KEYNOTE FINANCIAL SERVICES LIMITED

About

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 IPO/rights issue services, such as valuation reports, conducting the due diligence, assessing the fund requirement, market making, underwriting the issue, and lead managing; and merchant banking and advisory services, such as buybacks, delisting, and tender offers. It also provides corporate finance services related to project finance, syndication, asset-based bank loan, structured finance, restructuring advice, venture capital/private equity, valuation, and financial modeling; and mergers and acquisition advisory services in the areas of acquisitions, merger advisory, sale and divesture, joint ventures and alliances, access strategy, acquisition finance, FCCBs, ADRs, GDRs, and listings on international exchanges. In addition, the company offers equity trading, currency trading, and investment advisory services; employee stock ownership plans; and private equity, valuations, debt advisory, and alternative investment fund services. The company was formerly known as Keynote Corporate Services Limited and changed its name to Keynote Financial Services Limited in April 2019. Keynote Financial Services Limited was incorporated in 1993 and is based in Mumbai, India.

Key Metrics

as of Sep 2026

Market Cap137 Cr

P/E23.40

Div Yield0.41 %

Book Value₹260.00

52w High₹382.00

52w Low₹220.00

Face Value₹10.00

Quarterly Results

Rs. Crores · hover row for definition

Metric	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023
Sales	19.00	0.00	12.00	-2.00	16.00	-2.00	7.00	11.00	12.00	14.00	14.00	9.00	11.00
Expenses	4.00	6.00	4.00	4.00	4.00	7.00	3.00	4.00	4.00	4.00	3.00	3.00	3.00
Operating Profit	15.00	-6.00	8.00	-6.00	12.00	-9.00	3.00	8.00	9.00	9.00	11.00	6.00	8.00
OPM %	80.00	-8,929.00	67.00	—	76.00	—	52.00	69.00	71.00	69.00	77.00	69.00	74.00
Other Income	1.00	0.00	0.00	1.00	1.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	16.00	-6.00	8.00	-5.00	12.00	-9.00	4.00	8.00	9.00	10.00	11.00	6.00	8.00
Tax %	26.00	-19.00	26.00	-66.00	40.00	-53.00	20.00	29.00	29.00	17.00	22.00	26.00	24.00
Net Profit	12.00	-9.00	4.00	-1.00	13.00	-8.00	6.00	9.00	8.00	4.00	10.00	5.00	7.00
EPS in Rs	20.80	-17.03	8.07	-1.63	22.56	-13.81	8.02	12.41	11.27	6.20	13.92	7.82	10.22

Profit & Loss

Annual · Rs. Crores

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Sales	26.62	30.69	49.23	15.93	31.51	22.67	11.20	13.36	20.21	24.71	22.73	15.88
Expenses	18.43	17.54	13.07	15.12	11.20	7.65	13.75	13.04	10.16	10.36	13.16	9.25
Operating Profit	8.19	13.15	36.16	0.81	20.31	15.02	-2.55	0.32	10.05	14.35	9.57	6.63
OPM %	30.77	42.85	73.45	5.08	64.46	66.25	-22.77	2.40	49.73	58.07	42.10	41.75
Other Income	2.50	0.05	0.39	0.02	0.23	0.08	0.17	0.69	-0.21	0.15	0.48	0.18
Interest	0.32	0.73	0.29	0.25	1.18	1.09	1.22	1.13	1.86	2.68	2.62	3.52
Depreciation	1.08	0.91	0.78	0.63	0.69	0.73	0.76	0.77	0.71	4.37	0.94	0.75
Profit before tax	9.29	11.56	35.48	-0.05	18.67	13.28	-4.36	-0.89	7.27	7.45	6.49	2.54
Tax %	28.31	7.01	21.67	3,320.00	13.87	15.06	-3.21	20.22	21.46	22.68	30.66	33.46
Net Profit	6.66	14.57	26.79	-1.63	16.08	11.27	-4.22	-1.06	5.71	5.77	4.50	1.69
EPS in Rs	11.96	26.17	38.17	-2.32	22.91	16.06	-6.01	-1.51	8.14	8.22	6.41	2.41
Dividend Payout %	8.36	3.82	2.08	-34.17	3.46	4.94	-13.20	-52.55	19.51	9.65	12.38	32.96

Balance Sheet

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Equity Capital	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57	5.57
Reserves	139.00	132.82	118.72	92.55	94.98	79.38	67.70	72.61	71.56	66.55	60.78	56.97
Borrowings	4.14	1.66	0.70	2.49	27.71	26.44	21.73	20.25	13.47	13.30	11.85	20.65
Other Liabilities	10.58	11.73	14.94	9.19	11.16	9.24	24.16	9.10	14.41	65.02	22.77	15.17
Total Liabilities	159.29	151.78	139.93	109.80	139.42	120.63	119.16	107.53	105.01	150.44	100.97	98.36
Fixed Assets	19.12	17.74	16.84	16.63	16.21	16.74	17.43	18.17	17.96	18.62	22.87	23.35
CWIP	0.00	0.00	0.00	0.45	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	77.55	101.58	83.56	59.57	62.39	44.29	27.99	33.62	34.63	24.13	17.68	6.08
Other Assets	62.62	32.46	39.53	33.15	60.61	59.60	73.74	55.74	52.42	107.69	60.42	68.93
Total Assets	159.29	151.78	139.93	109.80	139.42	120.63	119.16	107.53	105.01	150.44	100.97	98.36

Cash Flows

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Cash from Operating Activity	-23.85	6.80	5.59	20.78	-12.64	-9.44	16.39	-4.24	5.44	-11.78	17.43	-4.29
Cash from Investing Activity	21.81	-5.92	-4.25	-2.83	21.92	-15.80	0.90	4.61	-0.59	7.25	-6.89	-2.86
Cash from Financing Activity	1.64	-0.35	-2.63	-26.01	-0.49	3.98	-0.43	1.33	-2.58	-3.50	-1.39	-2.88
Net Cash Flow	-0.40	0.53	-1.29	-8.05	8.79	-21.25	16.87	1.69	2.27	-8.03	9.15	-10.02
Free Cash Flow	-26.31	5.14	5.05	19.51	-13.01	-9.49	16.38	-5.22	5.39	-11.86	16.97	-4.42
CFO/OP %	-279.00	90.00	24.00	2,604.00	-61.00	-58.00	-643.00	-678.00	67.00	-70.00	201.00	-52.00

Ratios

Annual · Days / % — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Debtor Days	35.10	35.08	69.17	64.61	28.03	16.91	129.38	103.54	113.78	704.00	99.24	115.84
Cash Conversion Cycle	35.10	35.08	69.17	64.61	28.03	16.91	129.38	103.54	113.78	704.00	99.24	115.84
Working Capital Days	82.68	116.31	87.19	157.64	107.26	-38.32	-477.76	-337.68	-20.77	1.18	-164.27	124.35
ROCE %	6.90	9.27	31.71	0.17	16.57	13.93	-3.25	0.25	10.85	12.38	11.33	8.01

Shareholding Pattern

% holding — latest first

Holder	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
Promoters	71.87	71.87	71.87	71.87	71.87	71.87	57.01	57.01	56.42	56.42	56.42	56.42
FIIs	9.26	9.26	9.26	9.26	9.28	9.26	7.35	7.35	7.35	7.35	7.35	7.35
DIIs	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Public	18.86	18.85	18.86	18.87	18.83	18.86	35.64	35.64	36.22	36.22	36.22	36.23
No. of Shareholders	4,527	4,623	4,860	4,986	5,212	5,139	4,639	4,455	3,941	4,060	3,881	3,760

Corporate Actions

22 records

Action	Ex Date	Record Date	Ratio	Amount (₹)	Notes
Dividend	19 Sep 2025	19 Sep 2025	—	1.00
Dividend	19 Sep 2024	—	—	1.00
Dividend	22 Sep 2023	—	—	1.00
Dividend	21 Sep 2022	—	—	1.00
Dividend	21 Sep 2021	—	—	1.00
Dividend	24 Sep 2020	—	—	1.00
Dividend	05 Aug 2019	—	—	1.00
Dividend	02 Aug 2018	—	—	2.50
Dividend	16 Aug 2017	—	—	1.00
Dividend	21 Jul 2016	—	—	1.00
Dividend	21 Sep 2015	—	—	1.00
Dividend	28 Aug 2014	—	—	1.00
Dividend	19 Sep 2013	—	—	1.50
Dividend	20 Sep 2012	—	—	1.50
Dividend	22 Sep 2011	—	—	1.50
Dividend	23 Sep 2010	—	—	1.50
Dividend	18 Aug 2009	—	—	1.00
Dividend	17 Sep 2008	—	—	1.00
Other	21 Sep 2007	—	—	—	Agm
Other	22 Sep 2006	—	—	—	Agm
Other	22 Sep 2005	—	—	—	Agm
Other	22 Jan 2001	07 Feb 2001	—	—	Voluntary Delisting of Shares