Expenses overwhelm revenue as Indo Thai posts Rs 24.81 cr loss
The consolidated operating margin fell to -188.28%, while a Rs 3.56 cr tax credit softened the reported loss.
Filed 22 Oct 2026, 17:23 IST · after market close · Indo Thai Securities Ltd (INDOTHAI)
Key takeaways
- Indo Thai Securities posted a consolidated operating loss of Rs 26.93 cr as expenses of Rs 41.23 cr exceeded revenue of Rs 14.3 cr.
- The operating margin of -188.28% was the second-lowest among 26 Financial Services companies that had reported the quarter.
- The stock fell 4.99% in the first session after the results, with the decline occurring on 0.18x the normal volume.
Price around the results
Expenses overwhelmed revenue
Consolidated revenue was Rs 14.3 cr against expenses of Rs 41.23 cr, producing an operating loss of Rs 26.93 cr. Interest of Rs 1.34 cr and depreciation of Rs 0.4 cr took the loss before tax to Rs 28.37 cr. Other income of Rs 0.31 cr was too small to change the result.
Tax benefit softened the net loss
The company reported a net loss of Rs 24.81 cr and negative EPS of Rs 1.9. The tax line was a benefit of Rs 3.56 cr, reflected in a tax rate of 12.56%, so the reported net loss was partly offset below the pre-tax line. Other income was not a material source of profit quality in a quarter with a pre-tax loss.
Operating margin was far below sector levels
The operating margin of -188.28% compares with a 64.32% median among 26 reported Financial Services peers. Indo Thai Securities ranked second from the bottom on this measure. The margin was also much weaker than the -33.92% recorded in Q4FY25, pointing to a sharp deterioration from that earlier quarter.
Shares fell after the filing
The stock declined 4.99% on the first session after the results, including a 3.18% opening gap lower. Its relative return was -4.6%, while trading volume was 0.18x the normal level. The results were filed after market close on 22 October 2026.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹14 cr |
| Other income | ₹0 cr |
| Expenses | ₹41 cr |
| Operating profit | ₹-27 cr |
| Operating margin (%) | -188.28% |
| Interest | ₹1 cr |
| Depreciation | ₹0 cr |
| Profit before tax | ₹-28 cr |
| Tax | ₹-4 cr |
| Net profit | ₹-25 cr |
| EPS (₹) | ₹-1.90 |
Operating margin of -188.28% compares with a Financial Services sector median of 64.32% across 26 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -4.99% | -4.60% |
Volume on the results session was 0.18× its 20-day average.
What to watch
- Whether revenue moves above Rs 14.3 cr while expenses fall below Rs 41.23 cr.
- Whether operating margin improves from -188.28%.
- Whether the tax benefit of Rs 3.56 cr recurs or the tax line turns positive.