1. At a Glance
Some brokers help you make money; others become your multibagger. Indo Thai Securities Ltd (ITSL) has decided to do both. Once a sleepy Indore-based brokerage, now a ₹5,414 crore rocket ship, this company has turned the “broker makes all the money” meme into a live demo.
At ₹443 a share (20 Oct 2025), it’s up 350% in one year and 122% in the last 3 months — the kind of return that makes even Angel One feel like an angel investor gone wrong.
Q2 FY26 is pure fireworks: Revenue ₹23.7 Cr (+154% YoY), PAT ₹14.4 Cr (+218% YoY), EPS ₹1.19, Operating Margin 84%.
But wait — P/E 253×, Price-to-Book 24.7×, and ROE 6.5%. Translation: the market’s paying Louis Vuitton prices for Bata returns.
The demerger saga, preferential allotments, and mysterious capital restructuring make this one of the most entertaining “brokered bubbles” in smallcap history.
2. Introduction – When a Broker Becomes a Celebrity
Incorporated in 1995, Indo Thai Securities Ltd (of Indore, not Bangkok fame) is the flagship of the Indo Thai Group, a web of 16 entities that make Dalal Street look like a family WhatsApp group. They offer everything — equity, derivatives, PMS, mutual funds, NCDs, bonds, algo trading, co-working spaces, and probably WiFi with brokerage accounts.
But lately, they’ve been offering something new: drama.
Over the last 12 months, ITSL has launched more corporate actions than SEBI circulars — bonus rumours, demerger, stock split, preferential issues, warrant conversions, and most recently, a 1:1 demerger of the Broking & Distribution unit into ITFSL.
In plain English: they’re splitting themselves to “unlock value.” Translation: same assets, twice the ticker.
Every quarter, the board meets not just to discuss financials but to announce something — a dividend, a split, or a subsidiary with mysterious “future synergies.” No wonder retail investors are hooked; it’s like watching Scam 1992: The Indore Edition.
3. Business Model – WTF Do They Even Do?
Indo Thai Securities basically sells “trust” — you give them money, they execute trades, and everyone hopes NSE servers don’t crash.
Their services include:
- Equity & Derivative Broking (the core bread)
- Commodities & Currency Derivatives (the butter)
- Depository Services (CDSL) (the vault)
- Portfolio Management, IPOs, Mutual Funds (the jam)
- Insurance & Wealth Management (the garnish)
- Co-Working Spaces (because why not)
They earn from:
- Brokerage & Commission: 64% of FY23 revenue
- Interest income: 21%
- Dividends &
