Sonal Mercantile Ltd.

•

sonalmercantile.inBSE: 538943NSE: SONAL

Market Cap₹ 131 Cr.

Current Price

High / Low₹ 105 / 82

Stock P/E11.4

Book Value₹ 49

Price to Book2.20

Dividend Yield0.00 %

ROCE10.4 %

ROE17.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Interest on loan: 100.0%

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

Company has delivered good profit growth of 39.3% CAGR over last 5 years
Comfortable capital adequacy - CAR of 19.4%
Asset quality is healthy - gross NPA of just 0.0%
Solid return on assets for a lender - ROA of 2.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 20.3%

CONS

Recent results are weak - TTM profit is down 34.2% versus prior year
Company has a low return on capital employed of 10.4%
Thin net interest margin of 0.0%
Growth is decelerating - 3Y profit CAGR (19.5%) trails the 5Y trend (39.3%)

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

Peer comparison

Financial ServicesFinanceFinance - NBFC

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

S.No.	Name
1.	BAJFINANCE	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	8302.50	2457.29	20044.70	3172.82	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110815.96	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	SONAL	88.98	5.11	131.14	0.00	26.41	212.95	51.99	456.34	5.69	136.87

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Mar 2026	Jun 2026
	9	10	10	9	10	9	9	8	9	9	10	13	5
	1	0	0	-0	0	0	0	0	0	0	0	0	4
Operating Profit	8	10	10	9	10	9	9	8	8	9	9	13	5
OPM %	93.53%	99.07%	98.41%	100.53%	98.54%	99.15%	99.67%	97.33%	98.60%	97.54%	96.73%	98.43%	93.11%
Other Income	0	0	0	0	0	0	0	0	-0	0	0	0	0
Interest	5	6	6	6	5	6	5	5	5	6	6	6	4
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	4	3	4	4	5	4	4	3	4	3	3	7	1
Tax %	22.34%	25.22%	25.36%	25.21%	25.24%	25.14%	25.35%	26.25%	25.34%	25.16%	26.43%	25.24%	25.20%
Net Profit	3	3	3	3	4	3	3	2	3	2	2	6	1
	2	2	2	2	3	2	2	2	2	1	1	4	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2	3	3	4	13	19	21	26	39	35	38
	2	2	3	1	1	1	1	1	1	1	5
Operating Profit	0	0	0	3	12	18	20	26	39	35	33
OPM %	6.47%	5.37%	7.50%	75.25%	91.59%	95.43%	96.81%	96.67%	98.65%	98.20%	86.38%
	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	2	9	11	12	15	23	21	22
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	0	0	0	1	3	6	8	11	16	14	15
Tax %	45.10%	36.70%	28.23%	25.98%	25.17%	25.41%	25.58%	25.37%	25.17%	25.45%	25.47%
Net Profit	0	0	0	1	2	5	6	8	12	10	11
EPS	0.00	0.00	0.00	0.00	1.35	3.14	4.13	5.33	7.94	7.06	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 31%
5 Years:: 22%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 79%
5 Years:: 39%
3 Years:: 20%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 19%
3 Years:: 20%
Last Year:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	15	15	15	15	15	15	15	15
	7	7	8	8	10	15	21	29	40	51
	0	0	0	67	134	138	159	304	291	257
	0	0	0	0	8	26	17	15	20	20
Total Liabilities	22	23	22	90	167	193	211	362	366	343
	0	0	0	0	4	8	8	6	0	1
	0	1	0	0	0	0	0	0	0	0
Cash & Bank	0	0	0	6	0	0	0	0	0	1
	22	21	22	85	163	185	203	355	365	341
Total Assets	22	23	22	90	167	193	211	362	366	343

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0	0	-0	-59	-58	2	-20	1	0	1
Cash from Investing	0	-0	0	0	-4	-4	-0	1	-0	-0
Cash from Financing	0	0	0	65	58	3	21	0	0	0
	-0	0	-0	6	-6	-0	0	0	0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.04	0.05	0.09	0.47	1.35	3.14	4.13	5.33	7.94	7.06
Book Value (₹)	15.01	15.08	15.17	15.54	16.76	19.90	24.03	29.36	37.30	44.56
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.07	0.07	0.11	0.48	1.35	3.14	4.13	5.35	7.98	7.09
PROFITABILITY
Operating Margin %	6.94%	5.71%	7.73%	77.15%	91.77%	95.43%	97.13%	96.97%	98.65%	98.20%
Net Margin %	2.63%	2.84%	5.00%	16.87%	15.18%	24.98%	29.22%	29.74%	29.78%	29.49%
ROE %	0.28%	0.33%	0.63%	3.08%	8.34%	17.11%	18.82%	19.95%	23.83%	17.25%
ROCE %	0.51%	0.52%	0.87%	5.65%	9.65%	10.84%	11.22%	9.45%	11.25%	10.39%
	0.27%	0.32%	0.62%	1.24%	1.54%	2.57%	3.02%	2.74%	3.22%	2.94%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	0	0	0
Inventory Days	0	154	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	154	0	0	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	2.93x	5.43x	4.69x	4.48x	7.02x	5.29x	3.92x
Interest Coverage (x)	46.53x	0.00x	0.00x	1.42x	1.28x	1.54x	1.68x	1.70x	1.67x	1.67x
	73.41x	59.52x	2340.71x	44.95x	0.38x	0.09x	0.09x	0.10x	0.27x	0.30x
GROWTH
Revenue Growth %	-0.24%	11.20%	8.03%	48.13%	216.69%	41.43%	12.64%	26.59%	48.99%	-10.23%
Operating Profit Growth %	17.96%	-8.49%	46.35%	1377.60%	276.67%	47.08%	14.64%	26.39%	52.38%	-10.84%
Net Profit Growth %	97.50%	19.82%	90.38%	399.91%	184.92%	132.76%	31.75%	28.85%	49.16%	-11.10%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	49.16%	-11.10%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.73x	13.88x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.50x	2.20x
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	0.00x	10.97x	11.53x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	24.92	24.92	24.92	24.92	24.92	24.92	24.92	24.92
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	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
	75.08	75.08	75.08	75.08	75.08	75.08	75.08	75.08

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for SONAL

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AI Stock Analyst

Sonal Mercantile Ltd.

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Free 5nance Account

Name

BAJFINANCE

1060.50

32.52

660262.45

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1041.00

21.64

244945.59

1.04

3452.77

59.90

13400.43

17.46

11.49

74.63

TATACAP

375.00

29.46

159182.59

0.15

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

239.85

76.64

158376.35

0.25

8302.50

2457.29

20044.70

3172.82

2.11

69.71

CHOLAFIN

1839.00

27.31

157062.74

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

BAJAJHLDNG

11148.75

14.01

124078.35

1.75

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2920.00

10.31

117228.79

1.03

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

404.80

27.00

110815.96

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

314.00

24.73

78699.47

0.88

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

657.90

27.52

62608.60

0.38

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

682.25

26.05

56678.94

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

SONAL

88.98

5.11

131.14

0.00

26.41

212.95

51.99

456.34

5.69

136.87

Mar 2023

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Mar 2026

Jun 2026

-0

Operating Profit

OPM %

93.53%

99.07%

98.41%

100.53%

98.54%

99.15%

99.67%

97.33%

98.60%

97.54%

96.73%

98.43%

93.11%

Other Income

-0

Interest

Depreciation

Tax %

22.34%

25.22%

25.36%

25.21%

25.24%

25.14%

25.35%

26.25%

25.34%

25.16%

26.43%

25.24%

25.20%

Net Profit

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

OPM %

6.47%

5.37%

7.50%

75.25%

91.59%

95.43%

96.81%

96.67%

98.65%

98.20%

86.38%

Interest

Depreciation

Profit before Tax

Tax %

45.10%

36.70%

28.23%

25.98%

25.17%

25.41%

25.58%

25.37%

25.17%

25.45%

25.47%

Net Profit

EPS

0.00

1.35

3.14

4.13

5.33

7.94

7.06

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

134

138

159

304

291

257

Total Liabilities

167

193

211

362

366

343

Cash & Bank

163

185

203

355

365

341

Total Assets

167

193

211

362

366

343

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-0

-59

-58

-20

Cash from Investing

-0

-4

-0

Cash from Financing

-0

-6

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.04

0.05

0.09

0.47

1.35

3.14

4.13

5.33

7.94

7.06

Book Value (₹)

15.01

15.08

15.17

15.54

16.76

19.90

24.03

29.36

37.30

44.56

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.07

0.11

0.48

1.35

3.14

4.13

5.35

7.98

7.09

PROFITABILITY

Operating Margin %

6.94%

5.71%

7.73%

77.15%

91.77%

95.43%

97.13%

96.97%

98.65%

98.20%

Net Margin %

2.63%

2.84%

5.00%

16.87%

15.18%

24.98%

29.22%

29.74%

29.78%

29.49%

ROE %

0.28%

0.33%

0.63%

3.08%

8.34%

17.11%

18.82%

19.95%

23.83%

17.25%

ROCE %

0.51%

0.52%

0.87%

5.65%

9.65%

10.84%

11.22%

9.45%

11.25%

10.39%

0.27%

0.32%

0.62%

1.24%

1.54%

2.57%

3.02%

2.74%

3.22%

2.94%

EFFICIENCY

Debtor Days

Inventory Days

154

Payable Days

154

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

2.93x

5.43x

4.69x

4.48x

7.02x

5.29x

3.92x

Interest Coverage (x)

46.53x

0.00x

1.42x

1.28x

1.54x

1.68x

1.70x

1.67x

73.41x

59.52x

2340.71x

44.95x

0.38x

0.09x

0.10x

0.27x

0.30x

GROWTH

Revenue Growth %

-0.24%

11.20%

8.03%

48.13%

216.69%

41.43%

12.64%

26.59%

48.99%

-10.23%

Operating Profit Growth %

17.96%

-8.49%

46.35%

1377.60%

276.67%

47.08%

14.64%

26.39%

52.38%

-10.84%

Net Profit Growth %

97.50%

19.82%

90.38%

399.91%

184.92%

132.76%

31.75%

28.85%

49.16%

-11.10%

0.00%

49.16%

-11.10%

VALUATION

P/E (x)

0.00x

11.73x

13.88x

P/B (x)

0.00x

2.50x

2.20x

Dividend Yield %

0.00%

0.00x

10.97x

11.53x

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

24.92

FIIs

0.00

DIIs

0.00

Government

0.00

75.08

Sonal Mercantile Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

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Sonal Mercantile 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