Le Merite Exports Ltd.

•

lemeriteexports.comBSE: -NSE: LEMERITE

Market Cap₹ 262 Cr.

Current Price

High / Low₹ 108 / 20

Stock P/E22.6

Book Value₹ 10

Price to Book6.44

Dividend Yield0.00 %

ROCE8.8 %

ROE6.7 %

Face Value₹ 2

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AI Sector View

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Oil Gas & Consumable Fuels

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Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company has consistently been profitable over the last 5 years
Company converts assets efficiently - asset turnover of 2.4x

CONS

Recent results are weak - TTM profit is down 1584.7% versus prior year
Operating cash flow has been negative in recent years
A large part of profit comes from other income (128.5% of PBT)
Promoter holding has decreased over last 2 years: -13.1pp
Company has a low return on equity of 4.0% over last 3 years
Company has a low return on capital employed of 6.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIENT	2936.00	53.39	397452.96	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	998.00	27.21	45304.36	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1270.55	35.64	44596.31	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3705.90	91.86	43840.96	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	371.40	17.07	29035.10	1.62	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.75	61.67	15347.59	0.64	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	74.20	100.87	11327.02	0.20	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	826.10	83.74	10411.77	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	64.18	21.52	9627.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1827.20	63.41	7952.54	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	342.50	24.69	7724.69	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	LEMERITE	20.93	22.59	261.98	0.00	-45.75	-2045.15	897.54	611.78	8.77	-10.67

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
	96	126	110	73	75	90
	94	121	108	71	75	101
Operating Profit	2	5	3	2	-0	-11
OPM %	1.88%	3.66%	2.67%	2.76%	-0.11%	-12.67%
	1	2	3	2	3	6
Interest	2	3	2	1	2	2
Depreciation	0	0	0	0	0	0
Profit before Tax	0	3	6	3	1	-5
Tax %	11.11%	28.27%	22.34%	23.51%	20.18%	15.57%
Net Profit	0	0	4	2	1	-5
	0.10	1.00	0.35	0.82	0.35	-0.36

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	268	526	377	468	515	349
	258	495	371	462	507	355
Operating Profit	10	31	6	6	8	-6
OPM %	3.89%	5.89%	1.58%	1.37%	1.50%	-1.86%
	1	1	3	4	11	14
Interest	2	4	4	7	9	7
Depreciation	0	1	1	0	1	1
Profit before Tax	9	28	4	2	9	4
Tax %	24.11%	24.74%	48.26%	24.44%	20.60%	31.99%
Net Profit	7	21	2	2	7	3
EPS	4.07	12.33	1.87	0.74	2.51	—
Dividend Payout %	0.00%	8.11%	27.38%	26.91%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -34%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 27%
1 Year:: -71%

RETURN ON EQUITY

10 Years:: —
5 Years:: 20%
3 Years:: 4%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	17	23	23	24
Minority Interest	0	0	-2	-2	-1
	23	28	70	71	87
	48	100	86	92	103
Trade Payables	12	19	22	13	20
	7	12	2	1	5
Total Liabilities	92	177	202	198	238
	2	3	3	2	11
Capital Work in Progress	0	0	7	8	0
	2	2	2	2	4
	10	13	18	18	11
	0	0	0	89	116
Cash & Bank	8	8	42	45	54
	71	151	130	34	42
Total Assets	92	177	202	198	238

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-20	-37	13	0	-12
Cash from Investing	-0	-2	-7	-2	-3
Cash from Financing	25	46	30	4	25
	3	0	34	3	9

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	40.73	12.33	1.83	0.74	2.51
Book Value (₹)	143.01	26.63	39.91	40.03	45.83
Dividend per Share (₹)	0.00	1.00	0.50	0.20	0.00
Cash EPS (₹)	0.83	2.52	0.25	0.19	0.66
PROFITABILITY
Operating Margin %	4.09%	6.10%	2.44%	1.37%	1.47%
Net Margin %	2.59%	4.00%	0.61%	0.37%	1.31%
ROE %	28.48%	60.24%	3.30%	1.86%	6.69%
ROCE %	13.79%	28.21%	5.27%	5.29%	8.77%
	7.56%	15.67%	1.21%	0.87%	3.15%
EFFICIENCY
Debtor Days	80	64	106	71	71
Inventory Days	14	8	15	14	10
Payable Days	18	13	22	15	12
	75	59	98	70	69
FINANCIAL HEALTH
Debt to Equity (x)	2.21x	2.20x	0.92x	0.98x	0.92x
Interest Coverage (x)	6.56x	8.81x	2.08x	1.31x	1.96x
	1.32x	1.32x	1.75x	1.82x	1.98x
GROWTH
Revenue Growth %	0.00%	95.94%	-28.33%	24.21%	9.95%
Operating Profit Growth %	0.00%	191.97%	-71.37%	10.45%	85.86%
Net Profit Growth %	0.00%	202.68%	-89.08%	-24.03%	292.88%
	0.00%	0.00%	0.00%	-59.30%	237.69%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	82.88x	117.56x
P/B (x)	0.00x	0.00x	0.00x	1.54x	6.44x
Dividend Yield %	0.00%	0.00%	0.00%	0.32%	0.00%
	0.00x	0.00x	0.00x	18.92x	40.65x

Shareholding Pattern

Numbers in percentages

	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.74	72.74	72.96	73.06	62.22	61.53	59.65	59.65	59.65
	0.58	0.40	0.40	0.20	0.52	0.34	0.14	0.21	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.16	0.16	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.68	26.86	26.64	26.74	37.26	38.13	40.04	39.97	40.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Agreements

2026-08-31 - Le Merite Exports Limited has informed the Exchange about Agreements

2026-08-15

Copy of Newspaper Publication

2026-08-15 - Le Merite Exports Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Statement of deviation(s) or variation(s) under Reg. 32

2026-08-14 - Le Merite Exports Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-08-14

Press Release

2026-08-14 - Le Merite Exports Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Press Release".

2026-08-14

Resignation

2026-08-14 - Le Merite Exports Limited has informed the Exchange regarding Resignation of Mr Rohit Agarwal as Non- Executive Independent Director of the company w.e.f. August 14, 2026.

2026-08-14

Appointment

2026-08-14 - Le Merite Exports Limited has informed the Exchange regarding Appointment of Ms Kusum Naruka as Non- Executive Independent Director of the company w.e.f. August 14, 2026.

2026-08-14

Outcome of Board Meeting

2026-08-14 - Le Merite Exports Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-11

Acquisition

2026-08-11 - Le Merite Exports Limited has informed the Exchange about Cancellation of Proposed Acquisition

2026-07-13

Reply to Clarification- Financial results

2026-07-13 - The Exchange had sought clarification from Le Merite Exports Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

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