NSE: INDOTHAI · BSE: 533676
INDO THAI SEC LTD
Operates as a stockbroker with a sizeable proprietary treasury book. Equities broking and related activities contributed 99.5% of FY26 segment revenue, with the FY26 investor presentation disclosing that treasury operations alone accounted for 76% of consolidated revenue; the segment generated Rs 103.69 crore of revenue at an EBIT margin of 84.2%. A small real-estate line made up 0.5% of revenue at a loss, and a marginal environmental-technology manufacturing line (0.1% of revenue) ran at a heavy operating loss. The company is pursuing a scheme of arrangement to demerge its broking and distribution undertaking into Indo Thai Financial Services Limited; shareholders (99.99% of ~8.41 crore shares voted) and unsecured creditors (100% by value) approved it in July 2026, but NCLT sanction is still pending. Costs are dominated by staff expenses of Rs 7.75 crore (7.5% of revenue) and other operating expenses of Rs 5.63 crore (5.4%); materials, depreciation and capex are negligible, consistent with a service-and-treasury model. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Equities, broking and other related activities (100%), Real Estate Activities (1%), Manufacturing (Environmental Technology) Activities (0%). Asset-light stockbroking with a sizeable proprietary treasury book; small, loss-making diversification into real estate and environmental-technology manufacturing being hived off via a pending demerger
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 8 | 31 | 26 | 104 |
| EBITDA (ex other income) | 12 | (9) | 20 | 11 | 86 |
| margin % | 61.7 | (116.6) | 64.6 | 42.9 | 82.9 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 9.67 | (7.10) | 15.36 | 7.67 | 5.39 |
| ROE % · ROCE % | 15.1 · — | (11.7) · — | 20.5 · — | 4.4 · — | 23.1 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 5 | 1 | (3) | (21) | (34) |
| Capex | (1) | (0) | (2) | (0) | (2) |
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 | 9 | 6 | 6 | 14 | 24 | 28 | 38 | 21 |
| Profit before tax | 6 | 1 | (2) | 10 | 19 | 23 | 31 | 15 |
| Net profit | 5 | 1 | (3) | 9 | 14 | 17 | 26 | 11 |
| EPS (₹) | 4.54 | 0.90 | (2.51) | 7.25 | 1.20 | 1.37 | 2.04 | 0.86 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Equities, broking and other related activities | 90 | 85.9 |
| Real Estate Activities | 0 | 0.4 |
| Manufacturing(Environmental Technology) Activities | 0 | 0.1 |
| Equities, Broking & Other related activities | 14 | 13.5 |
| Real Estate activities | 0 | 0.2 |
| Manufacturing (Environmental Technology) activities | 0 | 0.0 |
| Total, before eliminations | 104 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.3 | 15.0 | 4 of 33 | 91% |
| P/B | 1.3 | 1.6 | 15 of 40 | 64% |
| ROE | 23.1 | 9.6 | 4 of 40 | 92% |
| EBITDA margin | 77.5 | 31.2 | 3 of 39 | 95% |
| Revenue growth | 46.8 | 22.4 | 4 of 35 | 91% |
| Profit growth | 28.6 | 13.4 | 14 of 38 | 65% |
| Market cap | 375 | 413 | 23 of 42 | 46% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Newspaper publication of September 2026 unaudited results | compliance | minimal | — | — |
| 22 Oct 2026 · No deviation in use of preferential warrant issue funds - Q2 FY27 | compliance | minimal | — | — |
| 22 Oct 2026 · Financial results submitted for period ended Sep 30, 2026 | results | high | — | — |
| 14 Oct 2026 · RTA confirms all shares held in demat form; no rematerialisation requests in Q2 | compliance | minimal | — | — |
| 7 Oct 2026 · Indo Thai Securities allots 235 NCDs worth Rs 2.35 cr under Tranche-I | fund raising | medium | — | — |
| 7 Oct 2026 · Indo Thai Securities allots NCDs worth Rs 2.35 cr under Tranche-I | fund raising | medium | — | — |
| 30 Sept 2026 · Promoters buy 80,000 shares via open market | ownership changes | medium | — | — |
| 29 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · Indo Thai Securities AGM 2026: All 10 resolutions passed | compliance | minimal | — | — |
| 19 Sept 2026 · AGM 2026: Profit Rs 66.86 cr, net worth Rs 282.69 cr, demerger with ITFSL | 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.