Keynote Financial Services Limited (KEYFINSERV) Fair Value & Analysis
Financial Services · IN · Market cap ₹1.5B
Fair value as of: Aug 13, 2026
From 13 valuation models · updated 4 days ago
Fair value updated Aug 13, 2026, revised from ₹203.35 to ₹167.58 (−17.6%) since Aug 6, 2026. Share price −1.0% over the past month.
A solid business, but screening 35% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹194.38). The favourable scenario is already priced in.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ₹52.83 – ₹449.71 · fair‑value band ₹167.58 – ₹194.38 · the ₹257.95 price screens above the ₹167.58 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Keynote Financial Services Limited (KEYFINSERV) currently trades at ₹257.95, while our model-based Fair Value estimate is ₹167.58, implying the stock looks roughly 35.0% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Keynote Financial Services Limited generated revenue of ₹291M at a net margin of 22.9%. Revenue grew 83.1% year over year. It earns a return on equity of 4.7%. The balance sheet holds a net cash position of ₹77.1M. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹167.58 (bear case) to ₹194.38 (bull case); at ₹257.95, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at -35%, KEYFINSERV screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: DCF Models (₹286.22) versus Dividend Discount (₹12.79). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 39
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Keynote Financial Services Limited provides investment banking, corporate and ESOP advisory, and brokerage services in India and internationally.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Keynote Financial Services Limited reported revenue of ₹291M in FY2026 versus ₹174M in FY2022, a compound +13.7%/yr. Reported net income was ₹66.6M in FY2026, compounding −19.8%/yr from FY2022.
of which total revenue +5.5 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
KEYFINSERV screens 35% overvalued. Compare with Mirae Asset Securities Co →
Peer Group
Capital Markets · 425 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Capital Markets median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Meritz Financial Group 138040 | 118,600 KRW | 52,717 KRW | -56% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 25,300 VND | 17,375 VND | -31% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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