NSE: INDBANK · BSE: 511473
INDBANK MERCH BANK
A capital markets subsidiary of Indian Bank, classified as Stockbroking & Allied, earns revenue from fees and commissions on stockbroking and merchant banking services and is listed on BSE (scrip 511473) and NSE (scrip INDBANK). In Q1 FY27, fees and commission income were Rs 493.23 lakh, with revenue from operations of Rs 690.35 lakh as filed (a separately submitted 'revised' filing reports Rs 456.64 lakh) and total income of Rs 589.48 lakh. For FY26, revenue from operations was Rs 712.48 lakh, down from Rs 1,149.93 lakh in FY25, with profit after tax of Rs 701.73 lakh and operating cash flow of Rs 204.64 lakh. Employee costs are the largest expense at 37% of revenue, followed by other operating expenses at 17.6%, while materials are 0% of revenue. Total assets stood at Rs 123.1393 crore in FY26. Q1 FY27 results show a roughly 43% YoY drop in PBT to Rs 177.34 lakh in the revised filing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fees and commission income, Other income from operations. Fee-based, employee-intensive capital markets services.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18 | 18 | 25 | 27 | 25 |
| EBITDA (ex other income) | 3 | 3 | 12 | 12 | 10 |
| margin % | 19.1 | 17.8 | 48.5 | 44.9 | 40.0 |
| Owners' profit | 7 | 4 | 9 | 8 | 7 |
| EPS, as reported (₹) | 1.57 | 0.79 | 2.03 | 1.91 | 1.61 |
| ROE % · ROCE % | 9.8 · 14.1 | 4.7 · — | 10.8 · — | 9.2 · — | 7.2 · — |
| Debt / equity (x) | 0.00 | — | — | — | — |
| Cash from operations | 13 | 0 | (1) | 0 | 2 |
| Capex | (1) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 6 | 5 | 7 | 6 | 6 | 6 | 7 |
| Profit before tax | 4 | 2 | 2 | 3 | 3 | 3 | 2 | 3 |
| Net profit | 3 | 1 | 1 | 2 | 2 | 2 | 1 | 2 |
| EPS (₹) | 0.74 | 0.26 | 0.26 | 0.48 | 0.42 | 0.43 | 0.27 | 0.54 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,18,587 | 47.7 | 12.29 | 40.3 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,414 | 29.5 | 4.51 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 40,426 | 31.9 | 4.11 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 31,818 | 15.0 | 7.72 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,734 | 5.0 | 4.35 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,845 | 18.9 | 3.53 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,863 | 10.6 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,970 | 18.6 | 2.20 | 9.8 | 9.6 | 11.5 | — | 31.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.4 | 15.0 | 14 of 33 | 59% |
| P/B | 1.1 | 1.6 | 10 of 40 | 72% |
| ROE | 7.2 | 9.6 | 23 of 40 | 44% |
| EBITDA margin | 45.8 | 31.2 | 14 of 39 | 66% |
| Revenue growth | 3.2 | 22.4 | 24 of 35 | 32% |
| Profit growth | 11.1 | 13.4 | 20 of 38 | 49% |
| Market cap | 106 | 413 | 30 of 42 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate under SEBI DP Regulations for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · Newspaper publication of Q2 FY27 financial results | compliance | minimal | — | — |
| 9 Oct 2026 · Q2 FY27 results: PAT at Rs.161.49 lakh; revenue up slightly YoY | results | high | — | — |
| 9 Oct 2026 · Q2 FY27 Results: PAT flat at Rs 399 lakh; auditor re-appointed | management changes | medium | — | — |
| 5 Oct 2026 · Board meeting on 9 Oct 2026 to approve Q2 FY27 results | results | low | — | — |
| 29 Sept 2026 · Trading window closed from Sept 30 till results declared | compliance | minimal | — | — |
| 25 Sept 2026 · Voting Results - 37th AGM of Indbank Merchant Banking Services held on 24 Sep 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Indbank Merchant Banking 37th AGM held on September 24, 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper advertisement published for 37th AGM notice | compliance | minimal | — | — |
| 31 Aug 2026 · Indbank fixes book closure for AGM on 24 September 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.