Indo Thai Securities Ltd

₹ 31.0 -4.99%

23 Oct - close price

indothai.co.in BSE: 533676 NSE: INDOTHAI

About

Incorporated in 1995, Indo Thai Securities
Ltd is in the business as stock and share brokers^[1]

Key Points

Business Overview:^[1]^[2]
Indo Thai Securities is a full-stack financial services company, offering equity and derivatives broking, commodity and currency trading, depository services, wealth management and algorithmic trading. As of Mar’26, it reported over Rs 9,000 cr in assets under management across 15,000+ active client relationships, with planned expansion into Category II AIFs, investment banking, equity research and GIFT City IFSC.

Website BSE NSE

Market Cap ₹ 412 Cr.
Current Price ₹ 31.0
High / Low ₹ 468 / 29.0
Stock P/E 21.1
Book Value ₹ 20.5
Dividend Yield 0.64 %
ROCE 36.0 %
ROE 29.0 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 39.8% CAGR over last 5 years
Debtor days have improved from 122 to 24.4 days.

Cons

Promoter holding has decreased over last quarter: -1.30%
Contingent liabilities of Rs.200 Cr.

* 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

Part of BSE Financial Services

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	9	9	6	9	10	6	6	14	24	28	38	21	8
	2	3	2	3	3	4	7	4	3	4	5	5	50
Operating Profit	6	7	4	6	6	2	-1	10	20	24	33	16	-43
OPM %	72%	72%	69%	67%	65%	36%	-23%	74%	85%	86%	87%	77%	-564%
	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	1	1	1	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	6	7	4	6	6	2	-2	10	20	23	32	15	-43
Tax %	22%	15%	28%	16%	19%	19%	21%	17%	26%	25%	17%	26%	-17%
	5	6	3	5	5	1	-2	8	15	17	27	11	-36
EPS in Rs	0.47	0.56	0.29	0.48	0.49	0.13	-0.17	0.70	1.20	1.36	2.07	0.86	-2.68
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	36	49	45	58	7	9	22	20	8	31	27	103	94
	33	42	46	45	7	21	5	7	15	9	14	16	64
Operating Profit	3	7	-1	13	0	-12	17	13	-7	22	13	87	30
OPM %	9%	15%	-1.5%	23%	1.4%	-126%	77%	66%	-89%	71%	49%	85%	32%
	-0	-0	5	0	0	0	-1	0	0	0	0	0	0
Interest	0	0	0	1	1	1	1	1	0	1	1	2	3
Depreciation	0	1	1	1	1	0	0	0	0	0	0	1	1
Profit before tax	3	7	3	12	-1	-14	14	12	-7	21	12	85	27
Tax %	12%	-0%	-3%	23%	-30%	-20%	27%	13%	-20%	22%	23%	21%
	2	7	3	9	-1	-11	10	10	-6	17	9	67	20
EPS in Rs	0.24	0.65	0.30	0.89	-0.10	-1.09	1.03	1.04	-0.58	1.66	0.78	5.20	1.61
Dividend Payout %	41%	15%	33%	11%	-96%	-0%	10%	-0%	-10%	10%	-0%	2%

Compounded Sales Growth
10 Years:	8%
5 Years:	36%
3 Years:	138%
TTM:	92%

Compounded Profit Growth
10 Years:	26%
5 Years:	40%
3 Years:	138%
TTM:	-12%

Stock Price CAGR
10 Years:	29%
5 Years:	24%
3 Years:	13%
1 Year:	-92%

Return on Equity
10 Years:	13%
5 Years:	18%
3 Years:	22%
Last Year:	29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	10	10	10	10	10	10	10	10	10	10	12	13	13
Reserves	28	33	35	44	46	34	44	53	47	62	167	270	260
	4	-0	-0	5	8	7	0	2	4	3	1	22	2
	9	4	10	15	18	18	23	42	42	39	42	63	52
Total Liabilities	51	47	55	74	81	69	77	108	102	114	221	367	326
	3	6	3	3	3	2	2	2	2	2	2	3	3
CWIP	2	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Investments	16	12	14	16	23	11	23	44	30	39	68	185	126
	30	29	37	55	55	55	52	62	71	72	151	179	198
Total Assets	51	47	55	74	81	69	77	108	102	114	221	367	326

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-5	-7	2	1	4	13	6	6	4	-1	-22	-33
	1	13	2	1	0	-12	3	-10	-4	5	-75	-22
	1	-6	-1	3	-1	-2	-8	-1	0	-3	95	56
Net Cash Flow	-3	0	3	6	3	-2	1	-5	0	1	-2	1
Free Cash Flow	-6	-9	8	1	4	13	6	6	3	-1	-22	-34
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-141%	-98%	-267%	28%	4,130%	-111%	37%	58%	-70%	6%	-143%	-24%

Ratios

Standalone / View Consolidated

	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	101	81	100	139	1,128	423	59	49	136	91	251	24
Inventory Days	50	17
Days Payable	66	16
Cash Conversion Cycle	85	83	100	139	1,128	423	59	49	136	91	251	24
Working Capital Days	42	93	102	92	33	-95	-41	-603	-1,385	-291	-132	-35
ROCE %	8%	16%	-3%	24%	-1%	-21%	33%	21%	-11%	33%	10%	36%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Currency Derivatives Turnover
INR Crores

x,xxx.xx	xx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xx.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx		x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
x,xxx.xx	x,xxx.xx	xx,xxx.xx	x,xxx.xx	xx,xxx.xx	xx,xxx.xx		x,xxx.xx	x,xxx.xx	xx,xxx.xx	x,xxx.xx
xx		xx	xx	xx	xx		xx	xx	xx	xxx
	xx.xx	xxx.xx		xx.xx	xx.xx		xxx.xx	xxx.xx	xxx.xx	xxx.xx
				x,xxx.xx	x,xxx.xx		x,xxx.xx	x,xxx.xx	x,xxx.xx	xx,xxx.xx

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Equity Broking Turnover (NSE + BSE)
INR Crores

F&O (Futures & Options) Turnover
INR Crores

Number of Employees
count

Mutual Fund AUM (Distribution Business)
INR Crores

Commodity Turnover (MCX + NCDEX)
INR Crores

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

55 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	72.18%	72.18%	72.18%	72.18%	72.18%	61.73%	60.87%	59.36%	56.77%	56.50%	56.07%	54.77%
	0.00%	0.00%	0.00%	0.00%	0.13%	0.52%	0.48%	1.17%	1.28%	1.22%	1.28%	0.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.19%	0.49%	0.46%	0.10%
	0.05%	0.05%	0.05%	0.05%	0.06%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	27.77%	27.77%	27.76%	27.76%	27.63%	37.69%	38.66%	39.47%	41.76%	41.79%	42.20%	44.97%
No. of Shareholders	3,855	4,263	4,036	4,410	4,835	5,626	5,423	11,112	15,932	16,464	17,732	29,427

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	65.93%	65.93%	69.93%	70.89%	70.89%	72.18%	72.18%	72.18%	61.73%	56.50%	54.77%
	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.52%	1.22%	0.16%
	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.49%	0.10%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.05%	0.05%	0.00%	0.00%
	34.07%	33.75%	30.07%	29.11%	29.11%	27.82%	27.78%	27.77%	37.69%	41.79%	44.97%
No. of Shareholders	2,934	4,462	4,264	3,945	3,494	4,268	3,984	4,263	5,626	16,464	29,427

* 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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Documents

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Concalls

Jul 2026

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