Keynote Financial Services Ltd: Intrinsic Value & Share Price Analysis

Q: What is the current share price and 52-week range of Keynote Financial Services Ltd?

Keynote Financial Services Ltd is trading at 232.00 as of 22 April 2026, with a FY2026-2027 high of 479 and low of 220. The stock is currently near its 52-week low. Market cap stands at 129 Cr..

Q: Is Keynote Financial Services Ltd financially healthy?

Key indicators: ROCE of 9.27 % is on the lower side. Dividend yield is 0.43 %.

Q: Is Keynote Financial Services Ltd profitable and how is the profit trend?

Keynote Financial Services Ltd reported a net profit of 15 Cr in Mar 2025 on revenue of 31 Cr. Compared to 16 Cr in Mar 2022, the net profit shows a declining trend.

Fair Value

₹343.06Undervalued by 47.87%vs CMP ₹232.00

P/E (14.3) × ROE (11.1%) × BV (₹269.00) × DY (0.43%)

₹244.28Fairly Valued by 5.29%vs CMP ₹232.00

MoS: +5% (Thin)Confidence: 48/100 (Moderate)Models: 4 Under, 5 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹315.99	22%	Under (+36.2%)
Graham Number	Earnings	₹303.21	16%	Under (+30.7%)
Earnings Power	Earnings	₹205.83	11%	Over (-11.3%)
DCF	Cash Flow	₹147.28	13%	Over (-36.5%)
Net Asset Value	Assets	₹268.87	7%	Under (+15.9%)
EV/EBITDA	Enterprise	₹199.70	9%	Over (-13.9%)
Earnings Yield	Earnings	₹151.90	7%	Over (-34.5%)
ROCE Capital	Returns	₹362.85	9%	Under (+56.4%)
Revenue Multiple	Revenue	₹55.19	5%	Over (-76.2%)
Consensus (9 models)		₹244.28	100%	Fairly Valued

Key Drivers: Wide model spread (₹55–₹363) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -7.9%

*Investments are subject to market risks

Analyst Summary

Keynote Financial Services Ltd operates in the Finance & Investments segment, NSE: KEYFINSERV | BSE: 512597, current market price is ₹232.00, market cap is 129 Cr.. At a glance, stock P/E is 14.3, ROE is 11.1 %, ROCE is 9.27 %, book value is 269, dividend yield is 0.43 %. The latest intrinsic value estimate is ₹244.28, which is about 5.3% above the current price, so the page currently reads as potentially undervalued rather than fully priced. On operating trend, latest reported sales are about ₹31 Cr versus the prior period change of -37.7%, while latest net profit is about ₹15 Cr with a prior-period change of -45.6%. The 52-week range shown on this page is 479/220, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisKeynote Financial Services Ltd. is a Public Limited Listed company incorporated on 16/06/1993 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Numbe…

This summary is generated from the stock page data available for Keynote Financial Services Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

Keynote Financial Services Ltd scores 51/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health61/100 · Moderate

ROCE 9.3% AverageROE 11.1% AverageD/E 0.30 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent

Smart Money50/100 · Moderate

FII holding stable No changePromoter holding at 71.9% Stable

Earnings Quality55/100 · Moderate

OPM expanding (35% → 58%) ImprovingWorking capital: 133 days Capital intensive

Quarterly Momentum35/100 · Weak

Revenue (4Q): -43% YoY DecliningProfit (4Q): -68% YoY DecliningOPM: 67.3% (up 15.1% YoY) Margin expansion

Industry Rank45/100 · Moderate

P/E 14.3 vs industry 171.3 Cheaper than peersROCE 9.3% vs industry 11.4% AverageROE 11.1% vs industry 25.6% Below peers3Y sales CAGR: -1% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:12 am

Market Cap	129 Cr.
Current Price	232
Intrinsic Value	₹244.28
High / Low	479/220
Stock P/E	14.3
Book Value	269
Dividend Yield	0.43 %
ROCE	9.27 %
ROE	11.1 %
Face Value	10.0
PEG Ratio	-1.81

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Keynote Financial Services Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Keynote Financial Services Ltd	129 Cr.	232	479/220	14.3	269	0.43 %	9.27 %	11.1 %	10.0
Pioneer Investcorp Ltd	105 Cr.	85.7	134/55.0	6.18	134	0.00 %	8.82 %	5.20 %	10.0
Naga Dhunseri Group Ltd	237 Cr.	2,371	4,685/2,100	23.5	13,064	0.11 %	1.37 %	3.19 %	10.0
Muthoot Capital Services Ltd	298 Cr.	181	367/175	24.4	399	0.00 %	11.0 %	7.19 %	10.0
MKVentures Capital Ltd	315 Cr.	819	1,890/732	66.7	287	0.03 %	16.6 %	9.56 %	10.0
Industry Average	17,128.74 Cr	1,145.63		171.25	3,616.52	0.48%	11.38%	25.55%	6.58

All Competitor Stocks of Keynote Financial Services Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	5.55	5.40	11.05	8.52	13.95	13.56	12.22	11.28	6.65	-1.80	15.67	-1.59	12.46
Expenses	2.56	7.34	2.83	2.64	3.19	4.15	3.58	3.55	3.18	7.28	3.82	4.20	4.08
Operating Profit	2.99	-1.94	8.22	5.88	10.76	9.41	8.64	7.73	3.47	-9.08	11.85	-5.79	8.38
OPM %	53.87%	-35.93%	74.39%	69.01%	77.13%	69.40%	70.70%	68.53%	52.18%		75.62%		67.26%
Other Income	0.47	0.43	0.39	0.58	0.61	0.71	0.42	0.63	0.51	0.87	0.93	1.29	-0.14
Interest	0.10	0.08	0.04	0.14	0.03	0.08	0.02	0.05	0.09	0.56	0.04	0.05	0.16
Depreciation	0.12	0.14	0.16	0.26	0.17	0.19	0.20	0.22	0.21	0.28	0.26	0.26	0.29
Profit before tax	3.24	-1.73	8.41	6.06	11.17	9.85	8.84	8.09	3.68	-9.05	12.48	-4.81	7.79
Tax %	23.77%	81.50%	23.66%	25.58%	22.38%	16.75%	28.73%	29.05%	20.38%	-53.37%	40.06%	-66.32%	25.80%
Net Profit	2.81	-3.51	7.17	5.49	9.77	4.35	7.91	8.71	5.63	-7.69	12.56	-0.91	4.49
EPS in Rs	4.00	-5.00	10.22	7.82	13.92	6.20	11.27	12.41	8.02	-13.81	22.56	-1.63	8.07

Last Updated: March 4, 2026, 4:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 6:16 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	20.23	15.88	22.73	24.71	20.21	13.36	11.20	22.67	31.51	15.93	49.23	30.69	24.74
Expenses	13.99	9.25	13.16	10.36	10.16	13.04	13.75	7.65	11.20	15.12	13.07	17.54	19.38
Operating Profit	6.24	6.63	9.57	14.35	10.05	0.32	-2.55	15.02	20.31	0.81	36.16	13.15	5.36
OPM %	30.85%	41.75%	42.10%	58.07%	49.73%	2.40%	-22.77%	66.25%	64.46%	5.08%	73.45%	42.85%	21.67%
Other Income	1.33	0.18	0.48	0.15	-0.21	0.69	0.17	0.08	0.23	0.02	0.39	0.05	2.95
Interest	2.26	3.52	2.62	2.68	1.86	1.13	1.22	1.09	1.18	0.25	0.29	0.73	0.81
Depreciation	0.95	0.75	0.94	4.37	0.71	0.77	0.76	0.73	0.69	0.63	0.78	0.91	1.09
Profit before tax	4.36	2.54	6.49	7.45	7.27	-0.89	-4.36	13.28	18.67	-0.05	35.48	11.56	6.41
Tax %	30.96%	33.46%	30.66%	22.68%	21.46%	20.22%	-3.21%	15.06%	13.87%	3,320.00%	21.67%	7.01%
Net Profit	3.02	1.69	4.50	5.77	5.71	-1.06	-4.22	11.27	16.08	-1.63	26.79	14.57	8.45
EPS in Rs	4.30	2.41	6.41	8.22	8.14	-1.51	-6.01	16.06	22.91	-2.32	38.17	26.17	15.19
Dividend Payout %	18.44%	32.96%	12.38%	9.65%	19.51%	-52.55%	-13.20%	4.94%	3.46%	-34.17%	2.08%	3.82%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-44.04%	166.27%	28.22%	-1.04%	-118.56%	-298.11%	367.06%	42.68%	-110.14%	1743.56%	-45.61%
Change in YoY Net Profit Growth (%)	0.00%	210.31%	-138.05%	-29.26%	-117.52%	-179.55%	665.17%	-324.38%	-152.82%	1853.70%	-1789.17%

Keynote Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	6%
5 Years:	20%
3 Years:	-4%
TTM:	-42%

Compounded Profit Growth
10 Years:	23%
5 Years:	40%
3 Years:	-3%
TTM:	-46%

Stock Price CAGR
10 Years:	20%
5 Years:	45%
3 Years:	29%
1 Year:	-6%

Return on Equity
10 Years:	9%
5 Years:	13%
3 Years:	12%
Last Year:	11%

Last Updated: September 5, 2025, 9:00 am

Balance Sheet

Last Updated: January 7, 2026, 3:57 pm

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
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	5.57
Reserves	55.95	56.97	60.78	66.55	71.56	72.61	67.70	79.38	94.98	92.55	118.72	132.82	143.93
Borrowings	9.85	20.65	11.85	13.30	13.47	20.25	21.73	26.44	27.71	2.49	0.70	1.66	1.44
Other Liabilities	50.27	15.17	22.77	65.02	14.41	9.10	24.16	9.24	11.16	9.19	14.94	11.73	9.97
Total Liabilities	121.64	98.36	100.97	150.44	105.01	107.53	119.16	120.63	139.42	109.80	139.93	151.78	160.91
Fixed Assets	24.32	23.35	22.87	18.62	17.96	18.17	17.43	16.74	16.21	16.63	16.84	17.74	17.43
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.45	0.00	0.00	0.00
Investments	0.92	6.08	17.68	24.13	34.63	33.62	27.99	44.29	62.39	59.57	83.56	101.58	97.30
Other Assets	96.40	68.93	60.42	107.69	52.42	55.74	73.74	59.60	60.61	33.15	39.53	32.46	46.18
Total Assets	121.64	98.36	100.97	150.44	105.01	107.53	119.16	120.63	139.42	109.80	139.93	151.78	160.91

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-10.19	-4.29	17.43	-11.78	5.44	-4.24	16.39	-9.44	-12.64	20.78	5.59	6.80
Cash from Investing Activity +	7.71	-2.86	-6.89	7.25	-0.59	4.61	0.90	-15.80	21.92	-2.83	-4.25	-5.92
Cash from Financing Activity +	-2.00	-2.88	-1.39	-3.50	-2.58	1.33	-0.43	3.98	-0.49	-26.01	-2.63	-0.35
Net Cash Flow	-4.48	-10.02	9.15	-8.03	2.27	1.69	16.87	-21.25	8.79	-8.05	-1.29	0.53
Free Cash Flow	-8.76	-4.42	16.97	-11.86	5.39	-5.22	16.38	-9.49	-13.01	19.51	5.05	5.14
CFO/OP	-130%	-52%	201%	-70%	67%	-678%	-643%	-58%	-61%	2,604%	24%	90%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-3.61	-14.02	-2.28	1.05	-3.42	-19.93	-24.28	-11.42	-7.40	-1.68	35.46	11.49

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	142	116	99	704	114	104	129	17	28	65	69	38
Inventory Days
Days Payable
Cash Conversion Cycle	142	116	99	704	114	104	129	17	28	65	69	38
Working Capital Days	-168	124	-164	1	-21	-338	-478	-38	107	158	87	133
ROCE %	7%	8%	11%	12%	11%	0%	-3%	14%	17%	0%	32%	9%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	56.42%	56.42%	56.42%	56.42%	56.42%	56.42%	57.01%	57.01%	71.87%	71.87%	71.87%	71.87%
FIIs	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	7.35%	9.26%	9.28%	9.26%	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%	36.23%	36.22%	36.22%	36.22%	35.64%	35.64%	18.86%	18.83%	18.87%	18.86%
No. of Shareholders	3,580	3,572	3,760	3,881	4,060	3,941	4,455	4,639	5,139	5,212	4,986	4,860

Shareholding Pattern Chart

No. of Shareholders

Keynote Financial Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	26.17	49.94	-3.07	28.89	20.25
Diluted EPS (Rs.)	26.17	49.94	-3.07	28.89	20.25
Cash EPS (Rs.)	20.95	51.34	-1.94	30.14	21.56
Book Value[Excl.RevalReserv]/Share (Rs.)	248.60	223.27	176.26	180.63	152.60
Book Value[Incl.RevalReserv]/Share (Rs.)	248.60	223.27	176.26	180.63	152.60
Revenue From Operations / Share (Rs.)	50.87	85.01	25.30	51.65	36.19
PBDIT / Share (Rs.)	23.70	65.67	1.50	36.91	27.12
PBIT / Share (Rs.)	22.06	64.27	0.36	35.66	25.82
PBT / Share (Rs.)	20.76	63.75	-0.09	33.54	23.86
Net Profit / Share (Rs.)	19.30	49.94	-3.07	28.89	20.25
NP After MI And SOA / Share (Rs.)	26.17	48.12	-2.93	28.89	20.25
PBDIT Margin (%)	46.59	77.24	5.91	71.45	74.94
PBIT Margin (%)	43.36	75.60	1.44	69.04	71.33
PBT Margin (%)	40.80	74.98	-0.36	64.92	65.92
Net Profit Margin (%)	37.94	58.74	-12.14	55.93	55.96
NP After MI And SOA Margin (%)	51.45	56.60	-11.57	55.93	55.96
Return on Networth / Equity (%)	10.52	21.55	-1.66	15.99	13.27
Return on Capital Employeed (%)	8.51	26.50	0.19	18.36	16.04
Return On Assets (%)	9.59	19.14	-1.48	11.53	9.34
Total Debt / Equity (X)	0.01	0.01	0.02	0.26	0.30
Asset Turnover Ratio (%)	0.19	0.37	0.05	0.07	0.10
Current Ratio (X)	17.65	24.76	16.05	3.90	1.91
Quick Ratio (X)	17.65	24.76	16.02	3.89	1.90
Dividend Payout Ratio (NP) (%)	3.82	2.07	-34.15	3.46	4.93
Dividend Payout Ratio (CP) (%)	3.59	2.01	-55.68	3.31	4.63
Earning Retention Ratio (%)	96.18	97.93	134.15	96.54	95.07
Cash Earning Retention Ratio (%)	96.41	97.99	155.68	96.69	95.37
Interest Coverage Ratio (X)	18.19	125.49	3.27	17.36	13.85
Interest Coverage Ratio (Post Tax) (X)	15.82	96.44	-5.71	14.59	11.34
Enterprise Value (Cr.)	156.85	68.65	36.21	66.21	21.87
EV / Net Operating Revenue (X)	5.54	1.45	2.57	2.30	1.09
EV / EBITDA (X)	11.89	1.88	43.45	3.22	1.45
MarketCap / Net Operating Revenue (X)	5.93	1.69	3.33	2.09	1.51
Retention Ratios (%)	96.17	97.92	134.15	96.53	95.06
Price / BV (X)	1.21	0.64	0.47	0.59	0.35
Price / Net Operating Revenue (X)	5.93	1.69	3.33	2.09	1.51
EarningsYield	0.08	0.33	-0.03	0.26	0.37

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Keynote Financial Services Ltd. is a Public Limited Listed company incorporated on 16/06/1993 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L67120MH1993PLC072407 and registration number is 072407. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 9.55 Cr. and Equity Capital is Rs. 5.57 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	The Ruby, 9th Floor, Mumbai Maharashtra 400028	Contact not found

Management
Name	Position Held
Mr. Vineet Suchanti	Managing Director & CFO
Mrs. Rinku Suchanti	Whole Time Director
Mr. Rakesh Choudhari	Non Exe.Non Ind.Director
Mr. Riaz Thingna	Ind. Non-Executive Director
Mr. Ravindranath Cheerakuzhi Puthan Menon	Ind. Non-Executive Director
Mr. Pankaj Joshi	Ind. Non-Executive Director

FAQ

What is the intrinsic value of Keynote Financial Services Ltd and is it undervalued?

As of 22 April 2026, Keynote Financial Services Ltd's intrinsic value is ₹244.28, which is 5.29% higher than the current market price of ₹232.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (11.1 %), book value (₹269), dividend yield (0.43 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Keynote Financial Services Ltd?

Keynote Financial Services Ltd is trading at ₹232.00 as of 22 April 2026, with a FY2026-2027 high of ₹479 and low of ₹220. The stock is currently near its 52-week low. Market cap stands at ₹129 Cr..

How does Keynote Financial Services Ltd's P/E ratio compare to its industry?

Keynote Financial Services Ltd has a P/E ratio of 14.3, which is below the industry average of 171.25. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Keynote Financial Services Ltd financially healthy?

Key indicators for Keynote Financial Services Ltd: ROCE of 9.27 % is on the lower side compared to the industry average of 11.38%. Dividend yield is 0.43 %.

Is Keynote Financial Services Ltd profitable and how is the profit trend?

Keynote Financial Services Ltd reported a net profit of ₹15 Cr in Mar 2025 on revenue of ₹31 Cr. Compared to ₹16 Cr in Mar 2022, the net profit shows a declining trend.

Does Keynote Financial Services Ltd pay dividends?

Keynote Financial Services Ltd has a dividend yield of 0.43 % at the current price of ₹232.00. The company pays dividends, though the yield is modest.