Paul Merchants Ltd

PML

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Market Cap

₹ 192 Cr

P/E

—

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Paul Merchants Limited operates primarily in three verticals: International Money Transfer, Foreign Exchange, and Tours & Travels, showcasing a diversified business model.

The company holds an Authorized Dealer Category II license and is a key sub-agent for EBIX Money Express for inbound international money transfers, highlighting its strong regulatory and operational standing.

In 1995, Paul Merchants added a foreign exchange vertical and further expanded its license, marking significant growth and regulatory advancements in the financial services market.

The company transitioned to working with Ria Financial Services for money transfer services in 2017, indicating strategic shifts and partnerships in its service offerings.

Paul Merchants has attained ISO 9001:2015 certification, underscoring its commitment to quality systems and processes across its operations.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

192 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

30.0

PEG Ratio

—

P/B Ratio

0.2

52W High

1,252.00

52W Low

591.30

Sales CAGR

-48.72%

-14.26%

-9.08%

10Y

3.40%

Profit CAGR

16.86%

-33.82%

-13.06%

10Y

-12.87%

ROE

TTM

-1.19%

9.53%

9.09%

10Y

13.24%

ROCE

TTM

-0.41%

2.75%

5.12%

10Y

6.28%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INOVSYNTH	78.45	218 Cr	—	7.19	0.00	-15.71	-12.27	-12.77
EMAPARTNER	90.95	211 Cr	21.20	1.54	0.00	8.83	11.10	8.33
SSFLPP	137.95	196 Cr	—	0.98	0.00	—	—	0.00
PML	622.50	192 Cr	—	0.21	0.00	-1.19	-0.41	32.13
RRFIN	157.70	174 Cr	25.56	3.31	0.00	12.94	14.47	9.69
ESCORP	146.40	162 Cr	12.70	2.30	0.00	18.11	21.55	17.27
BEACON	86.85	157 Cr	28.85	3.50	0.00	11.44	14.60	9.78

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	1,836	1,839	2,090	900	1,063	1,038	809	582	493	593
Expenses	1,809	1,810	2,058	875	1,032	1,003	771	585	497	601
Interest	8.73	10	11	12	13	14	15	0.53	0.53	0.24
Financing Profit	19	19	21	13	19	21	23	-3.50	-4.69	-7.98
Financing Margin %	1.01	1.04	1.02	1.45	1.76	1.98	2.81	-0.60	-0.95	-1.34
Other Income	1.04	1.53	3.03	1.08	0.97	1.70	2.32	0.63	3.83	13
Depreciation	1.20	1.35	1.65	1.84	1.55	1.67	1.65	1.07	0.83	1.42
Profit Before Tax	18	19	23	12	18	21	23	-3.94	-1.69	3.51
Tax %	25.95	25.06	24.61	23.94	26.73	21.96	24.33	4.82	-49.70	130.77
Net Profit	14	15	17	9.34	13	16	18	17	287	-6.61
EPS in Rs	44.33	47.11	55.41	30.27	43.18	52.21	57.47	54.13	932.11	-21.45
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	2,891	4,547	4,917	5,401	3,035	5,365	7,011	6,667	3,335	2,922
Expenses	2,881	4,529	4,901	5,363	2,991	5,300	6,929	6,551	3,342	2,857
Interest	1.78	2.01	1.19	2.46	4.80	11	20	43	1.96	30
Financing Profit	7.86	16	15	36	40	54	62	73	-9.24	35
Financing Margin %	0.27	0.34	0.30	0.66	1.30	1.01	0.88	1.10	-0.28	1.20
Other Income	5.45	9.10	13	4.95	7.61	3.71	1.80	6.04	3.26	8.48
Depreciation	2.91	3.51	3.49	3.23	2.99	3.27	3.93	6.04	3.80	5.22
Profit Before Tax	10	21	24	37	44	55	60	73	-9.79	38
Tax %	35.77	29.28	8.23	25.14	23.38	25.20	26.17	24.86	-12.68	-779.44
Net Profit	6.42	15	22	27	34	40	44	55	-12	338
EPS in Rs	—	—	86.39	85.52	108.46	130.26	142.71	177.12	206.99	1,022.26
Dividend Payout %	0.00	0.00	0.00	0.78	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	3.08	3.08
Reserves	138	148	363	366	392	426	466	510	562	626
Borrowings	20	18	22	17	33	79	132	307	493	23
Other Liabilities	60	61	87	21	29	29	51	72	98	938
Total Liabilities	218	228	473	405	455	535	649	890	1,156	1,591
Fixed Assets	54	50	76	76	64	63	63	67	72	62
CWIP	1.04	1.06	0.04	0.00	0.00	0.60	0.35	0.85	0.25	0.22
Investments	0.00	0.56	0.64	0.73	0.43	0.00	0.39	0.00	0.00	0.00
Other Assets	163	176	396	329	391	472	585	822	1,084	1,528
Total Assets	218	228	473	405	455	535	649	890	1,156	1,591

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	21	18	-276	13	-83	-69	-38	-154	-135	448
Cash from Investing Activity	-16	1.20	241	-25	73	23	5.96	0.46	-4.91	17
Cash from Financing Activity	-2.50	-4.52	1.85	-6.00	13	42	41	155	143	-471
Net Cash Flow	2.26	14	-34	-18	3.98	-4.45	9.23	1.62	2.83	-6.42

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.71%	72.71%	74.65%	74.65%	74.65%	74.65%	74.65%	74.65%	74.65%	74.65%	74.65%	74.65%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%	0.22%	0.16%	0.16%	0.16%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	27.29%	27.29%	25.35%	25.35%	25.35%	25.35%	25.35%	25.12%	25.12%	25.18%	25.18%	25.18%
Total Shareholders	2,528	2,484	2,417	2,758	3,415	3,950	4,128	4,273	4,402	4,457	4,419	4,368

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 17, 2025	Sat paul bansal	Insider - Promoter & Director	Acquisition	—	—	4,80,540	15.6
Sep 17, 2025	Sarita rani bansal	Insider - Promoter & Director	Disposal	—	—	4,80,540	15.5

Projection

Actions

Action Type

‌
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Announcements

Last 7 days

Newest

Sentiment

Credit Rating

4 days ago

Withdrawal of Credit Rating

Paul Merchants Finance Private Limited has had its credit rating withdrawn by Acuite Ratings, following a request, as the associated debt has been fully repaid.

Documents

Presentations

Concalls

Reports

Presentations

No documents found!

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	1,836	1,839	2,090	900	1,063	1,038	809	582	493	593
Expenses	1,809	1,810	2,058	875	1,032	1,003	771	585	497	601
Interest	8.73	10	11	12	13	14	15	0.53	0.53	0.24
Financing Profit	19	19	21	13	19	21	23	-3.50	-4.69	-7.98
Financing Margin %	1.01	1.04	1.02	1.45	1.76	1.98	2.81	-0.60	-0.95	-1.34
Other Income	1.04	1.53	3.03	1.08	0.97	1.70	2.32	0.63	3.83	13
Depreciation	1.20	1.35	1.65	1.84	1.55	1.67	1.65	1.07	0.83	1.42
Profit Before Tax	18	19	23	12	18	21	23	-3.94	-1.69	3.51
Tax %	25.95	25.06	24.61	23.94	26.73	21.96	24.33	4.82	-49.70	130.77
Net Profit	14	15	17	9.34	13	16	18	17	287	-6.61
EPS in Rs	44.33	47.11	55.41	30.27	43.18	52.21	57.47	54.13	932.11	-21.45
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	2,891	4,547	4,917	5,401	3,035	5,365	7,011	6,667	3,335	2,922
Expenses	2,881	4,529	4,901	5,363	2,991	5,300	6,929	6,551	3,342	2,857
Interest	1.78	2.01	1.19	2.46	4.80	11	20	43	1.96	30
Financing Profit	7.86	16	15	36	40	54	62	73	-9.24	35
Financing Margin %	0.27	0.34	0.30	0.66	1.30	1.01	0.88	1.10	-0.28	1.20
Other Income	5.45	9.10	13	4.95	7.61	3.71	1.80	6.04	3.26	8.48
Depreciation	2.91	3.51	3.49	3.23	2.99	3.27	3.93	6.04	3.80	5.22
Profit Before Tax	10	21	24	37	44	55	60	73	-9.79	38
Tax %	35.77	29.28	8.23	25.14	23.38	25.20	26.17	24.86	-12.68	-779.44
Net Profit	6.42	15	22	27	34	40	44	55	-12	338
EPS in Rs	—	—	86.39	85.52	108.46	130.26	142.71	177.12	206.99	1,022.26
Dividend Payout %	0.00	0.00	0.00	0.78	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	3.08	3.08
Reserves	138	148	363	366	392	426	466	510	562	626
Borrowings	20	18	22	17	33	79	132	307	493	23
Other Liabilities	60	61	87	21	29	29	51	72	98	938
Total Liabilities	218	228	473	405	455	535	649	890	1,156	1,591
Fixed Assets	54	50	76	76	64	63	63	67	72	62
CWIP	1.04	1.06	0.04	0.00	0.00	0.60	0.35	0.85	0.25	0.22
Investments	0.00	0.56	0.64	0.73	0.43	0.00	0.39	0.00	0.00	0.00
Other Assets	163	176	396	329	391	472	585	822	1,084	1,528
Total Assets	218	228	473	405	455	535	649	890	1,156	1,591

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	21	18	-276	13	-83	-69	-38	-154	-135	448
Cash from Investing Activity	-16	1.20	241	-25	73	23	5.96	0.46	-4.91	17
Cash from Financing Activity	-2.50	-4.52	1.85	-6.00	13	42	41	155	143	-471
Net Cash Flow	2.26	14	-34	-18	3.98	-4.45	9.23	1.62	2.83	-6.42

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INOVSYNTH	78.45	218 Cr	—	7.19	0.00	-15.71	-12.27	-12.77
EMAPARTNER	90.95	211 Cr	21.20	1.54	0.00	8.83	11.10	8.33
SSFLPP	137.95	196 Cr	—	0.98	0.00	—	—	0.00
PML	622.50	192 Cr	—	0.21	0.00	-1.19	-0.41	32.13
RRFIN	157.70	174 Cr	25.56	3.31	0.00	12.94	14.47	9.69
ESCORP	146.40	162 Cr	12.70	2.30	0.00	18.11	21.55	17.27
BEACON	86.85	157 Cr	28.85	3.50	0.00	11.44	14.60	9.78

Overview

Detailed Summary

Paul Merchants Limited operates primarily in three verticals: International Money Transfer, Foreign Exchange, and Tours & Travels, showcasing a diversified business model.

In 1995, Paul Merchants added a foreign exchange vertical and further expanded its license, marking significant growth and regulatory advancements in the financial services market.

The company transitioned to working with Ria Financial Services for money transfer services in 2017, indicating strategic shifts and partnerships in its service offerings.

Paul Merchants has attained ISO 9001:2015 certification, underscoring its commitment to quality systems and processes across its operations.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

192 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

30.0

PEG Ratio

—

P/B Ratio

0.2

52W High

1,252.00

52W Low

591.30

Sales CAGR

-48.72%

-14.26%

-9.08%

10Y

3.40%

Profit CAGR

16.86%

-33.82%

-13.06%

10Y

-12.87%

ROE

TTM

-1.19%

9.53%

9.09%

10Y

13.24%

ROCE

TTM

-0.41%

2.75%

5.12%

10Y

6.28%