Indbank Merchant Banking Services share price & results
- Sept 2026
- Jun 2026
Chennai-based stock broking and depository-participant firm, a subsidiary of Indian Bank, serving institutional and retail clients across 30+ terminals in South and West India.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6.4 | +1.3% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 35.9 | −6.4 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1.6 | −13.4% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 6.82 | −2.3 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 7.54 | +8.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 6.23 | −13.4 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −40.0% 1Y
1Y: ₹40.25 on 24 Oct 2025 → ₹24.13. High ₹41.53 (6 Jan 2026), low ₹23.12 (23 Oct 2026).
- Previous close
- ₹24.18
- Market cap
- ₹114 Cr
- 52-week range
- ₹23.12 – ₹41.53
- One year
- −38.30%
- Price to earnings (TTM to Sept 2026)
- 16.26×
- Return on equity (TTM to Sept 2026)
- 6.82%
Overview
- Symbol
- NSE:INDBANK
- Sector
- Financial Services
- Exchange
- NSE
- Currency
- INR
What Indbank Merchant Banking Services Limited does
Based on the company's own presentations, annual report and earnings calls.
Indbank Merchant Banking Services Limited, a subsidiary of Indian Bank, operates as a stock broker offering trading services to a mix of institutional and individual clients, and as a Depository Participant (DP) providing demat account services to institutions and retail customers. It earns primarily through fees and commission on broking and DP operations, along with interest income. The company runs its business through a network of terminals located across multiple Indian states.
Segments
- Stock Broking
- Depository Participant (DP) services
- Stock broking turnover
- Rs.15,709.18 crores (FY25)
- Depository (DP) accounts
- 91,360
- Broking accounts
- 50,319
- Terminals/branch locations
- 30+ across Tamil Nadu, Puducherry, Kerala, Telangana, Andhra Pradesh, Karnataka, Gujarat, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Rajasthan
- Permanent employees
- 100
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −13% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6 | 5 | 7 | 6 | 6 | 6 | 7 | 6 |
| Expenses | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Operating profit | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 |
| Operating margin | 36.1% | 31.3% | 43.5% | 42.2% | 42.6% | 31.1% | 45.8% | 35.9% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 2 |
| Tax rate | 38.1% | 25.0% | 23.0% | 26.3% | 26.0% | 35.6% | 23.1% | 27.5% |
| Net profit | 1 | 1 | 2 | 2 | 2 | 1 | 2 | 2 |
| EPS (₹ per share) | 0.26 | 0.26 | 0.48 | 0.42 | 0.43 | 0.27 | 0.54 | 0.36 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 25 | 27 | 25 |
| Expenses | 13 | 15 | 15 |
| Operating profit | 12 | 12 | 10 |
| Other income | 1 | 0 | 0 |
| Interest | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 |
| Profit before tax | 13 | 12 | 10 |
| Net profit | 9 | 8 | 7 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 44 | 44 | 44 | 44 | 44 | 44 |
| Reserves | 30 | 39 | 47 | 51 | 54 | 58 |
| Borrowings | 3 | 0 | 0 | 3 | 0 | 2 |
| Other liabilities | 20 | 23 | 26 | 18 | 24 | 24 |
| Total liabilities | 97 | 106 | 118 | 117 | 123 | 128 |
| Fixed assets | 4 | 3 | 3 | 1 | 3 | 3 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 2 | 2 | 5 | 3 | 3 |
| Other assets | 92 | 101 | 113 | 112 | 117 | 122 |
| Total assets | 97 | 106 | 118 | 117 | 123 | 128 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 8 | 1 | -5 | -1 | -0 | 2 |
| Cash from investing | -8 | -1 | -1 | -0 | 1 | -1 |
| Cash from financing | -2 | -2 | -1 | -0 | -0 | -0 |
| Net cash flow | -2 | -2 | -7 | -1 | 0 | 0 |
| Free cash flow | 8 | -0 | -5 | -1 | -0 | 2 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 79 | 60 | 82 | 68 | 82 | 93 |
| Cash conversion cycle | 79 | 60 | 82 | 68 | 82 | 93 |
| Working capital days | -287 | -72 | 1 | 72 | -30 | 59 |
| Return on capital employed | 10.3% | 14.9% | 7.0% | 13.4% | 13.4% | 10.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Who owns it
Promoters hold 64.84% as of Jun 2026; institutions added 0.00 pts since Mar 2026.
- Promoters 64.84%
- Foreign institutions 0.00%
- Domestic institutions 0.09%
- Public 35.07%
Who is on the register
Named in the Jun 2026 filing
Every holder of Indbank Merchant Banking Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 64.84% | unchanged |
| 2.39% | unchanged | |
| 1.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
Start an Inve Case for Indbank Merchant Banking Services Limited
Free account: one company. Everything above stays public.
Write why you follow Indbank Merchant Banking Services Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other Financial Services companies
Learn to analyse Indbank Merchant Banking Services Limited
Guides on how to read this kind of business and the numbers that matter.