KEYNOTE FIN SERV LTD.

Earns most of its revenue from financial advisory services, which contributed 54.4% of period segment revenue at ₹16.50 crore in FY26 YTD. Broking and related activities added another 14.2% at ₹4.31 crore, while proprietary trading in securities accounted for 14.1% at ₹4.27 crore, and investment activities contributed 4.7% at ₹1.44 crore; a further 12.6% (₹3.81 crore) is unallocable. Broking and investment activities segments carry the highest reported EBIT margins in the pack at 51.4% and 73.1% respectively, whereas trading in securities runs on a thin 8.4% margin and is the most volatile line, swinging between profits and losses across the FY26 quarters. Employee costs are by far the largest expense at ₹10.46 crore, equal to 39.3% of revenue, reflecting the people-intensive nature of advisory and broking work, with other operating costs adding 27.3% and depreciation 4.1%. With total assets of ₹159.29 crore, zero debt on the balance sheet, and a consolidated net profit of ₹6.66 crore on revenue of ₹26.61 crore in FY26, the firm operates as a small, family-controlled capital markets entity. Both revenue and profit declined year-on-year in FY26, with the consolidated profit drop driven largely by fair-value losses on the trading book.