Indbank Merchant Banking Services Ltd

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Indbank Merchant Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Indbank Merchant Banking Services Ltd

₹ 25.6 0.00%
29 Sep 9:09 a.m.
indbankonline.com BSE: 511473 NSE: INDBANK
About

Incorporated in 1989, Indbank Merchant Banking Services Ltd. is engaged in Merchant Banking, Stock Broking, Depository Participant and allied activities.

Key Points

Business Overview:[1][2]
a) IMBSL is a subsidiary of the Indian Bank.
b) It is engaged in Stock Broking, Depository Participant operations, Distribution of Mutual Fund & other investment products and Merchant Banking to institutions and retail customers
c) The company is a member of NSE & BSE (Equity & Derivatives segments), and registered with NSDL and CDSL as a Depository Participant and registered with SEBI as a Merchant Banker.
d) It is also registered with the Association of Mutual Funds of India (AMFI) for distribution of Mutual Fund products.

Website BSE NSE
  • Market Cap ₹ 114 Cr.
  • Current Price ₹ 25.6
  • High / Low ₹ 47.2 / 24.8
  • Stock P/E 15.6
  • Book Value ₹ 22.2
  • Dividend Yield 0.00 %
  • ROCE 10.3 %
  • ROE 7.34 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 1.15 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 10.8% over past five years.
  • Company has a low return on equity of 9.08% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Capital Markets Stockbroking & Allied

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Quarterly Results

Figures in Rs. Crores

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
5.43 6.04 6.60 6.86 7.70 8.13 5.63 5.31 6.69 6.28 6.25 5.89 6.90
3.35 2.73 3.24 3.54 3.86 3.62 3.60 3.65 3.78 3.63 3.59 4.06 3.74
Operating Profit 2.08 3.31 3.36 3.32 3.84 4.51 2.03 1.66 2.91 2.65 2.66 1.83 3.16
OPM % 38.31% 54.80% 50.91% 48.40% 49.87% 55.47% 36.06% 31.26% 43.50% 42.20% 42.56% 31.07% 45.80%
0.01 0.01 0.01 0.96 0.01 0.00 0.02 0.00 0.00 0.01 0.00 0.13 0.00
Interest 0.03 0.03 0.00 0.01 0.02 0.02 0.05 0.04 0.07 0.09 0.02 0.01 0.01
Depreciation 0.09 0.09 0.10 0.09 0.12 0.11 0.11 0.10 0.06 0.06 0.06 0.07 0.07
Profit before tax 1.97 3.20 3.27 4.18 3.71 4.38 1.89 1.52 2.78 2.51 2.58 1.88 3.08
Tax % 22.84% 24.38% 21.71% 39.95% 23.18% 24.66% 38.10% 25.00% 23.02% 26.29% 25.97% 35.64% 23.05%
1.52 2.42 2.56 2.50 2.85 3.30 1.17 1.14 2.14 1.86 1.92 1.21 2.38
EPS in Rs 0.34 0.55 0.58 0.56 0.64 0.74 0.26 0.26 0.48 0.42 0.43 0.27 0.54
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
10.11 9.03 10.54 13.82 10.39 11.47 14.91 20.62 18.24 24.76 26.57 24.95 25.32
5.85 5.77 10.13 8.65 8.95 12.48 12.87 14.17 12.74 13.80 14.61 15.15 15.02
Operating Profit 4.26 3.26 0.41 5.17 1.44 -1.01 2.04 6.45 5.50 10.96 11.96 9.80 10.30
OPM % 42.14% 36.10% 3.89% 37.41% 13.86% -8.81% 13.68% 31.28% 30.15% 44.26% 45.01% 39.28% 40.68%
2.63 0.59 6.55 0.81 2.13 5.77 4.56 3.83 1.62 2.11 0.24 0.42 0.14
Interest 0.29 0.11 0.81 1.58 1.53 1.52 1.53 1.53 0.89 0.08 0.26 0.22 0.13
Depreciation 0.69 0.60 0.53 0.43 0.23 0.30 0.19 0.20 0.37 0.38 0.44 0.24 0.26
Profit before tax 5.91 3.14 5.62 3.97 1.81 2.94 4.88 8.55 5.86 12.61 11.50 9.76 10.05
Tax % 15.40% 12.10% 5.16% 44.08% 2.76% 28.91% 17.01% 18.60% 40.10% 28.63% 26.43% 27.05%
4.99 2.76 5.34 2.22 1.77 2.09 4.06 6.96 3.50 9.00 8.46 7.12 7.37
EPS in Rs 1.12 0.62 1.20 0.50 0.40 0.47 0.91 1.57 0.79 2.03 1.91 1.60 1.66
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 11%
TTM: -2%
Compounded Profit Growth
10 Years: 10%
5 Years: 12%
3 Years: 32%
TTM: -6%
Stock Price CAGR
10 Years: 10%
5 Years: 2%
3 Years: -12%
1 Year: -20%
Return on Equity
10 Years: 7%
5 Years: 8%
3 Years: 9%
Last Year: 7%

Balance Sheet

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 44.38 44.38 44.38 44.38 44.38 44.38 44.38 44.38 44.38 44.38 44.38 44.38
Reserves 1.91 4.67 9.98 12.13 13.86 15.83 19.90 26.75 30.13 38.99 47.27 54.36
0.00 0.00 1.58 0.03 0.00 0.00 0.00 0.00 2.79 0.00 0.01 0.00
6.20 8.66 24.39 24.47 9.30 13.94 19.91 21.33 20.08 22.97 26.23 24.40
Total Liabilities 52.49 57.71 80.33 81.01 67.54 74.15 84.19 92.46 97.38 106.34 117.89 123.14
5.06 4.53 4.07 3.73 3.58 3.33 3.37 3.71 3.55 3.32 3.13 3.05
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.13 0.00 0.00 0.00 0.00
Investments 3.47 3.04 2.10 1.24 0.45 0.19 0.80 1.30 1.37 2.44 1.83 3.02
43.96 50.14 74.16 76.04 63.51 70.63 80.02 87.32 92.46 100.58 112.93 117.07
Total Assets 52.49 57.71 80.33 81.01 67.54 74.15 84.19 92.46 97.38 106.34 117.89 123.14

Cash Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.84 4.34 5.55 4.65 4.95 14.92 8.14 0.55 -5.30 -1.16 -0.07 2.05
-4.31 -4.56 -6.47 -2.94 -3.41 -10.32 -8.44 -0.98 -1.03 -0.17 0.56 -1.44
0.00 0.00 0.00 -0.80 0.00 0.00 -1.51 -1.51 -0.89 -0.07 -0.12 -0.19
Net Cash Flow -3.47 -0.22 -0.92 0.90 1.54 4.61 -1.80 -1.93 -7.22 -1.40 0.37 0.41
Free Cash Flow 0.40 4.27 5.47 4.56 4.87 14.88 7.94 -0.12 -5.39 -1.30 -0.32 1.88
CFO/OP 20% 133% 1,354% 123% 350% -1,528% 405% 30% -81% 11% 29% 42%

Ratios

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 235.03 300.33 318.60 210.50 184.43 29.28 78.58 59.65 82.45 67.52 81.87 93.33
Inventory Days
Days Payable
Cash Conversion Cycle 235.03 300.33 318.60 210.50 184.43 29.28 78.58 59.65 82.45 67.52 81.87 93.33
Working Capital Days 600.39 625.31 587.67 452.42 -23.19 -308.36 -286.66 -71.87 1.40 71.94 -29.67 58.81
ROCE % 14.00% 6.80% 12.36% 9.87% 5.68% 7.51% 10.27% 14.89% 7.02% 13.41% 13.44% 10.26%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Stock Broking Turnover
Rs. crore

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Number of Broking Accounts
accounts
Number of DP (Depository Participant) Accounts
accounts
Number of Permanent Employees
employees
Number of Terminals (Branch Network)
terminals

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84%
0.01% 0.01% 0.05% 0.07% 0.20% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% 0.00%
0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%
35.07% 35.06% 35.02% 35.01% 34.87% 35.07% 35.08% 35.04% 35.08% 35.07% 35.07% 35.07%
No. of Shareholders 44,71043,35348,26549,98649,13251,23250,96951,23651,23150,53750,06249,528

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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