BSE: 511473 | NSE: INDBANK | Finance - Stock Broking | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Indbank Merchant Banking Services Ltd is a average quality company.
The key valuation ratios of Indbank Merchant Banking Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indbank Merchant Banking Services Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 14.1% | 6.8% | 12.3% | 9.9% | 5.8% | 7.5% | 10.3% | 14.9% | 8.1% | 14.6% | - |
| Value Creation Index ⓘ | 0.0 | -0.5 | -0.1 | -0.3 | -0.6 | -0.5 | -0.3 | 0.1 | -0.4 | 0.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 9.2 | 7.6 | 9.2 | 11.7 | 8.1 | 8.8 | 12 | 20.6 | 18.3 | 24.9 | 29 |
| Sales YoY Gr. | - | -17.1% | 20.9% | 26.9% | -30.4% | 8% | 36.9% | 71.7% | -11.4% | 36.3% | - |
| Adj EPS ⓘ | 1.1 | 0.6 | 1.2 | 0.5 | 0.4 | 0.5 | 0.9 | 1.6 | 0.6 | 1.8 | 2.3 |
| YoY Gr. | - | -44.6% | 93.6% | -58.3% | -20% | 17.5% | 93.6% | 72.5% | -60.5% | 191.9% | - |
| BVPS (₹) ⓘ | 10.4 | 11.1 | 12.3 | 12.7 | 13.1 | 13.6 | 14.5 | 16 | 16.8 | 18.8 | 20.2 |
| Adj Net Profit ⓘ | 5 | 2.8 | 5.3 | 2.2 | 1.8 | 2.1 | 4.1 | 7 | 2.7 | 8 | 10 |
| Cash Flow from Ops. ⓘ | 0.8 | 4.3 | 5.6 | 4.7 | 5 | 14.9 | 8.1 | 0.6 | -5.3 | -1.2 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0.3 | 0 | 0 | 0 | 0 | 0 | -0.5 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.7% | 25.1% | 27.6% | 36.3% | ||||
| Adj EPS ⓘ | 5.5% | 35.3% | 25.8% | 191.9% | ||||
| BVPSⓘ | 6.8% | 7.5% | 9.1% | 11.9% | ||||
| Share Price | 20.4% | 43.3% | 23.9% | 26.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.3 | 5.8 | 10.3 | 4 | 3.1 | 3.5 | 6.5 | 10.3 | 3.8 | 10.2 | 11.9 |
| Op. Profit Mgn % ⓘ | -7.4 | 7.8 | -10.1 | 37.5 | 14.5 | 2.7 | -7 | 31.3 | 34.5 | 48.5 | 51.7 |
| Net Profit Mgn % ⓘ | 54.3 | 36.2 | 58 | 19 | 21.8 | 23.8 | 33.8 | 33.8 | 15 | 32.3 | 35.3 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 822 | 1,138 | 1,157 | 1,141 | 1,460 | 1,197 | 1,087 | 538 | 453 | 402 | 611 |
| Cash Conv. Cycle ⓘ | 166 | 312 | 324 | 269 | 297 | 128 | 63 | 36 | 38 | 42 | 434 |
Return on Equity has increased versus last 3 years average to 11.90%
Sales growth is growing at healthy rate in last 3 years 27.55%
Net Profit is growing at healthy rate in last 3 years 25.76%
Sales growth is good in last 4 quarters at 39.85%
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| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 2.3 | - |
| TTM Sales (₹ Cr.) | 29.1 | - |
| BVPS (₹.) ⓘ | 20.2 | - |
| Reserves (₹ Cr.) ⓘ | 45 | - |
| P/BV ⓘ | 2.07 | - |
| PE ⓘ | 18.05 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 30.80 / 60.70 |
| All Time Low / High (₹) | 0.70 / 60.70 |
| Market Cap (₹ Cr.) | 185 |
| Equity (₹ Cr.) | 44.4 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 24 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | 19 | 11 | 17 | 15 | 12 | 17 | 19 | 24 | 18 | 25 |
| Interest Income | 9 | 8 | 9 | 12 | 8 | 9 | 12 | 21 | 18 | 25 |
| Other Income ⓘ | 10 | 3 | 8 | 3 | 4 | 8 | 7 | 4 | 0 | 0 |
| Expenditure ⓘ | 13 | 8 | 11 | 11 | 11 | 14 | 15 | 16 | 13 | 13 |
| Interest Expense ⓘ | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 | 1 | 0 |
| Operating Expenses ⓘ | 6 | 6 | 6 | 7 | 7 | 7 | 8 | 10 | 12 | 13 |
| Provisions | 7 | 2 | 5 | 2 | 2 | 5 | 5 | 4 | 0 | 0 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 6 | 3 | 6 | 4 | 2 | 3 | 5 | 9 | 5 | 12 |
| Taxes ⓘ | 1 | 0 | 0 | 2 | 0 | 1 | 1 | 2 | 2 | 4 |
| Profit After Tax | 5 | 3 | 5 | 2 | 2 | 2 | 4 | 7 | 3 | 8 |
| Adjusted EPS (₹) | 1.1 | 0.6 | 1.2 | 0.5 | 0.4 | 0.5 | 0.9 | 1.6 | 0.6 | 1.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Equity Capital | 46 | 49 | 54 | 57 | 58 | 60 | 64 | 71 | 75 | 83 |
| Share Capital ⓘ | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 |
| Reserves ⓘ | 2 | 5 | 10 | 12 | 14 | 16 | 20 | 27 | 30 | 39 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long Term Borrowings | -4 | -4 | -4 | -4 | -4 | -4 | -3 | 0 | 2 | 1 |
| Current Liabilities | 6 | 9 | 11 | 10 | 10 | 14 | 20 | 21 | 23 | 23 |
| Trade Payables | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Short term borrowings | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 3 | 0 |
| Other Liabilities | -1 | 0 | -2 | 0 | 0 | 0 | 0 | -1 | -4 | 0 |
| Total Liabilities ⓘ | 48 | 53 | 61 | 63 | 64 | 70 | 81 | 92 | 99 | 107 |
Assets | ||||||||||
| Non Current Asset | 9 | 8 | 27 | 32 | 21 | 31 | 36 | 19 | 20 | 19 |
| Loan Asset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non Current Asset ⓘ | 9 | 8 | 27 | 32 | 21 | 31 | 36 | 19 | 20 | 19 |
| Current Asset | 40 | 46 | 34 | 31 | 44 | 40 | 45 | 73 | 80 | 88 |
| Current Investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Asset | 40 | 46 | 34 | 31 | 44 | 40 | 45 | 73 | 80 | 88 |
| Total Assets ⓘ | 48 | 53 | 61 | 63 | 64 | 70 | 81 | 92 | 99 | 107 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios |
||||||||||
| EPS (₹) | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 2 | 1 | 2 |
| DPS (₹) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BVPS (₹) | 10 | 11 | 12 | 13 | 13 | 14 | 14 | 16 | 17 | 19 |
Performance Ratios | ||||||||||
| ROA (%) | 10.6 | 5.4 | 9.3 | 3.6 | 2.8 | 3.1 | 5.4 | 8.0 | 2.9 | 7.8 |
| ROE (%) | 11.3 | 5.8 | 10.3 | 4.0 | 3.1 | 3.5 | 6.5 | 10.3 | 3.8 | 10.2 |
| ROCE (%) | 14.1 | 6.8 | 12.3 | 9.9 | 5.8 | 7.5 | 10.3 | 14.9 | 8.1 | 14.6 |
Valuation Parameters | ||||||||||
| Price/Book(x) | 1.0 | 0.6 | 1.1 | 1.5 | 0.7 | 0.4 | 0.9 | 1.4 | 1.3 | 2.3 |
Indbank Merchant Banking Services incorporated in 1989, is a subsidiary of Indian Bank. The company provides various types of services such as merchant banking, advisory services, stock broking, depository participant activities, distribution of mutual fund and other investment products, and online trading.
The company's branch offices are located at Chennai,
Inauguration of Tuticorin Branch and Launching of Indbankonline Stock Trading Point too, took place same year.
Business area
Merchant Banking- The company is registered member of Securities Exchange Board of India (SEBI) and plays various roles like Lead Manager, Co-Manager, Advisor, Arranger, etc for public issues, rights issues and private placement.
Advisory Services- Under this, the company provides services in area of valuation of shares and other financial instruments, syndication of loans, acquisitions, mergers and amalgamations, project counselling, appraisal and feasibility studies.
Stock Broking- The company is registered member of National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), Madras Stock Exchange (MSE) and Over The Counter Exchange of India (OTCEI). Indbank Merchant Banking currently operates in the cash, derivatives and wholesale debt market segments of NSE for both retail and institutional investors.
Online Trading- The company provides online trading facility through its portal. The portal offers safe and secured way for trading in stock markets
Depository Participant Activities- Indbak is a SEBI-registered Depository Participant with National Securities & Depository Limited (NSDL).
Distribution of Mutual fund and other Investment products- Indbank distributes mutual fund and investment products. The company is registered Association of Mutual Funds of India (AMFI) for distribution of mutual fund products.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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