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Paul Merchants (PML)₹495.95+7.35%Other Financial Services
In the Jun 2026 quarter (consolidated), Paul Merchants reported sales of ₹481 Cr, down 2.5% from Jun 2025, and net profit of ₹8.88 Cr, down 96.9% year on year. For the year to Mar 2026, sales were ₹2,111 Cr and net profit ₹268 Cr.
Company filings, consolidated accounts; latest reported quarter Jun 2026
| 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 | 1,841 | 2,092 | 855 | 1,018 | 987 | 751 | 583 | 494 | 594 | 505 | 482 | 481 |
| Expenses | 1,802 | 2,050 | 856 | 1,013 | 984 | 750 | 583 | 496 | 599 | 506 | 480 | 474 |
| Operating Profit | 29.40 | 32.82 | −5.67 | −0.48 | −1.23 | −2.66 | −2.98 | −4.17 | −7.75 | −3.17 | −0.43 | 4.47 |
| OPM % | 1.6% | 1.6% | −0.7% | −0.1% | −0.1% | −0.4% | −0.5% | −0.8% | −1.3% | −0.6% | −0.1% | 0.9% |
| Other Income | 1.54 | 3.04 | 17.07 | 15.67 | 19.64 | 21.87 | 21.10 | 294 | 7.39 | −6.93 | 6.19 | 10.40 |
| Interest | 10.13 | 11.47 | 0.68 | 0.27 | 0.65 | 0.48 | 0.52 | 0.52 | 0.23 | 0.15 | 0.15 | 0.16 |
| Depreciation | 1.36 | 1.66 | 1.57 | 0.74 | 1.06 | 0.97 | 1.08 | 0.84 | 1.43 | 1.62 | 1.62 | 1.27 |
| Profit before tax | 19.44 | 22.71 | 9.16 | 14.22 | 16.70 | 17.77 | 16.54 | 289 | −2.03 | −11.87 | 4.00 | 13.46 |
| Tax % | 25.2% | 24.7% | −2.1% | 6.2% | 3.4% | −0.1% | −1.1% | 0.3% | 227.8% | 21.5% | 41.7% | 33.7% |
| Exceptional items | 0.00 | 0.00 | 16.01 | 15.01 | 18.99 | 21.01 | 20.02 | 290 | −6.01 | −22.01 | −1.99 | 0.00 |
| Net Profit | 14.48 | 17.04 | 9.31 | 13.28 | 16.05 | 17.67 | 16.64 | 287 | −6.60 | −14.37 | 2.28 | 8.88 |
| EPS (Rs) | 47.02 | 55.64 | 30.39 | 43.33 | 52.36 | 57.63 | 54.33 | 934.76 | −21.51 | −46.85 | 7.45 | 29.00 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,467 | 2,894 | 4,556 | 4,934 | 5,413 | 3,043 | 5,377 | 7,015 | 6,511 | 3,340 | 2,111 | 2,063 |
| Expenses | 2,424 | 2,872 | 4,514 | 4,884 | 5,343 | 2,980 | 5,278 | 6,906 | 6,472 | 3,329 | 2,080 | 2,060 |
| Operating Profit | 32.07 | 10.01 | 25.04 | 27.06 | 42.09 | 51.11 | 68.15 | 83.15 | 9.02 | −7.01 | 21.05 | −6.88 |
| 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 | 5.01 | 11.02 | 201 | 2.01 | 0.00 | 1.01 | 1.01 | 1.01 | 59.06 | 78.13 | 265 | 17.05 |
| Interest | 2.99 | 1.99 | 1.99 | 0.99 | 1.99 | 4.99 | 10.99 | 19.97 | 1.99 | 1.99 | 0.99 | 0.69 |
| Depreciation | 3.01 | 3.01 | 4.01 | 3.01 | 3.01 | 3.01 | 3.01 | 4.01 | 3.01 | 4.01 | 5.01 | 5.94 |
| Profit before tax | 31.05 | 16.03 | 221 | 24.04 | 36.08 | 44.12 | 54.14 | 60.12 | 62.10 | 65.16 | 279 | 3.56 |
| Tax % | 35.1% | 23.1% | 3.0% | 8.0% | 26.1% | 23.1% | 26.1% | 26.1% | 12.0% | 2.0% | 3.0% | — |
| Exceptional items | 0.00 | 0.00 | 0.99 | 0.00 | −1.01 | 0.00 | 0.00 | 0.00 | 106 | 150 | 511 | −30.01 |
| Net Profit | 19.95 | 12.96 | 213 | 21.93 | 25.93 | 32.89 | 39.90 | 43.88 | 54.84 | 63.81 | 268 | −9.81 |
| EPS (Rs) | 65.94 | 41.52 | 690.82 | 71.46 | 85.31 | 108.19 | 130.00 | 142.35 | 177.71 | 207.82 | 873.71 | −31.91 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| 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 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 2.99 | 2.99 | 2.99 |
| Reserves | 117 | 138 | 148 | 363 | 366 | 393 | 426 | 466 | 511 | 563 | 627 | 893 |
| Borrowings | 20.96 | 23.96 | 17.98 | 21.98 | 16.96 | 32.96 | 79.88 | 132 | 307 | 493 | 23.97 | 9.97 |
| Other Liabilities | 59.24 | 55.96 | 59.85 | 86.58 | 20.90 | 28.86 | 28.86 | 51.25 | 72.35 | 98.47 | 937 | 31.84 |
| Total Liabilities | 198 | 218 | 228 | 473 | 405 | 455 | 535 | 649 | 891 | 1,157 | 1,590 | 939 |
| Fixed Assets | 43.99 | 53.96 | 50.01 | 75.95 | 75.97 | 64.01 | 62.98 | 62.97 | 66.98 | 71.93 | 62.02 | 135 |
| CWIP | 1.99 | 0.99 | 0.99 | 0.00 | 0.00 | 0.00 | 0.99 | 0.00 | 0.99 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 4.98 | 8.96 | 123 | 98.61 | 54.75 | 36.85 | 29.87 | 23.91 | 21.90 | 1.99 | 305 |
| Other Assets | 152 | 158 | 167 | 274 | 231 | 337 | 434 | 556 | 801 | 1,064 | 1,526 | 500 |
| Inventories | 2.99 | 2.99 | 4.99 | 4.99 | 4.99 | 7.99 | 5.99 | 5.99 | 12.01 | 14.99 | 11.99 | 22.99 |
| Trade receivables | 49.10 | 43.10 | 35.07 | 16.05 | 4.01 | 4.01 | 2.01 | 3.01 | 5.01 | 6.02 | 6.01 | 5.02 |
| Cash & equivalents | 62.75 | 76.71 | 92.69 | 118 | 12.95 | 16.93 | 14.94 | 23.94 | 27.92 | 40.87 | 38.87 | 89.71 |
| Total Assets | 198 | 218 | 228 | 473 | 405 | 455 | 535 | 649 | 891 | 1,157 | 1,590 | 939 |
| 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 | 20.99 | 17.99 | −276 | 13.01 | −83.01 | −68.99 | −38.02 | −154 | −135 | 448 | 412 |
| Cash from investing activity | −22.01 | −16.01 | 0.99 | 241 | −25.01 | 73.02 | 23.01 | 6.01 | 0.00 | −5.01 | 17.02 | −387 |
| Cash from financing activity | −76.17 | −2.01 | −5.01 | 2.01 | −6.01 | 13.03 | 42.11 | 41.12 | 156 | 143 | −472 | −14.05 |
| Net cash flow | 11.01 | 2.01 | 14.01 | −34.01 | −18.01 | 4.01 | −3.99 | 9.01 | 2.01 | 2.99 | −5.99 | 10.99 |
| Capex | 23.96 | 14.96 | 2.99 | 29.92 | 8.98 | 2.99 | 2.99 | 4.99 | 7.98 | 10.97 | 3.99 | 11.97 |
| Free cash flow | 84.79 | 7.99 | 14.97 | −40.92 | 9.98 | −75.91 | −70.83 | −40.95 | −162 | −146 | 444 | 402 |
| CFO / OP % | 429.0% | 99.0% | 393.1% | −857.0% | 66.1% | −177.9% | −115.0% | −36.0% | −167.0% | −1,273.0% | −6,754.0% | 2,196.0% |
| 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 | 9 | 7 | 5 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 |
| Inventory days | 2 | 2 | 2 | 0 | 0 | 2 | 2 | 0 | 2 | 2 | 2 | 5 |
| Days payable | 8 | 6 | 4 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Cash conversion cycle | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 4 |
| Working capital days | 1 | 1 | −1 | 3 | 12 | 20 | 47 | 33 | 36 | 52 | 1 | 33 |
| ROCE % | — | 23.0% | 11.0% | 80.1% | 6.0% | 10.0% | 10.0% | 12.1% | 11.1% | −5.0% | −9.9% | −31.0% |
For the Jun 2026 quarter, Paul Merchants reported sales of ₹481 Cr, down 2.5% year on year and net profit of ₹8.88 Cr, down 96.9% year on year. The operating margin was 0.9%.
Paul Merchants' sales for the year to Mar 2026 were ₹2,111 Cr; over the last twelve months they were ₹2,063 Cr.
Net profit for the year to Mar 2026 was ₹268 Cr, and −₹9.81 Cr over the last twelve months. Earnings per share over the same trailing period were ₹−31.91.
Paul Merchants reported borrowings of ₹9.97 Cr at Mar 2026, against cash and equivalents of ₹89.71 Cr.
Cash from operations was ₹412 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹402 Cr.