Sonal Mercantile Ltd.

•

sonalmercantile.inBSE: 538943NSE: SONAL

Market Cap₹ 127 Cr.

Current Price

High / Low₹ 105 / 82

Stock P/E5.0

Book Value₹ 262

Price to Book0.40

Dividend Yield0.00 %

ROCE5.7 %

ROE3.1 %

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 consistently been profitable over the last 5 years
Company has delivered good sales growth of 22.0% CAGR over last 5 years

CONS

Company has a low return on equity of 3.3% over last 3 years
Company has a low return on capital employed of 5.8%
Thin net interest margin of 0.0%
Though reporting repeated profits, the company pays out little dividend (0.0%)
Growth is decelerating - 3Y profit CAGR (19.5%) trails the 5Y trend (39.3%)
Company's return on assets is weak at 1.7%

* 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	1034.20	31.71	643888.19	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1028.00	21.37	241893.03	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1845.00	27.40	157575.18	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.80	28.50	154003.85	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	230.00	73.49	151872.26	0.26	8302.50	2457.29	20044.70	3172.82	2.11	69.71
6.	BAJAJHLDNG	11120.70	13.97	123766.17	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2794.40	9.86	112186.35	1.07	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.60	26.59	109118.68	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	309.50	24.37	77571.61	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	656.05	27.44	62432.55	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	668.65	25.53	55549.10	0.60	785.20	38.31	4937.90	18.71	9.09	57.98
12.	SONAL	86.25	4.95	127.12	0.00	26.41	212.95	51.99	456.34	5.69	136.87

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	7
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%	136.87%
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	3
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%	10.44%
Net Profit	0	0	0	0	73	77	78	74	94	84	76	7	3
	19	4	4	5	7	5	4	6	7	6	6	5	0

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	4	13	19	21	26	39	35	38
	1	1	1	1	1	1	1	5
Operating Profit	3	12	18	20	26	39	35	33
OPM %	75.25%	91.59%	95.43%	96.81%	96.67%	98.65%	98.20%	87.84%
	0	0	0	0	0	0	0	-0
Interest	2	9	11	12	15	23	21	22
Depreciation	0	0	0	0	0	0	0	0
Profit before Tax	1	3	6	8	11	16	14	17
Tax %	25.98%	25.17%	25.41%	25.58%	25.37%	25.17%	25.45%	22.82%
Net Profit	1	2	5	6	8	12	10	13
EPS	0.00	4.41	9.66	13.18	13.93	16.42	21.93	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 38%
3 Years:: 24%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: 3%
3 Years:: 3%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	15	15	15	15	15
	161	170	181	233	275	299	343
	67	134	138	159	304	291	257
	0	8	48	17	15	20	20
Total Liabilities	243	327	381	423	608	625	635
	153	164	195	220	253	259	293
Cash & Bank	6	0	0	0	0	0	1
	85	163	185	203	355	365	341
Total Assets	243	327	381	423	608	625	635

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

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.

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