Announcement
Announcement Under Reg 30 Of SEBI (LODR) Regulations, 2015 1 Oct - RBI imposed Rs. 20,000 penalty on Paul Merchants’ Cochin and Tanda branches for FEMA violations.
Source: Bse
Paul Merchants Limited (PML)
Small CapFinancial Services stocks · Small cap · NSE
Paul Merchants Limited operates in Forex, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹474.95
-4.00 · -0.84%
Market cap ₹143 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:50 pm ISTDetails
Quote21 Oct, 03:50 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result12 Aug, 07:07 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -2.8% / mo · MACD − · near 52W low
Stock trend: 38
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PMLD candles · FIT view-24.5%Latest close ₹469.85 on 2026-10-21
Daily history is available from 2026-04-20; the requested 1Y window is partially covered.
Bar
-3.0%
RSI
46
MACD hist
-0.07
52W pos
10%
2026-10-21O ₹484.35H ₹484.35L ₹451.00C ₹469.85Vol 458 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PMLNifty Financial ServicesNifty 500
- PML
- -2.1%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +4.4 pp
Chart stats
21 Oct 2026- From 52W high
- -27.2%
- 52W range position
- 10%
- ATR (14)
- 5.1%
- Volume vs 20D
- 1.28x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹451 - ₹504.8
₹645
₹451 - ₹645
₹24.1
Latest completed session
20-session average
44.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -2.5% · PAT -96.9% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-70.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -3% YoY · PAT -97% YoY · margin expansion
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹480.8 Cr | -2.5% | -0.3% |
| EBITDA | ₹4.5 Cr | +207.2% | +1161.9% |
| Operating margin | 0.9% | +177 bps | +102 bps |
| PAT | ₹8.9 Cr | -96.9% | +289.1% |
| PAT margin | 1.9% | -5642 bps | +138 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.40
- P/B
- 0.30
- EV/EBITDA
- —
- Market Cap
- 143.00Cr
Profitability
- ROE
- 2.47%
- ROCE
- 3.44%
- ROA
- 2.47%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -7.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- -33.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- —
- Altman Z
- 7.27
- Book Value
- 1606.00
Cash Flow
- FCF Yield
- 3.50%
- FCF Positive Y
- 6/5
- OCF
- -3.00 Cr
- EPS TTM
- 40.92
Shareholding
- Promoter Hold
- 74.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 481-0.3% vs prev
Net Profit
₹ CrLatest: 8.9+289.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 46.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Insufficient history
1M return
-4.3%
3M return
-2.1%
6M return
-23.7%
1Y return
-
RS 1D
-1
RS 20D
-
Sector rank
#10
Industry rank
#18
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
price below
200-DMA
unavailable
Sector
weakening
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
128 observations
21 Oct 2026Value 81.05-0.15%
RS vs Nifty 50081
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation17/30
Growth2/25
Quality0/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
2/9 (+0)
Penalties
-8
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 3.5%.
- Balance sheet contributes 11/15 to the score.
- Valuation contributes 17/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -70.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
11.4
PB
0.3
EV/EBITDA
—
ROE
2.5%
ROCE
3.4%
FCF Yield
3.5%
Debt/Equity
0.0
MoS
-70.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-70.2%
Previous: -70.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,216
+60.9% MoS
Growth-justified P/E
6.8
Growth-justified Value
₹279.07
-70.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DELPHIFX
Small
DELPHI WORLD MONEY LIMITED
Financial Services
match 86
8
56.3
1.1%
-3265%
OVERVALUED
ONELIFECAP
Small
Onelife Capital Advisors Limited
Financial Services
match 60
21
17.0
10.0%
+24%
OVERVALUED
ABANSENT
Small
Abans Enterprises Limited
Financial Services
match 58
36
5.9
1.8%
-460%
WATCHLIST
ICDSLTD
Small
ICDS Limited
Financial Services
match 56
26
87.2
5.5%
-290%
OVERVALUED
PALASHSECU
Small
Palash Securities Limited
Financial Services
match 56
59
5.5
3.0%
+79%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Paul Merchants Limited operates in Forex, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 59th percentile within Financial Services. Main check: financial discipline is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Financial Services: 59th pctile, median 62 · Small: 50th pctile, median 66
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
22
weak · capital discipline
Results
23
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 74.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 16.6%.
- ▸5 years of positive FCF.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -30.8%.
- ▸ROE is low at -31.8%.
- ▸ROCE trend is -41.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Paul Merchants Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Copy of Newspapers Publication - Notice of AGM and E voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Copy of Newspaper publication dated 18.08.2026 in respect of information pertaining to holding of Annual General Meeting of the Company through Video Conferencing (VC)/ other …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jun - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Specimen of reminder Notice to Shareholder regarding transfer of Equity Share and unclaimed Dividend to …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.