Index International Group Public Company Limited (IND) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Index International Group Public Company Limited stock THB 2.37, price THB 0.84, upside +182.1%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?Yes
Quality 50+?Yes
In an uptrend?No
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 25, 2026.
How to read this chart
60‑month range 0.5401 THB – 2.18 THB · fair‑value band 1.36 THB – 4.09 THB · the 0.8400 THB price screens below the 2.37 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 25, 2026.
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Index International Group Public Company Limited operates as an engineering consultancy services in Thailand.
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It provides a range of services, such as project planning; city and district planning; architectural design that includes landscaping and architecture; and engineering design comprising structural, electrical, mechanical, transportation, sanitary, geotechnical, environmental, and water resources engineering.
The company's services also comprise master planning in the fields of site reconnaissance and survey, socio-economic survey and analysis, and feasibility analysis; and complete design and engineering services for construction and contract bidding, such as preliminary engineering design, detailed engineering design, scale models when required, specification and drawings, bills of quantities, other technical description required for procurement and construction, and geographic information system.
In addition, it offers project management/construction supervision services, including provision of construction inputs to architects-engineers through the design and engineering stages; construction management of turnkey, design, build, and concessionaire projects; handling of contractual procedures necessary for phased construction; procurement services for materials and equipment, including the expediting of procurement, shop inspections, and shipping; schedule and quality control services; and value engineering services.
Further, the company provides design and build services, such as plan and design environmental education structure, control cost of project, advice on development of products storage systems, and consultation on design of project details, as well as care of design details comprising system work of project.
It also provides consulting services for LEED certification. The company was founded in 1983 and is based in Pathum Thani, Thailand.
Stock analysis
Index International Group Public Company Limited (IND) currently trades at 0.8400 THB, while our model-based Fair Value estimate is 2.37 THB, implying the stock looks roughly 64.6% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 5.13 THB per share, and 16 of the 17 models we run sit above the 0.8400 THB price.
Bear case: the Dividend Discount group reads lowest at 0.8000 THB, and 1 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.36 THB (bear) to 4.09 THB (bull), the price of 0.8400 THB sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Index International Group Public Company Limited reported revenue of 1.1B THB in FY2025 versus 468M THB in FY2021, a compound +23.8%/yr. Reported net income was 75.0M THB in FY2025, compounding +51.4%/yr from FY2021.
Key figures
Market cap 294M THB (≈ $8.7M) Micro · P/E ratio 8.4 · P/S ratio 0.31 · EPS (TTM) 0.1000 THB · Dividend yield 8.7% · Net margin 3.8% · Return on equity 7.1% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −32% fair-value upside, at 182%, IND screens cheaper than that median.
Fair Value models
Bear1.36 THBFair Value 2.37 THBBull4.09 THB
Price 0.8400 THB · Upside +182.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0223 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+38.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.8%
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What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +42.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +33.6%
Dividend (yield on the price)8.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 33.4% / 37.7%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 8%
2025 sits 131% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 5.4%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.051 per share, median 0.12 in 2016 to 2018). It measures the recovery from the trough, not lasting growth.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 795 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+182.1% · Top 25%
Profitability
Return on equity (12 months)7.1% · Below median
Return on assets6.9% · Top 25%
Net margin (12 months)3.8% · Above median
Operating margin (12 months)5.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)−45.4% · Bottom 25%
Dividend yield (12 months)8.7% · Top 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Index International Group Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/IND
Frequently asked questions
Is Index International Group Public Company Limited (IND) overvalued or undervalued?
As of Oct 25, 2026, our model estimates a fair value of 2.37 THB versus a price of 0.8400 THB, about +182% upside (undervalued).
What is the fair value of IND?
Our model-based fair value for Index International Group Public Company Limited is 2.37 THB (as of Oct 25, 2026), built from audited fundamentals. The current price: 0.8400 THB.
What is the quality score of IND?
Index International Group Public Company Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Index International Group Public Company Limited (IND)?
Our model-based price target is the fair value of 2.37 THB (as of Oct 25, 2026) from 17 valuation models. Cautious scenario 1.36 THB, optimistic scenario 4.09 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Index International Group Public Company Limited stock forecast for 2026?
Our models put fair value at 2.37 THB, about +182% upside versus a price of 0.8400 THB (undervalued). Cautious scenario 1.36 THB, optimistic scenario 4.09 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Index International Group Public Company Limited (IND)?
Index International Group Public Company Limited reported trailing-twelve-month revenue of about 949M THB (latest available figure, as of Oct 25, 2026).
Does Index International Group Public Company Limited pay a dividend?
Index International Group Public Company Limited currently shows a dividend yield of 8.69% relative to its recent price (as of Oct 25, 2026).
What is the intrinsic value of Index International Group Public Company Limited (IND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Index International Group Public Company Limited it is 2.37 THB per share (as of Oct 25, 2026), against a price of 0.8400 THB. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Index International Group Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 25, 2026, IND trades below its calculated fair value: price 0.8400 THB, fair value 2.37 THB, a gap of about +182% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IND?
No. The price is what the market pays today (0.8400 THB); the fair value is what the company's own numbers justify (2.37 THB). For Index International Group Public Company Limited the two are 1.53 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Index International Group Public Company Limited worth?
The market values Index International Group Public Company Limited at about 294M THB (market capitalisation, as of Oct 25, 2026). Per share that is 0.8400 THB; our models calculate a fair value of 2.37 THB per share.
What do the bullish and bearish scenarios say about IND?
Our models span a range for Index International Group Public Company Limited: cautious scenario 1.36 THB, base 2.37 THB, optimistic 4.09 THB per share (as of Oct 25, 2026, price 0.8400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IND?
Index International Group Public Company Limited trades at a price-to-earnings ratio of 8.4 (as of Oct 25, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.37 THB is built from several models across several years. Other multiples: P/B 0.6, P/S 0.3, EV/EBITDA 5.4.
How solid is the balance sheet of Index International Group Public Company Limited (IND)?
Balance-sheet figures for Index International Group Public Company Limited (as of Oct 25, 2026): return on equity 7.1%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is IND from its 52-week high?
Index International Group Public Company Limited trades at 0.8400 THB, about 39% below its 52-week high of 1.37 THB and 2% above the low of 0.8200 THB (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 2.37 THB is for.
Which stocks are comparable to Index International Group Public Company Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Index International Group Public Company Limited stock attractive at the current price?
The data as of Oct 25, 2026: price 0.8400 THB, calculated fair value 2.37 THB (+182%), Quality Score 59/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IND calculated?
We run Index International Group Public Company Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2.37 THB, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Index International Group Public Company Limited currently trades 65 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Index International Group Public Company Limited (IND)?
The closing price on Oct 28, 2026 was 0.8400 THB. Our model-based fair value is 2.37 THB, about +182% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Index International Group Public Company Limited right now?
The price is below even our cautious bear case (1.36 THB). The market is more pessimistic than our downside scenario. The model range is unusually wide (1.36 THB to 4.09 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Index International Group Public Company Limited
How large is the market capitalisation of Index International Group Public Company Limited (IND)?
The market capitalisation of Index International Group Public Company Limited is 294M THB (≈ $8.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Index International Group Public Company Limited (IND)?
The price-to-sales ratio of Index International Group Public Company Limited is 0.31 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Index International Group Public Company Limited (IND)?
Earnings per share at Index International Group Public Company Limited are 0.1000 THB (price ÷ EPS = P/E 8.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Index International Group Public Company Limited (IND)?
The dividend yield of Index International Group Public Company Limited is 8.7% (payout 73.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Index International Group Public Company Limited (IND)?
The net margin of Index International Group Public Company Limited is 3.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Index International Group Public Company Limited (IND)?
The return on equity (ROE) of Index International Group Public Company Limited is 7.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Index International Group Public Company Limited (IND)?
On an EBIT basis the return on assets of Index International Group Public Company Limited is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Index International Group Public Company Limited (IND)?
The operating margin of Index International Group Public Company Limited is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Index International Group Public Company Limited (IND)?
Revenue at Index International Group Public Company Limited is growing −45.4% versus a year earlier (3y avg +21.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Index International Group Public Company Limited (IND)?
Earnings per share at Index International Group Public Company Limited are growing −77.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Index International Group Public Company Limited (IND) generate?
The free cash flow of Index International Group Public Company Limited is −9.5M THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Index International Group Public Company Limited (IND) hold?
Index International Group Public Company Limited holds more cash than debt, 20.1M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 25, 2026