Indo Thai Securities Limited, established in 1995, has grown into one of India's leading and most trusted full-service brokers, offering a wide range of financial services tailored for high-net-worth clients and corporations. The company serves as the flagship entity for the Indo Thai Group and is headquartered in Indore, India. It provides comprehensive services in equity, derivative, currency, and debt broking, along with mutual funds distribution, dematerialization, rematerialization, and settlement of trades through market and off-market transfers as a Central Depository Services India Limited (CDSL) depository participant.
Indo Thai Securities Limited operates as a focal company of the Indo Thai Group of 16 companies, providing services to corporate clients, individuals, and retail investors across over 60 locations in India. The company operates through six segments: Equity, Futures, and Options (F&O), Currency Derivatives, Mutual Fund, Income from Depository Operations, and Commodity. Its products and services include equity and derivative trading, commodities derivative trading, currency derivative trading, depository services, initial public offerings (IPO), insurance, algo trading, portfolio management services, non-convertible debentures, bonds, fixed deposits, wealth management, and co-working space.
The company has established a comprehensive service portfolio catering to diverse investment needs. It offers multiple trading platforms including Winstock - DIET (Desktop Application), Winstock - Online Trading Platform, and Winstock - Mobile Application. As of April 2008, the company successfully registered as a Trading Member in the Currency Derivative Segment of MCX Stock Exchange Ltd., and in September 2010 was registered as a Trading Member in the Derivative Segment of Bombay Stock Exchange Ltd. In 2011, the company completed an Initial Public Offer which was hugely oversubscribed, raising a total of Rs. 296,000,000.
The company has expanded its operations through strategic initiatives, incorporating Indo Thai Realties Limited as a Wholly Owned Subsidiary in 2013 and adding an IFSC Company as a Wholly Owned Subsidiary in 2017. During 2017, the Asset under Mutual Fund Distribution Business increased by 27.78 crore, and by the end of 2018, the company changed its Futures and Options Segment clearing member to Edelweiss Custodial Services Limited.
Indo Thai Securities holds a market capitalization of ₹2,134 crore as of July 2025. The company has recorded immense gains on BSE, delivering nearly 10,000% returns to investors. Despite recent financial challenges, shares have shown substantial returns of over 500% in the past year. The stock's 52-week high stands at ₹2,200.15 and the 52-week low is ₹236.
The company demonstrates strong fundamentals with a 15.46% return on equity (RoE) and trades at a 159.71x price-to-equity ratio.
• Market Capitalization: ₹2,134 crore (as of July 2025)
• Stock P/E: 271
• Book Value: ₹153
• Dividend Yield: 0.09%
• P/E Ratio (Trailing): 132.18
• P/B Ratio (Trailing): 28.06
• Return on Equity (RoE): 15.46%
• Promoter Holding: 61.73% (as of March 2025)
For the quarter ended December 2024, Indo Thai Securities reported a net profit decline of 82.26% to Rs 0.96 crore compared to Rs 5.41 crore in December 2023, while sales declined 40.30% to Rs 5.54 crore from Rs 9.28 crore in the previous year. The company recorded revenue of ₹5.59 crore and net profit of ₹0.96 crore for Q4 FY24.
In the quarter ended September 2024, net profit rose 4.38% to Rs 4.53 crore compared to Rs 4.34 crore in September 2023. The company's revenue has been declining for the last 2 quarters, from 9.76 crore to 5.59 crore, with an average decrease of 42.7% per quarter. Net profit has been down for the last 3 quarters, from 4.99 crore to 0.96 crore, with an average decrease of 44.0% per quarter.
On a consolidated basis, Indo Thai Securities reported a profit of Rs 0.96 crore on total income of Rs 5.59 crore for the quarter ended 2024. For the year ended 2023, the company had posted a loss of Rs -7.15 crore on total income of Rs 7.59 crore. The company declared a dividend of ₹0.60 in the quarter ending March 2024, translating to a dividend yield of 0.11%.
The company has announced a 1:10 stock split with July 18 as the record date, meaning investors need to hold Indo Thai shares in their demat accounts by the end of the record date to be eligible for the stock split benefits. The Board of Directors approved the allotment of 1,58,319 equity shares on conversion of warrants at their meeting held on October 26, 2024.
The company's promoters include Rajendra Bandi, Parasmal Doshi, Dhanpal Doshi, Amber Chaurasia, Dharmendra Jain, Sweta Sharma Pastaria, and Shruti Sikarwar, with Parasmal Doshi serving as chairman and Shruti Sikarwar as company secretary. Promoter holding has decreased to 61.73% as of March 2025 from 65.25% as of January 2025.
The company's peers in the financial services sector include Motilal Oswal Financial Services Ltd, Nuvama Wealth Management Ltd, Angel One Ltd, Prudent Corporate Advisory Services Ltd, IIFL Capital Services Ltd, Monarch Networth Capital Ltd, and Geojit Financial Services Ltd. Over the last 5 years, the company has demonstrated strong revenue growth at a yearly rate of 32.4%, significantly outperforming the industry average of 13.72%, with market share increasing from 0.03% to 0.05%.
The company has demonstrated financial prudence by reducing debt and is now almost debt-free. However, the stock is trading at 12.2 times its book value, which could indicate overvaluation concerns. The company employs 70 total employees according to recent corporate data.
Indo Thai Securities represents a significant player in India's financial services sector, with a strong legacy spanning nearly three decades. While the company faces recent challenges in terms of declining quarterly performance, its strategic positioning, comprehensive service portfolio, and strong market presence continue to make it a notable entity in the investment banking and brokerage services industry.
