Keynote Financial Services Limited (KEYFINSERV.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+386.5%

₹989.52

vs ₹203.41 price

Levered DCF

₹566.79

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.03×	10.93×	3.2×	-28.11×	3.75×	2.65×	-3.97×	-22.09×
P/B	0.88×	1.15×	0.69×	0.47×	0.6×	0.35×	0.23×	0.3×
P/S	4.35×	7.01×	2.53×	3.13×	3.45×	2.62×	1.89×	1.71×
EV / EBITDA	12.43×	12.5×	2.34×	74.77×	3.71×	3.53×	-6.23×	36.63×
Gross margin	89.8%	61.2%	81.6%	65.6%	70.8%	68.9%	51.7%	66.0%
Operating margin	33.1%	52.4%	104.6%	0.0%	90.7%	98.4%	-71.5%	-3.5%
Net margin	22.8%	64.1%	79.1%	-11.1%	92.2%	98.6%	-47.6%	-7.7%
Current ratio	3.53×	3.82×	14.52×	3.19×	3.38×	2.95×	2.12×	2.64×
Debt / equity	0.03×	0.02×	0.01×	0.05×	0.27×	0.3×	0.3×	0.26×
Interest coverage	84.65×	35.01×	190.35×	0.12×	13.68×	10.35×	-5.22×	-0.43×
Dividend yield	0.4%	0.3%	0.6%	1.2%	0.9%	1.9%	3.3%	5.9%
Payout ratio	8.4%	3.8%	2.1%	-34.2%	3.5%	4.9%	-13.2%	-130.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.6%	10.5%	21.6%	-1.7%	15.9%	13.2%	-5.8%	-1.4%
Return on invested capital	4.4%	7.6%	20.7%	-0.8%	10.1%	8.3%	-6.3%	-0.5%
Return on assets	4.2%	9.6%	19.1%	-1.5%	11.5%	9.3%	-3.5%	-1.0%
Free cash flow yield	10.2%	1.8%	5.9%	42.6%	-21.6%	-31.7%	97.6%	-22.2%
Earnings yield	5.3%	9.1%	31.3%	-3.6%	26.7%	37.7%	-25.2%	-4.5%
Enterprise value	₹1.3B	₹1.6B	₹851.3M	₹476.4M	₹761.9M	₹533.5M	₹148.5M	₹369.5M
Net debt / EBITDA	0.21×	0.07×	-0.02×	2.82×	0.78×	1.55×	0.81×	13.34×
Cash conversion cycle (days)	31	-133	-88	-58	342	-383	-642	-257