Keynote Financial Services Ltd

KEYFINSERV

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Market Cap

₹ 226 Cr

P/E

23.57

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Keynote Financial Services Ltd. (KFSL) is a SEBI-approved category-I merchant banker providing a range of financial services, including issue management, leasing, and portfolio management.

The company is ranked third among private merchant bankers and ninth overall, showcasing its substantial industry presence and experience.

KFSL was actively involved in 24 Main Board IPOs and 78 SME IPOs in FY 2016-17, indicating its strong capabilities in driving capital market transactions.

Recent strategic moves include a range of mergers and a name change in April 2019 to reflect a broader focus on comprehensive financial services.

The company is pursuing growth through initiatives such as vehicle financing and strengthening its portfolio in corporate advisory and syndication services.

Sector

Finance

Industry

Finance - Small

Market Cap

226 Cr

Volatility

High Risk

P/E Ratio

23.6

Industry P/E

20.4

PEG Ratio

34.3

P/B Ratio

1.5

52W High

475.00

52W Low

175.00

Sales CAGR

-37.66%

9.32%

18.27%

10Y

3.25%

Profit CAGR

-61.33%

0.69%

—

10Y

0.79%

ROE

TTM

6.41%

11.01%

12.25%

10Y

8.50%

ROCE

TTM

2.01%

12.80%

14.01%

10Y

11.18%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PROFINC	9.81	306 Cr	20.24	3.54	0.00	17.42	8.27	3.83
AKIKO	261.75	293 Cr	39.65	6.69	0.00	21.34	28.22	14.99
KEYFINSERV	321.00	226 Cr	23.57	1.50	0.25	6.41	2.01	2.84
JHACC	211.00	182 Cr	73.19	1.81	0.00	2.46	2.79	2.25
YASTF	165.00	173 Cr	550.00	16.48	0.00	2.86	3.46	1.17
AVAILFC	158.00	157 Cr	1.38	0.12	0.00	8.99	0.02	0.02
MAHAPEXLTD	104.81	157 Cr	—	0.34	0.00	-0.05	0.52	1.64

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	11	8.52	14	14	12	11	6.66	-1.80	16	-1.59
Expenses	2.83	2.65	3.19	4.15	3.58	3.56	3.18	7.27	3.82	4.21
Interest	0.04	0.14	0.03	0.08	0.02	0.05	0.09	0.56	0.04	0.05
Financing Profit	8.18	5.73	11	9.32	8.62	7.67	3.39	-9.63	12	-5.85
Financing Margin %	74.03	67.25	76.92	68.78	70.54	68.00	50.90	535.00	75.37	367.92
Other Income	0.39	0.58	0.61	0.71	0.42	0.63	0.51	0.87	0.93	1.29
Depreciation	0.16	0.26	0.17	0.19	0.20	0.22	0.21	0.28	0.26	0.26
Profit Before Tax	8.41	6.06	11	9.85	8.83	8.09	3.68	-9.04	12	-4.82
Tax %	23.66	25.58	22.38	16.75	28.77	29.05	20.38	53.43	40.06	66.18
Net Profit	6.42	4.51	8.67	8.20	6.30	5.73	2.93	-4.21	7.47	-1.62
EPS in Rs	14.54	10.21	19.64	18.57	17.93	19.73	12.76	-13.81	22.57	-1.64
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	12	15	13	8.67	20	29	14	47	28	28
Expenses	10	10	13	14	7.65	11	15	13	18	18
Interest	2.68	1.86	1.13	1.22	1.09	1.18	0.25	0.29	0.73	0.72
Financing Profit	-1.21	3.23	-1.09	-6.31	11	16	-1.29	34	10	10
Financing Margin %	-10.22	21.18	-8.30	-72.77	56.62	56.94	-9.17	71.78	35.46	35.44
Other Income	13	5.18	0.96	2.71	2.60	2.99	1.87	2.29	2.43	2.43
Depreciation	4.37	0.71	0.77	0.76	0.73	0.69	0.63	0.78	0.91	0.91
Profit Before Tax	7.45	7.69	-0.89	-4.36	13	19	-0.05	35	12	12
Tax %	22.64	20.24	-19.61	3.14	15.11	13.85	-3,190.19	21.66	7.00	7.01
Net Profit	5.77	5.71	-1.06	-4.22	11	16	-1.71	28	11	11
EPS in Rs	—	—	-2.40	-9.56	25.53	36.42	-3.88	62.96	36.61	19.88
Dividend Payout %	9.65	24.37	-52.36	-13.18	4.94	3.46	-32.57	2.00	3.82	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57
Reserves	61	67	72	73	68	79	95	93	119	133
Borrowings	12	13	13	20	22	26	27	2.47	0.69	1.62
Other Liabilities	23	65	14	9.16	24	9.86	12	9.21	15	12
Total Liabilities	101	150	105	108	119	121	139	110	140	152
Fixed Assets	23	19	18	18	17	17	16	17	17	18
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.45	0.03	0.00
Investments	0.00	0.00	0.00	34	28	44	62	60	84	102
Other Assets	78	132	87	56	74	60	61	33	40	33
Total Assets	101	150	105	108	119	121	139	110	140	152

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	-12	5.44	-4.24	16	-9.44	-13	21	5.59	6.80
Cash from Investing Activity	-6.89	7.25	-0.59	4.61	0.90	-16	22	-2.83	-4.25	-5.92
Cash from Financing Activity	-1.39	-3.50	-2.58	1.33	-0.43	3.98	-0.49	-26	-2.63	-0.35
Net Cash Flow	9.15	-8.03	2.27	1.69	17	-21	8.79	-8.05	-1.29	0.53

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Feb 2025	Mar 2025	Jun 2025	Sep 2025
Promoters	56.43%	56.43%	56.43%	56.43%	56.43%	56.43%	57.01%	57.01%	71.88%	71.88%	71.88%	71.88%
FIIs	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	9.26%	9.26%	9.28%	9.26%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%
Public	36.22%	36.22%	36.22%	36.22%	36.22%	36.22%	35.64%	35.64%	18.85%	18.85%	18.84%	18.85%
Total Shareholders	3,580	3,572	3,760	3,881	4,060	3,941	4,455	4,639	4,948	5,139	5,212	4,986

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 27, 2025	Vivek nirmal suchnati	Insider - Promoter	Acquisition	—	—	2,82,499	5.07
Jun 27, 2025	Nirmal suchanti huf	Insider - Promoter	Disposal	—	—	2,82,499	5.07
Mar 29, 2025	Vivek nirmal suchnati	Insider - Promoter	Acquisition	—	—	2,49,955	4.49
Mar 29, 2025	Nirmal harschand suchanti	Insider - Promoter	Disposal	—	—	1,17,647	2.11
Mar 29, 2025	Pushpa nirmal suchnanti	Insider - Promoter Group	Disposal	—	—	1,32,308	2.38
Oct 17, 2023	Sureshkumar makwana	Bulk	Buy	157.80	1.02 Cr	64,900	1.16
Oct 17, 2023	Sureshkumar makwana	Bulk	Sell	156.60	1.14 Cr	72,794	1.30
Oct 17, 2023	Nk securities research privat...	Bulk	Sell	156.65	0.65 Cr	41,548	0.74
Oct 17, 2023	Nk securities research privat...	Bulk	Buy	156.33	0.65 Cr	41,292	0.74
Aug 24, 2023	Hardikkumar maiyajibhai desai	Bulk	Sell	135.18	0.90 Cr	66,410	1.19

Projection

Actions

Action Type

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Announcements

Last 7 days

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Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Overall

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Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	11	8.52	14	14	12	11	6.66	-1.80	16	-1.59
Expenses	2.83	2.65	3.19	4.15	3.58	3.56	3.18	7.27	3.82	4.21
Interest	0.04	0.14	0.03	0.08	0.02	0.05	0.09	0.56	0.04	0.05
Financing Profit	8.18	5.73	11	9.32	8.62	7.67	3.39	-9.63	12	-5.85
Financing Margin %	74.03	67.25	76.92	68.78	70.54	68.00	50.90	535.00	75.37	367.92
Other Income	0.39	0.58	0.61	0.71	0.42	0.63	0.51	0.87	0.93	1.29
Depreciation	0.16	0.26	0.17	0.19	0.20	0.22	0.21	0.28	0.26	0.26
Profit Before Tax	8.41	6.06	11	9.85	8.83	8.09	3.68	-9.04	12	-4.82
Tax %	23.66	25.58	22.38	16.75	28.77	29.05	20.38	53.43	40.06	66.18
Net Profit	6.42	4.51	8.67	8.20	6.30	5.73	2.93	-4.21	7.47	-1.62
EPS in Rs	14.54	10.21	19.64	18.57	17.93	19.73	12.76	-13.81	22.57	-1.64
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	12	15	13	8.67	20	29	14	47	28	28
Expenses	10	10	13	14	7.65	11	15	13	18	18
Interest	2.68	1.86	1.13	1.22	1.09	1.18	0.25	0.29	0.73	0.72
Financing Profit	-1.21	3.23	-1.09	-6.31	11	16	-1.29	34	10	10
Financing Margin %	-10.22	21.18	-8.30	-72.77	56.62	56.94	-9.17	71.78	35.46	35.44
Other Income	13	5.18	0.96	2.71	2.60	2.99	1.87	2.29	2.43	2.43
Depreciation	4.37	0.71	0.77	0.76	0.73	0.69	0.63	0.78	0.91	0.91
Profit Before Tax	7.45	7.69	-0.89	-4.36	13	19	-0.05	35	12	12
Tax %	22.64	20.24	-19.61	3.14	15.11	13.85	-3,190.19	21.66	7.00	7.01
Net Profit	5.77	5.71	-1.06	-4.22	11	16	-1.71	28	11	11
EPS in Rs	—	—	-2.40	-9.56	25.53	36.42	-3.88	62.96	36.61	19.88
Dividend Payout %	9.65	24.37	-52.36	-13.18	4.94	3.46	-32.57	2.00	3.82	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57
Reserves	61	67	72	73	68	79	95	93	119	133
Borrowings	12	13	13	20	22	26	27	2.47	0.69	1.62
Other Liabilities	23	65	14	9.16	24	9.86	12	9.21	15	12
Total Liabilities	101	150	105	108	119	121	139	110	140	152
Fixed Assets	23	19	18	18	17	17	16	17	17	18
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.45	0.03	0.00
Investments	0.00	0.00	0.00	34	28	44	62	60	84	102
Other Assets	78	132	87	56	74	60	61	33	40	33
Total Assets	101	150	105	108	119	121	139	110	140	152

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	-12	5.44	-4.24	16	-9.44	-13	21	5.59	6.80
Cash from Investing Activity	-6.89	7.25	-0.59	4.61	0.90	-16	22	-2.83	-4.25	-5.92
Cash from Financing Activity	-1.39	-3.50	-2.58	1.33	-0.43	3.98	-0.49	-26	-2.63	-0.35
Net Cash Flow	9.15	-8.03	2.27	1.69	17	-21	8.79	-8.05	-1.29	0.53

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PROFINC	9.81	306 Cr	20.24	3.54	0.00	17.42	8.27	3.83
AKIKO	261.75	293 Cr	39.65	6.69	0.00	21.34	28.22	14.99
KEYFINSERV	321.00	226 Cr	23.57	1.50	0.25	6.41	2.01	2.84
JHACC	211.00	182 Cr	73.19	1.81	0.00	2.46	2.79	2.25
YASTF	165.00	173 Cr	550.00	16.48	0.00	2.86	3.46	1.17
AVAILFC	158.00	157 Cr	1.38	0.12	0.00	8.99	0.02	0.02
MAHAPEXLTD	104.81	157 Cr	—	0.34	0.00	-0.05	0.52	1.64

Overview

Detailed Summary

Keynote Financial Services Ltd. (KFSL) is a SEBI-approved category-I merchant banker providing a range of financial services, including issue management, leasing, and portfolio management.

The company is ranked third among private merchant bankers and ninth overall, showcasing its substantial industry presence and experience.

KFSL was actively involved in 24 Main Board IPOs and 78 SME IPOs in FY 2016-17, indicating its strong capabilities in driving capital market transactions.

Recent strategic moves include a range of mergers and a name change in April 2019 to reflect a broader focus on comprehensive financial services.

The company is pursuing growth through initiatives such as vehicle financing and strengthening its portfolio in corporate advisory and syndication services.

Sector

Finance

Industry

Finance - Small

Market Cap

226 Cr

Volatility

High Risk

P/E Ratio

23.6

Industry P/E

20.4

PEG Ratio

34.3

P/B Ratio

1.5

52W High

475.00

52W Low

175.00

Sales CAGR

-37.66%

9.32%

18.27%

10Y

3.25%

Profit CAGR

-61.33%

0.69%

—

10Y

0.79%

ROE

TTM

6.41%

11.01%

12.25%

10Y

8.50%

ROCE

TTM

2.01%

12.80%

14.01%

10Y

11.18%