INDBANK

Indbank Merchant Banking Services Limited

Merchant banking and financial services firm of Indian Bank

Financial Services›Financial Services›Capital Markets›Stockbroking & Allied

indbankonline.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹25.10
Market cap
111 Cr
Stock P/E
15.6
P/B
1.08
ROE (FY26)
7.2%
ROCE (FY26)
10.1%
Operating margin (FY26)
39.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Indbank (Indbank Merchant Banking Services) is a Chennai-based financial services company and a subsidiary of Indian Bank, whose largest revenue line is fees and commission income.

Company snapshot

27thBy market cap

Ranked among 31 companies in Stockbroking & Allied.

What we see

Positives
  • ✓Net margin of 28.4% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales7 Cr7 Cr8 Cr8 Cr6 Cr5 Cr7 Cr6 Cr6 Cr6 Cr7 Cr6 Cr
Operating expenses (approx.)3 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr
EBITDA3 Cr3 Cr4 Cr5 Cr2 Cr2 Cr3 Cr3 Cr3 Cr2 Cr3 Cr2 Cr
OPM %51.0%48.4%49.8%55.4%36.2%31.1%43.5%42.2%42.5%31.0%45.7%35.8%
Other income0.0067 Cr0.0002 Cr0.01 Cr0.0013 Cr0.02 Cr0.0027 Cr0.0039 Cr0.01 Cr0.0005 Cr0.03 Cr0.0013 Cr0.04 Cr
Interest0.0012 Cr0.01 Cr0.02 Cr0.02 Cr0.05 Cr0.04 Cr0.07 Cr0.09 Cr0.02 Cr0.0092 Cr0.01 Cr0.03 Cr
Depreciation0.10 Cr0.09 Cr0.12 Cr0.11 Cr0.11 Cr0.10 Cr0.06 Cr0.06 Cr0.06 Cr0.07 Cr0.07 Cr0.07 Cr
Profit before tax3 Cr4 Cr4 Cr4 Cr2 Cr2 Cr3 Cr3 Cr3 Cr2 Cr3 Cr2 Cr
Tax %21.8%40.1%23.1%24.6%38.0%25.2%23.2%26.2%25.8%35.5%23.0%27.4%
Net profit3 Cr3 Cr3 Cr3 Cr1 Cr1 Cr2 Cr2 Cr2 Cr1 Cr2 Cr2 Cr
EPS (₹)₹0.58₹0.56₹0.64₹0.74₹0.26₹0.26₹0.48₹0.42₹0.43₹0.27₹0.54₹0.36

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9 Cr12 Cr8 Cr9 Cr12 Cr18 Cr18 Cr25 Cr27 Cr25 CrSign in free for the trailing twelve months
Operating expenses (approx.)10 Cr9 Cr8 Cr12 Cr13 Cr14 Cr15 Cr13 Cr15 Cr15 CrSign in free for the trailing twelve months
EBITDA-0.93 Cr3 Cr0.47 Cr-4 Cr-0.87 Cr3 Cr3 Cr12 Cr12 Cr10 CrSign in free for the trailing twelve months
OPM %-10.1%25.8%5.8%-42.2%-7.2%19.1%17.8%48.5%44.9%40.0%Sign in free for the trailing twelve months
Other income8 Cr3 Cr3 Cr8 Cr7 Cr7 Cr3 Cr0.02 Cr0.03 Cr0.04 CrSign in free for the trailing twelve months
Interest0.81 Cr2 Cr2 Cr2 Cr2 Cr2 Cr0.89 Cr0.07 Cr0.12 Cr0.19 CrSign in free for the trailing twelve months
Depreciation0.53 Cr0.43 Cr0.23 Cr0.30 Cr0.19 Cr0.20 Cr0.37 Cr0.38 Cr0.44 Cr0.24 CrSign in free for the trailing twelve months
Profit before tax6 Cr4 Cr2 Cr3 Cr5 Cr9 Cr5 Cr13 Cr11 Cr10 CrSign in free for the trailing twelve months
Tax %5.2%44.0%2.5%28.9%17.0%18.6%31.1%28.7%26.4%27.0%Sign in free for the trailing twelve months
Net profit5 Cr2 Cr2 Cr2 Cr4 Cr7 Cr4 Cr9 Cr8 Cr7 CrSign in free for the trailing twelve months
EPS (₹)₹1.20₹0.48₹0.39₹0.47₹0.91₹1.57₹0.79₹2.03₹1.91₹1.61Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital44 Cr44 Cr44 Cr44 Cr44 Cr44 Cr44 Cr44 Cr44 Cr44 Cr
Reserves10 Cr12 Cr14 Cr16 Cr20 Cr27 Cr30 Cr39 Cr47 Cr54 Cr
Borrowings2 Cr0.03 Cr—0.0027 Cr——3 Cr—0.0062 Cr—
Other liabilities9 Cr9 Cr9 Cr14 Cr20 Cr24 Cr20 Cr23 Cr26 Cr24 Cr
Total liabilities65 Cr66 Cr68 Cr74 Cr84 Cr95 Cr97 Cr106 Cr118 Cr123 Cr
Fixed assets (net)0.93 Cr0.67 Cr0.60 Cr0.40 Cr0.41 Cr0.87 Cr0.82 Cr0.69 Cr0.53 Cr0.53 Cr
CWIP——0 Cr0 Cr0 Cr0.13 Cr0 Cr—0 Cr—
Investments2 Cr1 Cr3 Cr3 Cr4 Cr4 Cr4 Cr5 Cr4 Cr5 Cr
Loans & advances——0.05 Cr0.05 Cr0.04 Cr0.03 Cr0.04 Cr0.31 Cr0.40 Cr0.36 Cr
Inventories—0.07 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Trade receivables9 Cr8 Cr5 Cr0.92 Cr3 Cr3 Cr4 Cr5 Cr6 Cr6 Cr
Cash & bank2 Cr3 Cr7 Cr12 Cr11 Cr9 Cr10 Cr0.63 Cr1 Cr1 Cr
Other assets51 Cr53 Cr51 Cr58 Cr66 Cr77 Cr78 Cr95 Cr106 Cr109 Cr
Total assets65 Cr66 Cr68 Cr74 Cr84 Cr95 Cr97 Cr106 Cr118 Cr123 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity6 Cr5 Cr5 Cr15 Cr6 Cr13 Cr0.03 Cr-1 Cr0.08 Cr2 Cr
Cash from investing-6 Cr-3 Cr-3 Cr-10 Cr-6 Cr-12 Cr-1 Cr-0.17 Cr0.56 Cr-1 Cr
Cash from financing0 Cr-0.80 Cr0 Cr0.0027 Cr-0.0027 Cr-2 Cr-0.89 Cr-0.07 Cr-0.12 Cr-0.19 Cr
Net cash flow-0.92 Cr0.90 Cr2 Cr5 Cr-0.24 Cr-0.40 Cr-2 Cr-1 Cr0.52 Cr0.41 Cr
Free cash flow (OCF − Capex)5 Cr5 Cr5 Cr15 Cr6 Cr13 Cr-0.06 Cr-1 Cr-0.17 Cr2 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.5%9.8%5.7%7.4%10.0%14.1%7.7%15.2%12.7%10.1%
ROE %9.8%3.9%3.0%3.5%6.3%9.8%4.7%10.8%9.2%7.2%
Debtor days36424923638977082678193
Inventory days—200000000
Days payable——00012————
Cash conversion cycle36425123638975882678193
Debt / equity0.030.00050.000.0000——0.04—0.0001—
Current ratio3.103.284.602.842.271.67————
Net debt / EBITDA—-0.93-14.69——-2.77-2.26-0.05-0.09-0.14
Indbank Merchant Banking Services Limited (INDBANK) Financials | BullKarma