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Index International Group Public Company Limited (IND) fair value: what the stock is really worth

We calculate from audited financials what Index International Group Public Company Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Industrials · TH

II Thin data Sep 13, 2026

Index International Group Public Company Limited

IND · BK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 1.99 THB · Strongly undervalued (+131%)
!Quality 56/100
!Expensive Growth (revenue 5y +13.9 %/yr)
!Thin margins · 5.5% net margin (TTM)
!negative free cash flow
·8.49% dividend yield
✓Ranks above peers (10/12)
!Narrow moat 41/100
!Evidence only low, so the estimate is less certain
!Weak on future: 4 out of 100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

2.18 THB 0.5401 THB Fair Value 1.99 THB Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range 0.5401 THB – 2.18 THB · fair‑value band 1.30 THB – 3.26 THB · the 0.8600 THB price screens below the 1.99 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Index International Group Public Company Limited operates as an engineering consultancy services in Thailand.

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Index International Group Public Company Limited operates as an engineering consultancy services in Thailand. 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 0.8600 THB, while our model-based Fair Value estimate is 1.99 THB, implying the stock looks roughly 56.8% 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 0.8600 THB price.

Bear case: the Dividend Discount group reads lowest at 0.8500 THB, and 1 of the 17 models stay below the price. Evidence for this calculation is low.

Scenario range: 1.30 THB (bear) to 3.26 THB (bull), the price of 0.8600 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 56/100 (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 336M THB (≈ $10.1M) · P/E ratio 5.1 · P/S ratio 0.34 · EPS (TTM) 0.1700 THB · Dividend yield 8.5% · Net margin 6.8% · Return on equity 11.8% · Return on assets (EBIT) 5.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 42% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at 131%, IND screens cheaper than that median.

Fair Value models

Bear 1.30 THB Fair Value 1.99 THB Bull 3.26 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (0.0683 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income 1.38 THB 1.66 THB 3.38 THB 72
Owner Earnings 2.74 THB 5.05 THB 9.01 THB 71
EPV 1.76 THB 1.98 THB 2.17 THB 70
All 17 models by family
DCF Models
Owner Earnings 2.74 THB 5.05 THB 9.01 THB 71
Earnings-Based
Graham-Dodd 1.46 THB 8.66 THB 12.06 THB 63
Lynch FV 2.46 THB 3.52 THB 4.57 THB 61
PEG = 1.0 2.46 THB 3.52 THB 4.57 THB 57
EPV 1.76 THB 1.98 THB 2.17 THB 70
Dividend Discount
Gordon GGM 0.5100 THB 0.9300 THB 1.28 THB 68
DDM Multi-Stage 0.5100 THB 0.8500 THB 0.9900 THB 67
Multiples
P/E Multiple 3.37 THB 4.50 THB 5.62 THB 63
P/S Multiple 2.73 THB 3.64 THB 4.55 THB 58
P/B Multiple 2.73 THB 3.64 THB 4.55 THB 55
EV/EBIT 3.47 THB 4.58 THB 5.70 THB 63
EV/EBITDA 2.84 THB 3.74 THB 4.65 THB 64
EV/Revenue 2.51 THB 3.53 THB 4.56 THB 51
Asset-Based
NCAV (Graham) 0.7500 THB 1.00 THB 1.49 THB 51
Economic Profit
Residual Income 1.38 THB 1.66 THB 3.38 THB 72
ROIC Compounder 1.90 THB 2.49 THB 3.10 THB 70
Growth Earnings
Growth-Adj P/E 3.59 THB 5.13 THB 6.67 THB 67

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Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 35

Profitability 50
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 62/100
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%
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%
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.
+42.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.6%
Dividend (yield on the price)8.5%
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.33% vs 38%, slowing
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.

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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 · 821 stocks

Beats the industry median on 9/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 56 · Above median
Profitability
Return on equity (TTM) 12% · Above median
Return on assets 5% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 3% · Below median
Growth and dividend
Revenue growth 1% · Below median
Dividend yield (TTM) 8.5% · Top 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 5.1× · Cheapest 25%
P/B 0.64× · Cheaper than median
P/S (TTM) 0.30× · Cheaper than median
EV/EBITDA 3.8× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 19
FUTURE (revenue growth)4 · sector 12
PAST (return on equity)47 · sector 25
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)100 · sector 40

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $650.58 $163.08 −75%
Vinci SA DG €111.45 €185.62 +67%
Comfort Systems USA, Inc FIX $1,691 $1,114 −34%
Larsen & Toubro Limited LT ₹3,915 ₹2,196 −44%
Ferrovial N.V FER €48.03 €19.17 −60%
HOCHTIEF Aktiengesellschaft HOT €416.20 €203.87 −51%
Samsung C&T Corporation 028260 367,000 KRW 261,411 KRW −29%
ACS, Actividades de Construcción y Servicios, S.A ACS €98.25 €75.04 −24%
EMCOR Group EME $780.66 $518.51 −34%
China State Construction Engineering Corporation 601668 ¥4.35 ¥17.35 +299%

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Index International Group Public Company Limited · Fair Value
1.99 THB +57%Fair Value
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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 Sep 13, 2026, our model estimates a fair value of 1.99 THB versus a price of 0.8600 THB, about +131% upside (undervalued).
What is the fair value of IND?
Our model-based fair value for Index International Group Public Company Limited is 1.99 THB (as of Sep 13, 2026), built from audited fundamentals. The current price: 0.8600 THB.
What is the quality score of IND?
Index International Group Public Company Limited has a Quality Score of 56/100. 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 1.99 THB (as of Sep 13, 2026) from 17 valuation models. Cautious scenario 1.30 THB, optimistic scenario 3.26 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 1.99 THB, about +131% upside versus a price of 0.8600 THB (undervalued). Cautious scenario 1.30 THB, optimistic scenario 3.26 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 1.1B THB (latest available figure, as of Sep 13, 2026).
Does Index International Group Public Company Limited pay a dividend?
Index International Group Public Company Limited currently shows a dividend yield of about 8.49% relative to its recent price (as of Sep 13, 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 1.99 THB per share (as of Sep 13, 2026), against a price of 0.8600 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 Sep 13, 2026, IND trades below its calculated fair value: price 0.8600 THB, fair value 1.99 THB, a gap of about +131% (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 (0.8600 THB); the fair value is what the company's own numbers justify (1.99 THB). For Index International Group Public Company Limited the two are 1.13 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 336M THB (market capitalisation, as of Sep 13, 2026). Per share that is 0.8600 THB; our models calculate a fair value of 1.99 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 1.30 THB, base 1.99 THB, optimistic 3.26 THB per share (as of Sep 13, 2026, price 0.8600 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 5.1 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.99 THB is built from several models across several years. Other multiples: P/B 0.6, P/S 0.3, EV/EBITDA 3.8.
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 Sep 13, 2026): return on equity 11.8%. They feed the Quality Score of 56/100, 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 0.8600 THB, about 42% below its 52-week high of 1.48 THB and 18% above the low of 0.7282 THB (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 1.99 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, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Sep 13, 2026: price 0.8600 THB, calculated fair value 1.99 THB (+131%), Quality Score 56/100, 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 1.99 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 15.8 % above its aggregate fair value. Index International Group Public Company Limited currently trades 131 % 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 should I pay attention to with Index International Group Public Company Limited right now?
The price is below even our cautious bear case (1.30 THB). The market is more pessimistic than our downside scenario. 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 (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1.30 THB to 3.26 THB) leaves room in how you read the outcome.

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 336M THB (≈ $10.1M). 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 0.34 (P/E × margin). 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 0.1700 THB (price ÷ EPS = P/E 5.1). 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 8.5% (payout 42.9%). 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 6.8% (fiscal year 2025). 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 11.8% (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 3.3% (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 +0.7% 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 −66.7% 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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