BSE: 507948
KEY CORP LTD.
Operates as a small Kanpur-based non-banking financial company focused on used vehicle financing, alongside a portfolio of mutual fund investments. In FY26, loan disbursements totalled Rs 130.90 lakhs, up from Rs 102.40 lakhs the prior year, while revenue from operations was Rs 37.48 lakhs. The mutual fund book generated a notional mark-to-market loss of Rs 266.68 lakhs in FY26, which swung the company to a net loss of Rs 270.84 lakhs versus a profit of Rs 431.84 lakhs in FY25. Q1 FY27 (quarter ended 30 June 2026) saw a sharp recovery, with total income of Rs 945.84 lakhs and profit after tax of Rs 924.40 lakhs, although gross NPA rose to 9.09% from 7.80% at FY26 end. Operating costs in FY26 were dominated by employee expenses at 106.3% of revenue and other operating expenses at 79.5%. The company runs as a single segment, holds capital adequacy of 129.86% as of FY26, and is seeking shareholder, RBI and NHB approvals to widen its object clause into housing finance, diversified lending (MSME, personal, gold, vehicle, education loans) and insurance distribution or brokerage. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Used vehicle financing, Mutual fund investments. Small, single-segment NBFC with used vehicle lending and a mutual fund investment book.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 17 | 16 | 32 | 5 | 0 |
| EBITDA (ex other income) | 17 | 15 | 31 | 4 | (3) |
| margin % | 96.1 | 95.2 | 97.9 | 85.2 | (710.2) |
| Owners' profit | 17 | 15 | 32 | 4 | (3) |
| EPS, as reported (₹) | 28.64 | 25.61 | 52.62 | 7.20 | (4.20) |
| ROE % · ROCE % | 35.3 · — | 32.7 · — | 49.9 · — | 6.4 · — | (4.1) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | (0) | (1) | (0) | (1) |
| Capex | 0 | (0) | 0 | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | (2) | (4) | (6) | 8 | (2) | 2 | 0 |
| Profit before tax | 8 | (3) | (4) | (6) | 8 | (3) | 2 | (10) |
| Net profit | 8 | (3) | (4) | (6) | 8 | (3) | 2 | (10) |
| EPS (₹) | 13.72 | (4.25) | (6.60) | (9.95) | 13.12 | (4.25) | 2.64 | (15.90) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.6 | 1.1 | 72 of 253 | 71% |
| ROE | (4.1) | 3.1 | 228 of 257 | 11% |
| EBITDA margin | (8329.8) | 48.6 | 248 of 249 | 0% |
| Profit growth | (61.0) | 7.8 | 164 of 251 | 35% |
| Market cap | 40 | 34 | 130 of 268 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Key Corp Q2 FY27 results published in newspapers | compliance | minimal | — | — |
| 21 Oct 2026 · Key Corp Q2 FY27: loss of Rs 122.42 lakh; H1 PAT up about 51% on valuation gains | results | high | — | — |
| 9 Oct 2026 · Board meeting on 21 Oct 2026 to consider Q2 results | results | low | — | — |
| 8 Oct 2026 · Half-yearly share transfer compliance certificate filed with BSE | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly demat compliance certificate filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · Key Corp Q2 compliance certificate: no unpaid NCD obligations | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window Closure Notice for Q2 FY27 Results | compliance | minimal | — | — |
| 10 Sept 2026 · Independent Director Ravindra Kumar Tandon reappointed for 5-year term | management changes | medium | — | — |
| 10 Sept 2026 · Key Corp EOGM approves re-appointment of Independent Director | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Key Corp EGM approves re-appointment of Independent Director | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.