NSE: PML · BSE: 539113
PAUL MERCHANTS LTD.
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.4 | 19.0 | 4 of 76 | 96% |
| P/B | 0.1 | 1.0 | 10 of 105 | 90% |
| ROCE | 2.1 | 1.8 | 37 of 83 | 56% |
| ROE | 29.9 | 1.3 | 3 of 111 | 98% |
| Debt / Equity | 0.0 | 0.0 | 41 of 77 | 47% |
| 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 | 137 | 26 | 20 of 113 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · IVR assigns BBB+/Stable ratings to Paul Merchants Finance subsidiary | credit debt | medium | — | — |
| 9 Oct 2026 · Reg 74(5) Certificate - Q2 FY27, No Securities for Dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · RBI imposes Rs 20,000 penalty on Paul Merchants for FEMA violations at two branches | regulatory legal | high | — | — |
| 28 Sept 2026 · Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 | business updates | high | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and H1 FY26-27 Results Period | compliance | minimal | — | — |
| 19 Sept 2026 · AGM approves re-appointment of Ritesh Vaid as Whole Time Director for 5 years | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Shareholders approve re-appointment of Ritesh Vaid as Whole Time Director | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 42nd AGM Scrutinizer Report: All 4 Resolutions Passed | compliance | minimal | — | — |
| 19 Sept 2026 · Paul Merchants 42nd AGM: All 4 resolutions passed with over 99.99% approval | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · 42nd AGM held on Sept 18, 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.