Paul Merchants Ltd

₹ 520 -3.19%

02 Jun - close price

About

Incorporated in 1991, Paul Merchants Ltd is in money exchange and remittances business

Key Points

Registrations:^[1]
Corporate Head office of company is in Chandigarh. Company holds licenses issued by Reserve Bank of India to act as Authorized Dealer Category II and is a prominent Sub-Agent of EBIX Money Express (P) Ltd for providing inbound International Money Transfer services. Further PML is an IATA accredited Travel Agency. Company is ISO 9001:2015 certified by United Registrar of Systems

Website BSE NSE

Market Cap ₹ 159 Cr.
Current Price ₹ 520
High / Low ₹ 823 / 407
Stock P/E 17.5
Book Value ₹ 2,909
Dividend Yield 0.00 %
ROCE 2.54 %
ROE 1.20 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.18 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 -7.37% over past five years.
Company has a low return on equity of -6.72% over last 3 years.
Contingent liabilities of Rs.1,195 Cr.
Earnings include an other income of Rs.300 Cr.
Working capital days have increased from 43.7 days to 77.8 days

* 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

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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	Dec 2025	Mar 2026
	1,697.61	1,835.98	1,839.25	2,090.40	853.88	1,015.90	986.28	750.04	582.46	493.30	593.41	504.79	482.12
	1,679.43	1,808.63	1,809.89	2,057.63	859.54	1,016.37	987.50	752.69	585.43	497.46	601.15	507.95	482.54
Operating Profit	18.18	27.35	29.36	32.77	-5.66	-0.47	-1.22	-2.65	-2.97	-4.16	-7.74	-3.16	-0.42
OPM %	1.07%	1.49%	1.60%	1.57%	-0.66%	-0.05%	-0.12%	-0.35%	-0.51%	-0.84%	-1.30%	-0.63%	-0.09%
	0.56	1.04	1.53	3.03	17.05	15.66	19.60	21.82	21.07	293.82	7.38	-6.92	6.18
Interest	6.62	8.73	10.15	11.48	0.69	0.28	0.66	0.49	0.53	0.53	0.24	0.16	0.16
Depreciation	1.17	1.20	1.35	1.65	1.56	0.73	1.05	0.96	1.07	0.83	1.42	1.61	1.61
Profit before tax	10.95	18.46	19.39	22.67	9.14	14.18	16.67	17.72	16.50	288.30	-2.02	-11.85	3.99
Tax %	22.92%	25.95%	25.06%	24.61%	-2.08%	6.14%	3.42%	-0.06%	-1.15%	0.29%	227.72%	21.43%	41.60%
	8.43	13.67	14.53	17.09	9.34	13.32	16.10	17.72	16.69	287.46	-6.61	-14.40	2.29
EPS in Rs	27.19	44.10	46.87	55.42	30.29	43.19	52.20	57.46	54.12	932.10	-21.43	-46.69	7.43
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,165	2,466	2,891	4,553	4,928	5,405	3,041	5,367	7,012	6,506	3,336	2,074
	2,138	2,433	2,881	4,529	4,901	5,363	2,991	5,300	6,929	6,497	3,343	2,089
Operating Profit	27	32	10	25	27	42	51	68	83	9	-7	-15
OPM %	1%	1%	0%	1%	1%	1%	2%	1%	1%	0%	-0%	-1%
	3	5	11	201	2	-0	1	1	1	59	78	300
Interest	4	3	2	2	1	2	5	11	20	2	2	1
Depreciation	3	3	3	4	3	3	3	3	4	3	4	5
Profit before tax	24	31	16	220	24	36	44	54	60	62	65	278
Tax %	35%	35%	23%	3%	8%	26%	23%	26%	26%	12%	2%	3%
	15	20	13	214	22	26	33	40	44	55	64	269
EPS in Rs	49.29	65.71	41.35	688.58	71.23	85.06	107.90	129.58	141.97	177.14	207.00	871.40
Dividend Payout %	0%	0%	0%	0%	0%	1%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-7%
3 Years:	-33%
TTM:	-38%

Compounded Profit Growth
10 Years:	-8%
5 Years:	-23%
3 Years:	-41%
TTM:	111%

Stock Price CAGR
10 Years:	-8%
5 Years:	-6%
3 Years:	6%
1 Year:	-31%

Return on Equity
10 Years:	6%
5 Years:	-2%
3 Years:	-7%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	117	138	148	363	366	392	426	466	510	562	626	894
	21	24	18	22	17	33	80	132	307	493	24	10
	59	56	60	87	21	29	29	51	72	98	938	33
Total Liabilities	198	218	228	473	405	455	535	649	890	1,156	1,591	940
	44	54	50	76	76	64	63	63	67	72	62	135
CWIP	2	1	1	0	0	0	1	0	1	0	0	0
Investments	0	5	9	123	99	55	37	30	24	22	2	306
	152	158	167	274	231	336	434	555	799	1,063	1,526	499
Total Assets	198	218	228	473	405	455	535	649	890	1,156	1,591	940

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	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	21	18	-276	13	-83	-69	-38	-154	-135	448	412
	-22	-16	1	241	-25	73	23	6	0	-5	17	-387
	-76	-2	-5	2	-6	13	42	41	155	143	-471	-14
Net Cash Flow	11	2	14	-34	-18	4	-4	9	2	3	-6	11
Free Cash Flow	85	8	15	-41	10	-76	-71	-41	-162	-146	444	403
CFO/OP	429%	99%	393%	-857%	66%	-178%	-115%	-36%	-167%	-1,273%	-6,754%	-3,009%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	1	1	0	1	1	1	4
Days Payable	7	5	3	1	0	0	0	0	0	0	0	1
Cash Conversion Cycle	2	2	2	1	0	1	1	1	1	1	2	5
Working Capital Days	1	1	-1	3	12	20	47	33	36	52	1	78
ROCE %		23%	11%	80%	6%	10%	10%	12%	11%	-5%	-10%	3%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Foreign Exchange (Forex) Turnover
INR Crores ・Standalone data

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Number of Own Branch Offices
Numbers ・Standalone data

Travel Segment - Air Ticketing Turnover/Revenue
INR Crores ・Standalone data

Travel Segment - Hotel Bookings & Packages Turnover
INR Crores ・Standalone data

International Money Transfer (Western Union) Transaction Volume
Numbers ・Standalone data

Western Union Gross Remittances (MTSS)
INR Crores ・Standalone data

Western Union Market Share in India
% ・Standalone data

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
	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%	0.00%	0.22%	0.22%	0.16%	0.16%	0.16%	0.16%	0.00%
	25.35%	25.35%	25.35%	25.35%	25.36%	25.12%	25.14%	25.19%	25.19%	25.19%	25.19%	25.35%
No. of Shareholders	2,417	2,758	3,415	3,950	4,128	4,273	4,402	4,457	4,419	4,368	4,316	4,255

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

* 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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Paul Merchants Ltd

Paul Merchants Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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