Keynote Financial Services Limited (KEYFINSERV) AI Stock Analysis

Keynote Financial Services Limited

(NSE:KEYFINSERV)

Select Model

Rating:66Neutral

Price Target:INR 221.00▲(9.22% Upside)

Action:reiterated

Date:10/27/26

The score is supported primarily by the company’s strong equity base, low leverage, and current cash-generation capacity. However, volatile profitability and cash flows, combined with weak technical momentum and only moderate valuation support, materially limit the overall rating.

Positive Factors

Conservative Balance SheetLow leverage and a growing equity base provide financial resilience for an NBFC, reducing dependence on debt funding and improving capacity to absorb credit or earnings volatility. Consistent asset expansion also supports a stronger platform for future financing activity.

Negative Factors

Volatile ProfitabilityLarge swings in profitability weaken confidence in the durability of earnings and make future performance harder to forecast. The 2026 profit decline despite strong revenue growth suggests that higher activity has not translated consistently into bottom-line expansion.

Keynote Financial Services Limited (KEYFINSERV) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 1.20B
Dividend Yield: 0.49%
Average Volume (3M): 156
Price to Earnings (P/E): 21.1
Beta (1Y): 1.04
Revenue Growth: -6.38%
EPS Growth: -70.43%
Country: India
Employees: 28
Sector: General
Sector Strength: 55
Industry: Investment - Banking & Investment Services

Keynote Financial Services Limited Business Overview & Revenue Model

Company Description

Headquartered in Mumbai, India, and established in 1993, Keynote Financial Services Limited, which adopted its current name in April 2019 after operating as Keynote Corporate Services Limited, offers a comprehensive range of investment banking and br...

How the Company Makes Money

Keynote Financial Services Limited’s revenue model is generally consistent with an NBFC/financial services provider, where earnings typically come from (i) interest income generated on loans or other financing extended to customers and (ii) fee and c...

Keynote Financial Services Limited Financial Statement Overview

Summary

Strong balance sheet quality and low debt support the score, while solid current cash generation is offset by volatile earnings, margins, and free cash flow.

Income Statement

78Positive

Balance Sheet

87Very Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	324.27M	291.44M	227.17M	338.73M	146.26M	174.47M
Gross Profit	294.81M	261.66M	139.01M	276.57M	95.89M	123.53M
EBITDA	135.22M	103.70M	128.09M	364.50M	6.37M	205.19M
Net Income	56.81M	66.59M	145.70M	267.85M	-16.30M	160.83M
Balance Sheet
Total Assets	0	1.59B	1.52B	1.40B	1.10B	1.39B
Cash, Cash Equivalents and Short-Term Investments	0	118.55M	126.03M	120.55M	131.92M	838.61M
Total Debt	0	41.44M	32.36M	13.48M	49.30M	271.14M
Total Liabilities	-1.45B	147.22M	134.00M	156.51M	116.81M	382.75M
Stockholders Equity	1.45B	1.45B	1.38B	1.24B	981.17M	1.01B
Cash Flow
Free Cash Flow	-71.24M	128.82M	29.14M	50.58M	195.14M	-130.11M
Operating Cash Flow	-69.02M	153.38M	45.75M	55.93M	207.84M	-126.41M
Investing Cash Flow	67.84M	-176.71M	-44.47M	-42.48M	-28.26M	219.23M
Financing Cash Flow	-8.41M	19.51M	4.03M	-26.33M	-260.06M	-4.92M

Keynote Financial Services Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price202.35

Price Trends

50DMA237.90Negative

100DMA247.47Negative

200DMA261.26Negative

Market Momentum

MACD-9.98Positive

RSI39.56Neutral

STOCH13.50Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KEYFINSERV, the sentiment is Negative. The current price of 202.35 is below the 20-day moving average (MA) of 225.69, below the 50-day MA of 237.90, and below the 200-day MA of 261.26, indicating a bearish trend. The MACD of -9.98 indicates Positive momentum. The RSI at 39.56 is Neutral, neither overbought nor oversold. The STOCH value of 13.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KEYFINSERV.

Keynote Financial Services Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:KEYFINSERV against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:KEYFINSERV	66Neutral	INR 1.13B	21.06	―	0.49%	-6.38%	-70.43%
IN:INDBANK	64Neutral	INR 1.09B	14.76	―	―	6.28%	12.91%
IN:INVENTURE	59Neutral	INR 871.50M	25.46	―	―	-25.82%	145.90%
IN:EMKAY	57Neutral	INR 6.91B	13.70	―	0.60%	58.43%	107.34%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SMCGLOBAL	54Neutral	INR 18.99B	16.36	―	1.32%	17.97%	18.76%
IN:DBSTOCKBRO	44Neutral	INR 1.01B	40.31	―	―	2.35%	-44.06%

* General Sector Average

Performance Comparison

IN:KEYFINSERV and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:KEYFINSERV	Keynote Financial Services Limited	202.35	-97.89	-32.60%
IN:DBSTOCKBRO	DB (International) Stock Brokers Limited	29.00	3.71	14.67%
IN:EMKAY	Emkay Global Financial Services Limited	251.15	-57.03	-18.50%
IN:INDBANK	Indbank Merchant Banking Services Limited	24.49	-16.46	-40.20%
IN:INVENTURE	Inventure Growth & Securities Ltd.	0.83	-0.63	-43.15%
IN:SMCGLOBAL	SMC Global Securities Ltd. (India)	90.68	25.00	38.06%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 26, 2026

Keynote Financial Services Limited AI Stock Analysis