Paul Merchants Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Forex: 96.6% • Gold Loan-Discontinued: 2.3% • Other Loans: 0.8%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Solid return on assets for a lender - ROA of 2.5%
- Company has consistently been profitable over the last 5 years
- Stock looks reasonably valued - P/E of 0.5 is below its historical median
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.6x
CONS
- Company is loss-making at the operating / net level
- A large part of profit comes from other income (228.9% of PBT)
- Recent results are weak - TTM profit is down 105.3% versus prior year
- Company has a low return on capital employed of 0.8%
- Company has a low return on equity of -0.4% over last 3 years
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1917.30 | 30.28 | 307163.22 | 0.08 | 62966.70 | 1081.55 | 420369.00 | 1091.26 | 11.88 | 40.79 |
| AIIL | 546.65 | 22.13 | 46422.91 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.75 | 10.74 | 28650.15 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13000.05 | 13.35 | 26301.84 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 266.10 | 22.71 | 25602.92 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13002.55 | 53.35 | 14860.05 | 1.69 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11435.95 | 92.40 | 12693.48 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 124.75 | 11.48 | 11938.08 | 2.61 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 437.25 | 19.95 | 9711.49 | 2.55 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 256.95 | 161.25 | 8857.93 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2282.95 | 7.87 | 7326.12 | 1.82 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| PML | 487.10 | 11.91 | 150.22 | 0.00 | 8.91 | -99.69 | 480.77 | -2.54 | 2.54 | 0.93 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,836 | 1,840 | 2,092 | 854 | 1,016 | 986 | 750 | 582 | 493 | 593 | 505 | 482 | 481 | |
| 1,809 | 1,810 | 2,058 | 860 | 1,016 | 988 | 753 | 585 | 497 | 601 | 508 | 483 | 478 | |
| Operating Profit | 27 | 30 | 34 | -6 | -0 | -1 | -3 | -3 | -4 | -8 | -3 | -0 | 3 |
| OPM % | 1.49% | 1.63% | 1.62% | -0.66% | -0.05% | -0.12% | -0.35% | -0.51% | -0.85% | -1.30% | -0.63% | -0.09% | 0.63% |
| 1 | 1 | 2 | 1 | 1 | 1 | -1 | 1 | 4 | 13 | 15 | 9 | 10 | |
| Interest | 9 | 10 | 11 | 1 | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 |
| Profit before Tax | 18 | 19 | 23 | -7 | -1 | -2 | -5 | -4 | -2 | 4 | 11 | 6 | 13 |
| Tax % | 25.95% | 25.06% | 24.61% | 2.83% | -158.18% | -30.81% | 0.21% | 4.82% | -49.70% | 130.40% | 24.24% | 25.98% | 33.66% |
| Net Profit | 0 | 0 | 0 | 0 | 133 | 161 | 177 | 167 | 2,875 | -66 | -144 | 23 | 9 |
| 44.33 | 47.11 | 55.41 | -22.30 | -4.58 | -7.87 | 57.47 | -12.16 | -8.20 | -3.50 | -46.69 | 15.21 | 28.88 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,891 | 4,547 | 4,917 | 5,401 | 3,035 | 5,365 | 7,011 | 6,503 | 3,335 | 2,074 | 2,061 | |
| 2,881 | 4,529 | 4,901 | 5,363 | 2,991 | 5,300 | 6,931 | 6,497 | 3,342 | 2,091 | 2,069 | |
| Operating Profit | 10 | 18 | 16 | 38 | 44 | 65 | 80 | 7 | -7 | -18 | -8 |
| OPM % | 0.33% | 0.39% | 0.32% | 0.70% | 1.46% | 1.21% | 1.15% | 0.10% | -0.22% | -0.84% | -0.40% |
| 11 | 208 | 13 | 4 | 8 | 3 | 3 | 5 | 2 | 43 | 47 | |
| Interest | 2 | 2 | 1 | 2 | 5 | 11 | 20 | 2 | 2 | 1 | 1 |
| Depreciation | 3 | 4 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 5 | 6 |
| Profit before Tax | 16 | 220 | 24 | 36 | 44 | 54 | 60 | 6 | -11 | 19 | 34 |
| Tax % | 22.66% | 2.83% | 8.23% | 26.04% | 23.38% | 25.50% | 26.21% | 129.54% | -11.23% | 51.49% | 39.34% |
| Net Profit | 13 | 214 | 22 | 27 | 34 | 40 | 44 | -2 | -12 | 9 | 21 |
| EPS | 0.00 | 0.00 | 0.00 | 256.56 | 325.38 | 390.77 | 142.71 | 177.13 | 206.48 | 871.49 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -2%
- 5 Years:
- -7%
- 3 Years:
- -33%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 29%
- 5 Years:
- 52%
- 3 Years:
- 83%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 3%
- 3 Years:
- 0%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 3 |
| Minority Interest | 0 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 148 | 350 | 366 | 392 | 426 | 466 | 510 | 562 | 626 | 894 | |
| 18 | 22 | 17 | 33 | 79 | 131 | 307 | 492 | 22 | 8 | |
| Trade Payables | 27 | 8 | 4 | 4 | 1 | 1 | 2 | 7 | 2 | 3 |
| 33 | 78 | 14 | 22 | 26 | 48 | 67 | 89 | 932 | 27 | |
| Total Liabilities | 227 | 472 | 402 | 453 | 533 | 647 | 887 | 1,153 | 1,585 | 937 |
| 50 | 76 | 76 | 64 | 63 | 63 | 67 | 72 | 62 | 67 | |
| Capital Work in Progress | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 | 123 | 99 | 55 | 37 | 30 | 24 | 22 | 2 | 306 | |
| 5 | 5 | 5 | 8 | 6 | 6 | 12 | 15 | 12 | 23 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 5 | |
| Cash & Bank | 93 | 118 | 13 | 17 | 15 | 24 | 28 | 41 | 39 | 90 |
| 68 | 151 | 210 | 309 | 412 | 524 | 756 | 998 | 1,464 | 446 | |
| Total Assets | 227 | 472 | 402 | 453 | 533 | 647 | 887 | 1,153 | 1,585 | 937 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 38 | -211 | 18 | -75 | -58 | -24 | -138 | -135 | 448 | 412 | |
| Cash from Investing | 1 | 241 | -25 | 73 | 23 | 6 | 0 | -5 | 17 | -387 |
| Cash from Financing | -5 | 2 | -6 | 13 | 42 | 41 | 155 | 143 | -471 | -14 |
| 14 | -34 | -18 | 4 | -4 | 9 | 2 | 3 | -6 | 11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for PML
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