Indbank Merchant Banking Services Limited (INDBANK) AI Stock Analysis

• Market Cap: ₹1.52B
• Dividend Yield: N/A
• Average Volume (3M): 8.21K
• Price to Earnings (P/E): 20.0
• Beta (1Y): 1.39
• Revenue Growth: -5.33%
• EPS Growth: -25.00%
• Country: IN
• Employees: 92
• Sector: Services
• Sector Strength: N/A
• Industry: Financial - Capital Markets
• EPS (TTM): 0.48
• Shares Outstanding: 44,378,200
• 10 Day Avg. Volume: 11,376
• 30 Day Avg. Volume: 8,211
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹39.00
• Price Target Upside: 11.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 71 Outperform
• Price Target: ₹39.00 ▲(11.52% Upside)

Indbank's strong financial performance, characterized by robust revenue growth and efficient profitability margins, is the primary driver of its stock score. The technical analysis suggests caution due to potential overbought conditions, while the valuation indicates fair pricing. The absence of earnings call data and corporate events does not affect the score.

Indbank Merchant Banking Services Limited Business Overview & Revenue Model

Company Description

Indbank Merchant Banking Services Limited (INDBANK) is a subsidiary of Indian Bank, providing a range of merchant banking and financial services. The company operates primarily in the financial services sector, offering products such as merchant banking, advisory services, stockbroking, and other capital market-related activities. INDBANK plays a crucial role in facilitating capital raising for corporate clients, providing investment solutions, and offering portfolio management services.

How the Company Makes Money

Indbank Merchant Banking Services Limited generates revenue through various streams associated with its financial services offerings. Key revenue sources include fees from merchant banking activities such as issue management, underwriting, and advisory services for mergers and acquisitions. The company also earns brokerage fees from stockbroking activities, where it acts as an intermediary for investors buying and selling securities. Additionally, INDBANK derives income from portfolio management services by charging clients for managing their investment portfolios. The company may also engage in partnerships with other financial institutions to expand its service offerings and enhance revenue potential.

Indbank Merchant Banking Services Limited Financial Statement Overview

Summary

Indbank showcases strong financial health with robust revenue growth, efficient profitability margins, and a solid balance sheet with minimal leverage. However, the negative free cash flow in recent periods highlights potential areas for improvement in cash management.

Income Statement

Indbank exhibited solid revenue growth with a notable increase in total revenue from previous years. The gross profit margin remained stable, while the net profit margin showed improvement due to effective cost management. The EBIT and EBITDA margins also reflected operational efficiency. Overall, the company demonstrated strong profitability trends.

Balance Sheet

The balance sheet is robust with a very low debt-to-equity ratio, indicating minimal leverage and strong equity position. The return on equity has been healthy, reflecting efficient utilization of shareholder funds. The equity ratio shows a solid equity base relative to total assets, enhancing financial stability.

Cash Flow

Cash flow performance showed some volatility with negative free cash flow in the most recent period, despite positive operating cash flow. The operating cash flow to net income ratio indicated good cash generation capability. However, the negative free cash flow trend raises concerns about capital management and investment efficiency.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	269.52M	266.54M	248.53M	193.68M	204.99M	149.67M
Gross Profit	204.52M	95.56M	149.07M	103.83M	107.12M	64.24M
EBITDA	120.90M	121.89M	124.19M	66.97M	104.71M	67.66M
Net Income	84.63M	84.63M	89.99M	35.02M	69.64M	40.59M
Balance Sheet
Total Assets	1.18B	1.18B	1.06B	973.82M	916.38M	841.86M
Cash, Cash Equivalents and Short-Term Investments	868.17M	868.17M	6.27M	733.36M	162.01M	362.07M
Total Debt	62.00K	62.00K	132.73M	27.85M	132.96M	188.96M
Total Liabilities	264.38M	264.38M	229.70M	228.77M	205.05M	199.05M
Stockholders Equity	916.52M	916.52M	833.69M	745.05M	711.32M	642.81M
Cash Flow
Free Cash Flow	0.00	-1.74M	-13.19M	-618.00K	127.08M	58.64M
Operating Cash Flow	0.00	755.00K	-11.57M	304.00K	133.77M	60.88M
Investing Cash Flow	0.00	5.62M	-1.75M	-10.29M	-9.76M	-84.36M
Financing Cash Flow	0.00	-1.22M	-713.00K	-8.89M	-15.04M	-15.11M

Indbank Merchant Banking Services Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 34.97
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDBANK, the sentiment is Positive. The current price of 34.97 is above the 20-day moving average (MA) of 32.92, above the 50-day MA of 33.83, and below the 200-day MA of 36.51, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 56.02 is Neutral, neither overbought nor oversold. The STOCH value of 71.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:INDBANK.

Indbank Merchant Banking Services Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDBANK	71 Outperform	₹1.52B	20.02		―	-5.33%	-25.00%
SECMARK	66 Neutral	₹1.43B	43.96		―	38.64%	643.92%
RKEC	62 Neutral	₹1.63B	9.17		―	3.61%	-19.51%
DHRUV	60 Neutral	₹1.20B	15.09		0.32%	14.93%	8.79%
Sector *	56 Neutral	$13.94B	13.72	10.03%	0.85%	7.13%	-12.93%
BRNL	52 Neutral	₹1.62B	1.03		―	-43.40%	―
IL&FSTRANS	―	₹1.05B	―		―	―	―