Indo Thai Securities Ltd.

•

indothai.co.inBSE: 533676NSE: INDOTHAI

Market Cap₹ 531 Cr.

Current Price

High / Low₹ 466 / 40

Stock P/E7.6

Book Value₹ 22

Price to Book13.36

Dividend Yield0.25 %

ROCE36.1 %

ROE30.7 %

Face Value₹ 1

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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 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 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

Financial ServicesFinanceFinance - Investment

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

S.No.	Name
1.	BAJAJFINSV	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	INDOTHAI	39.71	7.75	531.45	0.25	110.26	28.64	206.19	46.82	35.01	76.81

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
	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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
72.18	72.18	72.18	61.73	59.85	59.36	56.77	56.51	56.07
0.00	0.00	0.13	0.52	0.38	1.17	1.28	1.22	1.28
0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.49	0.46
0.05	0.05	0.06	0.05	0.00	0.00	0.00	0.00	0.00
27.77	27.77	27.63	37.69	39.76	39.47	41.75	41.78	42.19

Documents

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

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Indo Thai Securities Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-26

Revised Record date

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

Shareholders meeting

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

Copy of Newspaper Publication

2026-08-21 - Indo Thai Securities Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-17

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

2026-08-14 - Monitoring Agency Report on the utilization of proceeds raised through preferential issue, for quarter ended 30th June 2026

2026-08-14

Outcome of Board Meeting

2026-08-14 - Indo Thai Securities Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2026.

2026-08-07

Committee Meeting Updates

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

Updates

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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Free 5nance Account

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

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

-1

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

Interest

Depreciation

-2

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

-2

-0

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

103

110

Operating Profit

-1

-12

-7

—

OPM %

-1

-126

-88

—

Other Income

Interest

Depreciation

-1

-14

-7

Tax %

-3

Net Profit

-1

-11

-6

EPS

-6

—

Dividend Payout %

-96

-10

—

Minority Interest

Share of Associates

Adjusted EPS

-0

-1

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

148

264

Trade Payables

-1

-4

Total Liabilities

108

101

114

221

367

ASSETS

167

Cash & Bank

132

170

Total Assets

108

101

114

221

367

Total Debt

Net Working Capital

-3

144

Contingent Liabilities

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

1.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-21

-33

Cash from Investing

-12

-10

-4

-75

-22

Cash from Financing

-1

-2

-8

-1

-3

-2

-5

-2

Free Cash Flow

-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

-7

-47

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

0.00

1.00

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

119

1119

646

120

131

179

Inventory Days

289

221

109

269

762

Payable Days

1409

867

229

324

893

161

255

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%

386.02%

-53.05%

-33.31%

VALUATION

P/E (x)

0.00x

1.68x

24.01x

55.27x

P/B (x)

0.00x

3.89x

13.72x

13.36x

Dividend Yield %

0.00%

0.21%

0.00%

0.03%

0.00x

12.57x

167.16x

42.42x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

72.18

61.73

59.85

59.36

56.77

56.51

56.07

0.00

0.13

0.52

0.38

1.17

1.28

1.22

1.28

0.00

0.19

0.49

0.46

0.05

0.06

0.05

0.00

27.77

27.63

37.69

39.76

39.47

41.75

41.78

42.19

Indo Thai Securities Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

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Indo Thai Securities Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI