INDOTHAIFinancial Services

Indo Thai Securities Limited

Stockbroking & Allied · ISIN INE337M01021 · BSE 533676 · NSE EQ · FV ₹1
Last price
₹29
+4.35%today
What this company does

Indo Thai Securities Limited operates in Stockbroking & Allied, part of the Financial Services sector. It booked ₹8 cr of revenue in its latest quarter (Q2 FY27) and kept -474.1% of sales as profit.

In the report:
49out of 100
Equitytale Health Score
Mixed

Healthier than 49% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 129–253 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)
28

At close. Not part of the score.

Profitability & returns1

How much profit it earns on the money it employs · lowest in its sector on what we could measure

Cash quality41

Whether reported profit actually arrives as cash

Growth & consistency93

Whether sales and profit have grown, and how steadily

Valuation52

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
A mixed picture
Strengths
✓ Sales up 29% vs last year
✓ Promoters hold 55%
✓ No promoter shares pledged
✓ Virtually debt-free
Watch-outs
! Currently loss-making
! Thin -474.1% net margin
! Low -52.4% return on equity

What if I invest in INDOTHAI?

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 We do not publish price targets or predict returns.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
₹29▲ +4.35%
latest close · 2026-11-04
52-wk low ₹2874 sessions so far52-wk high ₹235
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/B ratio1.42Moderate
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity-52.4%Loss
WeakFairStrong ▸15%
Net margin-474.1%Loss
ThinDecentStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.01Comfortable
LowModerateHigh ▸1
More figures
Market cap
₹389 cr
Book value
₹21
EPS
₹-2.70
latest quarter
Net debt
—
Enterprise value
—
EBITDA
—
EBIT
—
Operating margin
—
Return on assets
-42.9%
Earnings yield
—
P/S
12.86
Sales / share
₹2.3
Tax rate
—
Face value
₹1
Shares
13.3 cr
Working capital
—
Current assets
—
Current liabilities
—
Delivery %
60.1%
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
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹13–₹25, midpoint ₹19

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₹8 cr
Other Income₹15.9 L
Total Income₹8 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹2 cr
Finance Costs₹45.1 L
Depreciation & Amortisation₹20.4 L
Other Expenses₹1 cr
Total Expenses₹51 cr
Profit before Tax₹-43 cr
Tax Expense₹-7 cr
Net Profit₹-36 cr
Net margin on total income-464.4%
Where the money goes · Q2 FY27
% of total spend
Employee benefit expense₹2 cr3.4%
Finance costs₹45.1 L0.9%
Depreciation & amortisation₹20.4 L0.4%
Other expenses₹49 cr95.3%
Total income ₹8 cr

The company made a net loss of ₹36 cr this quarter — income covered only ₹15 of every ₹100 it spent on costs and tax.

Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue38 cr21 cr8 cr
Total income38 cr21 cr8 cr
Expenses7 cr6 cr51 cr
Profit before tax31 cr15 cr-43 cr
Tax5 cr4 cr-7 cr
Net profit (owners' share)26 cr11 cr-36 cr
Net margin (owners' share, on revenue)68.3%53.7%-474.1%
EPS (₹)2.040.86-2.70
YoY (latest quarter): total income +30.2% · net profit —
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹334 cr
Shareholder equity
₹274 cr
parent shareholders
Total debt
₹4 cr
Cash
₹3 cr
Cash flow · H1 FY27
Operating
₹27 cr
Investing
₹-21 cr
Financing
₹-7 cr
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.
Corporate actions
Dividend yield
0.34%
trailing 12 months
Dividend / share (TTM)
₹0.1
Last dividend
₹0.1
ex 11 Sep 2026
ActionDetailEx-date
Dividend₹0.1 / share11 Sep 2026
Dividend₹0.1 / share8 Aug 2025
Stock splitStock Split From Rs.10/- to Rs.1/-18 Jul 2025
Dividend₹0.6 / share20 Sep 2024
Dividend₹1 / share13 Feb 2024
Dividend₹0.6 / share15 Sep 2023
Who owns it · 2026-09-30
No pledge
Promoter
54.8%
FII / Foreign
0.2%
DII / Domestic
0.1%
Retail / others
45.0%
Promoter stake down 10.5% over the last 12 quarters.
Smart-money activity
Insider trades
SoldSarthak Doshi · Promoter Group20,500 · ₹58.4 L30 Mar 26
BoughtSarthak Doshi · Promoter Group20,500 · ₹57.8 L25 Mar 26
BoughtGaurav Jain · Promoter Group29,400 · ₹14.0 L16 Mar 21
Bulk / block deals
BoughtSETU SECURITIES PVT LTD · NSE9.00 L @ ₹35.3217 Sep 26
SoldSETU SECURITIES PVT LTD · NSE42,982 @ ₹36.1917 Sep 26
SoldNEO APEX SHARE BROKING SERVICES LLP · NSE10.58 L @ ₹35.3617 Sep 26
Stake changes
BoughtDhanpal Doshi · promoter→ 9.85% · 60,00029 Sep 26
BoughtVarsha Doshi · promoter→ 14.74% · 50,0004 Dec 21
BoughtSarthak Doshi alongwith PAC · promoter→ 32.00% · 44,0004 Dec 21
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 · 19 Sep 2026
See the official result
1
Adoption of Financial Statements
Backed by 100% of shareholders other than promotersneeded 50%
56.18 L votes for, 11 against · 0% of mutual funds and other big investors said no
2
Declaration of Dividend
Backed by 100% of shareholders other than promotersneeded 50%
56.18 L votes for, 11 against · 0% of mutual funds and other big investors said no
3
Appointment of Mr. Rajendra Bandi, the Director Liable to Retire by Rotation
Backed by 100% of shareholders other than promotersneeded 50%
56.18 L votes for, 12 against · 0% of mutual funds and other big investors said no
4
Appointment of Vinod Singhal and Co. LLP as Statutory Auditor of the Company and fixing their Remuneration
Backed by 100% of shareholders other than promotersneeded 50%
56.17 L votes for, 1,140 against · 0% of mutual funds and other big investors said no

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.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 18 named members
owning 54.8% between them · as of 2026-09-30
VARSHA DOSHI11.12%
DHANPAL DOSHI9.61%
PARASMAL DOSHI8.78%
SADHANA DOSHI7.87%
NISHIT DOSHI4.49%
SARTHAK DOSHI4.44%
CITADEL REAL ESTATES PRIVATE LIMITED2.04%
DHANPAL DOSHI HUF1.97%
Business done with them
FY2026 · 12 of the group
The company paid ₹3 cr to companies in the promoter group last year — about 2.6% of its ₹104 cr revenue and received ₹3.3 L back from them.
Dhanpal Doshi
Contribution made to them · Brokerage, Remuneration, Received, Payable
also owns 9.61% of the company
₹72.6 L
company paid
Parasmal Doshi
Contribution made to them · Brokerage, Remuneration, Received, Payable
also owns 8.78% of the company
₹72.5 L
company paid
Nishit Doshi
Contribution made to them · Brokerage, Remuneration, Received, Payable
also owns 4.49% of the company
₹42 L
company paid
Sarthak Doshi
Contribution made to them · Brokerage, Remuneration, Received, Payable
also owns 4.44% of the company
₹42 L
company paid
Dhanpal Doshi
Other payments to them · Brokerage, Remuneration, Received, Payable
also owns 9.61% of the company
₹19.1 L
company paid
Parasmal Doshi
Other payments to them · Brokerage, Remuneration, Received, Payable
also owns 8.78% of the company
₹19.1 L
company paid
Sadhana Doshi
Contribution made to them · Brokerage, Remuneration, Received, Payable
also owns 7.87% of the company
₹1.6 L
company paid
Sadhana Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 7.87% of the company
₹0.82 L
company received
Dhanpal Doshi HUF
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 1.97% of the company
₹0.61 L
company received
Sarthak Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 4.44% of the company
₹0.53 L
company received
Varsha Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 11.12% of the company
₹0.48 L
company received
Parasmal Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 8.78% of the company
₹0.31 L
company received
Nivya Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 0.51% of the company
₹0.28 L
company received
Indo Thai Wealth Management Private Limited
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 1.02% of the company
₹0.15 L
company received
Nishit Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 4.49% of the company
₹0.03 L
company received
Dhanpal Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 9.61% of the company
₹0.02 L
company received
Paras Doshi HUF
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 1.20% of the company
₹0.02 L
company received
Vijaya Jain
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 0.30% of the company
₹0.01 L
company received
Chandra Shekhar Doshi
Other income from them · Brokerage, Remuneration, Received, Payable
also owns 0.09% of the company
₹0.01 L
company received

The company also transacted with 18 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹6 cr raised in Jul 2026 by selling shares to selected investors

The company has not broken this money down into purposes in its filing for Sep 2026, so there is nothing to measure it against yet. Care ratings Limited watches the spending on the exchange’s behalf.

₹6 cr raised in Jul 2026 by selling shares to selected investors

The company has not broken this money down into purposes in its filing for Sep 2026, so there is nothing to measure it against yet. Care ratings Limited watches the spending on the exchange’s behalf.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

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