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INDOTHAI
NSE: INDOTHAI BSE: 533676 INE337M01021 Financial Services Cap Markets 🔎 Screen
₹2,805 Cr
Market Cap
10.35
P/B
34.6%
ROCE
28.6%
ROE
0.09
D/E
82.5%
Fin. Margin
+42.1%
% from 52W High
📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

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

✓ Strengths 4
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 45.5% CAGR over last 5 years
  • Debtor days have improved from 122 to 24.3 days.
! Concerns 1
  • Promoter holding has decreased over last quarter: -0.44%
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
📊 Quick Scorecard
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Strong beat: PAT surged 738% YoY to ₹66.16 Cr, driven by a 848% jump in treasury fair value gains, but core broking fees grew only 5.7% and expenses rose 25%. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹104.26 Cr
+283% YoY (FY25: ₹27.19 Cr)
PAT
₹66.17 Cr
+738% YoY (FY25: ₹7.89 Cr)
ROE
23.07%
vs FY25 ROE of 4.35%; Networth at ₹286.79 Cr (+58% YoY)
What Went Right
  • Treasury operations delivered ₹79.05 Cr in fair value gains, up 848% YoY, contributing 76% of total revenue.
  • PAT hit ₹66.17 Cr for FY26, the highest ever, with Q4 FY26 alone contributing ₹26.02 Cr.
  • Networth grew 58% YoY to ₹286.79 Cr, strengthening the balance sheet for future client acquisitions.
  • Proposed demerger of ITFSL from Femto/Realties received no adverse BSE/NSE observations; 1:1 ratio, NCLT filing in progress.
  • Dividend payout raised to 20% (interim + proposed final), the highest in company history.
What to Watch
  • Fees and commission income grew only 5.73% YoY to ₹10.70 Cr, indicating stagnant core broking activity.
  • Total expenses rose 24.96% YoY to ₹21.03 Cr, with employee benefits up 23.6% and other expenses up 47.1%.
  • Q4 FY26 PBT margin of 81.62% is impressive but compares against a loss-making quarter (Q4 FY25 margin -39.89%), making the growth less remarkable.
  • Femto Green Hydrogen remains pre-commercial; no revenue from the tech subsidiary yet, and deployment pilot timelines stretch to 12-24 months.
  • Reliance on fair value changes (non-repeatable in nature) for the bulk of profits raises sustainability questions.
Investor Lens
The thesis that Indo Thai can compound shareholder wealth via its treasury desk is validated by FY26 numbers, but the heavy dependence on fair value gains (76% of revenue) remains a risk — these are volatile and depend on market conditions. Core broking growth is anemic, and expenses are rising faster than fee income. The proposed demerger is a critical catalyst: separating the financial services engine (ITFSL) from clean-tech and real estate could unlock valuation, as Femto would attract tech/green investors at higher multiples. Key near-term watchpoints: progress of Femto fleet deployments and TUV certification, completion of NCLT approval for the demerger, and core broking revenue acceleration in FY27. Without organic broking growth, the stock's current valuation may be unsustainable if treasury returns normalize.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue up 50% YoY but drops 45% QoQ; PAT up 22% YoY.
Revenue
Revenue came in at ₹21.0 Cr, growing 50% year-on-year but declining 44.7% sequentially from ₹38.0 Cr in Mar 2026. The sharp sequential drop suggests significant quarter-to-quarter volatility.
Profitability
Net profit rose 22.2% YoY to ₹11.0 Cr, yet fell 57.7% QoQ. EPS improved to ₹0.85 from ₹0.72 last year. PAT margin was 52.4% (11/21) versus 65.6% in Jun 2025.
Margins
Operating profit margin (OPM) stood at 77%, up from 72% a year ago but down from 85% in the preceding quarter. The YoY expansion is positive, but the QoQ contraction warrants attention.
Cash Flow
No data provided.
Balance Sheet
No data provided except for a low debt-to-equity ratio of 0.09, indicating minimal leverage.
Key Risks
The 45% QoQ revenue decline highlights top-line volatility. High PE of 41.5x leaves little room for error. OPM dropped sequentially from 85% to 77%, signaling potential margin pressure.
Outlook
Strong YoY growth is encouraging, but the sharp QoQ dip suggests lumpy business. Investors should monitor whether growth can stabilize or if the decline is seasonal.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q4FY26 Trend
Equities, broking and other related activities
38
EBIT 33
Manufacturing(Environmental Technology) Activities
0
EBIT 0
Real Estate Activities
0
EBIT 0
Total 38

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

📊 Analysis Methodology

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