Le Merite Exports Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
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.
PROS
- Company has delivered good sales growth of 17.2% CAGR over last 5 years
- Company converts assets efficiently - asset turnover of 2.2x
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (124.3% of PBT)
- Recent results are weak - TTM profit is down 73.6% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -13.1pp
- Company has a low return on capital employed of 7.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2936.00 | 53.39 | 397452.96 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 998.00 | 27.21 | 45304.36 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1270.55 | 35.64 | 44596.31 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3705.90 | 91.86 | 43840.96 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 371.40 | 17.07 | 29035.10 | 1.62 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.75 | 61.67 | 15347.59 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 74.20 | 100.87 | 11327.02 | 0.20 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 826.10 | 83.74 | 10411.77 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 64.18 | 21.52 | 9627.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1827.20 | 63.41 | 7952.54 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 342.50 | 24.69 | 7724.69 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| LEMERITE | 20.93 | 22.59 | 261.98 | 0.00 | -45.75 | -2045.15 | 897.54 | 611.78 | 8.77 | -10.67 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 526 | 108 | 95 | 126 | 110 | 98 | 73 | 74 | 90 | |
| 495 | 105 | 94 | 121 | 108 | 92 | 71 | 75 | 101 | |
| Operating Profit | 31 | 3 | 2 | 5 | 3 | 6 | 2 | -1 | -11 |
| OPM % | 5.89% | 2.88% | 1.89% | 3.82% | 2.67% | 6.09% | 2.97% | -1.96% | -12.51% |
| 1 | 1 | 1 | 1 | 3 | 2 | 2 | 4 | 6 | |
| Interest | 4 | 2 | 2 | 3 | 2 | 2 | 1 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 28 | 2 | 0 | 3 | 6 | 6 | 3 | 0 | -5 |
| Tax % | 24.73% | 25.46% | 11.11% | 28.27% | 22.33% | 22.63% | 22.26% | 72.73% | 16.54% |
| Net Profit | 21 | 2 | 0 | 2 | 4 | 4 | 2 | 0 | -4 |
| 12.33 | 0.68 | 0.11 | 1.00 | 0.35 | 1.82 | 0.88 | 0.03 | -0.34 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 180 | 217 | 268 | 526 | 364 | 468 | 480 | 335 | |
| 176 | 210 | 258 | 495 | 354 | 462 | 472 | 340 | |
| Operating Profit | 4 | 6 | 10 | 31 | 10 | 6 | 8 | -5 |
| OPM % | 2.43% | 2.94% | 3.89% | 5.89% | 2.78% | 1.37% | 1.77% | -1.35% |
| 1 | 1 | 1 | 1 | 3 | 4 | 9 | 14 | |
| Interest | 3 | 3 | 2 | 4 | 4 | 7 | 9 | 7 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Profit before Tax | 2 | 4 | 9 | 28 | 9 | 2 | 7 | 4 |
| Tax % | 29.59% | 27.01% | 24.11% | 24.74% | 25.23% | 24.46% | 25.15% | 35.02% |
| Net Profit | 1 | 3 | 7 | 21 | 6 | 2 | 5 | 2 |
| EPS | 6.61 | 18.42 | 4.07 | 12.33 | 2.78 | 0.74 | 2.18 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 8.11% | 18.47% | 26.94% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 17%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- -37%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 27%
- 1 Year:
- -71%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 5%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 17 | 23 | 23 | 24 |
| 12 | 16 | 23 | 28 | 72 | 73 | 88 | |
| 38 | 29 | 48 | 100 | 83 | 88 | 103 | |
| Trade Payables | 3 | 8 | 12 | 19 | 21 | 12 | 20 |
| 2 | 2 | 7 | 12 | 2 | 1 | 5 | |
| Total Liabilities | 57 | 56 | 92 | 177 | 202 | 198 | 240 |
| 2 | 2 | 2 | 3 | 2 | 2 | 11 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 7 | 8 | 0 |
| 1 | 1 | 2 | 2 | 2 | 2 | 4 | |
| 3 | 3 | 10 | 13 | 16 | 16 | 11 | |
| 0 | 0 | 0 | 0 | 0 | 89 | 116 | |
| Cash & Bank | 10 | 5 | 8 | 8 | 42 | 45 | 54 |
| 40 | 45 | 71 | 151 | 132 | 35 | 44 | |
| Total Assets | 57 | 56 | 92 | 177 | 202 | 198 | 240 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -5 | -1 | -20 | -37 | 21 | 0 | -15 | |
| Cash from Investing | 0 | -0 | -0 | -2 | -7 | -2 | -3 |
| Cash from Financing | 1 | -2 | 25 | 46 | 23 | 4 | 27 |
| -4 | -5 | 3 | 0 | 34 | 3 | 9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | 6.61 | 18.42 | 40.73 | 12.33 | 2.71 | 0.74 | 2.18 |
| Book Value (₹) | 82.78 | 101.20 | 143.01 | 26.63 | 40.80 | 40.91 | 46.36 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 1.00 | 0.50 | 0.20 | 0.00 |
| Cash EPS (₹) | 0.15 | 0.39 | 0.83 | 2.52 | 0.59 | 0.19 | 0.53 |
| PROFITABILITY | |||||||
| Operating Margin % | 2.94% | 3.23% | 4.09% | 6.10% | 3.63% | 1.37% | 1.77% |
| Net Margin % | 0.63% | 1.45% | 2.59% | 4.00% | 1.75% | 0.37% | 1.10% |
| ROE % | 7.98% | 20.02% | 33.36% | 60.24% | 9.00% | 1.82% | 5.08% |
| ROCE % | 9.81% | 13.81% | 17.24% | 28.21% | 7.80% | 5.32% | 8.00% |
| 1.99% | 5.58% | 9.38% | 15.67% | 3.36% | 0.87% | 2.42% | |
| EFFICIENCY | |||||||
| Debtor Days | 69 | 60 | 65 | 64 | 110 | 71 | 78 |
| Inventory Days | 7 | 5 | 9 | 8 | 14 | 12 | 10 |
| Payable Days | 7 | 11 | 15 | 13 | 22 | 14 | 13 |
| 69 | 55 | 59 | 59 | 102 | 69 | 75 | |
| FINANCIAL HEALTH | |||||||
| Debt to Equity (x) | 2.67x | 1.72x | 2.21x | 2.20x | 0.86x | 0.92x | 0.91x |
| Interest Coverage (x) | 1.46x | 2.71x | 6.56x | 8.81x | 3.06x | 1.31x | 1.78x |
| 1.31x | 1.36x | 1.32x | 1.31x | 1.77x | 1.81x | 1.97x | |
| GROWTH | |||||||
| Revenue Growth % | 0.00% | 20.36% | 23.87% | 95.94% | -30.76% | 28.55% | 2.57% |
| Operating Profit Growth % | 0.00% | 32.19% | 57.10% | 191.99% | -58.72% | -23.44% | 70.51% |
| Net Profit Growth % | 0.00% | 178.84% | 121.12% | 202.71% | -69.82% | -72.58% | 204.10% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -72.58% | 193.87% | |
| VALUATION | |||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 82.99x | 135.26x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.51x | 6.36x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 18.59x | 44.34x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Le Merite Exports Limited has informed the Exchange about Agreements
2026-08-15 - Le Merite Exports Limited has informed the Exchange about Copy of Newspaper Publication
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 - Le Merite Exports Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Press Release".
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 - 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 - Le Merite Exports Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - Le Merite Exports Limited has informed the Exchange about Cancellation of Proposed Acquisition
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.
News
Recent coverage and analyst commentary for LEMERITE
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