KEYFINSERV

Keynote Financial Services financials

Market cap
₹133 Cr
Sector
Financial Services

What Keynote Financial Services Limited does

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)
Founded 1993Headquarters Mumbai, MaharashtraEmployees 28 (FY25) Company website

Quarterly results

Q1 FY27: revenue up 141.4%, net profit up 110.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4 0 0 6 -0 −104%2 +398%-3 −1381%15 +141%
EBITDA2 -1 -2 4 -2 −221%0 +133%-5 −130%10 +136%
Net profit1 -1 1 4 -1 −185%0 +120%-4 −681%8 +111%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −3.8% 1Y

₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹248.6 on 10 Sept 2025 → ₹239.2. High ₹360 (4 Nov 2025), low ₹227.55 (30 Mar 2026).

Financials, as filed

Revenue fell 15.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to -48.2%.

Year endingFY23FY24FY25FY26
Revenue₹9 Cr₹25 Cr₹10 Cr₹6 Cr
Operating profit₹-0 Cr₹14 Cr₹2 Cr₹-3 Cr
Operating margin-1.1%55.8%18.8%-48.2%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Net profit₹0 Cr₹11 Cr₹4 Cr₹-2 Cr
Net margin1.5%44.6%39.2%-29.6%
Cash from operations₹-4 Cr₹8 Cr₹0 Cr₹-2 Cr
Free cash flow₹-4 Cr₹8 Cr₹-1 Cr₹-2 Cr
ROCE1.2%21.9%3.5%—
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹7 Cr₹7 Cr₹7 Cr₹7 Cr₹6 Cr₹6 Cr
Reserves₹52 Cr₹55 Cr₹55 Cr₹65 Cr₹70 Cr₹139 Cr
Borrowings₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹4 Cr
Other liabilities₹3 Cr₹4 Cr₹4 Cr₹10 Cr₹4 Cr₹11 Cr
Total liabilities₹62 Cr₹66 Cr₹66 Cr₹82 Cr₹80 Cr₹159 Cr
Fixed assets₹8 Cr₹8 Cr₹8 Cr₹7 Cr₹8 Cr₹19 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹38 Cr₹53 Cr₹49 Cr₹65 Cr₹69 Cr₹78 Cr
Other assets₹17 Cr₹6 Cr₹10 Cr₹10 Cr₹4 Cr₹63 Cr
Total assets₹62 Cr₹66 Cr₹66 Cr₹82 Cr₹80 Cr₹159 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 13% to 4,527.

Promoters
71.9%
FIIs
9.3%
DIIs
0.0%
Public
18.9%

Since Jun 2025

  • Public +0.03 pp
  • FIIs −0.02 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Over this window the public fell from 36.2% to 18.9% — −17.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.4%, FIIs 7.3%, Public 36.2%.Dec '23: Promoters 56.4%, FIIs 7.3%, Public 36.2%.Mar '24: Promoters 56.4%, FIIs 7.3%, Public 36.2%.Jun '24: Promoters 56.4%, FIIs 7.3%, Public 36.2%.Sep '24: Promoters 57.0%, FIIs 7.3%, Public 35.6%.Dec '24: Promoters 57.0%, FIIs 7.3%, Public 35.6%.Mar '25: Promoters 71.9%, FIIs 9.3%, DIIs 0.0%, Public 18.9%.Jun '25: Promoters 71.9%, FIIs 9.3%, DIIs 0.0%, Public 18.8%.Sep '25: Promoters 71.9%, FIIs 9.3%, DIIs 0.0%, Public 18.9%.Dec '25: Promoters 71.9%, FIIs 9.3%, DIIs 0.0%, Public 18.9%.Mar '26: Promoters 71.9%, FIIs 9.3%, DIIs 0.0%, Public 18.9%.Jun '26: Promoters 71.9%, FIIs 9.3%, DIIs 0.0%, Public 18.9%.

Who was buying across the market this quarter →

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.

HolderStakeChange
NSS Digital Media Limited 55.91%unchanged
Vivek Nirmal Suchanti 10.45%unchanged
India Max Investment Fund Limited FPI fund9.26%unchanged
Concept Production Limited 4.34%unchanged
Investor Education and Protection Fund 2.13%−0.11 pp
B Madhuprasad 1.83%unchanged
Narsingh Pal Singh 1.17%unchanged
Bela Properties Private Limited 0.73%unchanged
Vineet Nirmal Suchanti 0.22%unchanged
Rita Vivek Suchanti 0.09%unchanged
Dhanvirdhi Tieup Private Limited 0.07%unchanged
Rinku Vineet Suchanti 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.

Learn to analyse Keynote Financial Services Limited

Guides on how to read this kind of business and the numbers that matter.