Paul Merchants Ltd

₹ 489 -1.04%

04 Sep - close price

About

Paul Merchants Ltd is a Chandigarh-operated financial-services group active since 1984. The parent is an RBI-authorised AD Category-II foreign-exchange and cross-border-payments intermediary offering travel and money-transfer services, while subsidiaries house lending, real estate and IT operations. Its shares are listed on BSE and permitted to trade on NSE under PML. ^[1] ^[2]

Key Points

Registrations:^[1]
The company is headquartered in Chandigarh and is an RBI-authorized Dealer Category II. It is a prominent sub-agent of Ebix Money Express for inbound international money transfers, an IATA-accredited travel agency, and ISO 9001:2015 certified.

Website BSE NSE

Market Cap ₹ 151 Cr.
Current Price ₹ 489
High / Low ₹ 774 / 407
Stock P/E 12.0
Book Value ₹ 1,606
Dividend Yield 0.00 %
ROCE 3.44 %
ROE 2.47 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.30 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -6.92% over past five years.
Company has a low return on equity of 3.13% over last 3 years.
Contingent liabilities of Rs.52.2 Cr.
Earnings include an other income of Rs.30.4 Cr.

* 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.

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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
	1,801.56	1,799.03	2,046.03	853.51	1,015.83	985.41	749.25	578.09	493.07	591.22	499.61	472.02	469.00
	1,796.03	1,795.32	2,042.67	856.43	1,016.09	985.66	750.85	580.72	494.86	593.67	501.76	474.74	470.95
Operating Profit	5.53	3.71	3.36	-2.92	-0.26	-0.25	-1.60	-2.63	-1.79	-2.45	-2.15	-2.72	-1.95
OPM %	0.31%	0.21%	0.16%	-0.34%	-0.03%	-0.03%	-0.21%	-0.45%	-0.36%	-0.41%	-0.43%	-0.58%	-0.42%
	6.49	7.35	8.16	7.90	4.72	5.00	3.25	4.44	4.63	18.35	3.72	4.28	4.08
Interest	0.46	0.45	0.39	0.41	0.37	0.30	0.30	0.25	0.29	0.10	0.08	0.08	0.09
Depreciation	0.41	0.67	0.76	0.88	0.73	0.78	0.82	0.88	0.73	0.95	1.04	1.04	0.82
Profit before tax	11.15	9.94	10.37	3.69	3.36	3.67	0.53	0.68	1.82	14.85	0.45	0.44	1.22
Tax %	27.09%	23.84%	26.33%	24.12%	25.30%	25.89%	69.81%	23.53%	20.33%	23.10%	91.11%	34.09%	30.33%
	8.13	7.56	7.63	2.80	2.50	2.72	0.16	0.52	1.44	11.42	0.04	0.30	0.86
EPS in Rs	26.23	24.39	24.74	9.08	8.11	8.82	0.52	1.69	4.67	37.03	0.13	0.97	2.79
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,165	2,465	2,894	4,542	4,910	5,370	2,982	5,299	6,921	6,529	3,345	2,083	2,032
	2,136	2,431	2,881	4,525	4,893	5,351	2,965	5,271	6,884	6,490	3,333	2,065	2,041
Operating Profit	29	34	12	17	16	19	17	28	37	38	12	18	-9
OPM %	1.3%	1.4%	0.4%	0.4%	0.3%	0.3%	0.6%	0.5%	0.5%	0.6%	0.4%	0.9%	-0.5%
	2	3	9	207	2	1	2	1	1	1	1	4	30
Interest	4	3	2	1	0	0	0	0	1	2	1	1	0
Depreciation	3	3	3	3	3	3	2	2	2	3	3	4	4
Profit before tax	24	32	16	219	14	17	16	27	35	35	8	18	17
Tax %	34%	35%	23%	3%	-5%	28%	21%	26%	26%	26%	28%	25%
	16	20	13	213	15	12	13	20	26	26	6	13	13
EPS in Rs	51.16	65.87	40.97	687.39	48.55	38.39	40.90	65.77	83.81	84.70	19.16	42.77	40.92
Dividend Payout %	0%	0%	0%	0%	0%	2%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-7%
3 Years:	-33%
TTM:	-28%

Compounded Profit Growth
10 Years:	-5%
5 Years:	-1%
3 Years:	-23%
TTM:	141%

Stock Price CAGR
10 Years:	-9%
5 Years:	-1%
3 Years:	-9%
1 Year:	-33%

Return on Equity
10 Years:	9%
5 Years:	4%
3 Years:	3%
Last Year:	2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	1	1	1	1	1	1	1	1	1	3	3	3
Reserves	118	138	151	364	379	390	403	424	449	473	479	492
	21	24	18	17	0	1	5	10	20	14	16	7
	55	52	60	85	17	22	18	37	56	53	31	25
Total Liabilities	195	216	230	467	397	414	427	471	526	543	530	527
	40	50	50	75	75	62	59	58	57	61	61	62
CWIP	2	1	1	0	0	0	0	0	0	0	0	0
Investments	4	9	11	190	259	223	203	196	190	237	243	372
	150	155	167	201	63	129	165	217	279	245	225	94
Total Assets	195	216	230	467	397	414	427	471	526	543	530	527

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	108	23	19	-213	94	5	-5	22	20	-14	-27	-3
	-22	-18	1	176	-95	-8	4	-22	-25	17	34	8
	-76	-2	-6	-2	-18	-0	4	4	9	-8	2	-10
Net Cash Flow	11	2	14	-38	-19	-3	3	5	3	-5	8	-5
Free Cash Flow	85	10	16	23	92	14	-4	22	19	-21	-31	-6
CFO/OP	404%	99%	322%	-882%	592%	47%	-10%	102%	78%	-15%	-205%	8%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	8	6	4	1	0	0	0	0	0	0	1	1
Inventory Days	1	1	1	0	0	0	1	0	0	0	1	1
Days Payable	7	5	3	1	0	0	0	0	0	0	0	0
Cash Conversion Cycle	2	2	2	1	0	0	1	0	0	0	1	2
Working Capital Days	1	1	-1	-1	3	7	17	11	11	10	17	4
ROCE %	17%	23%	11%	80%	4%	4%	4%	7%	8%	8%	2%	3%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Currency Notes share of Forex sales
%

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

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Number of own offices (branches)
count

Telegraphic Transfer (TT) share of Forex sales
%

Total Forex Turnover (excluding Non-AD-II)
INR Crores

Tours & Travels Gross Turnover/Revenue
INR Crores

Number of employees
count

International Money Transfer (MTSS) transactions
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%	74.66%
	0.00%	0.00%	0.00%	0.00%	0.22%	0.22%	0.16%	0.16%	0.16%	0.16%	0.00%	0.00%
	25.35%	25.35%	25.35%	25.36%	25.12%	25.14%	25.19%	25.19%	25.19%	25.19%	25.35%	25.34%
No. of Shareholders	2,758	3,415	3,950	4,128	4,273	4,402	4,457	4,419	4,368	4,316	4,255	4,237

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	72.71%	72.71%	72.71%	72.71%	72.71%	72.71%	72.71%	72.71%	74.66%	74.66%	74.66%	74.66%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.00%	0.00%
	27.29%	27.29%	27.29%	27.29%	27.29%	27.29%	27.29%	27.30%	25.35%	25.19%	25.35%	25.34%
No. of Shareholders	499	659	988	1,199	1,367	1,485	1,899	2,484	3,950	4,457	4,255	4,237

* 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.

Click on the line-items to see the names of individual entities.

Paul Merchants Ltd

Paul Merchants Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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