Indo Thai Securities Limited (INDOTHAI) Fair Value & Analysis

Financial Services · IN · Market cap ₹32.0B

A solid business, but screening 75% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹55.69). The favourable scenario is already priced in.
• The model range is unusually wide (₹14.70 to ₹55.69). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

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

How to read this chart

60‑month range ₹4.83 – ₹460.40 · fair‑value band ₹14.70 – ₹55.69 · the ₹77.08 price screens above the ₹19.60 fair value. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Indo Thai Securities Limited (INDOTHAI) currently trades at ₹77.08, while our model-based Fair Value estimate is ₹19.60, implying the stock looks roughly 74.6% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Indo Thai Securities Limited generated revenue of ₹1.0B at a net margin of 65.1%. It earns a return on equity of 28.3%. The balance sheet holds a net cash position of ₹1.0B. The stock trades on a trailing P/E of 47.1 (as of Jul 3, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹14.70 (bear case) to ₹55.69 (bull case); at ₹77.08, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at -75%, INDOTHAI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (₹58.78) versus Dividend Discount (₹0.4500). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Indo Thai Securities Limited engages in the stock and share broking, depository participants, and other related ancillary businesses in India. The company operates through Brokering, Commission & Related Activities; Real Estate Business; and Environmental Technology segments.

Full company description

Indo Thai Securities Limited engages in the stock and share broking, depository participants, and other related ancillary businesses in India. The company operates through Brokering, Commission & Related Activities; Real Estate Business; and Environmental Technology segments. It is involved in the trading of equities and derivatives, commodities derivatives, and currency derivatives; purchase and sale of properties; development of land; real estate rental business; and provision of mutual fund, depository, initial public offering, algorithmic trading, and wealth management services, as well as bonds and fixed deposits. The company also provides life insurance products; and trading platform and mobile/desktop applications under the Winstock brand, as well as engages in the development of environmental technologies, and investment and trading of shares. It serves corporate clients, high net worth individuals, mega traders, and retail investors. The company was incorporated in 1995 and is based in Indore, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Indo Thai Securities Limited reported revenue of ₹1.0B in FY2026 versus ₹50.6M in FY2022, a compound +113.1%/yr. Reported net income was ₹664M in FY2026, compounding +60.8%/yr from FY2022.

INDOTHAI screens 75% overvalued. Compare with Mirae Asset Securities Co →

Peer Group

Capital Markets · 423 stocks

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.

Valuation Multiples vs Capital Markets median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.