Indo Thai Securities Limited (INDOTHAI) AI Stock Analysis

• Market Cap: ₹46.52B
• Dividend Yield: 0.03%
• Average Volume (3M): 217.28K
• Price to Earnings (P/E): 143.5
• Beta (1Y): -0.17
• Revenue Growth: 27.84%
• EPS Growth: -76.66%
• Country: IN
• Employees: 57
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 1.20
• Shares Outstanding: 121,600,190
• 10 Day Avg. Volume: 251,674
• 30 Day Avg. Volume: 217,279
• PEG Ratio: 0.06
• Price to Book (P/B): 1.13
• Price to Sales (P/S): 8.71
• P/FCF Ratio: -13.51
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹438.00 ▲(15.20% Upside)

Indo Thai Securities Limited's stock score is primarily influenced by its strong financial performance, despite cash flow volatility. Technical analysis indicates strong momentum but warns of potential overbought conditions. The high P/E ratio suggests overvaluation, which negatively impacts the overall 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 multiple key streams. Primarily, the company earns commissions from brokerage fees charged on buying and selling securities for its clients. Additionally, it provides advisory services for which it charges fees, further contributing to its income. The firm may also derive revenue from asset management services, where it manages investment portfolios for clients in exchange for management fees. Strategic partnerships with financial institutions and technology providers enhance its service offerings and operational efficiency, allowing INDOTHAI to capture a larger market share and increase its earnings. Furthermore, the company may earn interest income from margin financing provided to clients, thereby diversifying its revenue sources.

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 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	99.57M	232.68M	88.20M	55.82M	176.22M	129.73M
Gross Profit	86.64M	178.88M	20.34M	12.61M	4.87M	100.02M
EBITDA	157.90M	109.75M	208.09M	-81.05M	128.25M	178.51M
Net Income	115.30M	82.46M	159.27M	-64.84M	99.28M	101.63M
Balance Sheet
Total Assets	0.00	2.28B	1.22B	1.07B	1.09B	786.10M
Cash, Cash Equivalents and Short-Term Investments	0.00	1.20B	288.21M	677.89M	362.80M	294.65M
Total Debt	0.00	32.03M	57.45M	31.13M	14.77M	2.27M
Total Liabilities	-1.81B	468.59M	464.66M	458.93M	445.00M	232.79M
Stockholders Equity	1.81B	1.79B	729.89M	585.42M	642.56M	553.31M
Cash Flow
Free Cash Flow	0.00	-149.99M	-49.29M	9.41M	33.92M	32.46M
Operating Cash Flow	0.00	-145.98M	-27.46M	13.49M	48.78M	43.64M
Investing Cash Flow	0.00	-836.25M	34.25M	-15.75M	-85.26M	37.67M
Financing Cash Flow	0.00	963.20M	1.53M	4.01M	-6.04M	-71.08M

Indo Thai Securities Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 380.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOTHAI, the sentiment is Neutral. The current price of 380.2 is below the 20-day moving average (MA) of 401.28, above the 50-day MA of 290.67, and above the 200-day MA of 214.31, indicating a neutral trend. The MACD of 23.77 indicates Positive momentum. The RSI at 55.96 is Neutral, neither overbought nor oversold. The STOCH value of 50.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	73 Outperform	₹20.23B	17.18	―	2.08%	-11.33%	-40.39%
BIRLAMONEY	72 Outperform	₹9.07B	16.01	―	―	-6.37%	-24.10%
SMCGLOBAL	69 Neutral	₹14.04B	14.36	―	1.81%	-5.03%	-54.73%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CSLFINANCE	64 Neutral	₹6.07B	7.99	―	1.15%	21.83%	7.57%
INDOTHAI	55 Neutral	₹46.52B	143.48	―	0.03%	27.84%	-76.66%

Indo Thai Securities Limited Corporate Events

Indo Thai Securities Conducts 31st AGM Virtually

Indo Thai Securities Limited held its 31st Annual General Meeting on September 27, 2025, conducted through video conferencing in compliance with regulatory guidelines. The meeting, chaired by Mr. Parasmal Doshi, involved discussions on various business matters, with key company officials and auditors in attendance, reflecting the company’s commitment to transparency and stakeholder engagement.

Indo Thai Securities Appoints New Secretarial Auditor and Alters Memorandum

Indo Thai Securities Limited has announced the appointment of Mr. Kaushal Ameta as the Secretarial Auditor effective from September 27, 2025. This appointment, approved by the shareholders, will see M/s Kaushal Ameta & Co. serve as the Secretarial Auditor for a term of five years, from the financial year 2025-2026 to 2029-2030. Additionally, the company has made alterations to the ‘Object Clause’ of its Memorandum of Association. These changes are part of the company’s compliance with the Companies Act, 2013, and SEBI regulations, potentially impacting its governance and operational transparency.

Indo Thai Securities Announces Governance Enhancements

Indo Thai Securities Limited has announced amendments to its Articles of Association and Memorandum of Association, approved by shareholders at a recent meeting. The company has appointed M/s Kaushal Ameta & Co. as its Secretarial Auditor for a five-year term, aiming to enhance compliance with regulatory requirements. These changes are expected to strengthen the company’s governance framework and align its operations with industry standards, potentially impacting its market positioning and stakeholder relations positively.

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.