCGLOBALSMCGLOBAL	₹2,074 Cr	₹4,072 Cr	₹1,967 Cr	₹383 Cr	20.1%	₹109 Cr	5.5%	—	8.1%	—
Algoquant Fintech LimitedALGOQUANTALGOQUANT	₹1,898 Cr	₹1,929 Cr	₹235 Cr	₹53 Cr	22.4%	₹33 Cr	14.2%	17.6%	24.8%	2

Date	Category	Subject	Filing
30 Sept 2026, 3:25 pm	AGM/EGM AGM	Scrutinizers Report And Disclosure Of Voting Results Under Regulation 44 Of SEBI (LODR) Regulations, 2015.	PDF
29 Sept 2026, 4:26 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 3:27 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 3:37 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
28 Sept 2026, 3:34 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
28 Sept 2026, 3:15 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
7 Sept 2026, 3:24 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 7:07 pm	Company Update General	Dispatch Of Letter To Shareholders, Whose Email Addresses Are Not Registered With The Company Or With Any Depository Participants.	PDF

Keynote Financial Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

19

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

0 · revenue

Keynote Financial Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Announcements

Annual reports

Dividends19

Board meetings1

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

0 · revenue

19

1