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INDOTHAI - Indo Thai Sec.

📊 NSE: INDOTHAI 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 8:02

📢 Recent Corporate Announcements

Indo Thai Subsidiary Femto Green Hydrogen to Sign LOI with Purdue University's CREATE

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 11 Mar 2026, 06:49 PM

Indo Thai Securities Limited's subsidiary, Femto Green Hydrogen Limited, has received a proposal to enter into a Letter of Intent (LOI) with Purdue University's Center for Research and Education in Advanced Transportation Ecosystems (CREATE). This collaboration is intended to create a framework for structured research and technical validation of Femto's green hydrogen technology. The partnership aims to leverage academic expertise to advance the subsidiary's technological offerings in the transportation ecosystem. While currently at the LOI stage, this move signals a strategic effort to validate and scale the company's green energy initiatives.

Subsidiary Femto Green Hydrogen Limited to collaborate with CREATE at Purdue University.
The LOI covers structured research collaboration and technical validation of green hydrogen technology.
Communication received on March 11, 2026, from Dr. Manoj S. Patankar, Director at CREATE.
The initiative aims to evaluate and advance technology within the transportation ecosystem.
Disclosure made under Regulation 30 of SEBI LODR for transparency regarding subsidiary operations.

💡 Investors should watch for the transition from LOI to a formal agreement and any subsequent technical validation reports. This development adds a potential high-growth technology dimension to Indo Thai Securities' portfolio through its subsidiary.

Indo Thai Subsidiary Files International PCT Patent for Fuel Treatment Technology

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 25 Feb 2026, 04:56 PM

Indo Thai Securities' subsidiary, Femto Green Hydrogen Limited, has filed an international patent application (PCT/IN2026/050049) for a fuel treatment method using electromagnetic waves. The technology focuses on de-carbonizing ground surface transport and is also under review for a US utility patent. The subsidiary holds exclusive rights to use and commercialize this technology within India and the broader Asia territory. This move aligns with the company's long-term strategy for scalable deployment of green technologies.

International patent application PCT/IN2026/050049 filed for 'A Method for Treating Fuel with Electromagnetic Waves'.
Technology targets ground surface transport de-carbonisation, aligning with global green energy trends.
Femto Green Hydrogen Limited holds commercialization rights for the technology in India and Asia.
The application was filed on January 12, 2026, with confirmation received on February 23, 2026.

💡 Investors should monitor the progress of patent approvals and the subsidiary's ability to commercialize the technology in the Asian market. While this strengthens the IP portfolio, the actual financial impact will depend on successful market adoption.

Indo Thai Securities to Enter AIF Business with Rs 15 Crore Investment

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 16 Feb 2026, 04:34 PM

Indo Thai Securities Limited has announced its strategic entry into the Alternative Investment Fund (AIF) segment under SEBI regulations. The company plans to invest approximately Rs 15 Crores to establish this new line of business. This expansion is designed to diversify the company's financial services portfolio and create operational synergies with its existing brokerage operations. Management expects this move to drive revenue growth and improve market positioning over the medium to long term.

Adoption of a new business line in the Financial Services - Alternative Investment Fund (AIF) sector.
Estimated investment of approximately Rs 15 Crores for the new venture.
Aims to leverage operational synergies and enhance market positioning.
Expected to contribute significantly to revenue growth in the medium to long term.
Compliance disclosure made under Regulation 30 of SEBI Listing Regulations.

💡 Investors should monitor the company's execution in the AIF space as it represents a shift towards higher-margin asset management services. Watch for further updates on fund launches and assets under management (AUM) growth.

Indo Thai Securities Reports Nil Deviation in ₹118.20 Cr Preferential Issue Fund Utilization

🟢 POSITIVE ⭐ 6/10

BOARD_MEETING 📅 12 Feb 2026, 07:02 PM

Indo Thai Securities' Board has reviewed the Monitoring Agency report for the quarter ended December 31, 2025, regarding its ₹118.20 crore preferential issue. The company has received ₹100.11 crore of the total proceeds to date and has utilized ₹94.85 crore towards its stated objectives, primarily for augmenting exchange margins and client funding. CARE Ratings, the monitoring agency, confirmed there are no deviations from the objects of the issue or delays in implementation. The remaining unutilized funds of ₹5.26 crore are currently parked in liquid mutual funds and bank accounts.

Total preferential issue size adjusted to ₹118.20 crore following the cancellation of one allottee.
₹94.85 crore successfully utilized out of ₹100.11 crore received as of December 31, 2025.
₹83.14 crore deployed specifically for augmenting exchange margins, client funding, and Pro Trading.
Monitoring agency CARE Ratings reported zero deviation from the objects of the issue.
Unutilized balance of ₹5.26 crore is safely invested in liquid funds and bank accounts pending deployment.

💡 Investors should take confidence in the company's transparent and timely deployment of capital for its core business operations. Monitor the final conversion of warrants due by July 2026 to ensure the full planned capital infusion is realized.

Indo Thai Securities Secures ₹20 Crore Unsecured Loan at 10% Interest

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 02 Feb 2026, 02:51 PM

Indo Thai Securities Limited has entered into a loan agreement with Yash Technologies Private Limited for an unsecured inter-corporate loan of up to ₹20 Crores. The loan carries a 10% annual interest rate and has a short-term tenure of four months, with ₹10 Crores already outstanding as of the disclosure date. This is a related party transaction because an Independent Director of the company serves as the CFO of the lender, though the company states it is conducted at arm's length. The short-term nature of the loan suggests a need for immediate working capital or liquidity.

Total loan facility of up to ₹20 Crores from Yash Technologies Private Limited.
Fixed interest rate of 10% per annum, with principal and interest payable on maturity.
Short-term tenure of 4 months, which can be extended or reduced by mutual consent.
Unsecured loan with ₹10 Crores already outstanding as of February 2, 2026.
Related party transaction involving an Independent Director, executed at arm's length.

💡 Investors should monitor the company's ability to repay this high-interest short-term debt within the 4-month window and observe if this leads to further related-party transactions.

Indo Thai Securities Secures ₹10 Crore Unsecured Loan at 10% Interest

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 28 Jan 2026, 01:38 PM

Indo Thai Securities Limited has entered into a loan agreement to borrow ₹10 crore from Yash Technologies Private Limited. The loan is unsecured and carries an interest rate of 10% per annum, with both principal and interest payable upon maturity. The agreement specifies a short-term tenure of four months, which can be adjusted through mutual consent. Although identified as a related party transaction due to a common director/executive, the company maintains the deal is at arm's length.

Total unsecured loan amount of ₹10,00,00,000 (₹10 Crores)
Interest rate fixed at 10% per annum payable on maturity
Short-term tenure of 4 months from the date of fund receipt
Related party transaction as Independent Director is CFO of the lender
No security or collateral provided for the loan

💡 This appears to be a routine short-term working capital arrangement; investors should monitor if this debt is settled within the 4-month window or if it becomes a recurring liability.

Indo Thai Securities Q3 PAT Surges to ₹17.39 Cr; Appoints Nishit Doshi as CFO

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Jan 2026, 12:28 PM

Indo Thai Securities reported a massive jump in standalone net profit to ₹1,739.24 lakhs for the quarter ended December 31, 2025, compared to ₹133.45 lakhs in the same period last year. Total revenue from operations grew significantly to ₹2,762.99 lakhs, primarily driven by ₹2,086.52 lakhs in net profit from fair value changes. The company also announced the appointment of Mr. Nishit Doshi as the new Chief Financial Officer, effective January 14, 2026. Furthermore, the board is evaluating a strategic expansion into the Alternative Investment Fund (AIF) model to drive future growth.

Standalone Net Profit increased by over 1,200% YoY to ₹17.39 crore in Q3 FY26.
Total Revenue from operations rose to ₹27.63 crore from ₹5.54 crore in the previous year's quarter.
Net profit on fair value changes contributed a significant ₹20.87 crore to the total revenue.
Mr. Nishit Doshi appointed as CFO following the resignation of Mr. Deepak Sharma.
Board authorized the evaluation of setting up an Alternative Investment Fund (AIF) model for business expansion.

💡 Investors should monitor the sustainability of earnings as a large portion of this quarter's profit came from fair value changes rather than core commission income. The move into the AIF space is a positive long-term strategic development to watch.

Indo Thai Securities Q3 PAT Surges 1200% YoY to ₹17.39 Cr; Plans AIF Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Jan 2026, 12:26 PM

Indo Thai Securities reported a stellar performance for Q3 FY26, with standalone net profit jumping over 12-fold to ₹17.39 crore compared to ₹1.33 crore in the same quarter last year. This growth was primarily driven by a significant increase in net profit from fair value changes, which rose to ₹20.87 crore. The company also announced the appointment of Mr. Nishit Doshi as the new CFO and is actively exploring the launch of an Alternative Investment Fund (AIF) to drive future growth. Total income for the nine-month period ending December 2025 reached ₹65.32 crore, a substantial increase from ₹24.33 crore in the previous year.

Net Profit for Q3 Dec 2025 surged to ₹17.39 crore from ₹1.33 crore in Q3 Dec 2024.
Total Revenue from operations grew nearly 5x YoY to ₹27.63 crore in the current quarter.
Net profit from fair value changes contributed ₹20.87 crore to the top line compared to ₹1.28 crore YoY.
Board approved evaluating the setup of an Alternative Investment Fund (AIF) model for business expansion.
Mr. Nishit Doshi appointed as Chief Financial Officer effective January 14, 2026, following the resignation of Mr. Deepak Sharma.

💡 The massive profit jump is largely due to fair value gains, which can be volatile; however, the core interest and commission income also show steady growth. Investors should monitor the progress of the AIF expansion as a potential long-term value driver for the company's financial services portfolio.

Indo Thai Securities Q3 PAT Surges 1200% YoY to ₹17.39 Cr; Appoints New CFO

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Jan 2026, 12:20 PM

Indo Thai Securities reported an exceptional performance for Q3 FY26, with total income rising nearly 5x to ₹27.65 crore compared to ₹5.56 crore in the same quarter last year. Net profit witnessed a massive surge to ₹17.39 crore from ₹1.33 crore YoY, primarily driven by significant gains in fair value changes amounting to ₹20.87 crore. The company also announced a management transition with Mr. Nishit Doshi taking over as CFO. Furthermore, the board is exploring strategic expansion into the Alternative Investment Fund (AIF) space to diversify its financial services portfolio.

Net Profit skyrocketed by 1,203% YoY to ₹17.39 crore in Q3 FY26 from ₹1.33 crore in Q3 FY25.
Total Revenue from operations grew 399% YoY to ₹27.63 crore, largely fueled by fair value gains.
Earnings Per Share (EPS) increased significantly to ₹1.40 for the quarter compared to ₹0.13 in the previous year's corresponding quarter.
Mr. Nishit Doshi appointed as Chief Financial Officer effective January 14, 2026, following the resignation of Mr. Deepak Sharma.
Board has authorized the Business Strategy Committee to evaluate setting up an Alternative Investment Fund (AIF) model.

💡 While the earnings growth is visually massive, investors should be aware that it is primarily driven by fair value changes on investments rather than core commission income. Monitor the execution of the proposed AIF model as a potential driver for more stable, long-term fee-based revenue.

Indo Thai Securities Reports 100% Dematerialized Shareholding for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jan 2026, 03:32 PM

Indo Thai Securities Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that the entire shareholding of the company is already in dematerialized form. No requests for rematerialization were received from any members during this period. This is a routine regulatory filing confirming the integrity of the company's shareholding structure.

Compliance certificate filed for the quarter ended December 31, 2025
100% of the company's shares are held in demat form as of the quarter end
Zero requests for rematerialization were received during the three-month period
Confirmation provided by RTA Bigshare Services Private Limited

💡 No action is required as this is a standard regulatory compliance filing. Investors should continue to monitor the company's upcoming quarterly financial performance.

Indo Thai Securities Allots 2 Lakh Equity Shares Following Warrant Conversion

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 10 Jan 2026, 03:11 PM

Indo Thai Securities Limited has approved the allotment of 2,00,000 equity shares to a non-promoter investor, Ashu Bishnoi, following the conversion of 20,000 warrants. The company received the remaining 75% of the issue price, totaling Rs. 75 lakhs, for this conversion. The allotment ratio was adjusted to 10 shares for every 1 warrant to account for the 10:1 stock split executed in July 2025. Post-allotment, the investor holds a 0.15% stake in the company, while a significant number of warrants remain outstanding for future conversion.

Allotment of 2,00,000 equity shares of Re. 1 face value to a non-promoter investor.
Receipt of Rs. 75,00,000 as the final 75% payment for the warrant conversion.
Conversion ratio adjusted to 1:10 due to the stock split effective July 18, 2025.
The allottee, Ashu Bishnoi, now holds a 0.15% stake in the company.
2,10,000 warrants (pre-split face value basis) remain outstanding for future conversion.

💡 This is a routine corporate action following a previous preferential issue; investors should monitor the potential for further equity dilution as the remaining 2,10,000 warrants are converted.

Indo Thai Securities Allots 2 Lakh Shares via Warrant Conversion; Collects Rs. 75 Lakhs

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 10 Jan 2026, 03:08 PM

Indo Thai Securities Limited has approved the allotment of 2,00,000 equity shares following the conversion of 20,000 warrants by a non-promoter investor, Ashu Bishnoi. The company received the balance 75% payment amounting to Rs. 75,00,000 at an adjusted price of Rs. 37.5 per share. The conversion ratio was adjusted to 10 shares for every 1 warrant to reflect the 10:1 stock split executed in July 2025. Post-allotment, the investor holds a 0.15% stake in the company, with 2,10,000 warrants still pending for future conversion.

Allotment of 2,00,000 equity shares of face value Re. 1 each upon warrant conversion.
Receipt of Rs. 75,00,000 representing the final 75% subscription amount.
Conversion price adjusted to Rs. 37.5 per share following a 10-for-1 stock split in July 2025.
The allottee, Ashu Bishnoi (Non-Promoter), now holds 0.15% of the total equity.
A total of 2,10,000 warrants remain outstanding for conversion by the same investor.

💡 This is a routine capital infusion resulting from a previous preferential issue; investors should monitor the impact of minor equity dilution and the utilization of the raised funds.

Indo Thai Securities Allots 4 Lakh Equity Shares on Warrant Conversion

🟢 POSITIVE ⭐ 4/10

FUNDRAISE 📅 07 Jan 2026, 06:51 PM

Indo Thai Securities Limited has allotted 4,00,000 equity shares of face value Rs. 1 each following the conversion of 40,000 warrants. The company received the remaining 75% of the issue price, totaling Rs. 1.128 crore, from a non-promoter investor, Girdharilal Jagetiya. The allotment ratio was adjusted to 10 shares per warrant to account for a 1:10 stock split executed in July 2025. Post-allotment, the investor holds a 0.39% stake in the company.

Allotment of 4,00,000 equity shares of face value Rs. 1 each to a non-promoter investor.
Receipt of Rs. 1.128 crore representing the 75% balance payment for warrant conversion.
Conversion price adjusted to Rs. 28.2 per share post-stock split from the original Rs. 376 per warrant.
The allottee, Girdharilal Jagetiya, now holds a 0.39% stake in the company post-conversion.

💡 Investors should view this as a routine capital infusion that strengthens the equity base; monitor the company's deployment of these funds for growth.

Indo Thai Securities Allots 4 Lakh Equity Shares Following Warrant Conversion

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 07 Jan 2026, 06:47 PM

Indo Thai Securities Limited has approved the allotment of 4,00,000 equity shares of face value Re. 1 each following the conversion of 40,000 warrants. The company received the remaining 75% balance payment amounting to Rs. 1.12 crore from a non-promoter investor, Girdharilal Jagetiya. The conversion ratio and price were adjusted from the original terms to account for a 1:10 stock split executed in July 2025. This allotment increases the company's paid-up equity capital and results in the allottee holding a 0.39% stake.

Conversion of 40,000 warrants into 4,00,000 equity shares at an adjusted face value of Re. 1.
Receipt of Rs. 1,12,80,000 representing the 75% balance payment for the conversion.
Adjusted conversion price for the balance payment stands at Rs. 28.2 per share post-stock split.
Allotment made to non-promoter investor Girdharilal Jagetiya, resulting in a 0.39% post-issue stake.
The warrants were originally issued based on a shareholder resolution from June 2024.

💡 Investors should monitor the utilization of the newly raised capital and note the marginal equity dilution. The successful conversion indicates investor confidence in the company's long-term prospects.

Indo Thai Securities CFO Deepak Sharma Resigns Effective January 13, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 07 Jan 2026, 06:25 PM

Indo Thai Securities Limited has announced the resignation of Mr. Deepak Sharma from the position of Chief Financial Officer (CFO), effective January 13, 2026. The resignation was submitted on January 6, 2026, with the executive citing the pursuit of external professional opportunities as the primary reason. The company is currently in the process of identifying and appointing a successor to ensure a smooth transition of financial leadership. This change involves a Key Managerial Personnel (KMP) and follows standard regulatory disclosure protocols.

CFO Deepak Sharma to step down effective from the close of business hours on January 13, 2026.
Resignation letter was formally submitted on January 6, 2026, citing external career opportunities.
The company is actively searching for a new CFO and expects to make an announcement in the coming days.
The transition is being handled under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should monitor the company's upcoming announcements for the appointment of a new CFO to ensure leadership stability. While the resignation appears routine, the quality and experience of the successor will be important for maintaining financial oversight.

View All INDOTHAI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations decreased by 13.88% YoY, falling from INR 31.02 Crore in FY24 to INR 26.72 Crore in FY25. The equity segment remains the primary driver, with turnover reaching INR 354.13 Crore on BSE and INR 5,555.27 Crore on NSE during the period.

Geographic Revenue Split

The company is primarily focused on Central India but is expanding its regional outreach. Recent expansions include new branches in Rajkot (opened November 2024) and Surat (opened May 2025) to capture the growing investor base in Gujarat. Specific percentage contribution per region is not disclosed.

Profitability Margins

Profitability saw a significant decline; Basic Earnings Per Share (EPS) dropped by 46.63%, from INR 16.60 in FY24 to INR 8.86 in FY25. Diluted EPS for FY25 stood at INR 8.67. This decline is linked to a 13.88% drop in total revenue and increased operational costs associated with expansion.

EBITDA Margin

Not explicitly disclosed in percentage terms, but core profitability was impacted by the 13.88% revenue contraction and a 76.72% decrease in Cash & Cash Equivalents, which fell from INR 2.28 Crore to INR 0.53 Crore YoY.

Capital Expenditure

The company raised INR 118.20 Crore through a preferential issue of equity shares and convertible warrants. A revised amount of INR 103.57 Crore was specifically allocated for augmenting margin deposits with stock exchanges, supporting client funding activities, and proprietary trading.

Credit Rating & Borrowing

The company utilizes CARE Ratings as its monitoring agency for fund utilization. While specific interest rates are not disclosed, the company maintains a focus on asset-liability management to mitigate liquidity risks.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company operates in the financial services and stockbroking sector.

Capacity Expansion

Physical presence expanded by 2.7% in terms of key branch locations with the addition of Rajkot and Surat offices. The company is also scaling its digital capacity through technological upgradation to serve institutional clients.

📈 Strategic Growth

Growth Strategy

Growth is targeted through a three-pronged strategy: regional expansion into high-potential markets like Gujarat, accelerating Margin Trading Facilities (MTF) to boost client buying power, and diversifying revenue streams into mutual funds and wealth management to reduce dependence on volatile equity brokerage volumes.

Products & Services

Equity Brokerage, Mutual Fund distribution, Wealth Management services, Margin Trading Facility, and Proprietary Trading.

Brand Portfolio

Indo Thai Securities Limited.

New Products/Services

Accelerated focus on Margin Trading and Wealth Management services; specific revenue contribution percentages for these new focus areas are not yet disclosed.

Market Expansion

Targeting regional outreach in Western India with new branches in Rajkot and Surat established between late 2024 and mid-2025.

Market Share & Ranking

Described as one of the leading broking companies across Central India with a 30-year track record.

🌍 External Factors

Industry Trends

The industry is seeing a shift from physical assets to financial instruments. India's demographic dividend, with 120 million people entering the workforce by 2040, is expected to drive massive growth in equities and mutual fund investments.

Competitive Landscape

Intense competition from national-level discount brokerage firms which utilize technology to offer lower price points.

Competitive Moat

The company's moat is built on a 30-year brand legacy, 'client centricity,' and a strong physical presence in Central India. Sustainability is supported by diversifying into wealth management to create stickier revenue than pure-play brokerage.

Macro Economic Sensitivity

Highly sensitive to domestic economic progress and global market developments. A slower-than-expected recovery of the macro-economy or inability to push economic reforms is cited as a risk that could delay growth.

Consumer Behavior

Rising urbanization and digital adoption are shifting household savings toward market-linked products like SIPs and insurance.

Geopolitical Risks

Geopolitical shifts and trade fluctuations are noted as complexities affecting the global economy (3.3% growth in 2024) which indirectly impacts Indian market sentiment.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company recently executed a stock split (10:1 ratio) on October 18, 2025, reducing face value from INR 10 to INR 1.

Environmental Compliance

The company engages in CSR programs for disadvantaged sections of society, though specific ESG costs in INR are not listed.

⚠️ Risk Analysis

Key Uncertainties

Cyber-attacks and data theft are identified as regular threats that could compromise client data sanctity. Regulatory changes are also a major uncertainty that can pose sudden operational challenges.