Indbank Merchant Banking Services Ltd (INDBANK) share price, results

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue from operations	6.04	6.60	6.86	7.70	8.13	5.63	5.31	6.69	6.28	6.25	5.89	6.90
Operating costs	2.73	3.24	3.54	3.86	3.62	3.60	3.65	3.78	3.63	3.59	4.06	3.74
EBITDA	3.31	3.36	3.32	3.84	4.51	2.03	1.66	2.91	2.65	2.66	1.83	3.16
EBITDA margin %	54.80%	50.91%	48.40%	49.87%	55.47%	36.06%	31.26%	43.50%	42.20%	42.56%	31.07%	45.80%
Depreciation & amortisation	0.09	0.10	0.09	0.12	0.11	0.11	0.10	0.06	0.06	0.06	0.07	0.07
Finance costs	0.03	0.00	0.01	0.02	0.02	0.05	0.04	0.07	0.09	0.02	0.01	0.01
Non-operating income	0.01	0.01	0.96	0.01	0.00	0.02	0.00	0.00	0.01	0.00	0.13	0.00
Pre-tax profit	3.20	3.27	4.18	3.71	4.38	1.89	1.52	2.78	2.51	2.58	1.88	3.08
Effective tax rate %	24.38%	21.71%	39.95%	23.18%	24.66%	38.10%	25.00%	23.02%	26.29%	25.97%	35.64%	23.05%
Profit after tax	2.42	2.56	2.50	2.85	3.30	1.17	1.14	2.14	1.86	1.92	1.21	2.38
Earnings per share (Rs)	0.55	0.58	0.56	0.64	0.74	0.26	0.26	0.48	0.42	0.43	0.27	0.54

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue from operations	9.03	10.54	13.82	10.39	11.47	14.91	20.62	18.24	24.76	26.57	24.95	25.32
Operating costs	5.77	10.13	8.65	8.95	12.48	12.87	14.17	12.74	13.80	14.61	15.15	15.02
EBITDA	3.26	0.41	5.17	1.44	-1.01	2.04	6.45	5.50	10.96	11.96	9.80	10.30
EBITDA margin %	36.10%	3.89%	37.41%	13.86%	-8.81%	13.68%	31.28%	30.15%	44.26%	45.01%	39.28%	40.68%
Depreciation & amortisation	0.60	0.53	0.43	0.23	0.30	0.19	0.20	0.37	0.38	0.44	0.24	0.26
Finance costs	0.11	0.81	1.58	1.53	1.52	1.53	1.53	0.89	0.08	0.26	0.22	0.13
Non-operating income	0.59	6.55	0.81	2.13	5.77	4.56	3.83	1.62	2.11	0.24	0.42	0.14
Pre-tax profit	3.14	5.62	3.97	1.81	2.94	4.88	8.55	5.86	12.61	11.50	9.76	10.05
Effective tax rate %	12.10%	5.16%	44.08%	2.76%	28.91%	17.01%	18.60%	40.10%	28.63%	26.43%	27.05%
Profit after tax	2.76	5.34	2.22	1.77	2.09	4.06	6.96	3.50	9.00	8.46	7.12	7.37
Earnings per share (Rs)	0.62	1.20	0.50	0.40	0.47	0.91	1.57	0.79	2.03	1.91	1.60	1.66
Paid out as dividend %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

	10 Years	5 Years	3 Years	TTM	1 Year	Last Year
Revenue CAGR	11%	11%	11%	-2%
Profit CAGR	10%	12%	32%	-6%
Share price CAGR	10%	2%	-12%		-20%
Average return on equity	7%	8%	9%			7%

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Net block (property, plant)	5.06	4.53	4.07	3.73	3.58	3.33	3.37	3.71	3.55	3.32	3.13	3.05
Capital work in progress	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.00	0.00	0.00	0.00
Investments	3.47	3.04	2.10	1.24	0.45	0.19	0.80	1.30	1.37	2.44	1.83	3.02
Current & other assets	43.96	50.14	74.16	76.04	63.51	70.63	80.02	87.32	92.46	100.58	112.93	117.07
Total assets	52.49	57.71	80.33	81.01	67.54	74.15	84.19	92.46	97.38	106.34	117.89	123.14
Share 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
Reserves & surplus	1.91	4.67	9.98	12.13	13.86	15.83	19.90	26.75	30.13	38.99	47.27	54.36
Total debt	0.00	0.00	1.58	0.03	0.00	0.00	0.00	0.00	2.79	0.00	0.01	0.00
Other liabilities & provisions	6.20	8.66	24.39	24.47	9.30	13.94	19.91	21.33	20.08	22.97	26.23	24.40
Equity + liabilities	52.49	57.71	80.33	81.01	67.54	74.15	84.19	92.46	97.38	106.34	117.89	123.14

	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 cash flow	0.84	4.34	5.55	4.65	4.95	14.92	8.14	0.55	-5.30	-1.16	-0.07	2.05
Investing cash flow	-4.31	-4.56	-6.47	-2.94	-3.41	-10.32	-8.44	-0.98	-1.03	-0.17	0.56	-1.44
Free cash flow (after capex)	0.40	4.27	5.47	4.56	4.87	14.88	7.94	-0.12	-5.39	-1.30	-0.32	1.88
Financing cash flow	0.00	0.00	0.00	-0.80	0.00	0.00	-1.51	-1.51	-0.89	-0.07	-0.12	-0.19
Net change in cash	-3.47	-0.22	-0.92	0.90	1.54	4.61	-1.80	-1.93	-7.22	-1.40	0.37	0.41
Cash conversion (OCF / EBITDA) %	20%	133%	1,354%	123%	350%	-1,528%	405%	30%	-81%	11%	29%	42%

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Return on capital employed %	14.00%	6.80%	12.36%	9.87%	5.68%	7.51%	10.27%	14.89%	7.02%	13.41%	13.44%	10.26%
Receivable days	235.03	300.33	318.60	210.50	184.43	29.28	78.58	59.65	82.45	67.52	81.87	93.33
Inventory days
Payable days
Cash cycle (days)	235.03	300.33	318.60	210.50	184.43	29.28	78.58	59.65	82.45	67.52	81.87	93.33
Working capital days	600.39	625.31	587.67	452.42	-23.19	-308.36	-286.66	-71.87	1.40	71.94	-29.67	58.81

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter group %	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%	64.84%
Foreign investors %	0.01%	0.01%	0.05%	0.07%	0.20%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%
Domestic institutions %	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%
Retail & others %	35.07%	35.06%	35.02%	35.01%	34.87%	35.07%	35.08%	35.04%	35.08%	35.07%	35.07%	35.07%
Shareholder count	44,710	43,353	48,265	49,986	49,132	51,232	50,969	51,236	51,231	50,537	50,062	49,528

Fundamentals

Market value₹ 114 Cr.

Last price₹ 25.9

P/E (trailing)15.7

Book value / share₹ 22.2

Return on capital10.3 %

Return on equity7.34 %

Dividend yield0.00 %

Face value₹ 10.0

Revenue CAGR (TTM)-2%

Profit CAGR (TTM)-6%

Standalone figures.

Valuation

Market capRs 112 Cr

Enterprise valueRs 25 Cr

P/E (TTM)15.17x

Price to book1.13x

Price to sales4.42x

EV / EBITDA2.41x

EV / EBIT2.47x

EV / sales0.99x

Price to cash flow54.55x

Earnings yield6.59%

P/E, 3-year average18.08x

P/B, 3-year average1.66x

P/E, 5-year average18.95x

P/B, 5-year average1.52x

Profitability

Operating margin (excl. other income)39.28%

Operating margin (incl. other income)40.96%

EBITDA margin41.23%

Pre-tax margin39.69%

Net profit margin29.11%

Net margin, latest quarter34.49%

ROE7.48%

ROCE10.48%

ROA5.91%

ROE, 3-year average9.52%

ROCE, 3-year average13.24%

ROA, 3-year average7.43%

ROE, 5-year average8.73%

ROCE, 5-year average12.74%

ROA, 5-year average6.77%

ROIC (approx.)61.78%

Tax rate27.05%

Other income / net worth0.43%

Growth

Sales growth (latest year)-6.10%

Profit growth (latest year)-15.84%

Sales CAGR, 3 years11.01%

Sales CAGR, 5 years10.85%

Profit CAGR, 3 years26.71%

Profit CAGR, 5 years11.89%

Sales growth QoQ17.15%

Profit growth QoQ96.69%

Sales growth YoY (latest quarter)3.14%

Profit growth YoY (latest quarter)11.21%

Per share

EPS (TTM)Rs 1.66

EPS (latest year)Rs 1.60

EPS (latest quarter)Rs 0.54

EPS, 3-year averageRs 1.85

EPS, 5-year averageRs 1.58

Book value per shareRs 22.25

Sales per shareRs 5.71

Cash flow per shareRs 0.46

Efficiency

Asset turnover0.20x

Fixed asset turnover8.18x

Debtor days93 days

Debtors turnover3.91x

Leverage

Cash and bankRs 87 Cr

Net debtRs -87 Cr

Net debt / EBITDA-8.31x

Interest coverage78.31x

Owners' fund to total sources80.19%

Cash flow

Operating cash flow (latest year)Rs 2 Cr

Investing cash flow (latest year)Rs -1 Cr

Financing cash flow (latest year)Rs -0 Cr

Net change in cash (latest year)Rs 0 Cr

Sales to cash flow12.17x

Statement figures

Net sales (TTM)Rs 25 Cr

Net sales (latest year)Rs 25 Cr

Sales (latest quarter)Rs 7 Cr

Operating profit excl. other income (latest year)Rs 10 Cr

Operating profit (latest quarter)Rs 3 Cr

Other income (TTM)Rs 0 Cr

EBITDA (TTM)Rs 10 Cr

PBDT (TTM)Rs 10 Cr

Profit before tax (TTM)Rs 10 Cr

Tax (latest year)Rs 3 Cr

Net profit (TTM)Rs 7 Cr

Net profit (latest year)Rs 7 Cr

Net profit (latest quarter)Rs 2 Cr

Depreciation (TTM)Rs 0 Cr

Depreciation (latest quarter)Rs 0 Cr

Interest (TTM)Rs 0 Cr

Cost of goods sold (latest year)Rs 3 Cr

Total expenditure (latest year)Rs 15 Cr

Total income (latest year)Rs 25 Cr

Share capitalRs 44 Cr

ReservesRs 54 Cr

Shareholders' fundsRs 99 Cr

Total assetsRs 123 Cr

Net blockRs 3 Cr

InvestmentsRs 3 Cr

ReceivablesRs 6 Cr

Other liabilitiesRs 24 Cr

Shares outstanding (crore)4.44

Computed by MarketFriction from the standalone statements. Returns use average balances.

P/E 15.2 is at the 15th percentile of its own 9.4-year range (median 19.9, low 11.9, high 65.8).

P/B 1.13 is at the 31th percentile (median 1.52).

Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.

Period	INDBANK	Nifty 50	Difference
1 week	-3.9%	-2.8%	-1.1 pts
1 month	-19.4%	-6.8%	-12.6 pts
3 months	-24.7%	-7.6%	-17.1 pts
6 months	-13.7%	+0.4%	-14.1 pts
1 year	-22.9%	-9.9%	-13.0 pts
2 years	-48.1%	-13.6%	-34.5 pts
3 years	-32.4%	+14.2%	-46.6 pts
5 years	+9.1%	+27.9%	-18.8 pts

Red flags

F-score 4 of 8

explain

Weak cash conversion Cash from operations was 3% of net profit over the last 3 years

Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026

Sales ₹7 Cr +3.1% vs Jun 2025. Net profit ₹2 Cr +11.2%.

Against our estimate for Jun 2026: sales -7.1%, profit +6.3% in line. Our estimate for Sep 2026: sales Rs 7 Cr, profit Rs 2 Cr (how).

Activity

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No bulk or block deals on record.

Ex-date	Action	Factor
2024-09-12	Annual General Meeting
2023-09-07	Annual General Meeting
2022-09-19	Annual General Meeting
2021-09-17	Annual General Meeting
2020-09-21	Annual General Meeting
2019-09-12	Annual General Meeting
2018-08-31	Annual General Meeting
2017-09-07	Annual General Meeting
2016-09-15	Annual General Meeting
2015-09-16	Annual General Meeting
2014-09-23	Annual General Meeting
2013-09-17	Annual General Meeting
2012-06-28	Annual General Meeting
2011-07-18	Annual General Meeting
2010-07-16	Annual General Meeting
2009-08-07	Agm/Div-Re.0.75 Per Share

Date	Type	What it says
2026-09-25	Shareholder meeting	Voting results.
2026-09-24	Shareholder meeting	Proceedings of Annual General Meeting held on September 24, 2026
2026-08-31	Record Date	Record date for the purpose of for conducting AGM is 17-Sep-2026.
2026-08-28	Shareholder meeting	Notice of Annual General Meeting to be held on September 24, 2026
2026-08-25	Board meeting outcome	Outcome of Board Meeting held on August 25, 2026.
2026-07-08	Updates	Revised Outcome of Board Meeting.
2026-07-08	Board meeting outcome	Indbank Merchant Banking Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-06-09	Disclosure under SEBI Takeov	Indbank Merchant Banking Services Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) and 31 (5) of the Securities and E...
2026-04-20	Board meeting outcome	Indbank Merchant Banking Services Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-01-14	Board meeting outcome	Board meeting held on January 14, 2026.
2026-01-14	Board meeting outcome	Indbank Merchant Banking Services Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2025-10-13	Board meeting outcome	Board meeting held on October 13, 2025.
2025-10-13	Board meeting outcome	Indbank Merchant Banking Services Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
2025-10-09	Price movement	Significant movement in price has been observed in Indbank Merchant Banking Services Limited. The Exchange, in order to ensure that investors have lat...
2025-10-09	Price movement	Significant movement in price has been observed in Indbank Merchant Banking Services Limited. The Exchange, in order to ensure that investors have lat...

Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.

No short selling reported to NSE in our files.

Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.

Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd (INDBANK) has a market capitalisation of Rs 114 Cr. at the 2026-10-01 close.

What is the P/E ratio of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd trades at a P/E of 15.7 on trailing twelve-month profit, at the 2026-10-01 close.

What were Indbank Merchant Banking Services Ltd's latest quarterly results?

In the Jun 2026 quarter, Indbank Merchant Banking Services Ltd sales was Rs 7 Cr (+3.1% vs Jun 2025) and net profit was Rs 2 Cr.

What is the 52-week high and low of Indbank Merchant Banking Services Ltd?

The 52-week high is Rs 47.15 and the 52-week low is Rs 24.21.