Keynote Financial H1 profit nearly doubles to Rs 22.70 crore

Keynote Financial Services Limited reported consolidated profit after tax of Rs 22.70 crore for the half year ended 30 September 2026, compared with Rs 11.65 crore a year earlier, as advisory-services and trading-in-securities segment results increased to Rs 13.84 crore and Rs 13.35 crore, respectively.

What drove Keynote Financial’s H1 profit increase?

Keynote Financial’s H1 profit increase came with total income rising to Rs 38.79 crore from Rs 16.30 crore in the half year ended 30 September 2025. Revenue from operations increased to Rs 37.40 crore from Rs 14.08 crore, while other income declined to Rs 1.38 crore from Rs 2.22 crore. The increase in total income therefore coincided with higher operating revenue rather than other income.

Profit before tax rose to Rs 29.81 crore from Rs 7.66 crore, while total expenses increased to Rs 8.98 crore from Rs 8.64 crore. Profit after tax was Rs 22.70 crore, against Rs 11.65 crore in the preceding corresponding half year. Basic and diluted earnings per equity share, which the filing says are not annualised, increased to Rs 40.78 from Rs 20.92.

The company’s paid-up equity share capital was unchanged at Rs 5.57 crore at 30 September 2026, based on a face value of Rs 10 per equity share. Total comprehensive income attributable to owners was Rs 22.70 crore for H1 2026, compared with Rs 11.65 crore in H1 2025, as the filing showed no material separate non-controlling-interest amount.

How did Keynote Financial’s operating segments perform?

Keynote Financial’s advisory services produced H1 segment revenue of Rs 23.04 crore, up from Rs 6.62 crore a year earlier, and segment result of Rs 13.84 crore, compared with Rs 2.07 crore. The filing presents segment result before exceptional items, and advisory services was the largest reported H1 revenue segment among the named operating businesses.

Trading in securities recorded segment revenue of Rs 14.48 crore for H1 2026, against Rs 4.01 crore in H1 2025. Its segment result rose to Rs 13.35 crore from Rs 2.71 crore. The comparison includes a loss of Rs 4.49 crore in securities-trading segment revenue in the quarter ended 30 September 2025, whereas the segment reported Rs 6.56 crore of revenue in the September 2026 quarter.

Broking and related activities reported H1 revenue of Rs 2.09 crore, marginally below Rs 2.15 crore in the preceding corresponding period, but its segment result rose to Rs 1.37 crore from Rs 1.21 crore. Investment activities reported revenue of Rs 0.52 crore versus Rs 0.30 crore and segment result of Rs 0.51 crore versus Rs 0.20 crore. Net finance income was Rs 0.29 crore, compared with Rs 0.42 crore a year earlier.

What changed in Keynote Financial’s September-quarter results?

Keynote Financial returned to a quarterly profit after tax of Rs 11.11 crore for the three months ended 30 September 2026, versus a loss after tax of Rs 0.91 crore in the quarter ended 30 September 2025. Quarterly total income was Rs 15.54 crore, compared with a loss of Rs 0.30 crore in the prior-year quarter, while profit before tax was Rs 14.14 crore against a loss before tax of Rs 4.82 crore.

The September 2026 quarter was below the immediately preceding June 2026 quarter on the reported income and profit measures. Profit after tax was Rs 11.11 crore in September versus Rs 11.58 crore in June, and total income was Rs 15.54 crore versus Rs 19.94 crore. The half-year result nonetheless exceeded the comparable H1 2025 outcome because advisory services and trading in securities were higher over the six-month period.

Advisory-services revenue was Rs 9.91 crore in the September quarter, down from Rs 13.12 crore in the June quarter. Trading-in-securities revenue was Rs 6.56 crore, compared with Rs 7.92 crore in June. Broking and related-activities revenue increased to Rs 1.20 crore from Rs 0.89 crore over the same sequential comparison.

What do Keynote Financial’s assets and cash flow show?

Keynote Financial’s consolidated assets were Rs 189.70 crore at 30 September 2026, up from Rs 159.29 crore at 31 March 2026. Investments increased to Rs 151.96 crore from Rs 77.55 crore, while loans decreased to Rs 33.19 crore from Rs 37.66 crore. Other financial assets were Rs 14.85 crore, compared with Rs 11.71 crore at the financial year-end.

Cash and cash equivalents increased to Rs 3.65 crore at 30 September 2026 from Rs 1.97 crore at 31 March 2026. Bank balances other than cash and cash equivalents were Rs 10.87 crore, compared with Rs 9.89 crore. The cash-flow statement reported a net increase in cash and cash equivalents of Rs 1.68 crore in H1 2026, against a decrease of Rs 95.99 lakh in H1 2025.

Total equity was Rs 166.71 crore at the half-year date, versus Rs 144.57 crore at 31 March 2026. Financial liabilities were Rs 12.75 crore and non-financial liabilities were Rs 10.24 crore. Net cash generated from operating activities was Rs 12.68 crore, reversing net cash used of Rs 5.90 crore in H1 2025, while investing activities used Rs 9.88 crore compared with cash generated of Rs 6.78 crore a year earlier.

How were Keynote Financial’s H1 results reviewed?

Keynote Financial’s board approved the consolidated unaudited financial results on 13 November 2026 following review by the Audit Committee. The results cover the parent and its subsidiaries, Keynote Capital Limited and Keynote Fincorp Limited, under the consolidated financial reporting presented in the filing.

The auditor issued an unmodified conclusion on the consolidated statement after a limited review under Standard on Review Engagement 2410. The auditor said the review provides moderate assurance and is more limited than an audit; it also relied on other auditors’ reports for the two subsidiaries, whose H1 2026 combined revenue before consolidation adjustments was Rs 19.58 crore and net profit after tax was Rs 11.75 crore.

Conclusion

Keynote Financial’s H1 2026 profit of Rs 22.70 crore was accompanied by a Rs 22.49 crore increase in total income and a much smaller Rs 0.34 crore rise in expenses. Advisory services and trading in securities accounted for the largest reported movement in segment results, while broking revenue was slightly lower year on year but its segment result increased.

The next result will show whether advisory-services revenue, which declined from Rs 13.12 crore in the June quarter to Rs 9.91 crore in the September quarter, and trading-in-securities revenue, which moved from Rs 7.92 crore to Rs 6.56 crore, regain sequential momentum. The filing also leaves movements in the Rs 151.96 crore investment balance, the Rs 33.19 crore loan balance and operating cash generation as measures to watch after the half-year period.