Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,839.25 | 2,090.40 | 853.88 | 1,015.90 | 986.28 | 750.04 | 582.46 | 493.30 | 593.41 | 504.79 | 482.12 | 480.77 |
| Expenses | 1,809.89 | 2,057.63 | 859.54 | 1,016.37 | 987.50 | 752.69 | 585.43 | 497.46 | 601.15 | 507.95 | 482.54 | 476.31 |
| Operating Profit | 29.36 | 32.77 | -5.66 | -0.47 | -1.22 | -2.65 | -2.97 | -4.16 | -7.74 | -3.16 | -0.42 | 4.46 |
| OPM % | 1.60% | 1.57% | -0.66% | -0.05% | -0.12% | -0.35% | -0.51% | -0.84% | -1.30% | -0.63% | -0.09% | 0.93% |
| Other Income | 1.53 | 3.03 | 17.05 | 15.66 | 19.60 | 21.82 | 21.07 | 293.82 | 7.38 | -6.92 | 6.18 | 10.39 |
| Interest | 10.15 | 11.48 | 0.69 | 0.28 | 0.66 | 0.49 | 0.53 | 0.53 | 0.24 | 0.16 | 0.16 | 0.17 |
| Depreciation | 1.35 | 1.65 | 1.56 | 0.73 | 1.05 | 0.96 | 1.07 | 0.83 | 1.42 | 1.61 | 1.61 | 1.26 |
| Profit before tax | 19.39 | 22.67 | 9.14 | 14.18 | 16.67 | 17.72 | 16.50 | 288.30 | -2.02 | -11.85 | 3.99 | 13.42 |
| Tax % | 25.06% | 24.61% | -2.08% | 6.14% | 3.42% | -0.06% | -1.15% | 0.29% | 227.72% | 21.43% | 41.60% | 33.68% |
| Net Profit | 14.53 | 17.09 | 9.34 | 13.32 | 16.10 | 17.72 | 16.69 | 287.46 | -6.61 | -14.40 | 2.29 | 8.91 |
| EPS in Rs | 46.87 | 55.42 | 30.29 | 43.19 | 52.20 | 57.46 | 54.12 | 932.10 | -21.43 | -46.69 | 7.43 | 28.89 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,466 | 2,891 | 4,553 | 4,928 | 5,405 | 3,041 | 5,367 | 7,012 | 6,506 | 3,336 | 2,110 | 2,061 |
| Expenses | 2,433 | 2,881 | 4,529 | 4,901 | 5,363 | 2,991 | 5,300 | 6,929 | 6,497 | 3,343 | 2,089 | 2,068 |
| Operating Profit | 32 | 10 | 25 | 27 | 42 | 51 | 68 | 83 | 9 | -7 | 21 | -7 |
| OPM % | 1.3% | 0.3% | 0.5% | 0.5% | 0.8% | 1.7% | 1.3% | 1.2% | 0.1% | -0.2% | 1.0% | -0.3% |
| Other Income | 5 | 11 | 201 | 2 | -0 | 1 | 1 | 1 | 59 | 78 | 264 | 17 |
| Interest | 3 | 2 | 2 | 1 | 2 | 5 | 11 | 20 | 2 | 2 | 1 | 1 |
| Depreciation | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 5 | 6 |
| Profit before tax | 31 | 16 | 220 | 24 | 36 | 44 | 54 | 60 | 62 | 65 | 278 | 4 |
| Tax % | 35% | 23% | 3% | 8% | 26% | 23% | 26% | 26% | 12% | 2% | 3% | |
| Net Profit | 20 | 13 | 214 | 22 | 26 | 33 | 40 | 44 | 55 | 64 | 269 | -10 |
| EPS in Rs | 65.71 | 41.35 | 688.58 | 71.23 | 85.06 | 107.90 | 129.58 | 141.97 | 177.14 | 207.00 | 871.40 | -31.80 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 1% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -2% | -7% | -33% | -27% | ||
| Compounded Profit Growth | % | % | % | 269% | ||
| Stock Price CAGR | -8% | -3% | -9% | -31% | ||
| Return on Equity | 0% | -10% | -20% | -32% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 3 |
| Reserves | 117 | 138 | 148 | 363 | 366 | 392 | 426 | 466 | 510 | 562 | 626 | 894 |
| Borrowings | 21 | 24 | 18 | 22 | 17 | 33 | 80 | 132 | 307 | 493 | 24 | 10 |
| Other Liabilities | 59 | 56 | 60 | 87 | 21 | 29 | 29 | 51 | 72 | 98 | 935 | 32 |
| Total Liabilities | 198 | 218 | 228 | 473 | 405 | 455 | 535 | 649 | 890 | 1,156 | 1,587 | 940 |
| Fixed Assets | 44 | 54 | 50 | 76 | 76 | 64 | 63 | 63 | 67 | 72 | 62 | 135 |
| CWIP | 2 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| Investments | 0 | 5 | 9 | 123 | 99 | 55 | 37 | 30 | 24 | 22 | 2 | 306 |
| Other Assets | 152 | 158 | 167 | 274 | 231 | 336 | 434 | 555 | 799 | 1,063 | 1,523 | 499 |
| Total Assets | 198 | 218 | 228 | 473 | 405 | 455 | 535 | 649 | 890 | 1,156 | 1,587 | 940 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 108 | 21 | 18 | -276 | 13 | -83 | -69 | -38 | -154 | -135 | 448 | 412 |
| Cash from Investing Activity | -22 | -16 | 1 | 241 | -25 | 73 | 23 | 6 | 0 | -5 | 17 | -387 |
| Cash from Financing Activity | -76 | -2 | -5 | 2 | -6 | 13 | 42 | 41 | 155 | 143 | -471 | -14 |
| Net Cash Flow | 11 | 2 | 14 | -34 | -18 | 4 | -4 | 9 | 2 | 3 | -6 | 11 |
| Free Cash Flow | 85 | 8 | 15 | -41 | 10 | -76 | -71 | -41 | -162 | -146 | 444 | 403 |
| CFO/OP | 429% | 99% | 393% | -857% | 66% | -178% | -115% | -36% | -167% | -1,273% | -6,754% | 2,196% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 8 | 6 | 4 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Inventory Days | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 4 |
| Days Payable | 7 | 5 | 3 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Cash Conversion Cycle | 2 | 2 | 2 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 5 |
| Working Capital Days | 1 | 1 | -1 | 3 | 12 | 20 | 47 | 33 | 36 | 52 | 1 | 33 |
| ROCE % | 23% | 11% | 80% | 6% | 10% | 10% | 12% | 11% | -5% | -10% | -31% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% | 74.66% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.22% | 0.22% | 0.16% | 0.16% | 0.16% | 0.16% | 0.00% | 0.00% |
| Public | 25.35% | 25.35% | 25.35% | 25.36% | 25.12% | 25.14% | 25.19% | 25.19% | 25.19% | 25.19% | 25.35% | 25.34% |
| No. of Shareholders | 2,758 | 3,415 | 3,950 | 4,128 | 4,273 | 4,402 | 4,457 | 4,419 | 4,368 | 4,316 | 4,255 | 4,237 |
Fundamentals
Market Cap₹ 145 Cr.
Current Price₹ 473
Stock P/E7.05
Book Value₹ 2,909
ROCE-30.8 %
ROE-31.8 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-27%
Compounded Profit Growth (TTM)269%
Consolidated figures.
Valuation
Market capRs 146 Cr
Enterprise valueRs 66 Cr
Price to book0.16x
Price to sales0.07x
EV / EBITDA6.53x
EV / EBIT15.55x
EV / sales0.03x
Price to cash flow0.35x
Earnings yield-6.73%
P/E, 3-year average3.03x
P/B, 3-year average0.33x
P/E, 5-year average2.18x
P/B, 5-year average0.23x
Profitability
Operating margin (excl. other income)1.01%
Operating margin (incl. other income)13.50%
EBITDA margin0.49%
Pre-tax margin0.17%
Net profit margin-0.48%
Net margin, latest quarter1.85%
ROE35.22%
ROCE35.83%
ROA21.27%
ROE, 3-year average18.69%
ROCE, 3-year average16.85%
ROA, 3-year average10.42%
ROE, 5-year average14.81%
ROCE, 5-year average14.72%
ROA, 5-year average8.75%
ROIC (approx.)0.50%
Tax rate3.46%
Other income / net worth29.40%
Growth
Sales growth (latest year)-36.74%
Profit growth (latest year)320.96%
Sales CAGR, 3 years-32.99%
Sales CAGR, 5 years-7.05%
Profit CAGR, 3 years82.78%
Profit CAGR, 5 years51.70%
Sales growth QoQ-0.28%
Profit growth QoQ289.08%
Sales growth YoY (latest quarter)-2.54%
Profit growth YoY (latest quarter)-96.90%
Per share
EPS (TTM)Rs -31.81
EPS (latest year)Rs 871.40
EPS (latest quarter)Rs 28.89
EPS, 3-year averageRs 418.51
EPS, 5-year averageRs 414.88
Book value per shareRs 2,909.44
Sales per shareRs 6,683.17
Cash flow per shareRs 1,335.93
Free cash flow per shareRs 1,306.74
Efficiency
Asset turnover2.24x
Fixed asset turnover15.60x
Inventory turnover88.23x
Inventory days4 days
Debtor days1 days
Debtors turnover399.69x
Creditor days1 days
Cash conversion cycle5 days
Working capital days33 days
Leverage
Total debtRs 10 Cr
Cash and bankRs 90 Cr
Net debtRs -79 Cr
Debt to equity0.01x
Net debt / EBITDA-7.81x
Interest coverage5.85x
Owners' fund to total sources95.45%
Debt to assets1.11%
Cash flow
Cash from Operating Activity (latest year)Rs 412 Cr
Cash from Investing Activity (latest year)Rs -387 Cr
Cash from Financing Activity (latest year)Rs -14 Cr
Net Cash Flow (latest year)Rs 11 Cr
Free cash flow (latest year)Rs 403 Cr
FCFE (approx.: FCF + change in debt)Rs 390 Cr
Cash from ops / profit, 5 years1.13x
Sales to cash flow5.12x
Statement figures
Net sales (TTM)Rs 2,061 Cr
Net sales (latest year)Rs 2,110 Cr
Sales (latest quarter)Rs 481 Cr
Operating profit excl. other income (latest year)Rs 21 Cr
Operating profit (latest quarter)Rs 4 Cr
Other income (TTM)Rs 17 Cr
EBITDA (TTM)Rs 10 Cr
PBDT (TTM)Rs 9 Cr
Profit before tax (TTM)Rs 4 Cr
Tax (latest year)Rs 10 Cr
Net profit (TTM)Rs -10 Cr
Net profit (latest year)Rs 269 Cr
Net profit (latest quarter)Rs 9 Cr
Depreciation (TTM)Rs 6 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 2,037 Cr
Total expenditure (latest year)Rs 2,089 Cr
Total income (latest year)Rs 2,374 Cr
Share capitalRs 3 Cr
ReservesRs 894 Cr
Shareholders' fundsRs 897 Cr
Total assetsRs 940 Cr
Net blockRs 135 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 306 Cr
ReceivablesRs 5 Cr
InventoryRs 23 Cr
Other liabilitiesRs 32 Cr
Shares outstanding (crore)0.31
Ownership
Promoter holding74.66% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 0.16 is the lowest in 9.4 years (median 0.37).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | PML | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -2.3% | -2.8% | +0.5 pts |
| 1 month | -3.9% | -6.8% | +2.9 pts |
| 3 months | -3.7% | -7.6% | +3.9 pts |
| 3 years | -24.6% | +14.2% | -38.8 pts |
| 5 years | -15.8% | +27.9% | -43.7 pts |
Red flags
F-score 8 of 8| look | Profit leans on other income Other income was 95% of pre-tax profit in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹481 Cr -2.5% vs Jun 2025.
Net profit ₹9 Cr -96.9%.
Against our estimate for Jun 2026: sales +29.9%, profit +853.5% in line. Our estimate for Sep 2026: sales Rs 535 Cr, profit Rs -2 Cr (how).
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Less than 100 unique PAN traded in previous 30 days
Quick answers
What is the market cap of Paul Merchants Ltd?
Paul Merchants Ltd (PML) has a market capitalisation of Rs 145 Cr. at the 2026-10-01 close.
What is the P/E ratio of Paul Merchants Ltd?
Paul Merchants Ltd trades at a P/E of 7.05 on trailing twelve-month profit, at the 2026-10-01 close.
What were Paul Merchants Ltd's latest quarterly results?
In the Jun 2026 quarter, Paul Merchants Ltd sales was Rs 481 Cr (-2.5% vs Jun 2025) and net profit was Rs 9 Cr.
What is the 52-week high and low of Paul Merchants Ltd?
The 52-week high is Rs 645.00 and the 52-week low is Rs 451.55.