Indo Thai Securities Limited (INDOTHAI) AI Stock Analysis

• Market Cap: ₹30.64B
• Dividend Yield: 0.04%
• Average Volume (3M): 122.47K
• Price to Earnings (P/E): 42.4
• Beta (1Y): -0.28
• Revenue Growth: -8.74%
• EPS Growth: -60.68%
• Country: IN
• Employees: 57
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.72
• Shares Outstanding: 118,590,190
• 10 Day Avg. Volume: 218,939
• 30 Day Avg. Volume: 122,468
• 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: ₹191.00
• Price Target Upside: -26.07% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 56 Neutral
• Price Target: ₹191.00 ▼(-26.07% Downside)

Indo Thai Securities Limited's overall stock score is primarily influenced by its strong financial performance, characterized by revenue growth and a solid balance sheet. However, technical indicators suggest bearish momentum, and the stock's high P/E ratio implies it may be overvalued. The lack of earnings call data and corporate events means these factors did not influence the score.

Indo Thai Securities Limited Business Overview & Revenue Model

Company Description

Indo Thai Securities Ltd. engages in the stock and share broking, depository participants, real estate, and other related ancillary businesses in India. It trades in equities and derivatives, commodities derivatives, and currency derivatives; and provides online futures trading services. The company also offers depository services; initial public offerings; life, health, motor/vehicle, fire, marine, travel, and indemnity insurance products; and mutual funds. In addition, it provides algo trading and portfolio management services, non-convertible debentures, bonds, fixed deposits, and wealth management, as well as co-working spaces. Further, the company is involved in the real estate and consultancy business, as well as operates a trading platform, and mobile and desktop applications under the Winstock name. It is also developing a de-carbonization technique to aid the eradication and reduction of global warming caused due to various means of surface transport. The company serves corporate clients, high net worth individuals, and retail investors. Indo Thai Securities Ltd. was incorporated in 1995 and is headquartered in Indore, India.

How the Company Makes Money

Indo Thai Securities Limited generates revenue through various streams related to its core operations in the financial services industry. A significant portion of its income comes from brokerage fees charged on transactions executed on behalf of its clients in the stock market. Additionally, it earns depository fees for maintaining and managing clients' securities and providing custodial services. The company also derives revenue from advisory services by offering investment recommendations and wealth management solutions, for which it charges consultancy fees. Furthermore, Indo Thai Securities may engage in proprietary trading, leveraging its expertise in financial markets to generate additional income. Strategic partnerships with financial institutions and technology providers enhance its service offerings, contributing to client acquisition and retention, thereby supporting its revenue model.

Indo Thai Securities Limited Financial Statement Overview

Summary

Indo Thai Securities Limited has shown commendable revenue growth with improving profit margins. The balance sheet is robust with low leverage, though fluctuations in cash flow and asset levels suggest underlying volatility. The company should focus on stabilizing cash flows to ensure sustainable growth and liquidity.

Income Statement

The company has demonstrated strong revenue growth, increasing from INR 43.4 million in 2020 to INR 271.9 million in 2025. The gross profit margin has improved significantly, indicating better cost management. EBIT and net income have shown volatility, with negative EBIT in some years, but the latest figures depict a recovery with positive net income and margins.

Balance Sheet

The company maintains a solid equity base, with a high equity ratio indicating financial stability. The debt-to-equity ratio is low, suggesting a conservative approach to leveraging. However, there has been significant fluctuation in cash balances and total assets over the years, which might indicate potential volatility in financial stability.

Cash Flow

Cash flow from operations has been inconsistent, with negative figures in recent years. Free cash flow has been negative as well, signaling potential liquidity challenges. However, a strong financing cash flow suggests external funding is being effectively utilized to support operations.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2022	Dec 2022	Dec 2020
Income Statement
Total Revenue	285.60M	271.88M	88.20M	150.37M	75.59M	43.45M
Gross Profit	133.81M	210.54M	20.34M	104.69M	12.61M	14.54M
EBITDA	174.79M	109.75M	211.98M	128.25M	-81.05M	-115.59M
Net Income	129.32M	82.46M	159.27M	99.28M	-70.97M	-108.46M
Balance Sheet
Total Assets	0.00	2.28B	1.22B	1.09B	1.07B	704.15M
Cash, Cash Equivalents and Short-Term Investments	0.00	1.20B	27.94M	362.80M	677.89M	160.68M
Total Debt	0.00	32.03M	57.45M	14.77M	31.13M	69.40M
Total Liabilities	-943.66M	468.59M	464.66M	445.00M	458.93M	253.87M
Stockholders Equity	943.66M	1.79B	729.89M	642.56M	585.42M	450.29M
Cash Flow
Free Cash Flow	0.00	-149.99M	-49.29M	33.92M	9.41M	122.39M
Operating Cash Flow	0.00	-145.98M	-27.46M	48.78M	13.49M	131.34M
Investing Cash Flow	0.00	-836.25M	34.25M	-85.26M	-15.75M	-140.85M
Financing Cash Flow	0.00	963.20M	1.53M	-6.04M	4.01M	-17.60M

Indo Thai Securities Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 258.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOTHAI, the sentiment is Positive. The current price of 258.35 is above the 20-day moving average (MA) of 195.04, above the 50-day MA of 186.73, and above the 200-day MA of 181.55, indicating a bullish trend. The MACD of 18.79 indicates Negative momentum. The RSI at 82.99 is Negative, neither overbought nor oversold. The STOCH value of 97.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:INDOTHAI.

Indo Thai Securities Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GEOJITFSL	74 Outperform	₹22.07B	14.30	14.46%	1.90%	4.68%	-12.79%
BIRLAMONEY	72 Outperform	₹9.69B	13.23	31.42%	―	4.68%	22.23%
SMCGLOBAL	71 Outperform	₹14.58B	11.91	11.97%	1.72%	-1.20%	-41.78%
CSLFINANCE	64 Neutral	₹6.37B	8.39	13.31%	1.07%	21.83%	7.57%
INDOTHAI	56 Neutral	₹30.64B	42.41	―	0.04%	-8.74%	-60.68%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Indo Thai Securities Limited Corporate Events

Indo Thai Securities Releases Q2 2025 Monitoring Report on Preferential Issue

Indo Thai Securities Limited has released a Monitoring Agency Report for the quarter ending June 30, 2025, detailing the utilization of proceeds from a preferential issue amounting to Rs. 118.20 crore. This report, prepared by CARE Ratings Limited, is in compliance with SEBI regulations and highlights the company’s financial activities related to equity shares and warrants issued to non-promoter groups. The report’s findings are crucial for stakeholders to understand the company’s financial positioning and strategic capital allocation.