01 — At a Glance
The Micro-Cap Rollercoaster: A Doshi Family Production
- 52-Week High / Low₹470 / ₹144
- Q3 FY26 Revenue₹27.7 Cr
- Q3 FY26 PAT₹17.0 Cr
- Q3 FY26 EPS₹1.33
- Annualised EPS (Q3×4)₹5.32
- Book Value₹16.9
- Price to Book15.2x
- Dividend Yield0.04%
- Debt / Equity0.02x
- Debtors Days251 days
The Unfiltered Truth: Indo Thai Securities reported Q3 PAT of ₹17 crore, a stunning +1,671% increase from Q3 FY25’s ₹1 crore. Sounds great, right? Here’s the catch: the company had a ₹3 crore loss in Q3 FY25. When you go from a loss to profit, percentage gains become mathematically theatrical. The stock has crashed 28.8% in three months. P/E sits at 88.4x. The debtors cycle is at 251 days — Indian bankers call that “optimistic auditing.” Meanwhile, the promoters are issuing warrants like they’re going out of style. This is not your dad’s brokerage.
02 — Introduction
Welcome to the Warrant Carnival at 60 Dalal Street
Let’s start with the obvious: Indo Thai Securities is a brokerage. Founded in 1995 by the Doshi family, it sits in the messy, competitive world of stock broking in India — where your business depends entirely on trading volumes, margin money, and how many retail investors you can herd through your app.
For a long time, Indo Thai was a steady, forgettable mid-cap: consistent dividend payer, reliable execution, boring financials. But something changed around mid-2024. The stock started flying. Warrants got issued. More warrants. Then a demerger was announced. Then more warrants. By December 2025, the promoter holding had fallen from 72% to 56.8%, and the share count had exploded from 10 crore shares to over 12 crore. The market cap is now ₹3,305 crore — which means a brokerage with ₹71 crore in full-year revenue (TTM) is valued at nearly 47x sales.
Earnings growth of 189% (TTM), a 251-day debtors cycle, a P/E of 88x, and a 0.04% dividend yield. If you’re asking “what could go wrong,” buckle up — this is the financial equivalent of eating samosas off a moving train.
The Doshi Family Strategy (Allegedly): Issue warrants → dilute shareholding → squeeze public float → announce demerger → watch retail investors FOMO into call options. Rinse, repeat. At last count, 15,932 retail shareholders held the stock. That’s up from 3,984 in March 2023. Retail participation up 300%. Promotion value creation: TBD.
03 — Business Model: WTF Do They Actually Do?
Stock Broking: Where Retail Gets Excited and Money Vanishes
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