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

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