Indbank Merchant Banking Services Limited (IN:INDBANK)
:INDBANK
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Indbank Merchant Banking Services Limited
(INDBANK)
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Rating:71Outperform
Price Target:
₹37.00
▼(-11.48% Downside)
Action:ReiteratedDate:01/07/26
The score is primarily supported by strong financial performance (profitable growth and a low-leverage balance sheet). Technicals are constructive with the stock above key moving averages, but elevated RSI increases near-term pullback risk. Valuation is a headwind due to the relatively high P/E and lack of dividend yield data.
Positive Factors
Low leverage / strong balance sheet
A very low debt-to-equity ratio and solid equity base enhance financial stability and reduce refinancing risk. This durability supports the firm through market cycles, enables flexible capital allocation for advisory deals, and preserves credit optionality over the next several months.
Negative Factors
Negative recent free cash flow
A recent negative free cash flow reading highlights capital timing or investment inefficiencies. If persistent, this could constrain funding for origination costs or technology, pressure liquidity cushions, and force reliance on equity or short-term funding within a 2-6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A very low debt-to-equity ratio and solid equity base enhance financial stability and reduce refinancing risk. This durability supports the firm through market cycles, enables flexible capital allocation for advisory deals, and preserves credit optionality over the next several months.
Read all positive factors
Indbank Merchant Banking Services Limited (INDBANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.48B
Dividend YieldN/A
Average Volume (3M)28.40K
Price to Earnings (P/E)20.1
Beta (1Y)1.18
Revenue Growth-18.35%
EPS Growth-43.75%
CountryIN
Employees92
SectorServices
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.43
Shares Outstanding44,378,200
10 Day Avg. Volume71,528
30 Day Avg. Volume28,403
Financial Highlights & Ratios
PEG Ratio-2.58
Price to Book (P/B)1.41
Price to Sales (P/S)6.17
P/FCF Ratio-742.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Indbank Merchant Banking Services Limited Business Overview & Revenue Model
Company Description
Indbank Merchant Banking Services Limited provides merchant banking, stock broking, depository participant, and allied services in India. The company offers merchant banking services for public issues, rights issues, private placement, acquisition...
How the Company Makes Money
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Indbank Merchant Banking Services Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 183.64M | 209.53M | 195.66M | 159.06M | 176.31M | 120.12M |
| Gross Profit | 108.73M | 106.94M | 100.03M | 81.11M | 107.44M | 64.19M |
| EBITDA | 93.39M | 121.89M | 121.03M | 63.45M | 102.84M | 65.69M |
| Net Income | 63.06M | 84.63M | 89.99M | 35.02M | 69.64M | 40.59M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.18B | 1.06B | 973.82M | 946.95M | 841.86M |
| Cash, Cash Equivalents and Short-Term Investments | 841.88M | 818.68M | 629.83M | 333.75M | 162.01M | 217.70M |
| Total Debt | 30.56M | 124.00K | 0.00 | 27.85M | 0.00 | 0.00 |
| Total Liabilities | 212.35M | 264.38M | 229.70M | 228.77M | 235.63M | 199.05M |
| Stockholders Equity | 955.56M | 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 | 5.55M | 81.43M |
| 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
Positive
41.80
Price Trends
33.83
Negative
34.95
Negative
35.17
Negative
Market Momentum
-0.22
Negative
55.66
Neutral
46.03
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 41.8 is above the 20-day moving average (MA) of 31.44, above the 50-day MA of 33.83, and above the 200-day MA of 35.17, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 55.66 is Neutral, neither overbought nor oversold. The STOCH value of 46.03 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹1.46B | 10.11 | ― | 0.31% | -57.76% | -68.83% | |
71 Outperform | ₹1.48B | 20.15 | ― | ― | -18.35% | -43.75% | |
66 Neutral | ₹126.77B | 11.48 | ― | 2.93% | -10.92% | 152.70% | |
60 Neutral | ₹5.65B | 42.74 | ― | 0.56% | -19.22% | -65.09% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
55 Neutral | ₹109.30B | 9.45 | ― | 1.37% | -19.77% | -11.03% |
* Services Sector Average
IN:INDBANK
Indbank Merchant Banking Services Limited
33.37
3.47
11.61%
IN:EDELWEISS
Edelweiss Financial Services Limited
115.47
35.10
43.67%
IN:EMKAY
Emkay Global Financial Services Limited
215.55
13.50
6.68%
IN:IIFLCAPS
IIFL Capital Services Ltd
282.55
69.98
32.92%
IN:JMFINANCIL
JM Financial Limited
132.55
37.70
39.75%
IN:KEYFINSERV
Keynote Financial Services Limited
262.45
-187.88
-41.72%
Indbank Merchant Banking Services Limited Corporate Events
Indbank Publishes Q3 FY2025 Unaudited Results in Leading Dailies
Jan 19, 2026
Indbank Merchant Banking Services Limited has announced that it published its unaudited financial results for the quarter ended 31 December 2025 in leading English and Tamil newspapers, in compliance with stock exchange disclosure requirements. Th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.