On 6 Nov 2026, Keynote Financial Services was priced at ₹205.72, or 20.1× trailing earnings, against an industry P/E of 18.4×, and the shares are 44% below their 52-week high. It earns ROCE of 6.1% and ROE of 4.7%, and sales grew 22% a year over 3 years. It has almost no debt, and its dividend yield is 0.5%. It is a small-cap company with a market cap of ₹115 Cr, ranked 79th of 219 Capital Markets companies by market cap; the shares fell 41% over the past year.
- ₹205.52
- ₹205.80
- ₹205.51
- ₹212.88
- 681
Health check
- ReturnsBehind
−40.9% over a year, better than 0 of 7 peers.
- Price tagIn line
P/E 20.1 vs industry 18.4.
- GrowthSteady
Sales +21.9% a year over 3 years.
- ProfitabilityWeak
ROCE 6.1% vs peer median 22.1%.
- Balance sheetSolid
Practically debt-free.
- Red flags2 to check
Return on equity is low at 4.7%.
Small cap
Defensive
Key metrics
- Market cap
- ₹115 Cr
- Small cap
- P/E
- 20.1
- Industry 18.4
- Price to book
- 0.79
- Peers 4.53
- Dividend yield
- 0.49%
- ROE
- 4.7%
- Peers 18.9%
- ROCE
- 6.1%
- Peers 22.1%
- Debt to equity
- 0.03
- Debt ₹4.14 Cr
- EPS (TTM)
- ₹10.21
- Face value ₹10
- OPM (TTM)
- 43.0%
- Net margin 17.5%
- Sales growth
- +80.5%
- Latest quarter vs a year ago
- Profit growth
- −7.8%
- Latest quarter vs a year ago
- Price to sales
- 3.53
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly sales up 80.5% on a year ago.
Risks to check
- Return on equity is low at 4.7%.
- 44% below its 52-week high.
About Keynote Financial Services
Keynote Financial Services Limited provides investment banking, corporate and ESOP advisory, and brokerage services in India and internationally. The company offers capital market services, including Initial public offers, rights issues, qualified institutional placements and preferential placements, and buybacks and delistings; and mergers and acquisitions, private-equity advisory, fairness opinions, and cross-border structuring. It also provides…
- Headquarters
- Mumbai
- Employees
- 28
- Sector
- Financial Services
- ISIN
- INE681C01015
- Website
- keynoteindia.net
Price range
- Avg volume (3M)
- 836
- 1-year return
- minus 40.9%
- From 52-week high
- minus 43.6%
Peers · Capital Markets
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GROWWBillionbrains Garage Ventures | 215.08 | minus 3.93% | 1,33,585 | 50.3 | 13.78 | 29.3% | 21.6% | 62.9% | – | – | 0.00% | plus 63.8% |
| MOTILALOFSMotilal Oswal Financial Services | 1,102.00 | plus 0.64% | 66,448 | 25.0 | 4.27 | 18.1% | 18.9% | 52.4% | 29.0% | 26.1% | 0.54% | plus 11.1% |
| AIILAuthum Investment & Infrastructure | 570.05 | plus 0.08% | 48,410 | 27.6 | 3.29 | 15.2% | 13.1% | 74.0% | 44.4% | −23.5% | 0.00% | minus 0.7% |
| ANGELONEAngel One | 331.00 | plus 1.49% | 30,290 | 26.8 | 4.53 | 26.9% | 18.4% | 39.7% | 20.3% | 0.9% | 1.95% | plus 29.5% |
| CDSLCentral Depository Services (India) | 1,331.40 | minus 0.19% | 27,826 | 55.1 | 14.03 | 29.7% | 26.4% | 51.3% | 27.3% | 18.2% | 0.96% | minus 13.3% |
| CHOICEINChoice International | 748.20 | minus 0.09% | 16,668 | 62.9 | 8.90 | 17.6% | 15.8% | 35.3% | 42.2% | 53.6% | 0.00% | minus 7.4% |
| IIFLCAPSIIFL Capital Services | 349.80 | plus 0.13% | 13,036 | 18.8 | 3.15 | 22.1% | 19.5% | 36.1% | 19.9% | 30.9% | 0.86% | plus 4.1% |
| KEYFINSERVKeynote Financial Services | 205.72 | minus 3.36% | 115 | 20.1 | 0.79 | – | 3.9% | 43.0% | 21.9% | – | 0.49% | minus 40.9% |
| Median of 7 peers | – | 0.08% | 30,290 | 27.6 | 4.53 | 22.1% | 18.9% | 51.3% | 28.2% | 22.2% | 0.54% | 4.1% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 6.4 | 2.9 | 7.6 | 5.5 | 11.5 | |
| −5.5 | 8.7 | −0.8 | 11.7 | −4 | |
| 11.9 | −5.8 | 8.4 | −6.2 | 15.4 | |
| 186.7% | −199.6% | 110.7% | −113.8% | 134.8% | |
| 0.9 | 1.3 | 0.6 | −0 | 0.6 | |
| 0 | 0.1 | 0.2 | 0.1 | 0.1 | |
| 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |
| – | – | −0.8 | 0.4 | – | |
| 12.5 | −4.8 | 7.8 | −6.2 | 15.7 | |
| 40.1% | 66.3% | 25.8% | 19.3% | 26.1% | |
| 12.6 | −0.9 | 4.5 | −9.5 | 11.6 | |
| 22.57 | -1.64 | 8.07 | -17.03 | 20.81 |
Profit & loss
- Sales CAGR 3Y
- +21.9%
- ROE
- 4.7%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 14.6 | 33.9 | 22.7 | 26.5 | |
| – | +131.6% | minus 32.9% | +16.6% | |
| 15.4 | 0.2 | 13.6 | 20 | |
| −0.8 | 33.7 | 9.1 | 6.5 | |
| −5.4% | 99.4% | 40.2% | 24.5% | |
| 1.6 | 2.6 | 2.1 | 2.4 | |
| 0.1 | 0.2 | 0.3 | 0.1 | |
| 0.6 | 0.8 | 0.9 | 1.1 | |
| −0.2 | 0.2 | 1.6 | 1.6 | |
| −0.1 | 35.5 | 11.6 | 9.3 | |
| −3190.2% | 21.7% | 7.0% | 28.3% | |
| −1.6 | 26.8 | 14.6 | 6.7 | |
| – | – | minus 45.6% | minus 54.3% | |
| -3.07 | 49.94 | 26.17 | 11.96 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5.6 | 5.6 | 5.6 | 5.6 | |
| 92.6 | 119 | 133 | 139 | |
| 2.5 | 0.7 | 1.6 | 4.1 | |
| 9.2 | 15 | 11.8 | 10.6 | |
| 110 | 140 | 152 | 159 | |
| 16.9 | 16.2 | 17.1 | 18.6 | |
| 0.5 | 0.5 | – | – | |
| 3 | 3 | 9.9 | 10.1 | |
| 69.7 | 92.5 | 107 | 79.4 | |
| 19.7 | 27.7 | 17.4 | 51.3 | |
| 110 | 140 | 152 | 159 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 20.8 | 5.6 | 6.8 | −23.9 | |
| −2.8 | −4.2 | −5.9 | 21.8 | |
| −26 | −2.6 | −0.4 | 1.6 | |
| −8.1 | −1.3 | 0.5 | −0.4 | |
| −1.3 | −0.5 | −1.7 | −2.5 | |
| 19.5 | 5.1 | 5.1 | −26.3 | |
| −0.6 | −0.6 | −0.6 | −0.6 |
Shareholding pattern
- Promoters71.88%
- Public28.12%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 71.88% | 28.12% | 0.00 | |
| 30 Jun 2026 | 71.88% | 28.12% | 0.00 | |
| 31 Mar 2026 | 71.88% | 28.12% | 0.00 | |
| 31 Dec 2025 | 71.88% | 28.12% | 0.00 | |
| 30 Sep 2025 | 71.88% | 28.12% | – |
Major shareholders
Filings & events
News
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