NSE: KEYFINSERV · BSE: 512597
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Advisory Services (54%), Broking & Related Activities (14%), Trading in Securities (14%), Investment Activities (5%), Unallocable (13%). Small, people-intensive capital markets firm with proprietary trading exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29 | 14 | 47 | 28 | 27 |
| EBITDA (ex other income) | 18 | (1) | 34 | 11 | 8 |
| margin % | 61.1 | (7.4) | 72.4 | 38.0 | 29.5 |
| Owners' profit | 0 | (2) | 27 | 15 | 7 |
| EPS, as reported (₹) | 28.89 | (3.07) | 49.94 | 26.17 | 11.96 |
| ROE % · ROCE % | 15.9 · — | (1.7) · — | 21.6 · — | 10.5 · — | 4.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (13) | 21 | 6 | 7 | (24) |
| Capex | (0) | (1) | (1) | (2) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 7 | (2) | 16 | (2) | 12 | 0 | 19 |
| Profit before tax | 8 | 4 | (9) | 12 | (5) | 8 | (6) | 16 |
| Net profit | 9 | 6 | (8) | 13 | (1) | 4 | (9) | 12 |
| EPS (₹) | 15.65 | 10.12 | (13.83) | 22.57 | (1.64) | 8.07 | (17.03) | 20.81 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Advisory Services | 17 | 54.4 |
| Broking & Related Activities | 2 | 7.2 |
| Trading in Securities | 4 | 14.1 |
| Investment Activities | 1 | 4.4 |
| Unallocable | 4 | 12.6 |
| Broking and Related Services | 1 | 2.9 |
| Brokerage & Related Activities | 1 | 4.1 |
| Investment activities | 0 | 0.4 |
| Total, before eliminations | 30 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,18,587 | 47.7 | 12.29 | 40.3 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,414 | 29.5 | 4.51 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 40,426 | 31.9 | 4.11 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 31,818 | 15.0 | 7.72 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,734 | 5.0 | 4.35 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,845 | 18.9 | 3.53 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,863 | 10.6 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,970 | 18.6 | 2.20 | 9.8 | 9.6 | 11.5 | — | 31.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.0 | 15.0 | 23 of 33 | 31% |
| P/B | 0.8 | 1.6 | 5 of 40 | 90% |
| ROE | 4.6 | 9.6 | 27 of 40 | 33% |
| EBITDA margin | 82.6 | 31.2 | 2 of 39 | 97% |
| Revenue growth | 23.7 | 22.4 | 16 of 35 | 56% |
| Profit growth | (7.8) | 13.4 | 29 of 38 | 24% |
| Market cap | 114 | 413 | 28 of 42 | 34% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · RTA certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · 33rd AGM voting results: all 9 resolutions passed with about 99.99% support | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 and half-year results | compliance | minimal | — | — |
| 29 Sept 2026 · All 9 resolutions passed at 33rd AGM of Keynote Financial Services | compliance | minimal | — | — |
| 28 Sept 2026 · Appointment/Reappointment of Director, Whole Time Director and Statutory Auditor. | management changes | medium | — | — |
| 28 Sept 2026 · New statutory auditor and director re-appointments at Keynote Financial | management changes | medium | — | — |
| 28 Sept 2026 · 33rd AGM of Keynote Financial Services held on September 28, 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Newspaper notice on special window for physical share transfer and demat | compliance | minimal | — | — |
| 7 Sept 2026 · 33rd AGM notice published in newspapers - e-voting and book closure details | compliance | minimal | — | — |
| 4 Sept 2026 · 33rd AGM Notice and FY26 Annual Report Sent to Shareholders | compliance | minimal | — | — |
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.