Paul Merchants Ltd.

•

paulmerchants.netBSE: 539113NSE: PML

Market Cap₹ 152 Cr.

Current Price

High / Low₹ 624 / 452

Stock P/E12.1

Book Value₹ 1,609

Price to Book0.26

Dividend Yield0.00 %

ROCE3.6 %

ROE2.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Forex: 99.7% • Travel: 0.3% • Other: 0.0%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 2.5%
Company generates healthy free cash flow
Company converts assets efficiently - asset turnover of 3.9x

CONS

Company is loss-making at the operating / net level
A large part of profit comes from other income (178.0% of PBT)
Recent results are weak - TTM profit is down 37.2% versus prior year
Company has a low return on capital employed of 4.4%
Company has a low return on equity of 3.2% 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

Financial ServicesFinanceFinance - Investment

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

S.No.	Name
1.	BAJAJFINSV	1958.00	30.92	313683.61	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	519.30	21.02	44100.28	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1503.20	10.58	28226.71	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13145.00	13.50	26595.10	0.65	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	271.75	23.19	26146.53	0.07	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13642.20	55.98	15591.08	1.61	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JMFINANCIL	134.50	12.38	12871.11	2.42	368.57	-19.66	1200.53	9.69	11.91	58.30
8.	JSWHL	11523.05	93.10	12790.15	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
9.	TSFINV	406.05	18.52	9018.53	2.75	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	251.85	158.05	8682.12	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2344.15	8.08	7522.51	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	PML	493.95	12.08	152.33	0.00	8.91	-99.69	480.77	-2.54	2.54	0.93

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,802	1,800	2,047	854	1,016	985	749	578	493	591	500	472	469
	1,796	1,795	2,043	856	1,016	986	751	581	495	594	502	475	472
Operating Profit	6	4	4	-3	-0	-0	-2	-3	-2	-2	-2	-3	-3
OPM %	0.31%	0.24%	0.22%	-0.34%	-0.02%	-0.03%	-0.21%	-0.45%	-0.36%	-0.41%	-0.43%	-0.57%	-0.61%
	6	7	7	8	5	5	3	4	5	18	4	4	4
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	11	10	10	4	3	4	1	1	2	15	0	0	1
Tax %	27.09%	23.94%	26.33%	24.12%	25.30%	25.89%	69.81%	23.53%	20.99%	23.10%	91.11%	33.33%	29.53%
Net Profit	8	8	8	3	2	3	0	1	1	11	0	0	1
	26.37	24.53	24.75	9.07	8.12	8.81	0.53	1.70	4.66	37.03	0.13	0.96	2.80

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,891	4,542	4,899	5,358	2,962	5,281	6,900	6,502	3,329	2,056	2,032
	2,881	4,525	4,893	5,350	2,962	5,270	6,886	6,490	3,333	2,065	2,042
Operating Profit	10	17	6	7	-1	11	14	11	-5	-9	-10
OPM %	0.33%	0.37%	0.11%	0.14%	-0.02%	0.20%	0.21%	0.18%	-0.15%	-0.45%	-0.50%
	11	207	12	12	19	19	24	28	18	31	30
Interest	2	1	0	0	0	0	1	2	1	1	0
Depreciation	3	3	3	3	2	2	2	3	3	4	4
Profit before Tax	16	219	14	17	16	27	35	35	8	18	17
Tax %	22.66%	2.76%	-5.35%	28.17%	20.68%	25.52%	25.67%	25.65%	28.28%	24.88%	25.64%
Net Profit	13	213	15	12	13	20	26	26	6	13	13
EPS	0.00	0.00	0.00	115.71	123.32	198.35	84.25	84.71	19.16	42.77	—
Dividend Payout %	0.00%	0.00%	0.00%	1.73%	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:: -4%
5 Years:: 1%
3 Years:: -20%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 4%
3 Years:: 3%
Last Year:: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	151	364	379	390	403	424	449	473	479	492
	18	17	0	1	5	10	20	12	15	6
Trade Payables	27	7	4	4	1	1	2	6	2	3
	33	77	10	16	15	34	52	46	29	21
Total Liabilities	229	466	393	412	425	469	524	541	527	525
	50	75	75	62	59	58	57	61	61	62
Capital Work in Progress	1	0	0	0	0	0	0	0	0	0
	11	190	259	223	203	196	190	237	243	372
	5	5	5	7	5	5	6	8	9	7
	0	0	0	0	0	0	0	5	5	5
Cash & Bank	93	110	7	4	10	13	17	21	35	13
	68	86	47	115	148	197	254	208	175	67
Total Assets	229	466	393	412	425	469	524	541	527	525

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	39	-148	96	9	-2	29	29	-14	-27	-3
Cash from Investing	1	176	-95	-8	4	-22	-25	17	34	8
Cash from Financing	-6	-2	-18	-0	4	4	9	-8	2	-10
	14	-38	-19	-3	3	5	3	-5	8	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	123.55	2072.85	146.41	115.71	123.32	198.35	252.76	84.71	19.16	42.77
Book Value (₹)	1476.43	3548.76	3695.88	3807.83	3931.78	4129.78	4380.81	1544.31	1562.76	1605.79
Dividend per Share (₹)	0.00	0.00	0.00	2.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	50.60	701.75	59.37	47.71	48.33	72.11	89.83	93.53	29.56	54.98
PROFITABILITY
Operating Margin %	0.74%	4.93%	0.37%	0.40%	0.73%	0.57%	0.55%	0.17%	-0.15%	-0.45%
Net Margin %	0.44%	4.69%	0.31%	0.22%	0.43%	0.39%	0.38%	0.40%	0.18%	0.64%
ROE %	8.73%	82.50%	4.04%	3.08%	3.19%	4.92%	5.94%	5.64%	1.23%	2.70%
ROCE %	10.94%	79.95%	3.87%	4.42%	4.05%	6.60%	7.97%	7.68%	1.92%	3.62%
	5.73%	61.30%	3.50%	2.95%	3.03%	4.56%	5.23%	4.91%	1.11%	2.51%
EFFICIENCY
Debtor Days	5	2	1	0	0	0	0	0	1	1
Inventory Days	1	0	0	0	1	0	0	0	1	1
Payable Days	4	1	0	0	0	0	0	0	0	0
	2	1	1	0	1	0	0	0	1	2
FINANCIAL HEALTH
Debt to Equity (x)	0.12x	0.05x	0.00x	0.00x	0.01x	0.02x	0.04x	0.03x	0.03x	0.01x
Interest Coverage (x)	10.23x	154.13x	31.91x	34.55x	67.31x	63.32x	34.56x	21.49x	7.70x	33.25x
	2.29x	3.19x	9.73x	8.52x	9.25x	5.45x	4.09x	4.29x	5.08x	4.43x
GROWTH
Revenue Growth %	17.35%	57.09%	7.87%	9.36%	-44.72%	78.31%	30.66%	-5.77%	-48.81%	-38.23%
Operating Profit Growth %	-43.21%	947.61%	-91.96%	17.51%	1.58%	40.98%	24.46%	4.91%	-64.78%	57.26%
Net Profit Growth %	-37.80%	1577.72%	-92.94%	-20.97%	6.57%	60.84%	27.43%	0.54%	-77.38%	123.21%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-66.49%	-77.38%	123.21%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.62x	38.20x	9.60x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.58x	0.47x	0.26x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.81x	14.88x	5.49x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.65	74.65	74.65	74.65	74.65	74.65	74.65	74.65	74.65
	0.00	0.22	0.22	0.16	0.16	0.16	0.16	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.35	25.12	25.12	25.18	25.18	25.18	25.18	25.35	25.35

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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AI Stock Analyst

Paul Merchants Ltd.

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Name

BAJAJFINSV

1958.00

30.92

313683.61

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

519.30

21.02

44100.28

0.00

11082.20

1075.19

14695.40

1109.37

30.27

88.91

CHOLAHLDNG

1503.20

10.58

28226.71

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13145.00

13.50

26595.10

0.65

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

271.75

23.19

26146.53

0.07

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13642.20

55.98

15591.08

1.61

3.32

-90.61

5.41

-81.52

1.06

84.10

JMFINANCIL

134.50

12.38

12871.11

2.42

368.57

-19.66

1200.53

9.69

11.91

58.30

JSWHL

11523.05

93.10

12790.15

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

TSFINV

406.05

18.52

9018.53

2.75

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

251.85

158.05

8682.12

0.00

-46.98

-674.86

2353.40

1051.76

4.71

-2.08

KAMAHOLD

2344.15

8.08

7522.51

1.77

584.02

10.80

4657.56

7.07

20.86

22.01

PML

493.95

12.08

152.33

0.00

8.91

-99.69

480.77

-2.54

2.54

0.93

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

1,802

1,800

2,047

854

1,016

985

749

578

493

591

500

472

469

1,796

1,795

2,043

856

1,016

986

751

581

495

594

502

475

472

Operating Profit

-3

-0

-2

-3

-2

-3

OPM %

0.31%

0.24%

0.22%

-0.34%

-0.02%

-0.03%

-0.21%

-0.45%

-0.36%

-0.41%

-0.43%

-0.57%

-0.61%

Interest

Depreciation

Profit before Tax

Tax %

27.09%

23.94%

26.33%

24.12%

25.30%

25.89%

69.81%

23.53%

20.99%

23.10%

91.11%

33.33%

29.53%

Net Profit

26.37

24.53

24.75

9.07

8.12

8.81

0.53

1.70

4.66

37.03

0.13

0.96

2.80

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,891

4,542

4,899

5,358

2,962

5,281

6,900

6,502

3,329

2,056

2,032

2,881

4,525

4,893

5,350

2,962

5,270

6,886

6,490

3,333

2,065

2,042

Operating Profit

-1

-5

-9

-10

OPM %

0.33%

0.37%

0.11%

0.14%

-0.02%

0.20%

0.21%

0.18%

-0.15%

-0.45%

-0.50%

207

Interest

Depreciation

Profit before Tax

219

Tax %

22.66%

2.76%

-5.35%

28.17%

20.68%

25.52%

25.67%

25.65%

28.28%

24.88%

25.64%

Net Profit

213

EPS

0.00

115.71

123.32

198.35

84.25

84.71

19.16

42.77

—

Dividend Payout %

0.00%

1.73%

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

151

364

379

390

403

424

449

473

479

492

Trade Payables

Total Liabilities

229

466

393

412

425

469

524

541

527

525

Capital Work in Progress

190

259

223

203

196

190

237

243

372

Cash & Bank

110

115

148

197

254

208

175

Total Assets

229

466

393

412

425

469

524

541

527

525

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-148

-2

-14

-27

-3

Cash from Investing

176

-95

-8

-22

-25

Cash from Financing

-6

-2

-18

-0

-8

-10

-38

-19

-3

-5

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

123.55

2072.85

146.41

115.71

123.32

198.35

252.76

84.71

19.16

42.77

Book Value (₹)

1476.43

3548.76

3695.88

3807.83

3931.78

4129.78

4380.81

1544.31

1562.76

1605.79

Dividend per Share (₹)

0.00

2.00

0.00

Cash EPS (₹)

50.60

701.75

59.37

47.71

48.33

72.11

89.83

93.53

29.56

54.98

PROFITABILITY

Operating Margin %

0.74%

4.93%

0.37%

0.40%

0.73%

0.57%

0.55%

0.17%

-0.15%

-0.45%

Net Margin %

0.44%

4.69%

0.31%

0.22%

0.43%

0.39%

0.38%

0.40%

0.18%

0.64%

ROE %

8.73%

82.50%

4.04%

3.08%

3.19%

4.92%

5.94%

5.64%

1.23%

2.70%

ROCE %

10.94%

79.95%

3.87%

4.42%

4.05%

6.60%

7.97%

7.68%

1.92%

3.62%

5.73%

61.30%

3.50%

2.95%

3.03%

4.56%

5.23%

4.91%

1.11%

2.51%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.12x

0.05x

0.00x

0.01x

0.02x

0.04x

0.03x

0.01x

Interest Coverage (x)

10.23x

154.13x

31.91x

34.55x

67.31x

63.32x

34.56x

21.49x

7.70x

33.25x

2.29x

3.19x

9.73x

8.52x

9.25x

5.45x

4.09x

4.29x

5.08x

4.43x

GROWTH

Revenue Growth %

17.35%

57.09%

7.87%

9.36%

-44.72%

78.31%

30.66%

-5.77%

-48.81%

-38.23%

Operating Profit Growth %

-43.21%

947.61%

-91.96%

17.51%

1.58%

40.98%

24.46%

4.91%

-64.78%

57.26%

Net Profit Growth %

-37.80%

1577.72%

-92.94%

-20.97%

6.57%

60.84%

27.43%

0.54%

-77.38%

123.21%

0.00%

-66.49%

-77.38%

123.21%

VALUATION

P/E (x)

0.00x

10.62x

38.20x

9.60x

P/B (x)

0.00x

0.58x

0.47x

0.26x

Dividend Yield %

0.00%

0.00x

6.81x

14.88x

5.49x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.65

0.00

0.22

0.16

0.00

DIIs

0.00

Government

0.00

25.35

25.12

25.18

25.35

Paul Merchants Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Paul Merchants Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI