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Indbank Merchant Banking Services Q2 FY27 results: net profit down 13.4% to ₹1.61 crore, revenue up 1.3%
Indbank Merchant Banking Services Limited reported Q2 FY27 standalone revenue of ₹6.36 crore, up 1.3% from Q2 FY26 but down 7.8% from Q1 FY27. Net profit fell to ₹1.61 crore from ₹1.86 crore a year earlier and ₹2.38 crore in the previous quarter, while the EBITDA margin declined to 35.8% from 42.2% year on year.
Key points
- Q2 FY27 revenue was ₹6.36 crore, up 1.3% from ₹6.28 crore in Q2 FY26 but down 7.8% from ₹6.90 crore in Q1 FY27.
- EBITDA was ₹2.28 crore, down 14.0% from ₹2.65 crore in Q2 FY26, with margin at 35.8% versus 42.2%.
- Net profit was ₹1.61 crore, down 13.4% from ₹1.86 crore year on year and 32.4% from ₹2.38 crore sequentially; basic EPS was ₹0.36.
- H1 FY27 revenue was ₹13.26 crore, up 2.2% from ₹12.97 crore in H1 FY26, while profit after tax was ₹3.99 crore in both periods.
- Total assets were ₹128.05 crore on 30 September 2026, against ₹123.14 crore on 31 March 2026, while cash declined to ₹0.72 crore from ₹1.41 crore.
How did Indbank Merchant Banking Services perform in Q2 FY27?
Indbank Merchant Banking Services reported standalone revenue of ₹6.36 crore in Q2 FY27, up ₹0.08 crore or 1.3% from ₹6.28 crore in Q2 FY26 but down ₹0.54 crore or 7.8% from ₹6.90 crore in Q1 FY27. Total income was ₹6.40 crore, compared with ₹6.29 crore a year earlier and ₹6.90 crore in the previous quarter.
EBITDA fell to ₹2.28 crore from ₹2.65 crore in Q2 FY26, while the EBITDA margin declined 6.4 percentage points to 35.8% from 42.2%. Sequentially, EBITDA was down 27.8% and margin was down 9.9 percentage points from 45.7%.
Profit before tax was ₹2.22 crore, down from ₹2.52 crore in Q2 FY26 and ₹3.08 crore in Q1 FY27. The company reported a net profit of ₹1.61 crore, against ₹1.86 crore and ₹2.38 crore, respectively, while basic EPS was ₹0.36 compared with ₹0.42 and ₹0.54. The filing presents standalone results and does not provide a consolidated comparison.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6.36 | 6.90 | 6.28 | +1.3% | −7.8% |
| Other income | 0.04 | 0 | 0.01 | +300.0% | |
| Total expenses | 4.18 | 3.82 | 3.77 | +10.9% | +9.4% |
| EBITDA | 2.28 | 3.16 | 2.65 | −14.0% | −27.8% |
| EBITDA margin | 35.8% | 45.7% | 42.2% | −6.4 pp | −9.9 pp |
| Profit before tax | 2.22 | 3.08 | 2.52 | −11.9% | −27.9% |
| Tax | 0.61 | 0.71 | 0.66 | −7.6% | −14.1% |
| Net profit | 1.61 | 2.38 | 1.86 | −13.4% | −32.4% |
| EPS (₹) | 0.36 | 0.54 | 0.42 | −14.3% | −33.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indbank Merchant Banking Services' costs and profit?
Total expenses rose ₹0.41 crore or 10.9% from Q2 FY26 to ₹4.18 crore, exceeding the increase of ₹0.08 crore in revenue. Employee benefit expenses increased ₹0.24 crore or 10.6% to ₹2.51 crore, while other expenses rose ₹0.19 crore or 18.8% to ₹1.20 crore. Depreciation increased ₹0.01 crore or 16.7% to ₹0.07 crore.
Other income rose ₹0.03 crore to ₹0.04 crore, while finance costs declined ₹0.06 crore or 66.7% to ₹0.03 crore. Tax expense fell ₹0.05 crore or 7.6% to ₹0.61 crore. There was no exceptional item in Q2 FY27, compared with no exceptional item in the year-ago quarter.
Against Q1 FY27, total expenses increased ₹0.36 crore or 9.4% to ₹4.18 crore. Employee benefits rose ₹0.11 crore to ₹2.51 crore, other expenses increased ₹0.22 crore to ₹1.20 crore and finance costs rose ₹0.02 crore to ₹0.03 crore. Other income was ₹0.04 crore, while tax expense was lower by ₹0.10 crore at ₹0.61 crore. The filings do not state reasons for these movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 2.51 | 2.27 | +0.24 | +10.6% |
| Finance costs | 0.03 | 0.09 | −0.06 | −66.7% |
| Depreciation | 0.07 | 0.06 | +0.01 | +16.7% |
| Other expenses | 1.20 | 1.01 | +0.19 | +18.8% |
| Total expenses | 4.18 | 3.77 | +0.41 | +10.9% |
| Other income | 0.04 | 0.01 | +0.03 | +300.0% |
| Tax | 0.61 | 0.66 | −0.05 | −7.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, revenue was ₹13.26 crore, up ₹0.29 crore or 2.2% from ₹12.97 crore in H1 FY26. Total income rose ₹0.33 crore or 2.5% to ₹13.31 crore from ₹12.98 crore.
Profit before tax was ₹5.31 crore, marginally higher from ₹5.30 crore in H1 FY26. Profit after tax was ₹3.99 crore in both periods, and basic EPS remained ₹0.90. The company reported no exceptional item in either half-year period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 13.26 | 12.97 | +2.2% |
| Profit before tax | 5.31 | 5.30 | +0.2% |
| Net profit | 3.99 | 3.99 | +0.0% |
| EPS (₹) | 0.90 | 0.90 | +0.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
In H1 FY27, operating cash flow was negative ₹2.27 crore, compared with negative ₹3.19 crore in H1 FY26. Investing cash flow was positive ₹0.02 crore against negative ₹0.10 crore, while financing cash flow was negative ₹0.04 crore against negative ₹0.16 crore. Capital expenditure was ₹0.13 crore, compared with ₹0.03 crore in the earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 128.05 | 123.14 |
| Total equity | 102.81 | 98.74 |
| Cash and equivalents | 0.72 | 1.41 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −2.27 | −3.19 |
| Cash from investing | 0.02 | −0.10 |
| Cash from financing | −0.04 | −0.16 |
| Capital expenditure | 0.13 | 0.03 |
Source: Company's results filing (XBRL).
How has Indbank Merchant Banking Services done over the last 8 quarters?
Revenue rose in each of the last four quarters. It reached ₹6.90 crore and profit after tax ₹2.38 crore in Q1 FY27, while the EBITDA margin also peaked at 45.7% in that quarter. Across the longer series, revenue was lowest at ₹5.31 crore in Q4 FY25 and highest at ₹6.90 crore in Q1 FY27.
The recent direction was lower in Q2 FY27: revenue fell to ₹6.36 crore from ₹6.90 crore, profit after tax declined to ₹1.61 crore from ₹2.38 crore, and the EBITDA margin eased to 35.8% from 45.7%. In the earlier series, the EBITDA margin bottomed at 31.0% in Q4 FY26 and profit after tax was ₹1.21 crore.
What else did the company announce?
The board approved the unaudited financial results for the quarter ended 30 September 2026 and the limited review report on 9 October 2026. The results were reviewed by the audit committee, and the statutory auditors issued an unmodified opinion.
The board also noted the re-appointment of Anand & Ponnappan, Chartered Accountants, Chennai, as statutory auditors for FY 2026-27. The appointment was made by the Comptroller and Auditor General of India under Section 139 of the Companies Act, 2013, and the filing reported no relationship with the company’s directors. The same-day filing did not announce a dividend or fund raise.
How did Indbank Merchant Banking Services shares react?
The Stockbroking & Allied industry median was unchanged on the reaction day, up 0.5% by the next day’s close and down 0.6% after five sessions. Indbank’s excess moves were negative 1.4 percentage points on the reaction day, negative 1.9 percentage points by the next day’s close and negative 1.2 percentage points after five sessions.
| After the filing | Stock | Stockbroking & Allied median |
|---|---|---|
| 5 minutes | −2.2% | |
| 15 minutes | −1.3% | |
| 30 minutes | −2.4% | |
| Reaction day | −1.4% | +0.0% |
| Next day | −1.4% | +0.5% |
| 5 days | −1.8% | −0.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 July 2026 | −1.8% |
| 20 April 2026 | −3.2% |
| 14 January 2026 | +5.7% |
| 21 January 2025 | −4.7% |
| 21 October 2024 | −5.2% |
| 19 July 2024 | +3.3% |
| 22 April 2024 | +0.2% |
Source: MarketPing price-reaction measurement.
How did other Stockbroking & Allied companies do?
Among 27 Stockbroking & Allied companies compared, the median revenue growth was 16.8% as of 4 November 2026. Seven peers grew slower than Indbank Merchant Banking Services, while 20 peers grew faster than the company.
Of 26 peers for which profit was compared, 16 reported higher profit. The comparison uses Indbank’s standalone revenue growth of 1.3% in Q2 FY27.
| Indbank Merchant Banking Services revenue growth (YoY) | +1.3% |
|---|---|
| Median of 27 other Stockbroking & Allied companies | +16.8% |
| Companies with slower revenue growth than Indbank Merchant Banking Services | 7 of 27 |
| Companies with faster revenue growth than Indbank Merchant Banking Services | 20 of 27 |
| Companies whose net profit rose | 16 of 26 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Indbank Merchant Banking Services' revenue in Q2 FY27?
Revenue from operations was ₹6.36 crore, up 1.3% from ₹6.28 crore in Q2 FY26 (standalone).
Did Indbank Merchant Banking Services make a profit in Q2 FY27?
Yes. Net profit was ₹1.61 crore, against a net profit of ₹1.86 crore in Q2 FY26.
What was Indbank Merchant Banking Services' EPS in Q2 FY27?
Basic earnings per share were ₹0.36, against ₹0.42 in Q2 FY26.
How did Indbank Merchant Banking Services shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.4% from the previous close; the median Stockbroking & Allied stock moved +0.0%.
When did Indbank Merchant Banking Services announce its Q2 FY27 results?
On 9 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting (BSE, 5 October 2026) · PDF
- Financial Results For The Quarter Ended 30.09.2026 (BSE, 9 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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