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On 6 Nov 2026, Indbank Merchant Banking Services was priced at ₹25.24, or 16.0× trailing earnings, against an industry P/E of 18.4×, and the shares are 40% below their 52-week high. Sales and net profit grew 6.1% and 27% a year over 3 years; its ROCE of 9.9% is the lowest among the 7 largest Capital Markets peers. It carries very little debt. It is a small-cap company with a market cap of ₹112 Cr, ranked 81st of 219 Capital Markets companies by market cap; the shares fell 37% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹25.22
Day high
₹26.00
Day low
₹24.81
Prev. close
₹25.22
Volume
9.5K

Health check

2 fair · 4 to check
  • ReturnsBehind

    −36.6% over a year, better than 0 of 7 peers.

  • Price tagIn line

    P/E 16.0 vs industry 18.4.

  • GrowthSteady

    Sales +6.1%, profit +26.7% a year over 3 years.

  • ProfitabilityWeak

    ROCE 9.9% vs peer median 22.1%.

  • Balance sheetStretched

    Practically debt-free, Piotroski 3 of 9.

  • Red flags3 to check

    Return on equity is low at 7.1%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Capital Markets

218 listed peers. Screen the industry

Small cap

₹112 Cr, #81 of 219 in its industry by size.

Defensive

Beta 0.23 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹25 Cr · profit ₹7 Cr
Market cap
₹112 Cr
Small cap
P/E
16.0
Industry 18.4
Price to book
1.10
Peers 4.53
Dividend yield
0.00%
ROE
7.1%
Peers 18.9%
ROCE
9.9%
Peers 22.1%
Debt to equity
0.02
Debt ₹1.60 Cr
EPS (TTM)
₹1.58
Face value ₹10
OPM (TTM)
35.0%
Net margin 28.1%
Sales growth
+0.9%
Latest quarter vs a year ago
Profit growth
−14.3%
Latest quarter vs a year ago
Price to sales
4.42

Strengths and risks

Strengths

  • Practically debt-free.
  • Net margin of 28.1%.

Risks to check

  • Return on equity is low at 7.1%.
  • Quarterly profit down 14.3% on a year ago.
  • 40% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Indbank Merchant Banking Services

Indbank Merchant Banking Services Limited engages in the provision of merchant banking, stock broking, depository participant, and allied services in India. The company offers merchant banking services for public issues, rights issues, private placement, acquisition of shares and takeovers, and employee stock option schemes/stock purchase scheme by corporates. It also provides advisory services for valuation of shares and other financial instruments,…

Headquarters
Chennai
Employees
95
Sector
Financial Services
ISIN
INE841B01017
Website
indbankonline.com

Price range

52 weeks

₹22.65₹42.00

Today

₹24.81₹26.00
Avg volume (3M)
46.4K
1-year return
minus 36.6%
From 52-week high
minus 39.9%

Peers · Capital Markets

Compare with peersScreen the whole industry
Company
GROWWBillionbrains Garage Ventures215.08minus 3.93%1,33,58550.313.7829.3%21.6%62.9%––0.00%plus 63.8%
MOTILALOFSMotilal Oswal Financial Services1,102.00plus 0.64%66,44825.04.2718.1%18.9%52.4%29.0%26.1%0.54%plus 11.1%
AIILAuthum Investment & Infrastructure570.05plus 0.08%48,41027.63.2915.2%13.1%74.0%44.4%−23.5%0.00%minus 0.7%
ANGELONEAngel One331.00plus 1.49%30,29026.84.5326.9%18.4%39.7%20.3%0.9%1.95%plus 29.5%
CDSLCentral Depository Services (India)1,331.40minus 0.19%27,82655.114.0329.7%26.4%51.3%27.3%18.2%0.96%minus 13.3%
CHOICEINChoice International748.20minus 0.09%16,66862.98.9017.6%15.8%35.3%42.2%53.6%0.00%minus 7.4%
IIFLCAPSIIFL Capital Services349.80plus 0.13%13,03618.83.1522.1%19.5%36.1%19.9%30.9%0.86%plus 4.1%
INDBANKIndbank Merchant Banking Services25.24plus 0.08%11216.01.109.9%7.1%35.0%6.1%26.7%0.00%minus 36.6%
Median of 7 peers–0.08%30,29027.64.5322.1%18.9%51.3%28.2%22.2%0.54%4.1%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
6.36.14.66.56.4
3.83.54.23.74
2.62.70.42.82.4
40.8%43.2%8.6%43.6%37.2%
001.800.1
0.10000
0.10.10.10.10.1
0.3−0−0.40.3−0.1
2.82.61.83.12.2
23.2%25.8%37.6%23.0%27.4%
2.11.91.22.41.6
0.480.430.270.540.36

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+6.1%
Profit CAGR 3Y
+26.7%
EPS CAGR 3Y
+26.8%
ROE
7.1%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
15.919.62119
–+23.0%+7.1%minus 9.3%
11.712.614.314.9
4.26.96.64.1
26.4%35.4%31.6%21.4%
3.24.35.66.2
0.90.10.30.2
0.40.40.40.2
−1.10.8−0.1−0.2
5.111.711.59.7
46.3%31.0%26.4%27.3%
3.598.57.1
–+156.9%minus 5.9%minus 15.8%
0.792.031.911.61

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
44.444.444.444.4
30.13947.354.4
2.8–0–
20.12326.424.4
97.4106118123
0.80.70.50.5
41.320.46.112.3
33.46381.986.1
21.922.329.624.1
97.4106118123

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−5.3−1.2−0.12
−1−0.20.6−1.4
−0.9−0.1−0.1−0.2
−7.2−1.40.40.4
−0.1−0.2−0.2−0.2
−5.4−1.3−0.31.9

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company.

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you