Keynote Financial Services share price & results
- Jun 2026
- Jun 2026
Mumbai merchant-banking group running mid-market IPO/BRLM, corporate advisory and AIF due-diligence work, with stock-broking, depository-participant and NBFC lending subsidiaries.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 14.8 | +141.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 67.9 | −1.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 7.7 | +110.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 4.35 | −6.4 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -89.46 | −106.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -9.38 | +33.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −24.6% 1Y
1Y: ₹260.69 on 24 Oct 2025 → ₹196.62. High ₹360 (4 Nov 2025), low ₹196.62 (27 Oct 2026).
- Previous close
- ₹203.39
- Market cap
- ₹132 Cr
- 52-week range
- ₹196.62 – ₹360
- One year
- −24.87%
- Price to earnings (TTM to Jun 2026)
- 21.46×
- Return on equity (TTM to Jun 2026)
- 4.35%
Overview
- Symbol
- NSE:KEYFINSERV
- Sector
- Financial Services
- Exchange
- NSE
- Currency
- INR
What Keynote Financial Services Limited does
Based on the company's own presentations, annual report and earnings calls.
Keynote Financial Services is a merchant bank focused on Equity Capital Markets (ECM) in the mid-market segment, acting as Book Running Lead Manager on main-board IPOs, executing corporate finance and advisory mandates, and issuing due-diligence certificates for SEBI-regulated Alternative Investment Funds. Its wholly-owned subsidiary Keynote Capitals Limited (KCL) is an integrated broking house and CDSL depository participant offering institutional/HNI broking, investment advisory and research, and runs FIKAA, an AI-driven investing app aimed at women investors. A further subsidiary, Keynote Fincorp Limited, is an NBFC carrying out lending operations, and the group holds a minority stake in associate Maple Leaf Trading and Services Limited.
Segments
- Merchant Banking & Corporate Advisory
- Stock Broking & Depository Services
- Investment Advisory & Research
- NBFC Lending
- AIF due-diligence certificates issued
- 50+ (FY25)
- Group structure
- 2 subsidiaries + 1 associate company
- Employees (standalone)
- 28 (15 male, 13 female)
- Broking subsidiary exchange memberships
- Member of BSE & NSE; Depository Participant with CDSL (via KCL)
- Active BRLM/IPO mandates
- Several mid-market IPO mandates in progress (FY25)
- Early-stage startup investments (via KCL)
- 2 (50 Fin, Arthum)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +111% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4 | 0 | 0 | 6 | -0 | 2 | -3 | 15 |
| Expenses | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 5 |
| Operating profit | 2 | -1 | -2 | 4 | -2 | 0 | -5 | 10 |
| Operating margin | 51.3% | −241.3% | −1052.4% | 69.6% | — | 16.2% | −8929.0% | 67.9% |
| Other income | 0 | 0 | 0 | 1 | 1 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | -1 | -2 | 5 | -2 | 0 | -5 | 10 |
| Tax rate | 27.2% | −2.4% | −138.9% | 23.8% | −23.7% | 52.9% | −20.2% | 25.2% |
| Net profit | 1 | -1 | 1 | 4 | -1 | 0 | -4 | 8 |
| EPS (₹ per share) | 1.98 | -1.14 | 1.33 | 6.59 | -2.12 | 0.29 | -7.72 | 13.89 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 9 | 25 | 10 | 6 |
| Expenses | 9 | 11 | 8 | 8 |
| Operating profit | -0 | 14 | 2 | -3 |
| Other income | 2 | 1 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 0 | 0 | 0 |
| Profit before tax | 1 | 15 | 3 | -2 |
| Net profit | 0 | 11 | 4 | -2 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 7 | 7 | 7 | 6 | 6 | 6 |
| Reserves | 55 | 55 | 65 | 68 | 70 | 66 |
| Borrowings | 0 | 0 | 0 | 1 | 1 | 1 |
| Other liabilities | 4 | 4 | 10 | 4 | 4 | 3 |
| Total liabilities | 66 | 66 | 82 | 78 | 80 | 75 |
| Fixed assets | 8 | 8 | 7 | 8 | 8 | 8 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 53 | 49 | 65 | 67 | 69 | 65 |
| Other assets | 6 | 10 | 10 | 3 | 4 | 2 |
| Total assets | 66 | 66 | 82 | 78 | 80 | 75 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 6 | -1 | -4 | 8 | 0 | -2 |
| Cash from investing | -16 | 2 | 5 | -8 | 2 | 2 |
| Cash from financing | -1 | -1 | -1 | -1 | -1 | -1 |
| Net cash flow | -11 | 1 | -0 | -0 | 1 | -1 |
| Free cash flow | 6 | -1 | -4 | 8 | -1 | -2 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 25 | 55 | 45 | 95 | 9 | 2 |
| Cash conversion cycle | 25 | 55 | 45 | 95 | 9 | 2 |
| Working capital days | -17 | -10 | -13 | 7 | -21 | -29 |
| Return on capital employed | 12.0% | 6.0% | 1.2% | 21.9% | 3.5% | −1.9% |
| Dividend payout | 15.2% | 19.2% | 137.7% | 6.4% | 14.9% | −33.5% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Advisory services contributes 57.7% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- Advisory services 57.7%
₹13.12 crore
- Trading in securities 34.8%
₹7.92 crore
- Broking & related activities 3.9%
₹0.89 crore
- Unallocable 2.6%
₹0.60 crore
- Investment activities 0.9%
₹0.22 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Advisory services | 13.12 | 57.7% |
| Trading in securities | 7.92 | 34.8% |
| Broking & related activities | 0.89 | 3.9% |
| Unallocable | 0.60 | 2.6% |
| Investment activities | 0.22 | 0.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹22.75 crore
- Intersegment adjustment
- ₹2.80 crore
- Net segment revenue
- ₹19.94 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Advisory services grew from 33% to 58% of revenue over the last seven quarters.
| Segment | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Dec 2024 | Jun 2025 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|
| Advisory services | 33% | — | — | — | — | — | 58% | — |
| Trading in securities | 45% | 37% | 11% | — | 23% | — | 35% | — |
| Broking & related activities | 13% | — | — | — | 16% | — | 4% | — |
| Unallocable | 6% | 4% | 5% | 3% | — | 6% | 3% | -35.8% |
| Investment activities | 4% | 2% | — | — | 3% | 1% | 1% | +94.1% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Who owns it
Promoters hold 71.87% as of Jun 2026; institutions added 0.00 pts since Mar 2026.
- Promoters 71.87%
- Foreign institutions 9.26%
- Domestic institutions 0.01%
- Public 18.86%
Who is on the register
Named in the Jun 2026 filing
Every holder of Keynote Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 55.91% | unchanged | |
| 10.45% | unchanged | |
| FPI fund | 9.26% | unchanged |
| 4.34% | unchanged | |
| 2.13% | −0.11 pp | |
| 1.83% | unchanged | |
| 1.17% | unchanged | |
| 0.73% | unchanged | |
| 0.22% | unchanged | |
| 0.09% | unchanged | |
| 0.07% | unchanged | |
| 0.07% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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