Indbank Merchant Banking Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Fee based: 104.6% • Fund based: -4.6%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 32.3% CAGR over last 5 years
- Solid return on assets for a lender - ROA of 7.5%
- Asset quality is healthy - gross NPA of just 0.0%
- Company has delivered good sales growth of 25.0% CAGR over last 5 years
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- Company has a low return on equity of 7.9% over last 3 years
- Thin net interest margin of 0.0%
- Operating margins have contracted to 45.4% from 49.9%
- Growth is decelerating - 3Y profit CAGR (6.7%) trails the 5Y trend (32.3%)
- Expensive relative to growth - PEG of 2.6
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3275.00 | 54.16 | 83509.83 | 0.24 | 413.44 | 103.47 | 702.00 | 88.10 | 48.10 | 70.40 |
| MOTILALOFS | 1035.00 | 31.48 | 62340.45 | 0.58 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1137.00 | 36.72 | 46340.08 | 1.06 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1815.65 | 30.89 | 33447.59 | 1.53 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 298.00 | 26.39 | 27238.29 | 1.36 | 2313.98 | 1921.51 | 14296.91 | 1153.53 | 14.87 | 33.92 |
| CHOICEIN | 760.75 | 71.30 | 16947.72 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 340.50 | 18.82 | 10731.84 | 0.88 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 170.60 | 10.27 | 3733.16 | 0.94 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 514.10 | 24.98 | 3242.24 | 0.97 | 23.35 | 2.35 | 246.10 | 22.37 | 19.72 | 39.54 |
| MONARCH | 378.40 | 16.57 | 3001.03 | 0.26 | 45.18 | -0.15 | 90.89 | -7.25 | 33.26 | 66.00 |
| GEOJITFSL | 82.64 | 31.80 | 2306.67 | 1.82 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| INDBANK | 28.62 | 17.51 | 127.01 | 0.00 | 2.38 | 10.98 | 6.90 | 3.98 | 13.44 | 45.76 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 6 | 7 | 7 | 8 | 8 | 6 | 5 | 7 | 6 | 6 | 6 | 7 | |
| 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |
| Operating Profit | 2 | 3 | 3 | 3 | 4 | 5 | 2 | 2 | 3 | 3 | 3 | 2 | 3 |
| OPM % | 38.63% | 55.33% | 51.38% | 48.75% | 50.20% | 55.82% | 36.38% | 31.56% | 43.98% | 42.63% | 42.77% | 31.11% | 45.76% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | 3 | 3 | 3 | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | |
| Tax % | 22.84% | 24.06% | 21.71% | 51.86% | 23.18% | 24.66% | 38.10% | 25.00% | 23.38% | 26.19% | 25.97% | 37.85% | 22.99% |
| Net Profit | 2 | 2 | 3 | 2 | 3 | 3 | 1 | 1 | 2 | 2 | 2 | 1 | 2 |
| 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 9 | 12 | 8 | 9 | 12 | 21 | 18 | 25 | 27 | 25 | |
| 7 | 10 | 9 | 9 | 12 | 13 | 14 | 12 | 13 | 15 | 15 | |
| Operating Profit | 1 | -1 | 3 | -1 | -4 | -1 | 6 | 6 | 12 | 12 | 10 |
| OPM % | 7.49% | -10.14% | 25.79% | -10.21% | -42.21% | -7.19% | 31.28% | 34.49% | 48.49% | 45.43% | 40.03% |
| 3 | 8 | 3 | 4 | 8 | 7 | 4 | 0 | 0 | 0 | 0 | |
| Interest | 0 | 1 | 2 | 2 | 2 | 2 | 2 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 3 | 6 | 4 | 2 | 3 | 5 | 9 | 5 | 12 | 11 | 10 |
| Tax % | 12.20% | 5.16% | 44.00% | 2.49% | 28.95% | 16.89% | 18.58% | 46.27% | 31.01% | 26.40% | 27.22% |
| Net Profit | 3 | 5 | 2 | 2 | 2 | 4 | 7 | 3 | 8 | 8 | 7 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.91 | 1.57 | 0.79 | 1.81 | 1.91 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 25%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- 32%
- 3 Years:
- 7%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- 4%
- 3 Years:
- -5%
- 1 Year:
- -16%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 8%
- 3 Years:
- 8%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 |
| 5 | 10 | 12 | 14 | 16 | 20 | 27 | 30 | 39 | 47 | |
| 1 | 9 | 6 | 6 | 9 | 16 | 0 | 3 | 0 | 0 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| 3 | -2 | 0 | 0 | 1 | 1 | 20 | 21 | 23 | 28 | |
| Total Liabilities | 53 | 61 | 63 | 64 | 70 | 81 | 92 | 99 | 107 | 120 |
| 5 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | |
| 3 | 5 | 4 | 3 | 3 | 1 | 1 | 1 | 2 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 6 | |
| Cash & Bank | 22 | 21 | 19 | 34 | 35 | 37 | 66 | 70 | 63 | 82 |
| 24 | 34 | 39 | 26 | 32 | 43 | 24 | 27 | 36 | 30 | |
| Total Assets | 53 | 61 | 63 | 64 | 70 | 81 | 92 | 99 | 107 | 120 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 6 | 8 | 7 | 17 | 8 | 2 | -4 | -1 | 0 | |
| Cash from Investing | -5 | -6 | -3 | -3 | -10 | -8 | -1 | -1 | -0 | 1 |
| Cash from Financing | 0 | 0 | -1 | 0 | 0 | -2 | -2 | -1 | -0 | -0 |
| -0 | -1 | 1 | 2 | 5 | -2 | -2 | -7 | -1 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.62 | 1.20 | 0.50 | 0.40 | 0.47 | 0.91 | 1.57 | 0.62 | 1.81 | 1.91 |
| Book Value (₹) | 11.05 | 12.25 | 12.73 | 13.12 | 13.57 | 14.48 | 16.03 | 16.79 | 18.79 | 20.65 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.78 | 1.32 | 0.60 | 0.45 | 0.54 | 0.96 | 1.61 | 0.70 | 1.90 | 2.01 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 52.69% | 76.28% | 51.24% | 43.15% | 54.32% | 54.91% | 49.87% | 34.72% | 48.49% | 45.43% |
| Net Margin % | 36.21% | 57.99% | 19.03% | 21.75% | 23.82% | 33.79% | 33.76% | 14.95% | 32.25% | 31.61% |
| ROE % | 5.78% | 10.32% | 4.01% | 3.08% | 3.53% | 6.52% | 10.28% | 3.75% | 10.18% | 9.67% |
| ROCE % | 6.82% | 12.26% | 9.85% | 5.82% | 7.53% | 10.30% | 14.90% | 8.05% | 14.60% | 13.44% |
| 5.42% | 9.31% | 3.59% | 2.78% | 3.10% | 5.35% | 8.04% | 2.85% | 7.79% | 7.46% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 334 | 330 | 269 | 297 | 128 | 63 | 58 | 75 | 64 | 72 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 334 | 330 | 269 | 297 | 128 | 63 | 58 | 75 | 64 | 72 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.03x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.04x | 0.00x | 0.00x |
| Interest Coverage (x) | 28.56x | 7.97x | 3.51x | 2.18x | 2.93x | 4.20x | 6.58x | 6.71x | 152.14x | 45.04x |
| 5.30x | 3.10x | 3.01x | 4.30x | 2.82x | 2.26x | 3.56x | 3.48x | 3.87x | 3.83x | |
| GROWTH | ||||||||||
| Revenue Growth % | -17.10% | 20.93% | 26.77% | -30.41% | 8.05% | 36.94% | 71.71% | -11.39% | 36.37% | 7.43% |
| Operating Profit Growth % | -43.15% | 75.09% | -14.85% | -41.40% | 36.03% | 38.44% | 55.93% | -38.30% | 90.80% | 0.74% |
| Net Profit Growth % | -44.76% | 93.70% | -58.39% | -20.50% | 18.33% | 94.31% | 71.55% | -60.76% | 194.22% | 5.28% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 194.20% | 5.28% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 23.69x | 14.71x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.28x | 1.36x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 10.53x | 3.50x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Indbank Merchant Banking Services Limited has informed the Exchange that Record date for the purpose of for conducting AGM is 17-Sep-2026.
2026-08-31 - Indbank Merchant Banking Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - Indbank Merchant Banking Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-25 - Indbank Merchant Banking Services Limited has informed the Exchange regarding Outcome of Board Meeting held on August 25, 2026.
2026-07-13 - Indbank Merchant Banking Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-08 - Indbank Merchant Banking Services Limited has informed the Exchange regarding 'Revised Outcome of Board Meeting'.
2026-07-08 - Indbank Merchant Banking Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-06 - Indbank Merchant Banking Services Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-29 - Indbank Merchant Banking Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for INDBANK
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