Mathew Easow Research Securities Ltd

₹ 13.4 0.00%

04 May 2026

About

Incorporated in 1988, Mathew Easow Research Securities Ltd is in the business of investment
and finance.^[1]

Key Points

Business Overview:^[1]^[2]
MERSL is in the business of providing financial assistance to corporate entities through loan syndication services. The company facilitates funding from various bodies corporate, banks, and financial institutions, enabling clients to secure sizeable capital arrangements. In addition to its core syndication services, the company also operates in the share trading domain. The company is registered as a non-deposit accepting Non-Banking Financial Company.

Website BSE

Market Cap ₹ 8.94 Cr.
Current Price ₹ 13.4
High / Low ₹ 13.4 / 10.9
Stock P/E 112
Book Value ₹ 21.4
Dividend Yield 0.00 %
ROCE 4.24 %
ROE 0.56 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.63 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 5.34% over past five years.
Promoter holding is low: 31.3%
Company has a low return on equity of 0.52% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	0.54	0.58	0.61	0.61	120.67	0.40	0.75	0.83	0.60	0.72	0.83	0.72	0.57
Interest	0.49	0.45	0.49	0.47	0.41	0.22	0.35	0.68	0.37	0.29	0.33	0.45	0.36
	0.09	0.15	0.11	0.12	120.23	0.15	0.43	0.12	0.21	0.40	0.46	0.25	0.18
Financing Profit	-0.04	-0.02	0.01	0.02	0.03	0.03	-0.03	0.03	0.02	0.03	0.04	0.02	0.03
Financing Margin %	-7.41%	-3.45%	1.64%	3.28%	0.02%	7.50%	-4.00%	3.61%	3.33%	4.17%	4.82%	2.78%	5.26%
	0.06	0.05	0.01	0.00	0.01	0.00	0.07	0.00	0.00	0.00	0.00	0.00	0.01
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	0.02	0.03	0.02	0.02	0.04	0.03	0.04	0.03	0.02	0.03	0.04	0.02	0.04
Tax %	50.00%	33.33%	0.00%	0.00%	25.00%	33.33%	25.00%	33.33%	0.00%	33.33%	25.00%	0.00%	25.00%
	0.01	0.02	0.01	0.01	0.02	0.02	0.03	0.02	0.02	0.02	0.02	0.01	0.03
EPS in Rs	0.02	0.03	0.02	0.02	0.03	0.03	0.05	0.03	0.03	0.03	0.03	0.02	0.05
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11.59	9.23	1.59	4.11	3.48	4.79	2.19	2.45	2.31	14.48	2.60	2.84
Interest	0.01	0.01	0.07	0.89	1.00	0.07	0.75	1.59	1.71	1.82	1.63	1.42
	9.91	8.28	1.32	2.51	2.04	4.60	1.25	1.66	0.67	12.62	0.91	1.31
Financing Profit	1.67	0.94	0.20	0.71	0.44	0.12	0.19	-0.80	-0.07	0.04	0.06	0.11
Financing Margin %	14.41%	10.18%	12.58%	17.27%	12.64%	2.51%	8.68%	-32.65%	-3.03%	0.28%	2.31%	3.87%
	-0.01	0.00	0.00	0.00	0.02	0.15	0.00	1.03	0.16	0.06	0.07	0.01
Depreciation	0.05	0.05	0.05	0.07	0.13	0.12	0.10	0.05	0.02	0.02	0.01	0.01
Profit before tax	1.61	0.89	0.15	0.64	0.33	0.15	0.09	0.18	0.07	0.08	0.12	0.11
Tax %	31.68%	38.20%	33.33%	29.69%	45.45%	13.33%	-22.22%	44.44%	28.57%	25.00%	25.00%	27.27%
	1.10	0.55	0.10	0.46	0.18	0.14	0.11	0.11	0.04	0.06	0.08	0.08
EPS in Rs	1.65	0.83	0.15	0.69	0.27	0.21	0.17	0.17	0.06	0.09	0.12	0.12
Dividend Payout %	0.00%	0.00%	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:	-11%
5 Years:	5%
3 Years:	7%
TTM:	9%

Compounded Profit Growth
10 Years:	-18%
5 Years:	-6%
3 Years:	26%
TTM:	0%

Stock Price CAGR
10 Years:	-17%
5 Years:	11%
3 Years:	31%
1 Year:	7%

Return on Equity
10 Years:	0%
5 Years:	-1%
3 Years:	1%
Last Year:	1%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6.65	6.65	6.65	6.65	6.65	6.65	6.65	6.65	6.65	6.65	6.65	6.65
Reserves	5.66	6.21	6.31	6.77	6.99	7.13	7.24	7.34	7.39	7.45	7.53	7.61
Borrowing	0.14	0.10	6.61	11.72	69.69	15.89	31.24	34.22	31.95	23.25	21.98	21.83
	0.70	0.41	0.79	0.61	0.33	0.16	0.51	0.21	0.04	0.11	0.19	0.24
Total Liabilities	13.15	13.37	20.36	25.75	83.66	29.83	45.64	48.42	46.03	37.46	36.35	36.33
	0.39	0.34	0.29	0.47	0.34	0.35	0.26	0.13	0.11	0.10	0.08	0.07
CWIP	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	12.75	13.03	20.07	25.28	83.32	29.48	45.38	48.29	45.92	37.36	36.27	36.26
Total Assets	13.15	13.37	20.36	25.75	83.66	29.83	45.64	48.42	46.03	37.46	36.35	36.33

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0.13	-0.04	-5.56	-4.41	-57.05	53.97	-14.83	-2.56	4.06	10.38	2.91	1.53
	-0.16	0.01	-0.01	-0.25	0.01	-0.13	-0.01	1.11	0.01	0.02	0.01	0.01
	0.06	-0.05	6.43	4.23	56.96	-53.87	14.61	1.39	-3.97	-10.52	-2.90	-1.58
Net Cash Flow	-0.22	-0.08	0.87	-0.42	-0.08	-0.03	-0.23	-0.06	0.09	-0.13	0.02	-0.04
Free Cash Flow	-0.29	-0.03	-5.57	-4.66	-57.05	53.83	-14.84	-1.46	4.06	10.38	2.91	1.53
CFO/OP	-3%	56%	-1,952%	-268%	-3,949%	28,458%	-1,567%	-308%	252%	558%	173%	117%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROE %	9.43%	4.37%	0.77%	3.49%	1.33%	1.02%	0.80%	-6.17%	0.29%	0.43%	0.57%	0.56%

Insights

In beta

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Capital to Risk-weighted Assets (CRAR)
%

xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
x	x	x	x	x	x	x	x
xx.xx	xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x.xx	x.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx

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Number of Permanent Employees
Number

Stock-in-trade (Closing Inventory)
₹ Lakhs

Total Assets
₹ Lakhs

Total Loan Book (Gross)
₹ Lakhs

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.61%	0.61%	0.61%	0.61%	0.61%	0.61%
	68.73%	68.72%	68.71%	68.72%	68.71%	68.72%	68.11%	68.11%	68.11%	68.11%	68.10%	68.10%
No. of Shareholders	3,268	3,307	3,374	3,408	3,451	3,466	3,466	3,469	3,469	3,465	3,460	3,462

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%	31.28%
	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.61%	0.61%
	68.72%	68.71%	68.71%	68.71%	68.72%	68.72%	68.71%	68.72%	68.11%	68.10%
No. of Shareholders	2,997	3,108	3,117	3,140	3,135	3,124	3,295	3,408	3,469	3,462

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Mathew Easow Research Securities Ltd

Mathew Easow Research Securities Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports