Indo Thai Securities shares have plunged nearly 90% in 2026, falling to ₹31.66, their lowest level in more than two years. According to latest market data, the stock opened at ₹31.66 and closed at ₹31.17 in the previous session. The steep sell-off has also dragged the company's market capitalisation down to around ₹421 crore. The stock's dramatic reversal has left investors who entered the stock earlier this year facing substantial losses, erasing much of the previous gains that had made the stock a multibagger performer. Over the last 52 weeks, the stock has recorded a low of ₹27.80 and a high of ₹468.00, indicating significant volatility in recent periods.
The company reported a consolidated net loss of ₹35.83 crore in Q2 FY27, compared with a net profit of ₹14.61 crore in the year-ago period. As reported by LiveMint, revenue from operations declined 68.1% year-on-year to ₹7.54 crore from ₹23.62 crore. However, revenue excluding fair value changes showed resilience with ₹7.56 crore, marking an 18.7% year-on-year increase. The company's EBITDA also turned negative at ₹42.51 crore, against a positive EBITDA of ₹20.17 crore in Q2 FY26. For the first half of FY27, Indo Thai Securities reported a net loss of ₹24.47 crore, compared with a net profit of ₹22.86 crore in H1 FY26. The latest investor presentation filed on November 11, 2026, shows consolidated revenue excluding fair value changes of ₹14.30 crore for H1 FY27, up 20.2% year on year.
A critical observation from the Q2FY27 results is the high sensitivity of Indo Thai's reported earnings to treasury market movements. The company recorded a ₹46.10 crore fair value loss on treasury book, which overwhelmed gains from core operating metrics. This contrasts sharply with the ₹79.05 crore gain reported in the corresponding quarter last year. Despite strong operational performance with fees and commission income rising 24.2% to ₹3.13 crore and interest income increasing 11.9% to ₹4.04 crore, the treasury book volatility significantly impacted the bottom line. The company's management measure of profit before tax, excluding fair value changes, stood at ₹2.84 crore for Q2FY27, up 35.2% from ₹2.10 crore in Q2FY26. The latest filing indicates that a portion of the ₹46.10 crore fair value loss is unbooked mark-to-market, meaning it may reverse in future quarters depending on market conditions, though no forecast for such reversal is provided.
Despite financial challenges, Indo Thai Securities demonstrated strong business expansion with institutional clients growing to 20 and total clients surpassing 25,000. The company's cash balances increased 26% to ₹160.29 crore while borrowings fell 83%, indicating improved financial management. For the half-year period (H1FY27), revenue excluding fair value changes grew 20.2% to ₹14.30 crore. However, the cumulative net fair value loss of ₹32.23 crore for H1FY27 drove the reported profit before tax to ₹28.37 crore. The latest investor presentation shows mutual fund assets rose 16.3% to over ₹290 crore since March 2026, while the company raised ₹2.35 crore through secured non-convertible debentures on a private placement basis during Q2 FY27, marking its first such instrument.
According to Trendlyne shareholding data reported by LiveMint, retail and other public shareholders collectively held a 45% stake in the company at the end of the September quarter, up from 39.5% in the corresponding period last year. Promoters continued to remain the largest shareholders, with a 54.8% stake in the company. Despite the current challenges, the stock's five-year returns remain relatively strong at 188%, with the company finishing the last annual year with a 132% return, building on a massive 455% in 2024.
