Indbank Merchant Banking Services
Capital Markets
INDBANK NSE
₹24.63 +0.17 (+0.70%)
- P/E
- 15.39
Close 4 Nov 2026 ₹24.63 −14.41 −36.9% 1Y
Start ₹39.04
Key Fundamentals
MicrocapCapital MarketsFinancial ServicesPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- 10.30%
- Debt to Equity
- 0.02
- EPS (TTM)
- ₹1.60
- Book Value
- ₹23.17
- Market Cap
- —
- P/E (TTM)
- 15.39
- P/B
- 1.06
- ROE
- 7.34%
- Dividend Yield
- 0.00%
- EBITDA
- ₹10.10 Cr
- 52W High
- ₹42.00
- 52W Low
- ₹22.65
- Day Range
- ₹24.01 – ₹24.74
- Volume
- 10,859
Peer Comparison
Financial Services › Capital Markets › Stock Broking › Stockbroking & Allied
| ₹207.23 | 48.08 | ₹1,31,118 Cr | 11.23 | 0.00% | 28.80% | 37.30% | ₹5,724 Cr | ₹2,693 Cr | |
| ₹1,013.00 | 30.77 | ₹61,868 Cr | 3.93 | 0.59% | 15.50% | 12.70% | ₹10,063 Cr | ₹1,984 Cr | |
| ₹1,068.70 | 34.83 | ₹44,218 Cr | 3.67 | 1.27% | 14.40% | 12.10% | ₹4,664 Cr | ₹1,247 Cr | |
| ₹1,846.40 | 30.99 | ₹34,294 Cr | 8.31 | 0.75% | 27.40% | 17.50% | ₹4,884 Cr | ₹1,083 Cr | |
| ₹312.10 | 24.63 | ₹28,381 Cr | 4.28 | 0.77% | 15.60% | 14.80% | ₹5,651 Cr | ₹1,155 Cr | |
| ₹349.05 | 19.09 | ₹10,997 Cr | 3.18 | 0.86% | 16.20% | 21.10% | ₹2,434 Cr | ₹572 Cr | |
| ₹182.92 | 11.01 | ₹4,051 Cr | 1.38 | 0.49% | 13.00% | 18.40% | ₹1,577 Cr | ₹364 Cr | |
| Indbank Merchant Banking (this company) | ₹24.63 | 15.39 | ₹108 Cr | 1.06 | 0.00% | 7.34% | 10.30% | ₹25 Cr | ₹7 Cr |
| Median 8 companies | ₹330.58 | 27.70 | ₹31,337 Cr | 3.80 | 0.67% | 15.55% | 16.15% | ₹4,774 Cr | ₹1,119 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
57 Good
Data confidence 97/100
Category scores
- Quality
- 79
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 55
- Good
- Cheap vs sector & own history 24% weight
- Growth
- 49
- Average
- Sales & profit trajectory 9% weight
- Financial Health
- 73
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 18
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 50
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
2- Company is almost debt free.
- Stock is trading at 1.09 times its book value
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 10.8% over past five years.
- Company has a low return on equity of 9.08% over last 3 years.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 10 | 5 | 4 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 8 | 0 | 2 |
Oscillators
Neutral
Bearish
2
Neutral
5
Bullish
2
Overall
Strong Bearish
Bearish
10
Neutral
5
Bullish
4
Moving Averages
Strong Bearish
Bearish
8
Neutral
0
Bullish
2
Key readings
- RSI (14)
- 46.24
- Neutral
- MACD (12,26,9)
- −0.65
- Bullish
- SMA (50)
- 26.51
- Bearish
- SMA (200)
- 31.96
- Bearish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.
Revenue
| 10Y | +10.70% |
|---|---|
| 5Y | +10.85% |
| 3Y | +11.01% |
| 1Y | −6.10% |
| TTM | +6.23% |
Net profit
| 10Y | +9.94% |
|---|---|
| 5Y | +11.89% |
| 3Y | +26.71% |
| 1Y | −15.84% |
| TTM | +12.84% |
Operating cash flow
| 10Y | −7.23% |
|---|---|
| 5Y | −24.10% |
| 3Y | Turned positive |
| 1Y | Turned positive |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +3.18 pp |
|---|---|
| 5Y | +25.60 pp |
| 3Y | +9.13 pp |
| 1Y | −5.73 pp |
| TTM | +0.40 pp |
Revenue by year
| Mar 2017 | ₹10.54 Cr |
|---|---|
| Mar 2018 | ₹13.82 Cr |
| Mar 2019 | ₹10.39 Cr |
| Mar 2020 | ₹11.47 Cr |
| Mar 2021 | ₹14.91 Cr |
| Mar 2022 | ₹20.62 Cr |
| Mar 2023 | ₹18.24 Cr |
| Mar 2024 | ₹24.76 Cr |
| Mar 2025 | ₹26.57 Cr |
| Mar 2026 | ₹24.95 Cr |
Net profit by year
| Mar 2017 | ₹5.34 Cr |
|---|---|
| Mar 2018 | ₹2.22 Cr |
| Mar 2019 | ₹1.77 Cr |
| Mar 2020 | ₹2.09 Cr |
| Mar 2021 | ₹4.06 Cr |
| Mar 2022 | ₹6.96 Cr |
| Mar 2023 | ₹3.50 Cr |
| Mar 2024 | ₹9.00 Cr |
| Mar 2025 | ₹8.46 Cr |
| Mar 2026 | ₹7.12 Cr |
Quarterly Results
₹ Cr| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6.04 | 6.6 | 6.86 | 7.7 | 8.13 | 5.63 | 5.31 | 6.69 | 6.28 | 6.25 | 5.89 | 6.9 | 6.36 |
| Expenses | 2.73 | 3.24 | 3.54 | 3.86 | 3.62 | 3.6 | 3.65 | 3.78 | 3.63 | 3.59 | 4.06 | 3.74 | 4.08 |
| Operating Profit | 3.31 | 3.36 | 3.32 | 3.84 | 4.51 | 2.03 | 1.66 | 2.91 | 2.65 | 2.66 | 1.83 | 3.16 | 2.28 |
| OPM % | 54.8% | 50.91% | 48.4% | 49.87% | 55.47% | 36.06% | 31.26% | 43.5% | 42.2% | 42.56% | 31.07% | 45.8% | 35.85% |
| Other Income | 0.01 | 0.01 | 0 | 0.01 | 0 | 0.02 | 0 | 0 | 0.01 | 0 | 0.13 | 0 | 0.04 |
| Interest | 0.03 | 0 | 0.01 | 0.02 | 0.02 | 0.05 | 0.04 | 0.07 | 0.09 | 0.02 | 0.01 | 0.01 | 0.03 |
| Depreciation | 0.09 | 0.1 | 0.09 | 0.12 | 0.11 | 0.11 | 0.1 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 |
| PBT | 3.2 | 3.27 | 3.21 | 3.71 | 4.38 | 1.89 | 1.52 | 2.78 | 2.52 | 2.58 | 1.88 | 3.08 | 2.22 |
| Tax % | 24.38% | 21.71% | 39.95% | 23.18% | 24.66% | 38.1% | 25% | 23.02% | 26.29% | 25.97% | 35.64% | 23.05% | 27.48% |
| Net Profit | 2.42 | 2.56 | 2.5 | 2.85 | 3.3 | 1.17 | 1.14 | 2.14 | 1.86 | 1.92 | 1.21 | 2.38 | 1.61 |
| EPS (₹) | 0.55 | 0.58 | 0.56 | 0.64 | 0.74 | 0.26 | 0.26 | 0.48 | 0.42 | 0.43 | 0.27 | 0.54 | 0.36 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10.11 | 9.03 | 10.54 | 13.82 | 10.39 | 11.47 | 14.91 | 20.62 | 18.24 | 24.76 | 26.57 | 24.95 | 25.4 |
| Expenses | 5.85 | 5.77 | 10.13 | 8.65 | 8.95 | 12.48 | 12.87 | 14.17 | 12.74 | 13.8 | 14.61 | 15.15 | 15.47 |
| Operating Profit | 4.26 | 3.26 | 0.41 | 5.17 | 1.44 | −1.01 | 2.04 | 6.45 | 5.5 | 10.96 | 11.96 | 9.8 | 9.93 |
| OPM % | 42.14% | 36.1% | 3.89% | 37.41% | 13.86% | −8.81% | 13.68% | 31.28% | 30.15% | 44.26% | 45.01% | 39.28% | 39.09% |
| Other Income | 2.63 | 0.59 | 6.55 | 0.81 | 2.13 | 5.77 | 4.56 | 3.83 | 1.62 | 2.11 | 0.24 | 0.42 | 0.17 |
| Interest | 0.29 | 0.11 | 0.81 | 1.58 | 1.53 | 1.52 | 1.53 | 1.53 | 0.89 | 0.08 | 0.26 | 0.22 | 0.07 |
| Depreciation | 0.69 | 0.6 | 0.53 | 0.43 | 0.23 | 0.3 | 0.19 | 0.2 | 0.37 | 0.38 | 0.44 | 0.24 | 0.27 |
| PBT | 5.91 | 3.14 | 5.62 | 3.97 | 1.81 | 2.94 | 4.88 | 8.55 | 5.86 | 12.61 | 11.5 | 9.76 | 9.76 |
| Tax % | 15.4% | 12.1% | 5.16% | 44.08% | 2.76% | 28.91% | 17.01% | 18.6% | 40.1% | 28.63% | 26.43% | 27.05% | — |
| Net Profit | 4.99 | 2.76 | 5.34 | 2.22 | 1.77 | 2.09 | 4.06 | 6.96 | 3.5 | 9 | 8.46 | 7.12 | 7.12 |
| EPS (₹) | 1.12 | 0.62 | 1.2 | 0.5 | 0.4 | 0.47 | 0.91 | 1.57 | 0.79 | 2.03 | 1.91 | 1.6 | 1.6 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 | 44.38 |
| Reserves | 1.91 | 4.67 | 9.98 | 12.13 | 13.86 | 15.83 | 19.9 | 26.75 | 30.13 | 38.99 | 47.27 | 54.36 | 58.43 |
| Borrowings | 0 | 0 | 1.58 | 0.03 | 0 | 0 | 0 | 0 | 2.79 | 0 | 0.01 | 0 | 1.6 |
| Other Liabilities | 6.2 | 8.66 | 24.39 | 24.47 | 9.3 | 13.94 | 19.91 | 21.33 | 20.08 | 22.97 | 26.23 | 24.4 | 23.64 |
| Total Liabilities | 52.49 | 57.71 | 80.33 | 81.01 | 67.54 | 74.15 | 84.19 | 92.46 | 97.38 | 106 | 118 | 123 | 128 |
| Fixed Assets | 5.06 | 4.53 | 4.07 | 3.73 | 3.58 | 3.33 | 3.37 | 3.71 | 3.55 | 3.32 | 3.13 | 3.05 | 3.04 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.13 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3.47 | 3.04 | 2.1 | 1.24 | 0.45 | 0.19 | 0.8 | 1.3 | 1.37 | 2.44 | 1.83 | 3.02 | 3.21 |
| Other Assets | 43.96 | 50.14 | 74.16 | 76.04 | 63.51 | 70.63 | 80.02 | 87.32 | 92.46 | 101 | 113 | 117 | 122 |
| Total Assets | 52.49 | 57.71 | 80.33 | 81.01 | 67.54 | 74.15 | 84.19 | 92.46 | 97.38 | 106 | 118 | 123 | 128 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 0.84 | 4.34 | 5.55 | 4.65 | 4.95 | 14.92 | 8.14 | 0.55 | −5.3 | −1.16 | −0.07 | 2.05 |
| Investing | −4.31 | −4.56 | −6.47 | −2.94 | −3.41 | −10.32 | −8.44 | −0.98 | −1.03 | −0.17 | 0.56 | −1.44 |
| Financing | 0 | 0 | 0 | −0.8 | 0 | 0 | −1.51 | −1.51 | −0.89 | −0.07 | −0.12 | −0.19 |
| Net Cash Flow | −3.47 | −0.22 | −0.92 | 0.9 | 1.54 | 4.61 | −1.8 | −1.93 | −7.22 | −1.4 | 0.37 | 0.41 |
| Free Cash Flow | 0.4 | 4.27 | 5.47 | 4.56 | 4.87 | 14.88 | 7.94 | −0.12 | −5.39 | −1.3 | −0.32 | 1.88 |
| CFO/EBITDA | 20 | 133 | 1,354 | 123 | 350 | −1,528 | 405 | 30 | −81 | 11 | 29 | 42 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 235 | 300 | 319 | 211 | 184 | 29.28 | 78.58 | 59.65 | 82.45 | 67.52 | 81.87 | 93.33 |
| Cash Conversion Cycle | 235 | 300 | 319 | 211 | 184 | 29.28 | 78.58 | 59.65 | 82.45 | 67.52 | 81.87 | 93.33 |
| Working Capital Days | 600 | 625 | 588 | 452 | −23.19 | −308 | −287 | −71.87 | 1.4 | 71.94 | −29.67 | 58.81 |
| ROCE % | 14% | 6.8% | 12.36% | 9.87% | 5.68% | 7.51% | 10.27% | 14.89% | 7.02% | 13.41% | 13.44% | 10.26% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indbank Merchant Banking insights
54 extracted metrics across FY10–FY27.
Documents
- 14 Jan 2026
- General announcements 12 Oct 2026
Frequently Asked Questions about Indbank Merchant Banking Services
What does Indbank Merchant Banking Services Ltd do?
Incorporated in 1989, Indbank Merchant Banking Services Ltd. is engaged in Merchant Banking, Stock Broking, Depository Participant and allied activities.
Where is Indbank Merchant Banking Services Ltd (INDBANK) listed?
Indbank Merchant Banking Services Ltd trades as INDBANK on the NSE and under code 511473 on the BSE.
Which sector does Indbank Merchant Banking Services Ltd belong to?
Indbank Merchant Banking Services Ltd is classified under the Capital Markets sector, in the Stock Broking industry.
What is the PE ratio of Indbank Merchant Banking Services Ltd?
Indbank Merchant Banking Services Ltd trades at a PE ratio of 15.39 as of 4 Nov 2026, on earnings per share of ₹1.6, against a book value of ₹23.17 per share.
What is the 52-week high and low of Indbank Merchant Banking Services Ltd?
Over the last 52 weeks Indbank Merchant Banking Services Ltd has traded between ₹22.65 and ₹42 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Indbank Merchant Banking Services Ltd?
Indbank Merchant Banking Services Ltd reported a return on equity of 7.34%. Its debt-to-equity ratio is 0.02.
Company Information
Incorporated in 1989, Indbank Merchant Banking Services Ltd. is engaged in Merchant Banking, Stock Broking, Depository Participant and allied activities.
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