Check Before You Invest : Indbank Merchant Banking Services Ltd

Q: Which industry/sub-sector does Indbank Merchant Banking Services Ltd belong to?

Indbank Merchant Banking Services Ltd belongs to the BFSI sector, operating specifically within the Finance - Stock Broking segment.

Q: Is Indbank Merchant Banking Services Ltd a good quality company?

Indbank Merchant Banking Services Ltd is a average quality company, based on a somewhat consistent multi-year financial track record. This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q: Is Indbank Merchant Banking Services Ltd undervalued or overvalued?

Indbank Merchant Banking Services Ltd appears Fair, as its key valuation ratios are in line with their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: 21.4, Historic Median: 21.95. Price to Book, Current: 1.52, Historic Median: 1.64. Price to Sales, Current: 6.02, Historic Median: 6.80. EV to EBITDA, Current: 6.29, Historic Median: 8.85

Q: Is Indbank Merchant Banking Services Ltd a good buy now?

Indbank Merchant Banking Services Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Q: Revenue growth of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd revenue growth is 7.5% for FY-2025, which is below its 5-year CAGR of 25.02%, indicating slower growth.

Q: Gross Profit margin of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Gross profit margin which is the profit after deduction of direct costs, is 44.6% for FY-2025, which is above its 5-year median of 42.4%, indicating increasing margins.

Q: Operating Profit Margin of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 45.43% for FY-2025, which is above its 5-year median of 34.49% indicating increasing margins.

Q: Net Profit Margin of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Net Profit Margin is 31.61% for FY-2025, is in line with its 5-year median of 32.25%, indicating stable margins. Profitability Metrics. Gross Profit Margin (%), Current: 44.6, Historic Median: 42.4. Operating Profit Margin (%), Current: 45.43, Historic Median: 34.49. Net Profit Margin (%), Current: 31.61, Historic Median: 32.25

Q: Return on Asset of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Return on Asset is 7.5%, which is in line with its 5-year historical median of 7.5%, indicating stable asset utilization efficiency.

Q: Return on capital employed (ROCE) of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Return on capital employed is 13.4% for FY-2025, which is in line with its 5-year historical median of 13.4%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Check Before You Invest : Indbank Merchant Banking Services Ltd

Snapshot

Q.1 Which industry/sub-sector does Indbank Merchant Banking Services Ltd belong to?

Indbank Merchant Banking Services Ltd belongs to the BFSI sector, operating specifically within the Finance - Stock Broking segment.

Q.2 Is Indbank Merchant Banking Services Ltd a good quality company?

Indbank Merchant Banking Services Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Indbank Merchant Banking Services Ltd undervalued or overvalued?

Indbank Merchant Banking Services Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	21.4	21.95
Price to Book	1.52	1.64
Price to Sales	6.02	6.80
EV to EBITDA	6.29	8.85

Q.4 Is Indbank Merchant Banking Services Ltd a good buy now?

Indbank Merchant Banking Services Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd revenue growth is 7.5% for FY-2025, which is below its 5-year CAGR of 25.02%, indicating slower growth.

Q.2 Gross Profit margin of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Gross profit margin which is the profit after deduction of direct costs, is 44.6% for FY-2025, which is above its 5-year median of 42.4%, indicating increasing margins.

Q.3 Operating Profit Margin of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 45.43% for FY-2025, which is above its 5-year median of 34.49% indicating increasing margins.

Q.4 Net Profit Margin of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Net Profit Margin is 31.61% for FY-2025, is in line with its 5-year median of 32.25%, indicating stable margins.

	Current Level	5-year Historic Median
Gross Profit Margin (%)	44.6	42.4
Operating Profit Margin (%)	45.43	34.49
Net Profit Margin (%)	31.61	32.25

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Return on Asset is 7.5%, which is in line with its 5-year historical median of 7.5%, indicating stable asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Return on capital employed is 13.4% for FY-2025, which is in line with its 5-year historical median of 13.4%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Return on Equity (ROE) of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Return on equity is 9.7% for FY-2025, which is in line with its 5-year historical median of 9.7%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Cash conversion cycle is 72 days, above its 5-year historical median of 42 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.

	Current Level	5-year Historic Median
Asset Turnover (x)	0.24	0.24
ROE (%)	9.7	9.7
ROCE (%)	13.4	13.4
Cash Conversion Cycle	72 days	42 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Debt-to-Equity ratio is 0.00, which is lower the industry average of 0.05, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Indbank Merchant Banking Services Ltd?

Indbank Merchant Banking Services Ltd Debt to cash flow from operations is 0.08, which is at a healthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Indbank Merchant Banking Services Ltd?

Q.1 Promoter shareholding and pledge status of Indbank Merchant Banking Services Ltd?

Promoters hold 64.84% of the Indbank Merchant Banking Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Indbank Merchant Banking Services Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Indbank Merchant Banking Services Ltd vs industry peers?

Indbank Merchant Banking Services Ltd revenue CAGR is 25.02%, compared to the industry median CAGR of 16.32%, indicating faster growth and gaining its market share.

Profit Metrics

	Current Level	5-year Industry Median
Revenue Growth (%)	7.5	16.3
Gross Profit Growth (%)	-	24.7
Operating Profit Growth (%)	-	36
Net Profit Growth (%)	-	24.5

Operating Efficiency

	Current Level	5-year Industry Median
Asset Turnover (x)	0.24	0.26
ROE (%)	9.7	7.6
ROCE (%)	13.4	10.2
Cash Conversion Cycle (days)	71.89	-82

Valuation & price assessment

Q.1 Stock return of Indbank Merchant Banking Services Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 17.1% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	17.1%	16.3%	9.5%	-1.4%

Q.2 Valuation ratios of Indbank Merchant Banking Services Ltd vs historical?

The current P/E ratio of 21.4 is in line with than its historical median of 21.95, indicating that the stock is trading near its historical average valuation.

Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	21.4	21.95	19.96
Price to Book	1.52	1.64	1.64
Price to Sales	6.02	6.80	5.31
EV to EBITDA	6.29	8.85	6.93

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Check Before You Invest : Indbank Merchant Banking Services Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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