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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Forex (money changing), Travel, Money Transfer, Lending, Real estate. Spread-based forex trading with ancillary lending and real-estate exposure
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,365 | 7,011 | 6,667 | 3,335 | 2,074 |
| EBITDA (ex other income) | 65 | 82 | 115 | (9) | (16) |
| margin % | 1.2 | 1.2 | 1.7 | (0.3) | (0.7) |
| Owners' profit | 40 | 44 | 55 | 64 | 269 |
| EPS, as reported (₹) | 390.77 | 428.13 | 177.13 | 206.99 | 871.41 |
| ROE % · ROCE % | 8.6 · 13.9 | 8.6 · 13.0 | 9.7 · 16.1 | 10.2 · (0.6) | 29.9 · 2.2 |
| Debt / equity (x) | 0.28 | 0.60 | 0.87 | 0.04 | 0.01 |
| Cash from operations | (38) | (154) | (135) | 448 | 412 |
| Capex | (5) | (8) | (11) | (4) | (12) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,063 | 1,038 | 809 | 582 | 493 | 593 | 505 | 482 |
| Profit before tax | 18 | 21 | 23 | (4) | (2) | 4 | 11 | 6 |
| Net profit | 13 | 16 | 18 | 17 | 287 | (7) | (14) | 2 |
| EPS (₹) | 43.18 | 52.21 | 57.47 | 54.13 | 932.11 | 21.45 | 46.69 | 7.44 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Forex | 2,050 | 96.6 |
| Travel | 5 | 0.3 |
| Other Loan (other than Discontinued) | 15 | 0.7 |
| Others | 1 | 0.0 |
| Gold Loan (Discontinued) | 49 | 2.3 |
| Other Loans | 2 | 0.1 |
| Other | 0 | 0.0 |
| Total, before eliminations | 2,122 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 24 Aug 2026 · Book closure for 42nd AGM from Sept 4 to Sept 10, 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Newspaper publication of 42nd AGM notice and e-voting details | compliance | minimal | — | — |
| 21 Aug 2026 · 42nd AGM on Sep 18, 2026; e-voting window Sep 15 to 17, 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Paul Merchants 42nd AGM notice on Sept 18, 2026; Vaid re-appointment | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Letters dispatched to shareholders about 42nd AGM and Annual Report | compliance | minimal | — | — |
| 20 Aug 2026 · Notice of 42nd AGM on September 18, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Paul Merchants files Annual Report FY26, AGM set for Sept 18 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Notice of 42nd AGM via Video Conferencing on September 18, 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · 42nd AGM on Sep 18, 2026 via video conferencing; book closure Sep 4-10 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| EBITDA m. % |
|---|
| CRISIL LTD | 34,342 | 38.9 | 10.50 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,526 | 19.6 | 4.12 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,359 | — | 2.80 | 41.8 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 1,077 | — | 0.82 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 961 | 171.5 | 3.75 | 87.4 | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 900 | 27.3 | 5.29 | 17.3 | 22.5 | 30.3 | — | 97.5 |
| STELLANT SECURITIES (INDIA) LT | 559 | — | 1784.58 | — | 18.2 | 18.2 | — | 56.7 |
| THE INVEST TRUST OF IND L | 511 | 15.3 | 0.70 | 7.1 | 4.7 | 3.9 | (2.4) | 23.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.5 | 17.9 | 4 of 95 | 97% |
| P/B | 0.2 | 1.2 | 7 of 101 | 94% |
| ROCE | 2.1 | 1.6 | 37 of 84 | 57% |
| ROE | 29.9 | 1.3 | 3 of 115 | 98% |
| Debt / Equity | 0.0 | 0.0 | 79 of 115 | 32% |
| EBITDA margin | 1.7 | 25.6 | 66 of 91 | 28% |
| Revenue growth | (17.2) | (4.1) | 52 of 85 | 39% |
| Profit growth | (86.3) | (0.2) | 88 of 109 | 19% |
| Market cap | 154 | 28 | 18 of 109 | 84% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
