Indo Thai Securities

What Indo Thai Securities does

Indo Thai Securities Limited (NSE: INDOTHAI, BSE: 533676) is an Indore-headquartered, publicly listed full-service Indian stockbroker founded in 1995 by Chartered Accountants Paras Doshi and Dhanpal Doshi. The company operates across equity, commodity, and currency derivatives on NSE, BSE, MCX, and NCDEX, with CDSL-linked depository services, mutual fund distribution, IPO services, algorithmic trading, and wealth management for HNIs, corporates, and retail clients. Its technology stack comprises four proprietary platforms — WinStock (mobile), Winvest (mutual funds), Net.Net (web), and Quick Trade (desktop) — supported by eKYC paperless onboarding, with go-to-market split between digital self-serve for retail and enterprise field-sales with sub-broker distribution for HNIs and corporates across 60+ Indian locations.

The company's revenue model is multi-stream: brokerage and trading fees from exchange transactions, interest income from Margin Trading Facility (MTF / Pay Later), subscription-like depository fees, IPO transaction fees, and wealth management. Treasury operations — proprietary trading and investment activities — contributed 76% of FY26 revenue, indicating that earnings are heavily market-cycle-driven rather than purely fee-based. FY26 consolidated revenue was ₹104.26 crore (up 283% YoY) with PAT of ₹66.17 crore (up 739% YoY) and operating profit margin expanding to 83.9% in Q3 FY26; 15,000+ clients with ₹10,000+ crore in managed wealth are reported, though these are AUM/AUA proxies rather than direct revenue indicators.

Indo Thai is part of a 16-company group with adjacent ventures in green hydrogen (Femto), EVs (Remigos), real estate (Sky Space Offices), and lab-grown diamonds (Kisha). A proposed 1:1 demerger (NCLT filings in progress) is planned to separate the regulated broking and distribution business into Indo Thai Financial Services Limited from these alternative assets. Recent corporate actions include a 10:1 stock split in July 2025, a ₹118 crore funding round in January 2025 at a ₹650 crore valuation, and a January 2026 CFO transition to Nishit Doshi as next-generation family leadership assumes operational roles.

Name

Indo Thai Securities

Legal name

INDO THAI SECURITIES LIMITED

Website

https://indothai.co.in

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

Indo Thai Securities is an Indore-based, publicly listed Indian full-service stockbroker offering equity, commodity, and currency trading, mutual funds, depository services, and wealth management to HNIs, corporates, and retail clients across 60+ Indian locations via proprietary platforms including WinStock, Winvest, Net.Net, and Quick Trade.

Ownership category

akta.pro rank

Product category

Retail Brokerage and Financial Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Equity Derivatives Trading (Options/Single-Stock & Index) (FSACAFAF)

akta.pro secondary industry

Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE)

Keywords

• Stock broking services
• Equity derivative trading
• Commodity currency trading
• Mutual fund distribution
• Depository services

Headquarters

HQ city

Indore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Brokerage and Trading Fees: Commission-based revenue from equity, derivative (commodities, currency), and mutual fund trading services across NSE, BSE, MCX, and NCDEX exchanges.
2. Margin Trading Facility (MTF): Providing additional capital to traders under Pay Later/Margin Trading Facility, generating interest income. Treasury operations account for 76% of revenue.
3. Treasury Operations: Proprietary trading and investment activities contributing 76% of total revenue as of FY26.
4. Depository Services: Demat account management, share dematerialization, and electronic securities holding services.
5. IPO Services: Expert guidance on IPO investments, managing IPO fund books, assisting with applications and share sales.
6. Wealth Management: Personalized investment advice and strategies, portfolio management for HNIs and family offices.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Indo Thai Securities is a full-service stockbroker offering equity, commodity, and currency derivative trading across NSE, BSE, MCX, and NCDEX exchanges alongside proprietary trading platforms (WinStock, Quick Trade, Net.Net). The company also provides mutual fund distribution via the Winvest app, depository services through CDSL, IPO facilitation, algorithmic trading, wealth management for HNIs and family offices, margin trading facility (MTF), and bonds/fixed deposit advisory.

Product overview

Indo Thai Securities is a full-service stockbroker offering a unified platform of financial services. The product portfolio centers on proprietary trading platforms (WinStock, Quick Trade, Net.Net) for equity, commodity, and currency trading, complemented by the Winvest app for mutual fund investments. Additional services include depository services, IPO assistance, algorithmic trading, wealth management, and bonds/FD offerings. The company operates as a multi-asset brokerage providing integrated investment solutions to retail clients, HNIs, and corporate entities.

Differentiator

Problem solved

Functional benefit

Brands

• WinStock: Mobile and desktop trading platform for equity, commodities, and currency derivative trading
• Winvest
• Quick Trade
• Net.Net

Products and services

• WinStock Trading Platform A fast and secure online trading platform available on Play Store and App Store, enabling users to trade on the go, access accounts, check market movements, trade, analyze charts, and plan strategies across equity, commodities, and currency derivative segments.
• Winvest Mobile App A free mobile app for managing mutual fund investments, allowing users to invest, track, and manage all mutual funds, check performance, access detailed reports, and receive real-time updates.
• Net.Net Web Trading A free, web-based high-speed trading tool offering live market watch for all scrips, multiple watch lists, simultaneous order placement, and order reports.
• Quick Trade Desktop Application A technology-driven trading software available as desktop application and mobile browser platform, enabling trading with features like market watch, order book, trade book, and fund transfers.
• Equity & Derivative Trading Live market rates, demat account management, expert insights, and 24/7 support for equity and derivative trading across NSE, BSE, MCX, and NCDEX exchanges. Involves brokerage commissions on transaction-based execution.
• Commodities Derivative Trading Online access to futures markets supporting low-risk commodity trading and hedging with tools for effective risk management across MCX and NCDEX exchanges.
• Currency Derivative Trading Currency trading solutions for importers and exporters focusing on risk management and cost efficiency through forward contracts and options.
• Mutual Funds Distribution Expert mutual fund guidance including scheme selection, investment management, and return optimization with dedicated advisors.
• Depository Services Electronic depository services including demat accounts, share dematerialization, and paperless investment management through CDSL partnership.
• IPO Services Expert guidance on IPO investments, IPO fund book management, application assistance, and share sales support.
• Algorithmic Trading Service Algorithmic trading automation for forex, options, futures, and stocks using advanced models for fast, precise execution and enhanced efficiency.
• Wealth Management Personalized wealth management with tailored investment advice and strategies designed for unique financial goals and wealth maximization, targeting HNIs and family offices.
• Bonds and Fixed Deposit Advisory Expert services for investing in bonds and fixed deposits, including offerings for family offices, ensuring safe and steady capital growth.
• Margin Trading Facility (MTF) Pay Later/Margin Trading Facility providing additional capital to traders under MTF, generating interest income for the company. Used for meeting exchange margin requirements and supporting large volume trading.

Quantifiable outcome

• Managed wealth exceeding ₹10,000 crore
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• NSE (National Stock Exchange)coreOthersStock exchange membership for equity and derivative trading services. Indo Thai is a leading NSE-BSE full-service broker with NSE symbol INDOTHAI.
• BSE (Bombay Stock Exchange)coreOthersStock exchange membership for equity trading. Listed on BSE with scrip code 533676.
• MCX (Multi Commodity Exchange)coreOthersCommodity derivatives trading membership enabling commodity futures and options trading.
• NCDEX (National Commodity and Derivatives Exchange)coreOthersCommodity derivatives exchange membership for agricultural and other commodity trading.
• CDSL (Central Depository Services Limited)coreTechnology or IntegrationDepository services partnership for demat account management, share dematerialization, and electronic securities holding.
• SMART ODR PortalminorOthersOnline Dispute Resolution portal for securities market dispute resolution, established by market participants including Indo Thai.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Others

• ICICI Securities:

Direct peers

• Sharekhan (BNP Paribas): Indian full-service retail broker offering equity, derivatives, commodities, mutual funds, and depository services with a sub-broker network and proprietary trading platforms — closely aligned business model and customer base.
• Geojit Financial Services: Indian full-service stockbroker offering equity, derivatives, commodity, and currency trading across NSE/BSE/MCX, plus mutual fund distribution and depository services — directly comparable multi-asset brokerage model anchored in regional India.
• JM Financial Services: Indian full-service broker providing equity, derivatives, commodities, currency, mutual funds, IPO, and depository services with regional branch presence — similar mid-tier full-service brokerage profile.
• Angel One: Listed Indian full-service broker with equity/derivative/commodity/currency trading, mutual fund distribution, and proprietary mobile trading platforms — comparable product breadth and transition to fintech-led distribution.
• Edelweiss Broking: Indian full-service broker offering equity, derivatives, commodities, currency, mutual funds, and wealth management with proprietary trading platforms — overlapping product and customer profile with established national footprint.

Broad incumbents

• Motilal Oswal Financial Services: Large Indian full-service broker and wealth manager offering equity, derivatives, commodities, mutual funds, and research-led advisory across institutional and retail clients — comparable services at significantly larger scale.
• HDFC Securities: Bank-affiliated full-service broker offering equity, derivatives, commodities, currency, mutual funds, IPO, and depository services with proprietary trading platforms — directly overlapping capabilities within a much larger banking-led ecosystem.
• Kotak Securities: Bank-affiliated full-service Indian broker with multi-asset trading, mutual fund distribution, and depository services, including proprietary neo and desktop trading platforms — comparable offering at substantially larger scale.

Emerging players

• Choice Broking: Emerging Indian full-service broker offering equity, derivatives, commodities, and mutual fund distribution with proprietary trading platforms — comparable mid-tier product mix targeting similar retail and HNI segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IndoThaiLtd
• Facebookfacebook.com/IndoThaiLtd
• LinkedInlinkedin.com/company/indo-thai-securities-ltd

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indo Thai Securities