What the business is, and whether it's a good one at a fair price.
Runs an RBI-licensed foreign exchange and money changing business under an Authorised Dealer Category-II licence, where the principal activity is buying and selling foreign currency. The forex segment is the largest reporting line, generating Rs 470.69 crore of revenue in the latest reporting period, while travel and money-transfer segments are very small. Through its wholly-owned subsidiary Paul Merchants Finance Private Limited (now classified as a Base Layer NBFC), the group lends against securities and silver in the domestic market after selling its gold-loan business to L&T Finance during FY26, which contributed Rs 25.17 crore as profit from discontinued operations. A separate real-estate subsidiary (Paul Merchants Realtors Private Limited) is funded by the parent with term-loan exposure increased from Rs 100 crore to Rs 150 crore, plus a delegated buffer of Rs 50 crore. For FY26, total revenue was Rs 2,073.63 crore against total assets of Rs 940.06 crore, with EBITDA margins of just 1.22% and employee costs at 1.8% of revenue, reflecting the thin-spread trading model.
Measured from the filed financials, judged against its Other Financial Services peers · as of FY26 — not investment advice
How has the market priced it — with filings on the timeline?
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
How does it stack up on valuation, returns and growth?
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Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.
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Who owns it — and is the promoter stake clean?
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Answered from PAUL MERCHANTS LTD.'s filed financials and exchange disclosures
PAUL MERCHANTS LTD. is a Finance company listed on NSE and BSE, trading under the symbol PML.
Yes. Over the trailing twelve months PAUL MERCHANTS LTD. reported a net profit of ₹269 Cr on revenue of ₹2,074 Cr.
Not in the latest reported year — PAUL MERCHANTS LTD.'s dividend payout for FY26 was nil.
Effectively yes. It holds ₹19 Cr more cash than debt. Debt stands at 0.01× equity.
On trailing P/E, PAUL MERCHANTS LTD. ranks 4 of 95 in Other Financial Services — cheaper than 97% of them, against an industry median of 17.9×. This is a position, not a valuation judgement.
On a typical session PAUL MERCHANTS LTD. moves 1.22% — that is the median absolute close-to-close move across its last 100 trading days. Announcement days are routinely larger.
Every NSE and BSE filing by PAUL MERCHANTS LTD. appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.
Figures are as last reported and may lag the latest filing. Not investment advice.
