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Indo Thai Securities Limited (INDOTHAI)

₹34.81 +4.98% last close, 16 Oct

📊 NSE: INDOTHAI 🏢 Finance & Investments 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 22 Oct 2026 (board meeting)

Indo Thai Securities Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Indo Thai's revenue was ₹20.6 Cr (+47.3% year on year, -45.7% on the previous quarter), and net profit ₹11.0 Cr (+22.5% year on year); the operating margin was 76.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹20.6	+47.3%	-45.7%
Operating profit	₹15.8	+58.4%	-52.0%
Net profit	₹11.0	+22.5%	-57.6%
EPS (₹)	0.86	+19.4%	-82.0%
Operating margin	76.8%	—	—

Full quarterly financials → Results calendar →

INDOTHAI delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 67.55% of the INDOTHAI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.43%. That is close to its usual level. Volume was 0.1 times its average, well below normal. It closed at its upper price band (circuit) on 16 Oct, one of 15 band closes in about the last 20 sessions.

67.55%Delivery, 16 Oct

60.43%Own 20-session average

0.1×Volume vs its average

₹34.81NSE close · +4.98%

Delivery in the last 5 sessions: 40.0% · 53.5% · 49.6% · 69.9% · 67.5%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Indo Thai Securities Allots ₹2.35 Cr Unlisted NCDs Under ₹100 Cr Umbrella Limit

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 07 Oct 2026, 05:07 PM

Indo Thai Securities has approved the allotment of 235 Secured, Redeemable, Unlisted, and Unrated Non-Convertible Debentures (NCDs) aggregating to ₹2.35 crore under Tranche-I. This marks the first close of the Tranche-I issue, which has an overall target size of ₹10 crore out of an approved ₹100 crore umbrella framework. The NCDs carry a coupon rate of 9.50% or 9.90% per annum, maturing in either 370 days (October 12, 2027) or 1101 days (October 12, 2029). The raised funds are secured by an exclusive floating charge over the company's listed/unlisted shares, securities, and investments.

Allotment of 235 unlisted, unrated NCDs of face value ₹1,00,000 each, raising ₹2.35 crore
Part of Tranche-I issue size of ₹10 crore within an umbrella limit of up to ₹100 crore
Coupon offered at 9.50% or 9.90% p.a., with tenures of 370 days or 1101 days
Secured via an exclusive floating charge on current and future securities held as stock-in-trade and investments

💡 Track subsequent tranches of NCD issuances and monitor capital deployment into margin trading facility (MTF) expansion.

Indo Thai Securities Allots ₹2.35 Cr Unlisted NCDs Under ₹100 Cr Umbrella Limit

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 07 Oct 2026, 05:03 PM

Allotment of 235 unlisted, unrated NCDs of face value ₹1,00,000 each, raising ₹2.35 crore
Part of Tranche-I issue size of ₹10 crore within an umbrella limit of up to ₹100 crore
Coupon offered at 9.50% or 9.90% p.a., with tenures of 370 days or 1101 days
Secured via an exclusive floating charge on current and future securities held as stock-in-trade and investments

💡 Track subsequent tranches of NCD issuances and monitor capital deployment into margin trading facility (MTF) expansion.

Indo Thai Securities AGM Approves All 10 Resolutions Including Dividend and MOA Amendment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Sep 2026, 05:46 PM

Indo Thai Securities submitted the voting results and scrutinizer's report for its 32nd Annual General Meeting held on September 19, 2026. All 10 resolutions were passed with near-unanimous shareholder support (~100% of votes polled). Key approvals include dividend declaration, re-appointment of executive directors, remuneration hikes for key managerial personnel, and an amendment to the Main Object Clause of the Memorandum of Association. A total of 78,296,891 votes were polled across 26,536 total shareholders of record.

All 10 resolutions passed with nearly 100% of the 78,296,891 total votes polled in favour
Record date for voting was September 12, 2026, covering 26,536 shareholders
Approved dividend declaration and adoption of annual financial statements
Approved re-appointments of MD Dhanpal Doshi and Whole Time Director Parasmal Doshi
Approved remuneration increases for CEO Sarthak Doshi and CFO/COO Nishit Doshi, alongside MOA Main Object Clause changes

💡 Track subsequent disclosures on the payout date for the declared dividend and operational details regarding the expanded business scope under the amended MOA.

Indo Thai Securities Concludes 32nd AGM; Updates on Broking Demerger and Warrant Conversions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Sep 2026, 04:09 PM

Indo Thai Securities conducted its 32nd Annual General Meeting on September 19, 2026, with 69 members present. The Chairman reiterated FY26 net profit of Rs 66.86 crore and net worth of Rs 282.69 crore. Management briefed shareholders on the ongoing Scheme of Demerger transferring its Broking and Distribution Business to Indo Thai Financial Services Limited, which awaits NCLT and regulatory approvals. Additionally, updates were provided on the conversion of 11,69,800 warrants into 1,16,98,000 equity shares during FY26 and subsequent conversion of 4,22,000 warrants.

Held 32nd AGM on September 19, 2026, with 69 members in attendance via video conferencing
Noted FY26 net profit of Rs 66.86 crore and net worth of Rs 282.69 crore
Reported conversion of 11,69,800 warrants into 1,16,98,000 equity shares in FY26, alongside forfeiture of 60,500 warrants
Scheme of Arrangement for demerger of Broking & Distribution Business to ITFSL is pending regulatory and NCLT approvals
Actual CSR spend reached Rs 18,84,895 against the required Rs 18,76,912

💡 Track subsequent voting result disclosures and the regulatory/NCLT timeline for the proposed demerger into Indo Thai Financial Services.

Indo Thai Securities Approves Up to ₹10 Cr Unlisted NCD Issuance

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 12 Sep 2026, 05:58 PM

Indo Thai Securities' Debenture Committee approved the issuance of secured, redeemable, unlisted, and unrated Non-Convertible Debentures (NCDs) aggregating up to ₹10 crore on a private placement basis. The company executed the Debenture Trust Deed and Deed of Hypothecation with Axis Trustee Services Limited on September 12, 2026. The NCDs are secured by an exclusive floating charge over present and future securities held as stock-in-trade and investments, requiring a minimum asset cover of 1.25x. Relative to existing financials, the ₹10 crore issue represents roughly 45.5% of current debt (₹22 crore) and about 2.8% of the company's ₹362 crore market capitalization.

Approved issuance of secured, unlisted, unrated NCDs of up to ₹10 Crore on private placement
Executed Debenture Trust Deed and Deed of Hypothecation with Axis Trustee Services Limited on September 12, 2026
Requires maintenance of a minimum security cover of 1.25x on outstanding principal and accrued interest
Exclusive floating charge created over all present and future listed/unlisted shares & securities held as stock-in-trade and investments
Form CHG-9 to be filed with ROC within 30 days of execution

💡 Track the deployment of funds towards Margin Trading Facilities (MTF) or working capital, and monitor the final allotment terms such as coupon rate and tenure.

Indo Thai Securities Approves Up to ₹10 Cr Private Placement of Unlisted NCDs

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 12 Sep 2026, 05:54 PM

Indo Thai Securities' Debenture Committee approved the issuance of secured, redeemable, unlisted, unrated Non-Convertible Debentures (NCDs) aggregating up to ₹10 Crore on a private placement basis. The company has executed a Debenture Trust Deed and Deed of Hypothecation with Axis Trustee Services Limited. The NCDs require a minimum asset cover of 1.25x secured via an exclusive floating charge over present and future stock-in-trade and investments. Relative to the company's existing debt of ₹22 Cr, this represents a ~45% debt addition, though it constitutes only ~2.8% of its current market cap of ₹362 Cr.

Approved issuance of secured, redeemable, unlisted, unrated NCDs up to ₹10 Crore
Executed Debenture Trust Deed and Deed of Hypothecation with Axis Trustee Services Limited on September 12, 2026
Mandatory minimum asset cover of 1.25x on outstanding principal and accrued interest throughout the tenure
Exclusive floating charge created over all present and future listed or unlisted shares, securities held as stock-in-trade, and investments

💡 Track the deployment of funds into higher-yielding assets like margin trading facility (MTF) books, alongside the final interest cost once disclosed.

Indo Thai Signs Trustee Agreement for Up to ₹100 Cr Unlisted NCD Issue

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 11 Sep 2026, 03:42 PM

Indo Thai Securities has executed a Debenture Trustee Agreement on September 11, 2026, with Axis Trustee Services Limited. The agreement is for the proposed issuance of secured, redeemable, unlisted, and unrated Non-Convertible Debentures (NCDs) aggregating up to ₹100 crore in one or more tranches via private placement. This proposed fundraise represents approximately 90% of TTM revenue (₹111 crore) and over 4.5x existing debt (₹22 crore), significantly altering the balance sheet if fully subscribed.

Executed Debenture Trustee Agreement with Axis Trustee Services on September 11, 2026
Proposed private placement of NCDs aggregating up to ₹100,00,00,000 (₹100 crore)
Debentures are secured, redeemable, unlisted, and unrated
Proposed issue equals ~90% of TTM revenue (₹111 Cr) and ~28% of market cap (₹362 Cr)

💡 Monitor upcoming disclosures on coupon rates, tenure, end-use of proceeds (such as funding Margin Trading Facilities), and actual subscription levels across tranches.

Indo Thai Securities Revises Dividend & AGM Cut-Off Record Date to Sep 12, 2026

🟡 NEUTRAL ⭐ 2/10

DIVIDEND 📅 26 Aug 2026, 05:19 PM

Indo Thai Securities Limited has revised its record date and cut-off date to Saturday, 12th September, 2026 (earlier fixed as 11th September, 2026). This record date will determine shareholder entitlement for the final dividend for FY26, subject to approval at the upcoming Annual General Meeting (AGM). The revised date will also serve as the cut-off date for remote e-voting and voting eligibility at the AGM.

Revised Record Date fixed as Saturday, 12th September, 2026 (previously 11th September, 2026)
Revised Cut-off Date set to Saturday, 12th September, 2026 for AGM voting and remote e-voting
Record date is for dividend entitlement for the financial year ended 31st March, 2026
All other terms and conditions mentioned in the intimation dated 20th July, 2026 remain unchanged

💡 Track shareholder status as of 12th September, 2026 for AGM voting and dividend entitlement, subject to shareholder approval at the AGM.

Indo Thai Securities Convenes 32nd AGM on Sep 19; Proposes ₹0.10 Dividend & MOA Expansion

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 05:08 PM

Indo Thai Securities Limited has issued the notice for its 32nd Annual General Meeting scheduled for September 19, 2026. Key agenda items include the declaration of a final dividend of ₹0.10 (10%) per equity share of face value ₹1 for FY26. Shareholders will also vote on 3-year re-appointments for Managing Director Dhanpal Doshi and Whole Time Directors Parasmal Doshi and Rajendra Bandi starting September 20, 2026. Additionally, the company seeks approval to amend its Memorandum of Association to enter Alternative Investment Funds (AIFs), portfolio management, and wealth advisory services.

32nd AGM scheduled for September 19, 2026, at 12:30 PM via Video Conferencing
Final dividend proposed at ₹0.10 per equity share (10% on face value of ₹1) for FY26
Re-appointment of Dhanpal Doshi (MD), Parasmal Doshi (WTD), and Rajendra Bandi (WTD) for a 3-year term from September 20, 2026
Appointment of M/s Vinod Singhal & Co. LLP as Statutory Auditor for a 5-year tenure up to the 37th AGM
Proposed MOA alteration to venture into Alternative Investment Funds (AIFs), fund management, and investment advisory

💡 Track shareholder approval of the resolutions at the September 19, 2026 AGM and watch for subsequent regulatory approvals from SEBI regarding the rollout of AIF and portfolio management services.

Indo Thai Securities Board Reviews Monitoring Agency Report for Q1 FY27 Issue Proceeds

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 14 Aug 2026, 05:33 PM

Indo Thai Securities Limited held its 382nd Board Meeting on August 14, 2026. The Board considered and approved the Monitoring Agency report regarding the utilization of issue proceeds for the quarter ended June 30, 2026. The meeting commenced at 16:00 IST and concluded at 17:15 IST. This is a routine regulatory review to ensure capital raised is deployed according to stated objectives.

382nd Board Meeting held on August 14, 2026.
Board reviewed the Monitoring Agency report for the quarter ended June 30, 2026.
Meeting commenced at 16:00 IST and concluded at 17:15 IST.
Filing made in compliance with Regulation 30 of SEBI LODR Regulations, 2015.

💡 Track the detailed Monitoring Agency report when published to confirm fund utilization aligns with stated project milestones and expansion plans.

Indo Thai Securities appoints intermediaries for proposed NCD issuance

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 07 Aug 2026, 04:44 PM

Indo Thai Securities has initiated the process for a proposed issuance of Secured, Redeemable, Unlisted, and Unrated Non-Convertible Debentures (NCDs). The company's committee approved the appointment of Axis Trustee Services Limited as the Debenture Trustee and Bigshare Services Private Limited as the Registrar and Transfer Agent (RTA) on August 7, 2026. While the specific fundraise amount was not disclosed, the company currently maintains a low Debt-to-Equity ratio of 0.08 with a total debt of Rs 22 Cr. This move likely supports their stated strategy to scale Margin Trading Facilities (MTF) and regional expansion.

Appointment of Axis Trustee Services Limited as Debenture Trustee for the proposed NCD issuance
Appointment of Bigshare Services Private Limited as Registrar and Transfer Agent (RTA)
Proposed instruments are Secured, Redeemable, Unlisted, and Unrated Non-Convertible Debentures
Committee meeting held on August 7, 2026, concluded within 30 minutes (04:00 PM to 04:30 PM)

💡 Monitor future disclosures for the specific quantum of the NCD issuance and the coupon rate to assess the impact on interest coverage and leverage.

Indo Thai Securities Clarifies Price Volatility; No Promoter Selling or Pledging Reported

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 04:00 PM

Indo Thai Securities Limited has issued a clarification regarding recent significant movements in its share price, which has declined 53.4% over the last three months. The management stated that the price movement is purely market-driven and there is no undisclosed price-sensitive information. Importantly, the company clarified that the promoter group has not sold any shares or created any pledges; any perceived reduction in promoter percentage is strictly due to equity dilution from the conversion of warrants into equity shares. Business operations and liquidity remain stable as of August 4, 2026.

Share price has experienced a 53.4% decline over the trailing 3-month period.
Promoter holding percentage change is attributed solely to dilution from warrant conversion, not share sales.
Company reported a TTM Revenue of Rs 104 Cr with a high Operating Profit Margin of 82.7%.
Management confirmed zero promoter share pledges and adequate liquidity positions.

💡 Investors should focus on the upcoming quarterly financial performance to verify if the high operating margins are being maintained despite the recent 53% share price correction.

99.99% Shareholder Approval for Demerger into Indo Thai Financial Services

🟢 POSITIVE ⭐ 7/10

M&A 📅 25 Jul 2026, 06:36 PM

Shareholders of Indo Thai Securities have overwhelmingly approved a Scheme of Arrangement for a demerger into Indo Thai Financial Services Limited. The special resolution received 99.99% votes in favor during the NCLT-convened meeting held on July 24, 2026. A total of 7.93 crore votes were cast, representing a high turnout of 94.32% of the eligible shareholding. This approval is a critical step in the company's plan to separate its core securities business from its broader financial services arm.

99.99% of the 7,93,36,038 votes cast were in favor of the demerger scheme
Total voting turnout reached 94.32% of the shares held by the voting group
The meeting was conducted following the Hon'ble NCLT Indore Bench order dated June 10, 2026
Only 295 votes were cast against the resolution out of over 7.93 crore total votes
Promoter group participated fully with 100% of their 7.26 crore shares voted in favor

💡 Investors should monitor the subsequent NCLT hearings for final sanction of the scheme and the eventual announcement of the record date for share allotment in the new entity.

99.99% Shareholder Approval for Demerger into Indo Thai Financial Services

🟢 POSITIVE ⭐ 9/10

M&A 📅 25 Jul 2026, 06:34 PM

Shareholders of Indo Thai Securities Limited have overwhelmingly approved a Scheme of Arrangement for a demerger into Indo Thai Financial Services Limited. In a court-convened meeting held on July 24, 2026, 99.99% of the total votes cast were in favor of the resolution. The process follows a National Company Law Tribunal (NCLT) order from June 10, 2026, marking a significant step in the company's corporate restructuring. Total votes polled represented 94.32% of the outstanding shares involved in the voting process.

99.99% of total votes (7,93,35,743 votes) were cast in favor of the demerger scheme
100% of Promoter and Public Institutional votes cast supported the resolution
Total of 7,93,36,038 votes were polled out of 8,41,18,038 shares held by the voting group
The meeting was conducted via VC/OAVM following the NCLT Indore Bench order dated June 10, 2026
Only 295 votes (0.0044% of public non-institutional votes) were cast against the proposal

💡 Investors should monitor the subsequent NCLT hearings for final sanction of the scheme and wait for the announcement of the record date for the issuance of shares in the resulting company.

1,004 Unsecured Creditors: Indo Thai Securities Holds NCLT-Convened Meeting for Demerger Scheme

🔵 WATCH ⭐ 7/10

M&A 📅 24 Jul 2026, 04:39 PM

Indo Thai Securities Limited conducted an NCLT-convened meeting of its unsecured creditors on July 24, 2026, to seek approval for a Scheme of Arrangement with Indo Thai Financial Services Limited. Out of 1,004 unsecured creditors as of the December 31, 2025 record date, 27 attended the meeting via video conferencing, satisfying the 15-member quorum requirement. The proposed scheme involves a demerger, a significant corporate restructuring aimed at separating business entities. Voting results are expected to be disclosed within two working days.

Meeting held for 1,004 unsecured creditors as of the record date of December 31, 2025
27 unsecured creditors attended the meeting via video conferencing
Quorum of at least 15 creditors was required and successfully met for the proceedings
The scheme involves a restructuring between Indo Thai Securities and Indo Thai Financial Services
Voting results and the Scrutinizer's report are expected within 2 working days

💡 Monitor the upcoming disclosure of voting results and subsequent NCLT hearing dates to track the progress of the demerger and potential value-unlocking for shareholders.

View All INDOTHAI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations decreased by 13.88% YoY, falling from INR 31.02 Crore in FY24 to INR 26.72 Crore in FY25. The equity segment remains the primary driver, with turnover reaching INR 354.13 Crore on BSE and INR 5,555.27 Crore on NSE during the period.

Geographic Revenue Split

The company is primarily focused on Central India but is expanding its regional outreach. Recent expansions include new branches in Rajkot (opened November 2024) and Surat (opened May 2025) to capture the growing investor base in Gujarat. Specific percentage contribution per region is not disclosed.

Profitability Margins

Profitability saw a significant decline; Basic Earnings Per Share (EPS) dropped by 46.63%, from INR 16.60 in FY24 to INR 8.86 in FY25. Diluted EPS for FY25 stood at INR 8.67. This decline is linked to a 13.88% drop in total revenue and increased operational costs associated with expansion.

EBITDA Margin

Not explicitly disclosed in percentage terms, but core profitability was impacted by the 13.88% revenue contraction and a 76.72% decrease in Cash & Cash Equivalents, which fell from INR 2.28 Crore to INR 0.53 Crore YoY.

Capital Expenditure

The company raised INR 118.20 Crore through a preferential issue of equity shares and convertible warrants. A revised amount of INR 103.57 Crore was specifically allocated for augmenting margin deposits with stock exchanges, supporting client funding activities, and proprietary trading.

Credit Rating & Borrowing

The company utilizes CARE Ratings as its monitoring agency for fund utilization. While specific interest rates are not disclosed, the company maintains a focus on asset-liability management to mitigate liquidity risks.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company operates in the financial services and stockbroking sector.

Capacity Expansion

Physical presence expanded by 2.7% in terms of key branch locations with the addition of Rajkot and Surat offices. The company is also scaling its digital capacity through technological upgradation to serve institutional clients.

📈 Strategic Growth

Growth Strategy

Growth is targeted through a three-pronged strategy: regional expansion into high-potential markets like Gujarat, accelerating Margin Trading Facilities (MTF) to boost client buying power, and diversifying revenue streams into mutual funds and wealth management to reduce dependence on volatile equity brokerage volumes.

Products & Services

Equity Brokerage, Mutual Fund distribution, Wealth Management services, Margin Trading Facility, and Proprietary Trading.

Brand Portfolio

Indo Thai Securities Limited.

New Products/Services

Accelerated focus on Margin Trading and Wealth Management services; specific revenue contribution percentages for these new focus areas are not yet disclosed.

Market Expansion

Targeting regional outreach in Western India with new branches in Rajkot and Surat established between late 2024 and mid-2025.

Market Share & Ranking

Described as one of the leading broking companies across Central India with a 30-year track record.

🌍 External Factors

Industry Trends

The industry is seeing a shift from physical assets to financial instruments. India's demographic dividend, with 120 million people entering the workforce by 2040, is expected to drive massive growth in equities and mutual fund investments.

Competitive Landscape

Intense competition from national-level discount brokerage firms which utilize technology to offer lower price points.

Competitive Moat

The company's moat is built on a 30-year brand legacy, 'client centricity,' and a strong physical presence in Central India. Sustainability is supported by diversifying into wealth management to create stickier revenue than pure-play brokerage.

Macro Economic Sensitivity

Highly sensitive to domestic economic progress and global market developments. A slower-than-expected recovery of the macro-economy or inability to push economic reforms is cited as a risk that could delay growth.

Consumer Behavior

Rising urbanization and digital adoption are shifting household savings toward market-linked products like SIPs and insurance.

Geopolitical Risks

Geopolitical shifts and trade fluctuations are noted as complexities affecting the global economy (3.3% growth in 2024) which indirectly impacts Indian market sentiment.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company recently executed a stock split (10:1 ratio) on October 18, 2025, reducing face value from INR 10 to INR 1.

Environmental Compliance

The company engages in CSR programs for disadvantaged sections of society, though specific ESG costs in INR are not listed.

⚠️ Risk Analysis

Key Uncertainties

Cyber-attacks and data theft are identified as regular threats that could compromise client data sanctity. Regulatory changes are also a major uncertainty that can pose sudden operational challenges.