Indbank Merchant Banking Services Ltd
NSE: INDBANK BSE: 511473Banking
Incorporated in 1989, Indbank Merchant Banking Services Ltd. is engaged in Merchant Banking, Stock Broking, Depository Participant and allied activities.
₹34
52W: ₹28.2 — ₹47.2
PE 21.5 · Book ₹22.2 · +53% vs bookMarket Cap₹151 Cr
Stock P/E21.5Price to Earnings
ROCE10.3%Return on Capital
ROE7.36%Return on Equity
Div. Yield0%Face Value ₹10
Strengths
- +Company has reduced debt.
- +Company is almost debt free.
Weaknesses
- −Though the company is reporting repeated profits, it is not paying out dividend
- −The company has delivered a poor sales growth of 11.0% over past five years.
- −Company has a low return on equity of 9.09% over last 3 years.
Shareholding Pattern
Promoters64.84%
FIIs0%
DIIs0.09%
Public35.07%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 64.84% | 64.84% | 64.84% | 64.84% | 64.84% | 64.84% | 64.84% | 64.84% |
| FIIs | 0.07% | 0.2%▲0.1 | 0%▼0.2 | 0% | 0.03%▲0.0 | 0%▼0.0 | 0% | 0% |
| DIIs | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Public | 35.01% | 34.87%▼0.1 | 35.07%▲0.2 | 35.08%▲0.0 | 35.04%▼0.0 | 35.08%▲0.0 | 35.07%▼0.0 | 35.07% |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6.6 | 6.86 | 7.7 | 8.13 | 5.63 | 5.31 | 6.69 | 6.28 | 6.25 | 5.89 |
| Expenses | 3.24 | 3.54 | 3.86 | 3.62 | 3.6 | 3.65 | 3.78 | 3.63 | 3.59 | 4.06 |
| Operating Profit | 3.36 | 3.32 | 3.84 | 4.51 | 2.03 | 1.66 | 2.91 | 2.65 | 2.66 | 1.83 |
| OPM % | 50.91% | 48.4% | 49.87% | 55.47% | 36.06% | 31.26% | 43.5% | 42.2% | 42.56% | 31.07% |
| Net Profit | 2.56 | 2.5 | 2.85 | 3.3 | 1.17 | 1.14 | 2.14 | 1.86 | 1.92 | 1.21 |
| EPS ₹ | 0.58 | 0.56 | 0.64 | 0.74 | 0.26 | 0.26 | 0.48 | 0.42 | 0.43 | 0.27 |
AI Insights
Revenue Trend
Mar 2026 revenue at ₹25.11Cr, down 5.5% YoY. OPM at 39.98%.
Debt Position
Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.
Institutional Flow
DIIs: 0.09% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 64.84%.
Margin & Efficiency
ROCE declining from 14% (Mar 2015) to 10.34% (Mar 2026). Working capital days: 32.85.
Valuation
PE 21.5x with 10.3% ROCE. Price is 53% above book value of ₹22.2. Dividend yield: 0%.
Recent Announcements
- Compliances-Reg.24(A)-Annual Secretarial Compliance 2d - Filed Annual Secretarial Compliance Report for year ended 31 March 2026; no compliance deviations noted.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 29 Apr - Indbank files SEBI initial disclosure: not a large corporate, with NIL long-term borrowings as of March 31, 2026.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Apr - News Paper Advertisement with regard to publication of financial results for the quarter and year ended 31.03.2026.
- Audited Financial Results For The Year Ended 31.03.2026 20 Apr
- Board Meeting Outcome for Outcome Of The Meeting 20 Apr - Board approved audited FY26 results on 20 Apr 2026; auditors issued unmodified opinion.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse