Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Oct - Newspaper publication with regard to quarterly financials
Source: Bse
Indbank Merchant Banking Services Limited (INDBANK)
Small CapFinancial Services stocks · Small cap · NSE
Indbank Merchant Banking Services Limited operates in Merchant Banking, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result09 Oct, 08:37 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -12.7% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDBANKD candles · FIT view-24.9%Latest close ₹25.23 on 2026-10-19
Bar
+0.3%
RSI
37
MACD hist
0.19
52W pos
6%
2026-10-19O ₹25.16H ₹25.90L ₹24.96C ₹25.23Vol 19,774 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDBANKNifty Financial ServicesNifty 500
- INDBANK
- -24.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -19.0 pp
Chart stats
19 Oct 2026- From 52W high
- -43.7%
- 52W range position
- 5%
- ATR (14)
- 3.9%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹24.2 - ₹27.2
₹44.8
₹24.2 - ₹44.8
₹1
Latest completed session
20-session average
25.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +1.3% · PAT -13.4% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+48.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 0/100PAT -13% YoY · margin compression · Rev +1% YoY
Filed 09 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6.4 Cr | +1.3% | -7.8% |
| EBITDA | ₹2.3 Cr | -14.0% | -27.8% |
| Operating margin | 35.9% | -635 bps | -995 bps |
| PAT | ₹1.6 Cr | -13.4% | -32.4% |
| PAT margin | 25.3% | -431 bps | -918 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.64
- P/B
- 1.14
- EV/EBITDA
- 10.61
- Market Cap
- 111.39Cr
Profitability
- ROE
- 7.34%
- ROCE
- 10.30%
- ROA
- 5.99%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 79.23×
- Altman Z
- 4.14
- Book Value
- 22.20
Cash Flow
- FCF Yield
- 0.54%
- FCF Positive Y
- 5/5
- OCF
- 2.05 Cr
- EPS TTM
- 1.60
Shareholding
- Promoter Hold
- 64.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 24.9-6.1% vs prev
Net Profit
₹ CrLatest: 7.1-15.8% vs prev
Return on Equity
%Latest: 7.2-21.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~14.5% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
13
RS percentile
Stage 4 Downtrend
1M return
-1.3%
3M return
-24.5%
6M return
-26.5%
1Y return
-36.7%
RS 1D
0
RS 20D
-5
Sector rank
#10
Industry rank
#20
Stage evidence
- Price is 20.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 80.93+1.56%
RS vs Nifty 50081
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation17/30
Growth18/25
Quality0/20
Balance Sheet12/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 48.5%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 17/30; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
15.6
PB
1.1
EV/EBITDA
10.6
ROE
7.3%
ROCE
10.3%
FCF Yield
0.5%
Debt/Equity
0.0
MoS
+48.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+48.5%
Previous: +48.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
53
52
51
51
51
51
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹28.27
+10.8% MoS
Growth-justified P/E
30.6
Growth-justified Value
₹48.96
+48.5% MoS
PEG
0.81
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KEYFINSERV
Small
Keynote Financial Services Limited
Banking
match 66
22
22.6
4.9%
-451%
OVERVALUED
KARURVYSYA
Small
Karur Vysya Bank Limited
Banking
match 52
50
11.6
19.1%
+53%
FAIR VALUE
DHANBANK
Small
Dhanlaxmi Bank Limited
Banking
match 52
55
9.2
7.2%
+50%
FAIR VALUE
CAPITALSFB
Small
Capital Small Finance Bank Limited
Banking
match 52
56
8.4
10.1%
+68%
FAIR VALUE
CUB
Small
City Union Bank Limited
Banking
match 51
38
16.0
13.2%
+36%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Indbank Merchant Banking Services Limited operates in Merchant Banking, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Sept 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 89th percentile within Financial Services. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Financial Services: 89th pctile, median 62 · Small: 83rd pctile, median 66
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
70
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 64.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROE is low at 7.3%.
- ▸ROCE trend is -2.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 24.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indbank Merchant Banking Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Aug - News Paper Advertisement published regarding ensuing AGM
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul - Newspaper publication with regard to quarterly financial results
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Apr - News Paper Advertisement with regard to publication of financial results for the quarter and year ended 31.03.2026.
Source: Bse
Announcement
Audited Financial Results For The Year Ended 31.03.2026 20 Apr
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.