Company Overview

Indo Thai Securities Limited (BSE: 533676, NSE: INDOTHAI), a full-stack financial services company with 31 years of operations, reported exceptional financial performance for FY25-26 with record profitability and significant corporate developments.

Financial Performance Highlights

Standalone Performance:

  • Total Income: ₹103.55 crore (FY24-25: ₹26.83 crore) - 286% growth
  • Profit Before Tax: ₹84.79 crore (FY24-25: ₹11.87 crore) - 614% growth
  • Profit After Tax: ₹66.86 crore (FY24-25: ₹9.11 crore) - 634% YoY growth
  • Earnings Per Share: Basic ₹5.44, Diluted ₹5.33 (restated for stock split)
  • Revenue Components: Brokerage income ₹10.63 crore, Interest income ₹13.45 crore, Net gain on fair value changes ₹79.05 crore

Key Ratios:

  • Return on Equity: 29.00% (FY25: 7.29%)
  • Net Profit Margin: 64.62% (FY25: 34.11%)
  • Current Ratio: 2.96 (FY25: 2.16)

Corporate Actions & Capital Structure

Dividend Declaration: Board recommended final dividend of 10% (₹0.10 per share of ₹1 face value) aggregating ₹1.29 crore, subject to shareholder approval at AGM on September 19, 2026.

Stock Split: Successfully implemented 10:1 stock split effective July 18, 2025, subdividing each ₹10 share into 10 shares of ₹1 each, increasing outstanding shares to 12.86 crore.

Warrant Conversions: Allotted 1.17 crore equity shares pursuant to warrant conversions during FY26, with 4.83 lakh warrants remaining outstanding as of March 31, 2026.

Subsidiaries & Investments

Wholly-owned Subsidiaries:

  • Indo Thai Realties Limited (real estate development)
  • Indo Thai Globe Fin (IFSC) Limited (GIFT City operations)
  • Indo Thai Financial Services Limited (financial services intermediary)

Subsidiary: Femto Green Hydrogen Limited (56.86% holding, green energy solutions)

Divestment: Completed divestment from Indo Thai Commodities Private Limited, ceasing associate status from May 19, 2025.

Management & Governance

Board Composition:

  • Executive Directors: Parasmal Doshi (Chairman), Dhanpal Doshi (Managing Director), Rajendra Bandi (Operations)
  • Independent Directors: Amber Chaurasia, Dharmendra Jain, Sweta Sharma Pastaria

Management Changes:

  • Deepak Sharma resigned as CFO effective January 13, 2026
  • Nishit Doshi appointed as CFO cum COO effective January 14, 2026

Remuneration Revisions: Seeking shareholder approval for:

  • Reappointment of Parasmal Doshi and Rajendra Bandi as Whole Time Directors for 3 years from September 2026
  • Revised remuneration for CEO Sarthak Doshi and CFO Nishit Doshi to ₹10 lakh monthly plus commission up to 2% of net profit

Regulatory Compliance & Penalties

SEBI Settlement: Availed settlement scheme in matters pertaining to association with algo platforms (Settlement Order PSD/SD/SettScheme/2/2025-26).

Exchange Penalties:

  • BSE penalty of ₹50,000 + GST for delayed submission of Annual Secretarial Compliance Report
  • NSE and BSE penalties of ₹5,000 each for delayed Related Party Transaction disclosures

Auditor Appointments:

  • Statutory Auditor: M/s SPARK & Associates (proposing Vinod Singhal & Co. LLP for next term)
  • Secretarial Auditor: M/s Kaushal Ameta & Co. (appointed for 5 years)

Operational Highlights

Business Segments Performance:

  • Equity Segment Turnover: BSE ₹406.43 crore, NSE ₹4,925.55 crore
  • F&O Segment Turnover: ₹8,013.39 crore
  • Commodity Segment Turnover: ₹16,821.22 crore
  • Mutual Fund AUM: ₹271 crore
  • Depository Operations Income: ₹33.47 lakh

Geographical Presence: Branches in Indore, Neemuch, Surat, Rajkot, Mumbai with authorized persons across multiple locations.

Shareholding Pattern

As of March 31, 2026:

  • Promoters & Promoter Group: 56.51% (7.27 crore shares)
  • Public Holding: 43.49% (5.59 crore shares)
  • Dematerialized Holdings: 100% (CDSL: 92.33%, NSDL: 7.67%)

Director Shareholdings:

  • Parasmal Doshi: 1.27 crore shares
  • Dhanpal Doshi: 1.17 crore shares
  • Rajendra Bandi: 1.01 lakh shares

Future Outlook & Expansion Plans

Demerger Plans: Approved Scheme of Arrangement for demerger of Broking and Distribution Business to Indo Thai Financial Services Limited, with NOCs from NSE/BSE and Court Convened Meeting scheduled for July 24, 2026.

Business Expansion:

  • Alternative Investment Fund (AIF) Category II
  • Investment Banking and Institutional Broking services
  • Wealth management and family office services
  • GIFT City international financial services
  • Technology-driven algorithmic trading initiatives

MOA Amendment: Seeking approval to expand into AIF, fund management, investment advisory, and portfolio management services in compliance with SEBI regulations.

Corporate Social Responsibility

FY25-26 Obligation: ₹18.77 lakh

Actual Expenditure: ₹33.62 lakh (including previous year shortfall)

Focus Areas: Healthcare, education, skill development, community welfare

Important Dates

  • Annual General Meeting: September 19, 2026 at 12:30 PM via video conferencing
  • Dividend Payment: If declared, payable on or after September 20, 2026
  • Book Closure: As per AGM notice

The company's exceptional FY26 performance, coupled with strategic expansion initiatives and corporate restructuring, positions Indo Thai Securities for continued growth in the evolving financial services landscape.