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Indo Thai Securities Limited
(INDOTHAI)
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Rating:63Neutral
Price Target:
₹34.00
▼(-33.66% Downside)
Action:Reiterated
Date:09/06/26
The score is anchored by strong reported profitability and balance-sheet conservatism, plus attractive valuation (low P/E and very high dividend yield). Offsetting these positives are materially weak cash-flow conversion (negative operating and free cash flow for three straight years) and very bearish technicals with the price far below key moving averages.
Positive Factors
Strong Profitability
Very high reported profitability gives the company substantial earnings capacity relative to its brokerage activities. If margins remain supported by client trading and related services, they can fund operations, strengthen resilience, and provide a durable base for future growth.
Negative Factors
Weak Cash Conversion
Persistent negative operating and free cash flow despite strong reported net income raises questions about earnings conversion and the timing of cash realization. If this pattern continues, the company may face greater funding pressure and have less internally generated cash for growth or distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Very high reported profitability gives the company substantial earnings capacity relative to its brokerage activities. If margins remain supported by client trading and related services, they can fund operations, strengthen resilience, and provide a durable base for future growth.
Read all positive factors
Indo Thai Securities Limited (INDOTHAI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹4.35B
Dividend Yield0.29%
Average Volume (3M)548.47K
Price to Earnings (P/E)6.4
Beta (1Y)0.23
Revenue Growth249.45%
EPS Growth432.07%
CountryIN
Employees115
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)5.49
Shares Outstanding129,618,200
10 Day Avg. Volume315,955
30 Day Avg. Volume548,472
Financial Highlights & Ratios
PEG Ratio-1.74
Price to Book (P/B)12.46
Price to Sales (P/S)33.92
P/FCF Ratio-164.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Indo Thai Securities Limited Business Overview & Revenue Model
Company Description
Indo Thai Securities Ltd. is an Indian enterprise offering a comprehensive array of services spanning financial markets, real estate, and associated ancillary activities. The company facilitates trading in equities, commodity and currency derivati...
How the Company Makes Money
INDOTHAI primarily makes money through brokerage-related income generated when clients trade financial instruments through its platforms and dealer network (e.g., charging fees/commissions on executed trades). Additional earnings can come from anc...
Indo Thai Securities Limited Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
84
Very Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.10B | 1.04B | 149.16M | 239.68M | 55.82M | 50.55M |
| Gross Profit | 1.14B | 959.58M | 59.03M | 171.82M | 1.36M | 4.87M |
| EBITDA | 890.40M | 838.75M | 117.27M | 208.09M | -82.32M | 125.52M |
| Net Income | 689.00M | 663.65M | 82.45M | 159.80M | -64.84M | 99.28M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 3.74B | 2.28B | 1.22B | 1.07B | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 1.62B | 753.96M | 288.21M | 677.89M | 362.80M |
| Total Debt | 0.00 | 239.95M | 32.03M | 57.45M | 31.13M | 14.77M |
| Total Liabilities | -2.87B | 872.92M | 468.59M | 464.66M | 458.93M | 445.00M |
| Stockholders Equity | 2.87B | 2.84B | 1.79B | 729.89M | 585.42M | 642.56M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -214.82M | -149.99M | -49.29M | 9.41M | 33.92M |
| Operating Cash Flow | 0.00 | -197.81M | -145.98M | -27.46M | 13.49M | 48.78M |
| Investing Cash Flow | 0.00 | -341.68M | -836.25M | 34.25M | -15.75M | -85.26M |
| Financing Cash Flow | 0.00 | 563.47M | 963.20M | 1.53M | 4.01M | -6.04M |
Indo Thai Securities Limited Technical Analysis
Negative
51.25
Price Trends
80.21
Negative
158.13
Negative
219.91
Negative
Market Momentum
-12.08
Negative
28.35
Positive
63.23
Neutral
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 51.25 is above the 20-day moving average (MA) of 35.78, below the 50-day MA of 80.21, and below the 200-day MA of 219.91, indicating a bearish trend. The MACD of -12.08 indicates Negative momentum. The RSI at 28.35 is Positive, neither overbought nor oversold. The STOCH value of 63.23 is Neutral, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹26.82B | 15.00 | ― | 0.29% | 7.26% | 13.10% | |
74 Outperform | ₹21.38B | 29.12 | ― | 1.98% | -4.13% | -52.99% | |
72 Outperform | ₹45.01B | 12.37 | ― | 0.88% | 14.54% | 14.60% | |
64 Neutral | ₹19.81B | 16.00 | ― | 1.21% | 12.02% | -11.03% | |
63 Neutral | ₹4.35B | 6.43 | ― | 0.29% | 249.45% | 432.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹39.68B | 23.80 | ― | ― | 103.80% | 72.33% |
* General Sector Average
IN:INDOTHAI
Indo Thai Securities Limited
35.23
-269.12
-88.42%
IN:GEOJITFSL
Geojit Financial Services Ltd
75.67
-2.24
-2.88%
IN:MONARCH
Monarch Networth Capital Limited
341.70
19.77
6.14%
IN:SHAREINDIA
Share India Securities Ltd
204.85
67.44
49.08%
IN:SMCGLOBAL
SMC Global Securities Ltd. (India)
99.08
30.40
44.26%
IN:SGFIN
SG Finserve Limited
632.30
264.90
72.10%
Indo Thai Securities Limited Corporate Events
Indo Thai Securities Holds 32nd AGM via Virtual Platform, Highlights Governance Structure
Sep 19, 2026
Indo Thai Securities Limited convened its 32nd Annual General Meeting on September 19, 2026, via video conferencing and other audio-visual means in line with directions from India’s corporate and securities regulators. The meeting confirmed ...
Indo Thai Securities to Raise ₹10 Crore via Secured Unlisted Debentures
Sep 12, 2026
Indo Thai Securities Limited has approved the issuance of secured, redeemable, unlisted and unrated non-convertible debentures of up to ₹10 crore via private placement, signalling a move to raise debt capital outside public bond markets. The...
Indo Thai Securities to Raise ₹10 Crore via Secured Non-Convertible Debentures
Sep 12, 2026
Indo Thai Securities Limited has approved the issuance of secured, redeemable, unlisted and unrated non-convertible debentures of up to ₹10 crore on a private placement basis. The company has executed a debenture trust deed and deed of hypot...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.