KEYFINSERV - Keynote Finan.

📊 NSE: KEYFINSERV 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 8:53

💰 Financial Performance

Revenue Growth by Segment

Total revenue from sale of services fell 64.82% YoY to INR 593.73 lakhs in FY25 from INR 1,687.46 lakhs in FY24. Segments include Equity Capital Markets (ECM), Corporate Finance (M&A, Valuation, ESOP advisory), and AIF Due Diligence services.

Geographic Revenue Split

Primarily 100% India-based operations, headquartered in Mumbai.

Profitability Margins

Net Profit Margin fell from 43% to 35% YoY. Operating Profit Margin declined significantly from 87.81% to 48.45% due to a decline in net gain on fair value of investments.

EBITDA Margin

Operating Profit Margin stood at 48.45%, a decrease of 39.36 percentage points from the previous year's 87.81%.

Credit Rating & Borrowing

Debt Equity Ratio is 0.01 as compared to NIL in the previous year; borrowing costs are minimal with an Interest Coverage Ratio of 49.15 times.

⚙️ Operational Drivers

Raw Materials

Not applicable (Service-based financial services firm).

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

The company maintains a lean and robust employee structure; manpower was recently expanded to support the pipeline of mandates.

Raw Material Costs

Not applicable; primary costs are salary and administrative expenses which remained constant despite lower revenue.

Manufacturing Efficiency

Not applicable; company operates as a 'Life Cycle Banker' and Advisor.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Focusing on mid-market main board IPOs with several mandates as BRLM expected to fructify over the next 12-18 months. Sustaining the new vertical of Due Diligence services for AIFs (over 50 certificates issued) and expanding Corporate Finance mandates (M&A, Valuation, ESOP).

Products & Services

Merchant Banking (IPOs), Corporate Finance Advisory, M&A, Valuation services, ESOP advisory, and Due Diligence Certificates for Alternative Investment Funds (AIFs).

Brand Portfolio

Keynote

New Products/Services

Due Diligence services for AIFs is a recently established vertical that issued more than 50 certificates during the financial year.

Market Expansion

Targeting the mid-market client segment for ECM and Advisory services in India.

Market Share & Ranking

Not disclosed; company enjoys a 'niche' in the mid-market segment.

🌍 External Factors

Industry Trends

India's market cap reached USD 5.33 Tn in March 2025 (5th globally). Total fundraising in FY25 was INR 20 Tn, with equity fundraising up 92% YoY. Mainboard IPOs increased from 76 to 80 YoY.

Competitive Landscape

Competes in the mid-market segment; faces difficulty competing for large-size global ECM mandates due to scale.

Competitive Moat

Niche positioning in the mid-market segment for value-added services and a long-standing reputation as a 'Life Cycle Banker'. Moat is challenged by the company's small size relative to global ECM competitors.