INDBANKFinancial Services

Indbank Merchant Banking Services Limited

Stockbroking & Allied · ISIN INE841B01017 · BSE 511473 · NSE EQ · FV ₹10
Last price
₹26
-0.08%today
What this company does

Indbank Merchant Banking Services Limited operates in Stockbroking & Allied, part of the Financial Services sector. It booked ₹7 cr of revenue in its latest quarter (Q1 FY27) and kept 34.4% of sales as profit.

In the report:
54out of 100
Equitytale Health Score
Mixed

Healthier than 54% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 95–250 companies that reported it.

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

Price momentum
oversold
RSI (14)
21

At close. Not part of the score.

Profitability & returns53

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

Valuation16

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 34% net margin
Profit up 11% vs last year
Promoters hold 65%
No promoter shares pledged
Virtually debt-free
Watch-outs
! 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 We do not publish price targets or predict returns.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
₹26 -0.08%
latest close · 2026-09-17
1-year return
+11.3%
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 ratio11.9Low
LowAverageHigh
P/B ratio1.15Moderate
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity9.6%Fair
WeakFairStrong ▸15%
Net margin34.4%Strong
ThinDecentStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
More figures
Market cap
₹114 cr
Book value
₹22
EPS
₹0.54
latest quarter
Net debt
Enterprise value
EBITDA
EBIT
Operating margin
Return on assets
7.7%
Earnings yield
8.42%
P/S
4.12
Sales / share
₹6.2
Tax rate
23.0%
Face value
₹10
Shares
4.4 cr
Working capital
Current assets
Current liabilities
Delivery %
67.0%
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 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹13 vs market price ₹26 — price is 97% above it
Safety cushion-97.1%(target ≥ +20%)
Models span ₹11₹15, midpoint ₹13
Model ₹13
Price ₹26
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 · Q1 FY27 (consolidated)
Revenue from Operations₹7 cr
Other Income₹0.13 L
Total Income₹7 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹2 cr
Finance Costs₹1 L
Depreciation & Amortisation₹6.6 L
Other Expenses₹97.9 L
Total Expenses₹4 cr
Profit before Tax₹3 cr
Tax Expense₹70.8 L
Net Profit₹2 cr
Net margin on total income34.4%
Where the money goes · Q1 FY27
% of total income
Employee benefit expense₹2 cr34.8%
Finance costs₹1 L0.1%
Depreciation & amortisation₹6.6 L0.9%
Other expenses₹1 cr19.5%
Tax expense₹70.8 L10.3%
Profit for the period₹2 cr34.4%
Total income ₹7 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue6 cr6 cr7 cr
Total income6 cr6 cr7 cr
Expenses4 cr4 cr4 cr
Profit before tax3 cr2 cr3 cr
Tax66.5 L66.7 L70.8 L
Net profit (owners' share)2 cr1 cr2 cr
Net margin (owners' share, on revenue)30.7%20.6%34.4%
EPS (₹)0.430.270.54
YoY (latest quarter): total income +3.2% · net profit +11.1%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹123 cr
Shareholder equity
₹99 cr
parent shareholders
Total debt
₹0 cr
Cash
₹1 cr
Cash flow · H1 FY26
Operating
₹-3 cr
Investing
₹-10.4 L
Financing
₹-16.3 L
Peer comparison
Stockbroking & Allied · by market value
CompanyPriceMarket capP/E
Billionbrains Garage Ventures Limited₹187₹1.17 L cr39.4
Motilal Oswal Financial Services Limited₹989₹59,534 cr11.7
360 ONE WAM LIMITED₹1,061₹43,163 cr32.6
Nuvama Wealth Management Limited₹1,687₹30,803 cr25.1
Angel One Limited₹295₹26,949 cr29.0
IIFL Capital Services Limited₹337₹10,562 cr14.2
Share India Securities Limited₹218₹4,780 cr9.6
Anand Rathi Share and Stock Brokers Limited₹501₹3,155 cr33.7
Monarch Networth Capital Limited₹368₹2,917 cr16.1
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-06-30
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 · 18 Sep 2025
See the official result
1
Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon.
Backed by 61% of shareholders other than promotersneeded 50%
6,556 votes for, 4,233 against
2
To appoint a director in place of Shri Ashutosh Choudhury (DIN:09245804), Nominee Director, who retires by rotation and being elgible, offers himself for re-appointment.
Backed by 61% of shareholders other than promotersneeded 50%
6,554 votes for, 4,235 against
3
To appoint M/S Shanmugam Rajendran & Associates LLP, Practising Company Secretaries as the Secretarial Auditor of the Company for the five consecutive financial years
Backed by 61% of shareholders other than promotersneeded 50%
6,556 votes for, 4,233 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.