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  3. •

    Financial - Capital Markets
Indbank Merchant Banking Services Limited

Indbank Merchant Banking Services Limited

INDBANK.BO
Indbank Merchant Banking Services LimitedIN flagBombay Stock Exchange
33.04
INR
+0.61
- -
1.47BMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
1.37
1.94
1.62
2.07
2.63
1.83
1.98
2.71
3.97
3.58
4.41
4.54
4.11
5.33
Basic EPS, GAAP
0.07
1.12
0.62
1.2
0.5
0.4
0.47
0.91
1.57
0.79
2.03
1.91
1.61
1.74
Free Cash Flow per Basic Share
1.78
0.06
0.96
1.23
1.03
1.1
3.34
1.78
-0.03
-1.21
-0.3
-0.07
0.42
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
9.39
10.43
11.04
12.25
12.75
13.15
13.59
14.54
16.11
16.79
18.79
10.02
10.03
- -
Tangible Book Value per Share
9.35
10.41
11.03
12.24
12.73
13.12
13.55
14.45
16.01
16.77
18.77
20.66
22.29
- -
Basic Weighted Avg Shares
44
44
44
44
44
44
44
44
44
44
44
44
44
45
Sales/Revenue/Turnover
61
86
72
92
117
81
88
120
176
159
196
201
182
237
Operating Margin (%)
21.15
29.34
30.49
49.05
24.46
30.26
75.41
63.28
63.15
24.03
33.5
25.71
16.13
37.36
Depreciation Expense
7
7
6
5
4
2
3
2
2
4
4
4
2
4
Net Income, GAAP
3
50
28
53
22
18
21
41
70
35
90
85
71
78
Effective Tax Rate (%)
1.24
25.19
13.14
5.16
44
2.49
28.95
16.89
18.58
46.27
31.01
26.4
27.31
26.7
Profit Margin (%)
4.93
58.01
38.32
57.99
19.03
21.75
23.82
33.79
39.5
22.02
45.99
42.09
39.17
32.69
Working Capital
273
334
136
230
208
335
256
253
158
272
587
1,035
1,041
- -
LT Debt
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
417
463
490
544
565
582
602
643
711
745
834
917
987
- -
Return on Invested Capital (%)
3.06
4.28
4.03
8.45
2.96
4.32
8.11
10.25
13.38
2.81
5.86
4.43
2.24
- -
Return on Capital (%)
0.83
11.36
5.88
11.37
5.44
5.61
5.32
8.5
12.07
5.35
11.26
13.39
16.36
34.88
Return on Common Equity (%)
0.72
11.34
5.78
10.32
4
3.07
3.52
6.5
10.24
4.8
11.4
13.25
16.05
- -

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
44
- -
Market Capitalization
2,074
1,249
1,560

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
1,044
- -
Cash, Cash Equivalents & STI
- -
819
- -
Accounts Receivable, Net
- -
60
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
9
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.3%
8.99%
7.73%
Free Cash Flow
387.96%
740.58%
-685.3%
Net Income, GAAP
28.45%
31.4%
-15.82%
Sales/Revenue/Turnover
12.26%
10.65%
-9.54%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
52
59
61
55
196
2025
73
79
58
37
201
2026
63
61
46
- -
182

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.34
0.55
0.58
- -
2.03
2025
0.64
0.74
0.26
0.26
1.91
2026
0.48
0.43
0.27
- -
1.61

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
V. Haribabu
Full Time Employees
92
Sector
Financial Services
Industry
Financial - Capital Markets
Address
Khiviraj Complex I, No:480 Chennai India 600035
IPO Date
Jan 3, 2000
Website
indbankonline.com
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Business
Indbank Merchant Banking Services Limited, a wholly owned subsidiary of Indian Bank, provides merchant banking, stock broking, depository participant services, advisory services, and distribution of mutual funds and other investment products in India. Incorporated in 1989 and headquartered in Chennai, Tamil Nadu, the company operates as a SEBI-registered Category 1 merchant banker; it serves retail and institutional investors through membership in the National Stock Exchange (NSE) for cash, derivatives, and wholesale debt segments, the Bombay Stock Exchange (BSE) for cash segments, and as a depository participant with National Securities Depository Limited (NSDL). Core offerings include issue management as lead manager, co-manager, advisor, or arranger for public issues, rights issues, and private placements; services for share acquisitions, takeovers, buybacks, delistings, and employee stock option schemes; online trading via the IndbankOnline platform and IndFortune mobile app; mutual fund distribution registered with the Association of Mutual Funds in India (AMFI); and e-services such as IDeAS for demat account statements and SPEEDE-e for electronic delivery instructions. The company maintains an extensive branch network across major Indian cities including Mumbai, Delhi, Bangalore, Coimbatore, Ahmedabad, Hyderabad, and Puducherry, targeting individual and corporate clients in equity, financial derivatives, and capital market activities. Recent developments feature the launch of IndFortune, a next-generation mobile trading app, and IndWealth, an online mutual fund investment platform, alongside continued expansion of online trading capabilities and regular publication of quarterly financial results, with unaudited results for the quarter ended September 30, 2025, approved in October 2025.