Indo Thai Securities Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Equities, Brokerage & related: 97.2% • Realities: 2.6% • Environmental Technology: 0.3%
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 45.4% CAGR over last 5 years
- Solid return on assets for a lender - ROA of 22.7%
- Company has a healthy return on capital (ROCE) of 24.4%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.1%
- Operating margins have improved to 82.9% from -107.7%
- Company has delivered good sales growth of 36.5% CAGR over last 5 years
CONS
- Promoter holding has decreased over last 2 years: -16.1pp
- Recent results are weak - TTM profit is down 23.0% versus prior year
- Equity base is being diluted - shares outstanding up 28.6%
- Stock is trading at 13.3x its book value
- Though reporting repeated profits, the company pays out little dividend (1.9%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1917.30 | 30.28 | 307163.22 | 0.08 | 62966.70 | 1081.55 | 420369.00 | 1091.26 | 11.88 | 40.79 |
| AIIL | 546.65 | 22.13 | 46422.91 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.75 | 10.74 | 28650.15 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13000.05 | 13.35 | 26301.84 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 266.10 | 22.71 | 25602.92 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13002.55 | 53.35 | 14860.05 | 1.69 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11435.95 | 92.40 | 12693.48 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 124.75 | 11.48 | 11938.08 | 2.61 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 437.25 | 19.95 | 9711.49 | 2.55 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 256.95 | 161.25 | 8857.93 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2282.95 | 7.87 | 7326.12 | 1.82 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| INDOTHAI | 41.39 | 8.07 | 553.94 | 0.24 | 110.26 | 28.64 | 206.19 | 46.82 | 35.01 | 76.81 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 8 | 9 | 6 | 9 | 9 | 5 | 6 | 14 | 24 | 28 | 38 | 21 | |
| 3 | 3 | 3 | 2 | 3 | 4 | 4 | 8 | 4 | 4 | 4 | 6 | 6 | |
| Operating Profit | 4 | 6 | 6 | 4 | 6 | 6 | 2 | -2 | 10 | 20 | 23 | 33 | 16 |
| OPM % | 62.66% | 66.23% | 66.92% | 64.65% | 64.92% | 60.63% | 30.04% | -33.85% | 71.77% | 84.48% | 84.11% | 85.39% | 76.81% |
| 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 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | 6 | 6 | 4 | 6 | 6 | 1 | -2 | 10 | 19 | 23 | 31 | 15 | |
| Tax % | 26.37% | 21.80% | 14.94% | 30.42% | 15.99% | 18.96% | 20.66% | -8.90% | 12.49% | 25.93% | 24.85% | 16.52% | 25.97% |
| Net Profit | 0 | 0 | 0 | 0 | 5 | 5 | 1 | -3 | 9 | 14 | 17 | 26 | 11 |
| 3 | 4 | 5 | 2 | 5 | 0 | 0 | -0 | 1 | 1 | 1 | 2 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 45 | 53 | 8 | 9 | 22 | 20 | 8 | 31 | 26 | 104 | 110 | |
| 47 | 45 | 8 | 21 | 5 | 8 | 16 | 11 | 15 | 18 | 20 | |
| Operating Profit | -2 | 8 | -0 | -12 | 17 | 12 | -9 | 20 | 11 | 86 | 91 |
| OPM % | -4.10% | 14.65% | -4.34% | -128.73% | 75.92% | 59.84% | -116.58% | 64.59% | 42.88% | 82.88% | 82.15% |
| 6 | 5 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 3 | 11 | -2 | -14 | 16 | 11 | -9 | 20 | 10 | 83 | 88 |
| Tax % | -3.43% | 23.34% | 25.31% | 20.27% | 37.19% | 13.24% | 20.30% | 22.09% | 23.86% | 20.50% | 22.32% |
| Net Profit | 3 | 9 | -1 | -11 | 10 | 10 | -7 | 15 | 8 | 66 | 69 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 10.18 | 9.67 | -7.15 | 16.05 | 7.05 | 5.16 | — |
| Dividend Payout % | 30.37% | 11.46% | -76.24% | 0.00% | 9.84% | 10.07% | -9.17% | 3.74% | 0.00% | 1.94% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 37%
- 3 Years:
- 139%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 46%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 32%
- 5 Years:
- 38%
- 3 Years:
- 23%
- 1 Year:
- -79%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 13%
- 3 Years:
- 20%
- Last Year:
- 30%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 12 | 13 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -0 | 3 | 2 | 2 | 3 |
| 37 | 46 | 47 | 35 | 45 | 54 | 49 | 63 | 149 | 265 | |
| 2 | 6 | 8 | 8 | 1 | 2 | 4 | 6 | 3 | 24 | |
| Trade Payables | 6 | 12 | 17 | 17 | 22 | 41 | 41 | 37 | 38 | 50 |
| 2 | 2 | -2 | -5 | 1 | 1 | -1 | 2 | 23 | 20 | |
| Total Liabilities | 57 | 75 | 80 | 65 | 79 | 109 | 105 | 121 | 227 | 374 |
| 3 | 3 | 4 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | |
| 7 | 14 | 13 | 10 | 15 | 15 | 10 | 24 | 52 | 157 | |
| 11 | 4 | 8 | 3 | 10 | 21 | 12 | 6 | 7 | 19 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 18 | 7 | |
| Cash & Bank | 15 | 21 | 28 | 28 | 32 | 50 | 56 | 4 | 17 | 3 |
| 21 | 34 | 27 | 20 | 20 | 21 | 25 | 77 | 131 | 185 | |
| Total Assets | 57 | 75 | 80 | 65 | 79 | 109 | 105 | 121 | 227 | 374 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 10 | 5 | 13 | 4 | 6 | 2 | -3 | -21 | -34 | |
| Cash from Investing | 5 | -5 | -0 | -14 | 4 | -9 | -2 | 3 | -75 | -22 |
| Cash from Financing | -1 | 3 | -1 | -2 | -7 | -1 | 0 | 0 | 95 | 58 |
| 4 | 6 | 3 | -3 | 1 | -4 | 0 | 1 | -2 | 2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Indo Thai Securities Limited has informed the Exchange about Agreements
2026-09-12 - Indo Thai Securities Limited has informed the Exchange regarding Outcome of Committee Meeting held on September 12, 2026.
2026-09-11 - Indo Thai Securities Limited has informed the Exchange about Debenture Trustee Agreement
2026-08-27 - Indo Thai Securities Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - Indo Thai Securities Limited had intimated the 11-Sep-2026 as the record date. The Company has now informed the Exchange that the Record date has been revised to 12-Sep-2026 for the purpose of DI.
2026-08-26 - Indo Thai Securities Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 19, 2026
2026-08-21 - Indo Thai Securities Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-17 - Indo Thai Securities Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Monitoring Agency Report on the utilization of proceeds raised through preferential issue, for quarter ended 30th June 2026
News
Recent coverage and analyst commentary for INDOTHAI
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