Bought Indo Thai Securities shares in 2026? Stock crashes 90% after two years of multibagger gains; what went wrong?

Brokerage firm Indo Thai Securities, which once rewarded shareholders with handsome returns, is now struggling to regain momentum as its shares remain caught in a downward spiral in 2026, leaving investors who entered the stock earlier this year facing significant losses.
After delivering multibagger returns for two consecutive years, the stock has plunged nearly 90% in 2026, falling to ₹31.70, its lowest level in more than two years. The steep sell-off has also dragged the company's market capitalisation down to around ₹420 crore.

For shareholders who were attracted by the stock's extraordinary past performance, those who entered in 2026 have been left with substantial losses. According to Trendlyne shareholding data, 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 erasing much of its 2025 gains, the stock's five-year returns remain relatively strong at 188%. It finished the last annual year with a 132%, building on a massive 455% in 2024.

What went wrong with Indo Thai Securities shares? The crash in the stock followed the company's failure to impress the Street with its financial performance, while the sharp rally in previous years may have also left the stock vulnerable to profit booking.
The company reported a consolidated net loss of ₹35.58 crore in the second quarter of FY27, compared with a net profit of ₹14.61 crore in the year-ago period. Revenue from operations declined 68.1% year-on-year to ₹7.54 crore from ₹23.62 crore. 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. Revenue from operations declined 62.1% year-on-year to ₹14.27 crore from ₹37.64 crore. EBITDA stood at a loss of ₹26.54 crore, against a positive EBITDA of ₹30.49 crore in the year-ago period.
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