Indo Thai Securities Limited (INDOTHAI) AI Stock Analysis

• Market Cap: ₹30.02B
• Dividend Yield: 0.03%
• Average Volume (3M): 217.28K
• Price to Earnings (P/E): 78.5
• Beta (1Y): 0.08
• Revenue Growth: 27.84%
• EPS Growth: -84.51%
• Country: IN
• Employees: 57
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 1.39
• Shares Outstanding: 124,923,190
• 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): 13.59
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: ₹242.00 ▼(-14.06% Downside)

The score is held back most by weak technicals (bearish trend with negative MACD) and expensive valuation (very high P/E). Financial performance is mixed: strong revenue growth and a low-leverage balance sheet are positives, but volatile profitability and inconsistent operating/free cash flow reduce overall quality.

Positive Factors

Revenue Growth and Margin Improvement

Sustained multi-year revenue expansion and improving gross margins indicate the business is scaling fee-based activities and improving cost control. This structural growth enhances long-term earnings capacity and resilience to cyclical dips over a 2–6 month horizon.

Low Leverage / Strong Equity Base

A solid equity base and low debt-to-equity provide financial flexibility to absorb market stress, underwrite client financing, or fund strategic investments without immediate refinancing pressure, reducing insolvency risk over the medium term.

Fee-Based Brokerage Revenue Model

A commission and fee-driven business model creates recurring revenue tied to transaction volumes. When managed well, this generates steady cash inflows and scalable margins as fixed costs are leveraged, supporting predictable core profitability over months.

Negative Factors

Inconsistent Operating and Free Cash Flow

Recurring negative or volatile operating and free cash flow undermines the firm's ability to self-fund growth, pay dividends, or build reserves. Dependence on external financing raises refinancing and liquidity risk over the medium term.

Volatile Profitability

Irregular EBIT and net income reduce earnings predictability and complicate capital allocation. Persistent profit swings can force defensive cost cuts or curtail investment, weakening competitive positioning and strategic execution over months.

Fluctuating Cash Balances and Asset Volatility

Large swings in cash and total assets point to operational or funding volatility—heightening counterparty, margin, and liquidity strains. Such instability can erode creditor confidence and constrain growth initiatives in the near to medium term.

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

Strong multi-year revenue growth and improving gross margin support the score, but EBIT/net income volatility and inconsistent, often negative operating/free cash flow point to weaker earnings quality and liquidity stability.

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	359.77M	149.16M	239.68M	55.82M	50.55M	129.73M
Gross Profit	284.01M	59.03M	171.82M	1.36M	4.87M	100.02M
EBITDA	292.19M	117.27M	208.09M	-82.32M	125.52M	177.20M
Net Income	217.12M	82.45M	159.80M	-64.84M	99.28M	101.63M
Balance Sheet
Total Assets	2.84B	2.28B	1.22B	1.07B	1.09B	786.10M
Cash, Cash Equivalents and Short-Term Investments	1.41B	1.20B	288.21M	677.89M	362.80M	294.65M
Total Debt	31.22M	32.03M	57.45M	31.13M	14.77M	2.27M
Total Liabilities	657.61M	468.59M	464.66M	458.93M	445.00M	232.79M
Stockholders Equity	2.17B	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: Negative
• Last Price: 281.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOTHAI, the sentiment is Negative. The current price of 281.6 is above the 20-day moving average (MA) of 255.29, below the 50-day MA of 328.88, and above the 200-day MA of 257.23, indicating a bearish trend. The MACD of -20.94 indicates Negative momentum. The RSI at 26.39 is Positive, neither overbought nor oversold. The STOCH value of 15.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹18.96B	20.19	―	1.88%	-11.33%	-40.39%
SMCGLOBAL	70 Outperform	₹16.13B	16.50	―	0.70%	-5.03%	-54.73%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CSLFINANCE	66 Neutral	₹6.29B	7.61	―	0.93%	17.32%	13.66%
BIRLAMONEY	63 Neutral	₹7.06B	14.39	―	―	-6.37%	-24.10%
INDOTHAI	51 Neutral	₹30.02B	78.50	―	0.03%	27.84%	-84.51%

Indo Thai Securities Limited Corporate Events

Indo Thai Securities Converts Warrants Into 200,000 Equity Shares After Stock Split

Indo Thai Securities Limited has approved the conversion of 20,000 equity convertible warrants into 200,000 equity shares of face value Re 1 each, following a prior stock split from Rs 10 to Re 1 per share and receipt of the remaining 75% of the issue price from a single warrant holder. The Preferential Allotment Committee has allotted these 200,000 shares on a pari-passu basis with existing equity, increasing non-promoter investor Ashu Bishnoi’s holding to 200,000 shares, and further reinforcing the company’s equity base in line with shareholder approvals and stock exchange clearances, with modest dilution to existing shareholders.

Indo Thai Securities Converts Warrants into 200,000 Equity Shares After Stock Split

Indo Thai Securities Limited has approved the conversion of 20,000 equity convertible warrants into 200,000 equity shares of face value Re 1 each, following a prior stock split that reduced the face value from Rs 10 to Re 1 per share. The shares, allotted at an effective price of Rs 37.5 per share upon receipt of the remaining 75% of the issue price from a non-promoter investor, Ashu Bishnoi, are pari passu with existing equity and marginally expand the company’s equity base and non-promoter shareholding, reflecting continued investor interest following shareholder and exchange approvals for the preferential issue.

Indo Thai Securities Confirms Full Demat Shareholding and SEBI Compliance for Q3 FY2025-26

Indo Thai Securities Limited has reported that, for the quarter ended 31 December 2025, it remains fully compliant with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. According to a certificate from its registrar and transfer agent, Bigshare Services Pvt. Ltd., all of the company’s shares are held in dematerialised form and no requests for rematerialisation were received during the period, underscoring the company’s alignment with regulatory norms and the ongoing demat-based structure of its shareholding.