As of 6 Nov 2026, Paul Merchants trades at 7.1× trailing earnings, below the industry P/E of 18.4×. Sales fell 33% a year over 3 years while net profit grew 83%; its ROCE of 2.2% is the lowest among the 7 largest Capital Markets peers. It carries very little debt. It is a small-cap company with a market cap of ₹146 Cr, ranked 70th of 219 Capital Markets companies by market cap; the shares fell 3.5% over the past year.
- ₹442.00
- ₹480.00
- ₹442.00
- ₹460.00
- 583
Health check
- ReturnsBehind
−3.5% over a year, better than 2 of 7 peers.
- Price tagCheaper
P/E 7.1 vs industry 18.4.
- GrowthSteady
Sales −33.4%, profit +82.8% a year over 3 years.
- ProfitabilityWeak
ROCE 2.2% vs peer median 22.1%.
- Balance sheetSolid
Practically debt-free, Piotroski 7 of 9.
- Red flags3 to check
Quarterly profit down 96.9% on a year ago.
Small cap
Moves with the market
Key metrics
- Market cap
- ₹146 Cr
- Small cap
- P/E
- 7.1
- Industry 18.4
- Price to book
- 0.16
- Peers 4.53
- Dividend yield
- 0.00%
- ROE
- 35.2%
- Peers 18.9%
- ROCE
- 2.2%
- Peers 22.1%
- Debt to equity
- 0.01
- Debt ₹10 Cr
- EPS (TTM)
- ₹66.44
- Face value ₹10
- OPM (TTM)
- −0.3%
- Net margin −0.5%
- Sales growth
- −2.5%
- Latest quarter vs a year ago
- Profit growth
- −96.9%
- Latest quarter vs a year ago
- Price to sales
- 0.07
- EV/EBITDA 28.1
Strengths and risks
Strengths
- Return on equity of 35.2%.
- Practically debt-free.
- P/E of 7.1 against an industry P/E of 18.4.
Risks to check
- Quarterly profit down 96.9% on a year ago.
- Quarterly sales down 2.5% on a year ago.
- Interest coverage of only −17.4×.
About Paul Merchants
Paul Merchants Limited, together with its subsidiaries, provides financial services in India. It operates through Forex, Travel, and Other segments. The company offers foreign exchange services in the form of currency notes, traveler cheques, travel cards, outward remittance, and foreign currency drafts; tour and travel services, including air ticketing, hotel accommodation, bus and cruise tours, holiday packages, travel insurance, and forex services;…
- Headquarters
- Chandigarh
- Employees
- 318
- Sector
- Financial Services
- ISIN
- INE291E01019
- Website
- paulmerchants.net
Price range
- Avg volume (3M)
- 271
- 1-year return
- minus 3.5%
- From 52-week high
- minus 7.8%
Peers · Capital Markets
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GROWWBillionbrains Garage Ventures | 215.08 | minus 3.93% | 1,33,585 | 50.3 | 13.78 | 29.3% | 21.6% | 62.9% | – | – | 0.00% | plus 63.8% |
| MOTILALOFSMotilal Oswal Financial Services | 1,102.00 | plus 0.64% | 66,448 | 25.0 | 4.27 | 18.1% | 18.9% | 52.4% | 29.0% | 26.1% | 0.54% | plus 11.1% |
| AIILAuthum Investment & Infrastructure | 570.05 | plus 0.08% | 48,410 | 27.6 | 3.29 | 15.2% | 13.1% | 74.0% | 44.4% | −23.5% | 0.00% | minus 0.7% |
| ANGELONEAngel One | 331.00 | plus 1.49% | 30,290 | 26.8 | 4.53 | 26.9% | 18.4% | 39.7% | 20.3% | 0.9% | 1.95% | plus 29.5% |
| CDSLCentral Depository Services (India) | 1,331.40 | minus 0.19% | 27,826 | 55.1 | 14.03 | 29.7% | 26.4% | 51.3% | 27.3% | 18.2% | 0.96% | minus 13.3% |
| CHOICEINChoice International | 748.20 | minus 0.09% | 16,668 | 62.9 | 8.90 | 17.6% | 15.8% | 35.3% | 42.2% | 53.6% | 0.00% | minus 7.4% |
| IIFLCAPSIIFL Capital Services | 349.80 | plus 0.13% | 13,036 | 18.8 | 3.15 | 22.1% | 19.5% | 36.1% | 19.9% | 30.9% | 0.86% | plus 4.1% |
| PMLPaul Merchants | 475.00 | plus 3.26% | 146 | 7.1 | 0.16 | 2.2% | 35.2% | −0.3% | −33.4% | 82.8% | 0.00% | minus 3.5% |
| Median of 7 peers | – | 0.08% | 30,290 | 27.6 | 4.53 | 22.1% | 18.9% | 51.3% | 28.2% | 22.2% | 0.54% | 4.1% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 493 | 593 | 505 | 482 | 481 | |
| 497 | 601 | 508 | 483 | 476 | |
| −4.2 | −7.7 | −3.2 | −0.4 | 4.5 | |
| −0.8% | −1.3% | −0.6% | −0.1% | 0.9% | |
| 3.8 | 12.9 | 15.5 | 8.6 | 10.4 | |
| 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | |
| 0.8 | 1.4 | 1.6 | 1.6 | 1.3 | |
| – | – | −0.1 | – | – | |
| −1.7 | 3.5 | 10.5 | 6.4 | 13.4 | |
| −49.5% | 130.7% | 24.2% | 26.0% | 33.7% | |
| 287 | −6.6 | −14.4 | 2.3 | 8.9 | |
| 932.11 | -21.45 | -46.69 | 7.44 | 28.88 |
Profit & loss
- Sales CAGR 3Y
- −33.4%
- Profit CAGR 3Y
- +82.8%
- EPS CAGR 3Y
- +82.8%
- ROE
- 35.2%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 6,998 | 6,484 | 3,319 | 2,063 | |
| – | minus 7.3% | minus 48.8% | minus 37.9% | |
| 6,915 | 6,475 | 3,326 | 2,078 | |
| 82.7 | 9.2 | −6.9 | −15.1 | |
| 1.2% | 0.1% | −0.2% | −0.7% | |
| −0.3 | 4.3 | 2.6 | 22.6 | |
| 17.2 | 1.5 | 1.7 | 0.9 | |
| 3.9 | 6 | 3.8 | 5.5 | |
| −1.6 | 0.1 | −1.3 | 17.5 | |
| 59.6 | 5.9 | −11 | 18.7 | |
| 26.2% | 129.5% | −11.2% | 51.5% | |
| 44 | 54.6 | 63.8 | 269 | |
| – | +24.1% | +16.9% | +321.0% | |
| 142.71 | 177.13 | 206.99 | 871.41 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1 | 3.1 | 3.1 | 3.1 | |
| 510 | 562 | 626 | 894 | |
| 307 | 493 | 23.5 | 10.4 | |
| 71.7 | 98.2 | 935 | 32.4 | |
| 890 | 1,156 | 1,587 | 940 | |
| 66.8 | 72.1 | 62.4 | 109 | |
| 0.7 | 0.8 | 0.2 | 43.2 | |
| 0.1 | 0.1 | 0.7 | 47.1 | |
| 51.3 | 50.8 | 22 | 347 | |
| 771 | 1,033 | 1,502 | 394 | |
| 890 | 1,156 | 1,587 | 940 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −154 | −135 | 448 | 412 | |
| 0.5 | −4.9 | 17.1 | −387 | |
| 155 | 143 | −471 | −13.8 | |
| 1.6 | 2.8 | −6.4 | 10.9 | |
| −7.7 | −11.3 | −4.2 | −11.6 | |
| −162 | −147 | 444 | 400 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company.
Major shareholders
Filings & events
News
No recent news coverage found.