INDBANKFinancial Services

Indbank Merchant Banking Services Limited

Stockbroking & Allied · ISIN INE841B01017 · BSE 511473 · NSE EQ · FV ₹10
Last price
₹25
+0.70%today
What this company does

Indbank Merchant Banking Services Limited operates in Stockbroking & Allied, part of the Financial Services sector. It booked ₹6 cr of revenue in its latest quarter (Q2 FY27) and kept 25.4% of sales as profit.

In the report:
51out of 100
Equitytale Health Score
Mixed

Healthier than 51% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 102–253 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
45

At close. Not part of the score.

Profitability & returns42

How much profit it earns on the money it employs

Cash quality48

Whether reported profit actually arrives as cash

Growth & consistency63

Whether sales and profit have grown, and how steadily

Valuation20

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: balance sheet. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Strong 25% net margin
✓ Promoters hold 65%
✓ No promoter shares pledged
✓ Virtually debt-free
Watch-outs
! Profit down 13% vs last year
! Low 6.3% return on equity
! Operating cash flow is negative

What if I invest in INDBANK?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹25▲ +0.70%
latest close · 2026-11-04
1-year return
-8.4%
52-wk low ₹1852-wk high ₹34
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio17.1Average
LowAverageHigh
P/B ratio1.06Moderate
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity6.3%Weak
WeakFairStrong ▸15%
Net margin25.4%Strong
ThinDecentStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.02Comfortable
LowModerateHigh ▸1
More figures
Market cap
₹109 cr
Book value
₹23
EPS
₹0.36
latest quarter
Net debt
—
Enterprise value
—
EBITDA
—
EBIT
—
Operating margin
—
Return on assets
5.0%
Earnings yield
5.85%
P/S
4.30
Sales / share
₹5.7
Tax rate
27.4%
Face value
₹10
Shares
4.4 cr
Working capital
—
Current assets
—
Current liabilities
—
Delivery %
66.4%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹13 vs market price ₹25 — price is 90% above it
Safety cushion-89.7%(target ≥ +20%)
Models span ₹12–₹14, midpoint ₹13
Model ₹13
Price ₹25
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹6 cr
Other Income₹4.3 L
Total Income₹6 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹3 cr
Finance Costs₹2.5 L
Depreciation & Amortisation₹7 L
Other Expenses₹1 cr
Total Expenses₹4 cr
Profit before Tax₹2 cr
Tax Expense₹60.9 L
Net Profit₹2 cr
Net margin on total income25.2%
Where the money goes · Q2 FY27
% of total income
Employee benefit expense₹3 cr39.2%
Finance costs₹2.5 L0.4%
Depreciation & amortisation₹7 L1.1%
Other expenses₹2 cr24.6%
Tax expense₹60.9 L9.5%
Profit for the period₹2 cr25.2%
Total income ₹6 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue6 cr7 cr6 cr
Total income6 cr7 cr6 cr
Expenses4 cr4 cr4 cr
Profit before tax2 cr3 cr2 cr
Tax66.7 L70.8 L60.9 L
Net profit (owners' share)1 cr2 cr2 cr
Net margin (owners' share, on revenue)20.6%34.4%25.4%
EPS (₹)0.270.540.36
YoY (latest quarter): total income +1.8% · net profit -13.0%
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹128 cr
Shareholder equity
₹103 cr
parent shareholders
Total debt
₹2 cr
Cash
₹72 L
Cash flow · H1 FY27
Operating
₹-2 cr
Investing
₹1.6 L
Financing
₹-3.5 L
Peer comparison
Stockbroking & Allied · by market value
CompanyPriceMarket capP/E
Billionbrains Garage Ventures Limited₹206₹1.29 L cr44.0
Motilal Oswal Financial Services Limited₹1,010₹60,901 cr14.1
360 ONE WAM LIMITED₹1,065₹43,441 cr36.1
Nuvama Wealth Management Limited₹1,866₹34,067 cr27.8
Angel One Limited₹310₹28,389 cr21.1
IIFL Capital Services Limited₹348₹10,973 cr21.4
Share India Securities Limited₹184₹4,030 cr8.1
Anand Rathi Share and Stock Brokers Limited₹481₹3,032 cr18.1
Monarch Networth Capital Limited₹346₹2,742 cr12.1
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-09-30
No pledge
Promoter
64.8%
FII / Foreign
—
DII / Domestic
0.1%
Retail / others
35.1%
Smart-money activity
Bulk / block deals
BoughtNEO APEX VENTURE LLP · NSE2.56 L @ ₹39.346 Oct 25
SoldNEO APEX VENTURE LLP · NSE2.56 L @ ₹39.586 Oct 25
BoughtSINGHAL SECURITIES PRIVATE LIMITED · NSE4.26 L @ ₹5726 Jul 24
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 24 Sep 2026
See the official result
1
1. To consider and adopt the audited financial statements of the Company for the financial year ended 31st March, 2026, together with the reports of the board of directors and auditors thereon
Backed by 99% of shareholders other than promotersneeded 50%
18,145 votes for, 231 against
2
2. To appoint a director in place of Shri Sunil Jain (DIN: 09665264), Nominee Director, who retires by rotation, and being eligible, offers himself for re-appointment- Ordinary Resolution
Backed by 98% of shareholders other than promotersneeded 50%
18,060 votes for, 316 against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.