Indbank Merchant Banking Services Limited (INDBANK) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Indbank Merchant Banking Services Limited ₹23.96, price ₹25.20, upside -4.9%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹18.10 – ₹59.10 · fair‑value band ₹16.36 – ₹26.23 · the ₹25.20 price screens above the ₹23.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Indbank Merchant Banking Services Limited engages in the provision of merchant banking, stock broking, depository participant, and allied services in India.
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Indbank Merchant Banking Services Limited engages in the provision of merchant banking, stock broking, depository participant, and allied services in India. The company offers merchant banking services for public issues, rights issues, private placement, acquisition of shares and takeovers, and employee stock option schemes/stock purchase scheme by corporates. It also provides advisory services for valuation of shares and other financial instruments, syndication of loans, acquisitions, and mergers and amalgamations, as well as for project counseling, appraisal, and feasibility studies. In addition, the company offers stock broking services in the cash, derivatives, and wholesale debt market segments for retail and institutional investors, as well as in cash management; online trading services; and e-services, as well as distributes mutual funds and other investment products. Indbank Merchant Banking Services Limited was incorporated in 1989 and is based in Chennai, India. Indbank Merchant Banking Services Limited is a subsidiary of Indian Bank.
Stock analysis
Indbank Merchant Banking Services Limited (INDBANK) currently trades at ₹25.20, while our model-based Fair Value estimate is ₹23.96, so the stock looks roughly fairly valued today (gap 5.2%).
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹42.07 per share, and 7 of the 11 models we run sit above the ₹25.20 price.
Bear case: the Asset-Based group reads lowest at ₹14.91, and 4 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹16.36 (bear) to ₹26.23 (bull), the price of ₹25.20 sits inside 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 67/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Indbank Merchant Banking Services Limited reported revenue of ₹252M in FY2026 versus ₹176M in FY2022, a compound +9.3%/yr. Reported net income was ₹71.2M in FY2026, compounding +0.6%/yr from FY2022.
Key figures
Market cap ₹1.5B (≈ $15.4M) · P/E ratio 15.8 · P/S ratio 4.49 · EPS (TTM) ₹1.59 · Net margin 28.3% · Return on equity 7.4% · Return on assets (EBIT) 7.0% · Operating margin 30.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at −5%, INDBANK screens cheaper than that median.
Fair Value models
Bear ₹16.36Fair Value ₹23.96Bull ₹26.23
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 2026 figures (about 6 months old). Earnings retained since then (₹0.8015 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.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.
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
+20.0%
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.
+16.5%
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.
+15.9%
Start year 2021 (pandemic). Over 10 years: +13.3% a year
Revenue growth 20 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.
+6.6%
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What shareholders gained per year (last 5 years), in INR ⓘ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. Measured in INR: 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.
+12.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.0%
Dividend (yield on the price)0.0%
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.12.0% vs 3.7%, picking up
Profit margin 2019 to 2026 ⓘ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.30% → 39%
Start year 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +12.6% a year for the price.
Compare Indbank Merchant Banking Services Limited with another stock
Price, fair value, quality and upside side by side.
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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.Capital Markets · 464 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−4.9% · Below median
Profitability
Return on equity (TTM)7.4% · Below median
Return on assets5.8% · Top 25%
Net margin (TTM)28.6% · Above median
Operating margin (TTM)30.1% · Above median
Growth and dividend
Revenue growth14.4% · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is Indbank Merchant Banking Services Limited (INDBANK) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹23.96 versus a price of ₹25.20, about −5% upside (fairly valued).
What is the fair value of INDBANK?
Our model-based fair value for Indbank Merchant Banking Services Limited is ₹23.96 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹25.20.
What is the quality score of INDBANK?
Indbank Merchant Banking Services Limited has a Quality Score of 67/100. 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 Indbank Merchant Banking Services Limited (INDBANK)?
Our model-based price target is the fair value of ₹23.96 (as of Sep 27, 2026) from 11 valuation models. Cautious scenario ₹16.36, optimistic scenario ₹26.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Indbank Merchant Banking Services Limited stock forecast for 2026?
Our models put fair value at ₹23.96, about −5% upside versus a price of ₹25.20 (fairly valued). Cautious scenario ₹16.36, optimistic scenario ₹26.23. The calculation is refreshed regularly with new filings.
What is the revenue of Indbank Merchant Banking Services Limited (INDBANK)?
Indbank Merchant Banking Services Limited reported trailing-twelve-month revenue of about ₹249M (latest available figure, as of Sep 27, 2026).
What growth is priced into Indbank Merchant Banking Services Limited (INDBANK)?
For today's price to be fair in a discounted-cash-flow model, Indbank Merchant Banking Services Limited would have to grow free cash flow by +17.2 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.9 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of INDBANK use?
Our models discount Indbank Merchant Banking Services Limited at 12.4 %: a base by market capitalisation (nano), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Indbank Merchant Banking Services Limited that is +17.2 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Indbank Merchant Banking Services Limited (INDBANK) delivered so far?
Over the past 5 years revenue at Indbank Merchant Banking Services Limited grew +15.9 % a year. The price currently implies +17.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Indbank Merchant Banking Services Limited (INDBANK) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Indbank Merchant Banking Services Limited (+17.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Indbank Merchant Banking Services Limited (INDBANK)?
The free-cash-flow yield on the price is 1.03 %: that much free cash flow Indbank Merchant Banking Services Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indbank Merchant Banking Services Limited (INDBANK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indbank Merchant Banking Services Limited it is ₹23.96 per share (as of Sep 27, 2026), against a price of ₹25.20. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Indbank Merchant Banking Services Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, INDBANK trades above its calculated fair value: price ₹25.20, fair value ₹23.96, a gap of about −5% (fairly valued). 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 INDBANK?
No. The price is what the market pays today (₹25.20); the fair value is what the company's own numbers justify (₹23.96). For Indbank Merchant Banking Services Limited the two are ₹1.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Indbank Merchant Banking Services Limited worth?
The market values Indbank Merchant Banking Services Limited at about ₹1.5B (market capitalisation, as of Sep 27, 2026). Per share that is ₹25.20; our models calculate a fair value of ₹23.96 per share.
What do the bullish and bearish scenarios say about INDBANK?
Our models span a range for Indbank Merchant Banking Services Limited: cautious scenario ₹16.36, base ₹23.96, optimistic ₹26.23 per share (as of Sep 27, 2026, price ₹25.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDBANK?
Indbank Merchant Banking Services Limited trades at a price-to-earnings ratio of 15.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹23.96 is built from several models across several years. Other multiples: P/B 1.5, P/S 5.9, EV/EBITDA 6.1.
How solid is the balance sheet of Indbank Merchant Banking Services Limited (INDBANK)?
Balance-sheet figures for Indbank Merchant Banking Services Limited (as of Sep 27, 2026): return on equity 7.4%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is INDBANK from its 52-week high?
Indbank Merchant Banking Services Limited trades at ₹25.20, about 45% below its 52-week high of ₹45.95 and 1% above the low of ₹25.06 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹23.96 is for.
Which stocks are comparable to Indbank Merchant Banking Services Limited?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Indbank Merchant Banking Services Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹25.20, calculated fair value ₹23.96 (−5%), Quality Score 67/100, from 11 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 INDBANK calculated?
We run Indbank Merchant Banking Services Limited through 11 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 ₹23.96, 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 14.7 % above its aggregate fair value. Indbank Merchant Banking Services Limited itself currently trades above fair value. 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 Indbank Merchant Banking Services Limited (INDBANK)?
The closing price on Oct 1, 2026 was ₹25.20. Our model-based fair value is ₹23.96, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indbank Merchant Banking Services Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Indbank Merchant Banking Services Limited (INDBANK) come from?
Earnings per share at Indbank Merchant Banking Services Limited grew +7.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +11.4 %, EBIT margin −2.9 %, tax rate −2.3 %, residual (interest, one-offs) +1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Indbank Merchant Banking Services Limited
How large is the market capitalisation of Indbank Merchant Banking Services Limited (INDBANK)?
The market capitalisation of Indbank Merchant Banking Services Limited is ₹1.5B (≈ $15.4M). 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 Indbank Merchant Banking Services Limited (INDBANK)?
The price-to-sales ratio of Indbank Merchant Banking Services Limited is 4.49 (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 Indbank Merchant Banking Services Limited (INDBANK)?
Earnings per share at Indbank Merchant Banking Services Limited are ₹1.59 (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Indbank Merchant Banking Services Limited (INDBANK)?
The net margin of Indbank Merchant Banking Services Limited is 28.3% (fiscal year 2026). 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 Indbank Merchant Banking Services Limited (INDBANK)?
The return on equity (ROE) of Indbank Merchant Banking Services Limited is 7.4% (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 Indbank Merchant Banking Services Limited (INDBANK)?
On an EBIT basis the return on assets of Indbank Merchant Banking Services Limited is 7.0% (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 Indbank Merchant Banking Services Limited (INDBANK)?
The operating margin of Indbank Merchant Banking Services Limited is 30.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indbank Merchant Banking Services Limited (INDBANK)?
Revenue at Indbank Merchant Banking Services Limited is growing +14.4% versus a year earlier (3y avg +16.5%). 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 Indbank Merchant Banking Services Limited (INDBANK)?
Earnings per share at Indbank Merchant Banking Services Limited are growing +3.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Indbank Merchant Banking Services Limited (INDBANK) hold?
Indbank Merchant Banking Services Limited holds more cash than debt, ₹867M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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