Indbank Merchant Banking Services Ltd.

•

indbankonline.comBSE: 511473NSE: INDBANK

Market Cap₹ 127 Cr.

Current Price

High / Low₹ 47 / 28

Stock P/E17.5

Book Value₹ 23

Price to Book1.36

Dividend Yield0.00 %

ROCE13.4 %

ROE9.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Fee based: 104.6% • Fund based: -4.6%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

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

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	MCX	3275.00	54.16	83509.83	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1035.00	31.48	62340.45	0.58	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1137.00	36.72	46340.08	1.06	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1815.65	30.89	33447.59	1.53	305.64	15.83	1376.22	22.59	17.52	52.80
5.	ANGELONE	298.00	26.39	27238.29	1.36	2313.98	1921.51	14296.91	1153.53	14.87	33.92
6.	CHOICEIN	760.75	71.30	16947.72	0.00	60.61	26.37	309.79	32.46	19.43	33.83
7.	IIFLCAPS	340.50	18.82	10731.84	0.88	184.16	4.92	631.48	3.13	23.27	35.76
8.	SHAREINDIA	170.60	10.27	3733.16	0.94	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	514.10	24.98	3242.24	0.97	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	378.40	16.57	3001.03	0.26	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	82.64	31.80	2306.67	1.82	19.83	-30.83	160.40	7.46	9.35	20.55
12.	INDBANK	28.62	17.51	127.01	0.00	2.38	10.98	6.90	3.98	13.44	45.76

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.84	64.84	64.84	64.84	64.84	64.84	64.84	64.84
	0.20	0.00	0.00	0.03	0.00	0.00	0.00	0.00
	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.87	35.07	35.07	35.04	35.07	35.07	35.07	35.07

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Record Date

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

Copy of Newspaper Publication

2026-08-31 - Indbank Merchant Banking Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-28

Shareholders meeting

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

Outcome of Board Meeting

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

Copy of Newspaper Publication

2026-07-13 - Indbank Merchant Banking Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-08

Updates

2026-07-08 - Indbank Merchant Banking Services Limited has informed the Exchange regarding 'Revised Outcome of Board Meeting'.

2026-07-08

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

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-06 - Indbank Merchant Banking Services Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-29

Trading Window

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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Indbank Merchant Banking Services Ltd.

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Free 5nance Account

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

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

Operating Profit

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

Interest

Depreciation

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-1

-4

-1

OPM %

7.49%

-10.14%

25.79%

-10.21%

-42.21%

-7.19%

31.28%

34.49%

48.49%

45.43%

40.03%

Interest

Depreciation

Profit before Tax

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

EPS

0.00

0.91

1.57

0.79

1.81

1.91

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

-2

Total Liabilities

107

120

Cash & Bank

Total Assets

107

120

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-4

-1

Cash from Investing

-5

-6

-3

-10

-8

-1

-0

Cash from Financing

-1

-2

-1

-0

-1

-2

-7

-1

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

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

Inventory Days

Payable Days

334

330

269

297

128

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.03x

0.00x

0.04x

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%

194.20%

5.28%

VALUATION

P/E (x)

0.00x

23.69x

14.71x

P/B (x)

0.00x

2.28x

1.36x

Dividend Yield %

0.00%

0.00x

10.53x

3.50x

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

64.84

0.20

0.00

0.03

0.00

0.09

Government

0.00

34.87

35.07

35.04

35.07

Indbank Merchant Banking Services Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

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Indbank Merchant Banking Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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