Indo Thai Securities Limited (**ITSL**) is a diversified financial services conglomerate headquartered in Indore, Madhya Pradesh. Established in **1995**, the company has transitioned from a conventional stockbroking firm into a multi-vertical group with interests spanning capital markets, real estate, and green technology. As of **2026**, the group is undergoing a strategic restructuring to separate its core financial services from its high-growth sustainability and real estate ventures. --- ### **Core Financial Services & Market Infrastructure** ITSL operates as a comprehensive financial intermediary, serving a diverse clientele of retail investors, High-Net-Worth Individuals (**HNIs**), and corporate entities. * **Exchange Memberships:** The company holds active memberships with **NSE, BSE, MCX, NCDEX,** and **MSEI**, facilitating trading across equity, derivatives, and commodity segments. In **July 2023**, it further expanded its reach by joining the **BSE F&O Segment**. * **Depository & Distribution:** A registered Depository Participant with **CDSL** and an **AMFI**-registered mutual fund distributor, providing wealth management and portfolio advisory. * **Margin Trading Facility (MTF):** A key growth driver, the company offers margin funding to enhance client purchasing power, supported by a significantly bolstered capital base. * **Technological Integration:** The firm is pivoting toward **algorithmic (algo) trading** and AI-driven mobile platforms. It utilizes **AI and Machine Learning** mechanisms for employee training and to optimize trading solutions for clients. --- ### **Strategic Restructuring: The Demerger and Listing** To unlock shareholder value and provide specialized focus to its business lines, the Board has approved a major structural realignment: * **Demerger of Broking & Distribution (B&D):** The core B&D undertaking is being carved out into a 100% wholly-owned subsidiary, **Indo Thai Financial Services Limited (ITFSL)**. * **Mirror Listing:** Upon completion of the demerger, **ITFSL** will be independently listed on the **BSE** and **NSE**. * **Shareholder Entitlement:** Shareholders will receive **1 equity share** of the new entity (**ITFSL**) for every **1 equity share** held in Indo Thai Securities (**1:1 ratio**). * **Portfolio Rationalization:** The company has streamlined its holdings by divesting its **40.05%** stake in **Indo Thai Commodities Private Limited** (May 2025) and exiting **Remigos Money India Private Limited** (March 2024). --- ### **Green Technology Pivot: Femto Green Hydrogen Limited** A significant portion of ITSL’s future value proposition lies in its **56.86%** subsidiary, **Femto Green Hydrogen Ltd.**, an R&D-focused enterprise targeting the global de-carbonization market. * **Proprietary Technology:** Utilizes a **Terahertz Treatment** system to treat automotive diesel fuel with electromagnetic waves, aiming to optimize combustion efficiency. * **Performance Benchmarks:** Field trials in the USA (including the Carmel-Clay School District bus fleet) have demonstrated: * **18% to 31% improvement** in Diesel Fuel Economy. * Measurable reductions in **CO, $\text{CO}_2$, and $\text{NO}_2$** emissions. * **Intellectual Property:** Filed international patent **PCT/IN2026/050049** for its fuel treatment method. * **Academic Collaboration:** Signed a Letter of Intent (LOI) in **March 2026** with the **Center for Research and Education in Advanced Transportation Ecosystems (CREATE) at Purdue University, USA**, for technical validation and commercialization. --- ### **Group Structure and Subsidiary Overview** The group’s operations are distributed across four specialized subsidiaries: | Entity | Ownership | Primary Business Focus | | :--- | :--- | :--- | | **Indo Thai Financial Services Ltd** | **100%** | Future listed entity for Broking & Distribution. | | **Indo Thai Realties Limited** | **100%** | Real estate development and property management. | | **Indo Thai Globe Fin (IFSC) Ltd** | **100%** | Financial services within the GIFT City IFSC. | | **Femto Green Hydrogen Limited** | **56.86%** | Green energy solutions and decarbonization R&D. | --- ### **Capital Structure and Financial Fortitude** ITSL has aggressively strengthened its balance sheet to fund "exponential growth" through a series of corporate actions in **2025**. * **Preferential Issue:** Raised **₹155.05 Crores** (valuing the company at **₹650 Crores**). This included an allotment of **9,04,000** shares at **₹500** per share and **14,60,000** convertible warrants. * **Stock Split:** Effective **July 18, 2025**, the company executed a **1:10 split**, reducing the face value from **₹10 to ₹1** to enhance retail liquidity. * **Capital Utilization:** As of late **2025**, proceeds were deployed toward margin deposits (**₹103.57 Cr**), client funding, and proprietary trading, with surplus funds held in liquid mutual funds. **Comparative Financial Performance (Standalone):** | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **26.83** | **31.15** | - | | **Brokerage Income** | **10.06** | **8.35** | **5.16** | | **Profit After Tax (PAT)** | **9.11** | - | **(5.81)** | | **Net Worth** | **178.41** | **71.70** | **56.63** | | **Net Debt** | **(0.53)** | - | - | --- ### **Risk Management and Governance** The company operates under a structured risk framework overseen by a committee chaired by Founder **Mr. Parasmal Doshi**. * **Market Sensitivity:** A **10%** shift in equity prices impacts the portfolio by approximately **±₹201.47 Lakhs**. * **Liquidity & Credit:** The company maintains a **cash-surplus position** (Gearing Ratio of **0.00**). Surplus funds are restricted to high-rated bank deposits and liquid instruments. * **Operational Resilience:** Despite a fire incident at the 'Sky Square' building in **July 2023** affecting **Indo Thai Realties**, the company maintained continuity through comprehensive insurance coverage. * **Management Transitions:** Recent leadership updates include the appointment of **Mr. Sarthak Doshi (CEO)** and **Mr. Nishit Doshi (COO)** in **February 2024**. The company is currently seeking a replacement for **CFO Mr. Deepak Sharma**, who resigned in **January 2026**. * **Contingencies:** The company is contesting a service tax demand of **₹26.87 Lakhs** (plus interest) dating back to the **2000-2004** period and recently paid a minor **₹10,000** penalty to the **NSE** for a procedural delay in voting result submissions.