INDBANK
Indbank Merchant Banking Services financials
- Market cap
- ₹123 Cr
- Sector
- Financial Services
What Indbank Merchant Banking Services Limited does
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
Quarterly results
Q1 FY27: revenue up 3.1%, net profit up 11.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 6 | 5 | 7 | 6 −23% | 6 +11% | 6 +11% | 7 +3% |
| EBITDA | 5 | 2 | 2 | 3 | 3 −41% | 3 +31% | 2 +10% | 3 +9% |
| Net profit | 3 | 1 | 1 | 2 | 2 −44% | 2 +64% | 1 +6% | 2 +11% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −15.4% 1Y
1Y: ₹32.67 on 10 Sept 2025 → ₹27.64. High ₹45.95 (7 Oct 2025), low ₹26.61 (9 Sept 2026).
Financials, as filed
Revenue grew 0.4% a year over 2 years, FY24 to FY26. Operating margin narrowed to 40.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹25 Cr | ₹27 Cr | ₹25 Cr |
| Operating profit | ₹12 Cr | ₹12 Cr | ₹10 Cr |
| Operating margin | 48.4% | 45.0% | 40.0% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹9 Cr | ₹8 Cr | ₹7 Cr |
| Net margin | 36.1% | 31.6% | 28.4% |
| Cash from operations | ₹-1 Cr | ₹-0 Cr | ₹2 Cr |
| Free cash flow | ₹-1 Cr | ₹-0 Cr | ₹2 Cr |
| ROCE | 13.4% | 13.4% | 10.3% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹44 Cr | ₹44 Cr | ₹44 Cr | ₹44 Cr | ₹44 Cr | ₹44 Cr |
| Reserves | ₹20 Cr | ₹27 Cr | ₹30 Cr | ₹39 Cr | ₹51 Cr | ₹54 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹0 Cr | ₹3 Cr | ₹0 Cr |
| Other liabilities | ₹20 Cr | ₹21 Cr | ₹20 Cr | ₹23 Cr | ₹18 Cr | ₹24 Cr |
| Total liabilities | ₹84 Cr | ₹92 Cr | ₹97 Cr | ₹106 Cr | ₹117 Cr | ₹123 Cr |
| Fixed assets | ₹3 Cr | ₹4 Cr | ₹4 Cr | ₹3 Cr | ₹1 Cr | ₹3 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹5 Cr | ₹3 Cr |
| Other assets | ₹80 Cr | ₹87 Cr | ₹92 Cr | ₹101 Cr | ₹112 Cr | ₹117 Cr |
| Total assets | ₹84 Cr | ₹92 Cr | ₹97 Cr | ₹106 Cr | ₹117 Cr | ₹123 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 3% to 49,528.
- Promoters
- 64.8%
- DIIs
- 0.1%
- Public
- 35.1%
Since Jun 2025
- FIIs −0.03 pp
- Public +0.03 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 64.8%, FIIs 0.0%, DIIs 0.1%, Public 35.1%.Dec '23: Promoters 64.8%, FIIs 0.0%, DIIs 0.1%, Public 35.1%.Mar '24: Promoters 64.8%, FIIs 0.1%, DIIs 0.1%, Public 35.0%.Jun '24: Promoters 64.8%, FIIs 0.1%, DIIs 0.1%, Public 35.0%.Sep '24: Promoters 64.8%, FIIs 0.2%, DIIs 0.1%, Public 34.9%.Dec '24: Promoters 64.8%, DIIs 0.1%, Public 35.1%.Mar '25: Promoters 64.8%, DIIs 0.1%, Public 35.1%.Jun '25: Promoters 64.8%, FIIs 0.0%, DIIs 0.1%, Public 35.0%.Sep '25: Promoters 64.8%, DIIs 0.1%, Public 35.1%.Dec '25: Promoters 64.8%, DIIs 0.1%, Public 35.1%.Mar '26: Promoters 64.8%, DIIs 0.1%, Public 35.1%.Jun '26: Promoters 64.8%, DIIs 0.1%, Public 35.1%.
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 |
|---|---|---|
| Indian Bank Bank | 64.84% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 2.39% | unchanged |
| Singhal Securities Private Limited | 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.
Learn to analyse Indbank Merchant Banking Services Limited
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