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 26.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.5%
- Operating margins have improved to 84.5% from -87.5%
- Company has delivered good sales growth of 36.4% CAGR over last 5 years
CONS
- Promoter holding has decreased over last 2 years: -16.1pp
- Equity base is being diluted - shares outstanding up 28.6%
- Stock is trading at 13.4x 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 | 1990.00 | 31.43 | 318810.21 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 510.20 | 20.65 | 43327.49 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 30.27 | 88.91 |
| CHOLAHLDNG | 1487.10 | 10.46 | 27924.39 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13055.20 | 13.41 | 26413.42 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 256.20 | 21.86 | 24650.38 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13572.20 | 55.69 | 15511.08 | 1.62 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11458.70 | 92.58 | 12718.73 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 129.45 | 11.91 | 12387.85 | 2.51 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 403.15 | 18.39 | 8954.12 | 2.77 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 247.65 | 155.41 | 8537.33 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | -1.28 | -2.08 |
| KAMAHOLD | 2341.45 | 8.07 | 7513.85 | 1.77 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| INDOTHAI | 39.71 | 7.75 | 531.45 | 0.25 | 110.26 | 28.64 | 206.19 | 46.82 | 35.01 | 76.81 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 8 | 9 | 6 | 9 | 10 | 5 | 6 | 14 | 24 | 28 | 38 | 21 | |
| 2 | 2 | 3 | 2 | 3 | 3 | 4 | 7 | 4 | 3 | 4 | 5 | 6 | |
| Operating Profit | 5 | 6 | 7 | 4 | 6 | 6 | 2 | -1 | 10 | 20 | 24 | 33 | 16 |
| OPM % | 69.68% | 72.78% | 73.07% | 70.24% | 67.26% | 66.04% | 36.26% | -23.16% | 73.96% | 85.56% | 86.03% | 87.20% | 77.38% |
| 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 |
| 5 | 6 | 7 | 4 | 6 | 6 | 2 | -2 | 10 | 20 | 23 | 32 | 15 | |
| Tax % | 25.43% | 21.67% | 15.27% | 27.65% | 16.15% | 19.08% | 19.28% | -21.47% | 17.15% | 25.84% | 24.69% | 16.95% | 25.87% |
| Net Profit | 3 | 5 | 6 | 3 | 5 | 5 | 1 | -2 | 8 | 15 | 17 | 27 | 11 |
| 3 | 5 | 6 | 3 | 5 | 0 | 0 | -0 | 7 | 1 | 1 | 2 | 0 | |
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 12 | 12 | 12 | 13 | 13 | 13 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 45 | 53 | 7 | 9 | 22 | 20 | 8 | 31 | 27 | 103 | 110 | |
| 47 | 45 | 7 | 21 | 5 | 8 | 15 | 9 | 14 | 16 | 18 | |
| Operating Profit | -1 | 13 | 0 | -12 | 18 | 13 | -7 | 22 | 13 | 88 | — |
| OPM % | -1 | 25 | 1 | -126 | 80 | 64 | -88 | 72 | 49 | 85 | — |
| Other Income | 1 | 5 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 3 |
| Depreciation | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| 3 | 12 | -1 | -14 | 16 | 12 | -7 | 21 | 12 | 85 | 90 | |
| Tax % | -3 | 23 | 30 | 20 | 37 | 13 | 20 | 22 | 23 | 21 | 22 |
| Net Profit | 3 | 9 | -1 | -11 | 10 | 10 | -6 | 17 | 9 | 67 | 70 |
| EPS | 0 | 0 | 0 | 0 | 10 | 10 | -6 | 17 | 8 | 5 | — |
| Dividend Payout % | 33 | 11 | -96 | 0 | 10 | 10 | -10 | 4 | 0 | 2 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 1 | -0 | -1 | 1 | 1 | -1 | 2 | 1 | 5 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 36%
- 3 Years:
- 138%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 26%
- 5 Years:
- 45%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 31%
- 5 Years:
- 36%
- 3 Years:
- 19%
- 1 Year:
- -76%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 14%
- 3 Years:
- 21%
- Last Year:
- 31%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 12 | 13 |
| 35 | 44 | 46 | 34 | 44 | 53 | 47 | 62 | 148 | 264 | |
| 0 | 5 | 7 | 7 | 0 | 1 | 3 | 2 | 0 | 20 | |
| Trade Payables | 6 | 12 | 17 | 17 | 22 | 41 | 41 | 37 | 38 | 50 |
| 3 | 3 | -1 | -4 | 1 | 2 | 0 | 2 | 23 | 21 | |
| Total Liabilities | 55 | 74 | 78 | 63 | 77 | 108 | 101 | 114 | 221 | 367 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | |
| 14 | 15 | 15 | 11 | 23 | 23 | 18 | 34 | 62 | 167 | |
| 4 | 4 | 8 | 3 | 10 | 21 | 12 | 5 | 6 | 18 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 18 | 7 | |
| Cash & Bank | 14 | 19 | 27 | 27 | 31 | 49 | 55 | 2 | 1 | 2 |
| 19 | 32 | 26 | 19 | 11 | 13 | 14 | 62 | 132 | 170 | |
| Total Assets | 55 | 74 | 78 | 63 | 77 | 108 | 101 | 114 | 221 | 367 |
| Total Debt | 0 | 5 | 7 | 7 | 0 | 1 | 3 | 2 | 0 | 21 |
| Net Working Capital | 30 | 39 | 34 | 23 | 24 | 32 | 26 | -3 | 49 | 144 |
| Contingent Liabilities | 13 | 11 | 8 | 9 | 9 | 10 | 38 | 56 | 97 | 200 |
| Book Value per Share | 44.95 | 53.90 | 55.80 | 43.59 | 54.04 | 63.44 | 56.63 | 71.70 | 136.39 | 21.51 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 1.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 1 | 4 | 13 | 6 | 6 | 4 | -1 | -21 | -33 | |
| Cash from Investing | 2 | 1 | 0 | -12 | 3 | -10 | -4 | 5 | -75 | -22 |
| Cash from Financing | -1 | 3 | -1 | -2 | -8 | -1 | 0 | -3 | 95 | 56 |
| 3 | 6 | 3 | -2 | 1 | -5 | 0 | 1 | -2 | 1 | |
| Free Cash Flow | 2 | 1 | 3 | 13 | 6 | 6 | 3 | -1 | -21 | -34 |
| OCF / Net Profit | 0.59 | 0.15 | -3.38 | -1.20 | 0.58 | 0.61 | -0.64 | -0.06 | -2.36 | -0.49 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 25 | 29 | 32 | 27 | -7 | -47 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 3.00 | 8.94 | -1.04 | -10.89 | 10.30 | 10.40 | -5.80 | 16.60 | 7.79 | 5.20 |
| Book Value (₹) | 44.95 | 53.90 | 55.80 | 43.59 | 54.04 | 63.44 | 56.63 | 71.70 | 136.39 | 21.51 |
| Dividend per Share (₹) | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | 0.60 | 0.60 | 0.00 | 0.10 |
| Cash EPS (₹) | 0.38 | 0.96 | -0.05 | -1.05 | 1.06 | 1.07 | -0.55 | 1.69 | 0.82 | 5.24 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -1.42% | 24.78% | 1.45% | -126.47% | 80.22% | 63.80% | -87.52% | 71.11% | 48.58% | 84.55% |
| Net Margin % | 6.67% | 16.95% | -14.35% | -116.12% | 47.09% | 50.84% | -75.52% | 53.51% | 34.11% | 64.62% |
| ROE % | 6.82% | 18.10% | -1.89% | -21.92% | 21.11% | 17.71% | -9.67% | 25.87% | 7.89% | 30.66% |
| ROCE % | 7.00% | 23.88% | -0.69% | -21.68% | 32.85% | 21.43% | -11.23% | 32.75% | 10.03% | 36.12% |
| 5.93% | 13.97% | -1.37% | -15.44% | 14.70% | 11.24% | -5.57% | 15.48% | 5.45% | 22.73% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 95 | 119 | 1119 | 646 | 120 | 55 | 131 | 63 | 179 | 45 |
| Inventory Days | 24 | 26 | 289 | 221 | 109 | 269 | 762 | 98 | 76 | 42 |
| Payable Days | 37 | 87 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 81 | 59 | 1409 | 867 | 229 | 324 | 893 | 161 | 255 | 87 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.10x | 0.12x | 0.16x | 0.00x | 0.02x | 0.06x | 0.03x | 0.00x | 0.08x |
| Interest Coverage (x) | 17.62x | 14.37x | -0.39x | -9.10x | 20.59x | 14.95x | -29.86x | 32.07x | 16.22x | 38.58x |
| 4.24x | 3.08x | 2.40x | 1.92x | 2.06x | 1.73x | 1.59x | 0.93x | 2.16x | 2.86x | |
| GROWTH | ||||||||||
| Revenue Growth % | 5.12% | 17.20% | -86.30% | 29.75% | 133.26% | -6.49% | -62.44% | 303.65% | -13.88% | 287.27% |
| Operating Profit Growth % | -108.80% | 2147.18% | -99.20% | 0.00% | 247.96% | -25.63% | -151.53% | 429.79% | -41.00% | 568.98% |
| Net Profit Growth % | -54.07% | 197.75% | -111.60% | -949.61% | 194.60% | 0.95% | -155.80% | 386.02% | -45.10% | 633.60% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 386.02% | -53.05% | -33.31% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.68x | 24.01x | 55.27x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.89x | 13.72x | 13.36x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.21% | 0.00% | 0.03% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.57x | 167.16x | 42.42x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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
2026-08-14 - Indo Thai Securities Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2026.
2026-08-07 - Indo Thai Securities Limited has informed the Exchange regarding Outcome of Debenture Issuance, Allotment and Redemption Committee Meeting held on 07th August, 2026
2026-08-04 - Indo Thai Securities Limited has informed the Exchange regarding ''Clarification on Price Movement'.'.
News
Recent coverage and analyst commentary for INDOTHAI
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