🔍

Paul Merchants Ltd (539113)

📊 BSE: 539113 🏢 Other Financial Services 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Paul Merchants' revenue was ₹481 Cr (-2.5% year on year, -0.3% on the previous quarter), and net profit ₹8.9 Cr (-96.9% year on year); the operating margin was 0.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹481	-2.5%	-0.3%
Operating profit	₹4.5	from loss	from loss
Net profit	₹8.9	-96.9%	+289.1%
EPS (₹)	28.89	-96.9%	+288.8%
Operating margin	0.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Paul Merchants Penalized ₹20,000 by RBI for FEMA Procedural Non-Compliances

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 01 Oct 2026, 07:42 PM

The Reserve Bank of India has imposed an aggregate monetary penalty of ₹20,000 (₹10,000 across two orders) on Paul Merchants Ltd under Section 11(3) of FEMA, 1999. The penalties pertain to procedural issues at two branches: payment receipt via UPI from a family member account at the Cochin branch, and a missing customer signature on Form A2 (subsequently rectified) at the Tanda branch. The financial impact is entirely immaterial relative to the company's TTM revenue of ₹2,074 Cr. Management confirmed no other operational or financial consequences.

RBI imposed a total penalty of ₹20,000 across two separate orders dated October 01, 2026
First penalty of ₹10,000 relates to the Cochin branch regarding UPI payment instructions under Money Changing Master Directions
Second penalty of ₹10,000 relates to the Tanda branch for a missing signature on Form A2 under LRS guidelines, which was subsequently rectified
Orders were issued under Section 11(3) of the Foreign Exchange Management Act, 1999

💡 No action needed given the negligible monetary fine; investors should merely monitor internal compliance processes to ensure no systemic AD-II licensing issues arise.

Paul Merchants Receives Perpetual RBI License for MTSS Remittance Business

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 28 Sep 2026, 06:07 PM

Paul Merchants Limited has received permission from the Reserve Bank of India (Foreign Exchange Department) to act as an Indian Agent under the Money Transfer Service Scheme (MTSS). The perpetual license allows the company to partner with Western Union Financial Services Inc and MoneyGram Payment Systems, Inc for inward cross-border remittances. This enables the company to re-commence its MTSS operations following a previous Board decision approved on November 13, 2024. The move provides an additional revenue channel as the firm seeks to diversify beyond its Canada-dependent forex business, which saw revenues fall from ₹6,620 Cr in FY24 to ₹2,074 Cr in FY26.

RBI permission granted to act as an Indian Agent under MTSS for Western Union and MoneyGram
Approval granted with perpetual validity
Follows initial Board decision to re-commence MTSS business dated November 13, 2024
Receipt of approval confirmation reported on September 28, 2026

💡 Track subsequent quarterly earnings for commencement timelines and revenue contributions from inward remittances via Western Union and MoneyGram.

Paul Merchants Sets Book Closure From Sept 4-10, 2026 For 42nd AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 07:04 PM

Paul Merchants Limited has announced the closure of its Register of Members and Share Transfer Books from September 4, 2026, to September 10, 2026 (both days inclusive) for its 42nd Annual General Meeting (AGM). The company has fixed September 11, 2026, as the cut-off date to determine member voting rights for remote e-voting and AGM participation. The 42nd AGM is scheduled to take place on September 18, 2026. This is a standard annual procedural compliance filing with no direct operational or financial impact.

Book closure scheduled from September 4, 2026, to September 10, 2026 (both days inclusive)
Cut-off date for e-voting eligibility set for September 11, 2026
42nd Annual General Meeting to be conducted on September 18, 2026

💡 Shareholders looking to participate in e-voting should ensure their shareholdings are updated prior to the cut-off date of September 11, 2026, and monitor AGM resolutions.

Paul Merchants Schedules 42nd AGM for Sep 18, 2026; E-Voting Cut-Off Sep 11

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 02:45 PM

Paul Merchants Limited has issued notice for its 42nd Annual General Meeting (AGM) scheduled for September 18, 2026, to be held via Video Conferencing. The cut-off date to determine voting eligibility is September 11, 2026. Remote e-voting will run from September 15 to September 17, 2026, with voting results to be declared on September 19, 2026.

42nd AGM scheduled for Friday, September 18, 2026, at 12:00 Noon via VC/OAVM
Cut-off date for remote e-voting and AGM attendance set as Friday, September 11, 2026
Remote e-voting window opens September 15, 2026 (09:00 AM) and closes September 17, 2026 (05:00 PM)
Voting results along with the Scrutinizer's Report to be declared on Saturday, September 19, 2026

💡 Shareholders holding equity as of September 11, 2026, should review the Annual Report and cast their votes during the September 15–17 window on the CDSL platform.

Paul Merchants Dispatches Notice for 42nd AGM; Proposes Re-Appointment of Director

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 06:09 PM

Paul Merchants Limited has dispatched the notice for its 42nd Annual General Meeting scheduled for September 18, 2026, via Video Conferencing. Key ordinary business includes the adoption of audited standalone and consolidated financial statements for FY26. Additionally, the special business agenda proposes the re-appointment of Mr. Ritesh Vaid as Designated Whole Time Director for a 5-year term from October 1, 2026, to September 30, 2031, at an annual remuneration of Rs. 30.00 Lakhs to Rs. 50.00 Lakhs.

42nd Annual General Meeting scheduled for Friday, September 18, 2026, at 12:00 Noon IST via VC/OAVM.
Proposed re-appointment of Mr. Ritesh Vaid as Designated Whole Time Director for a 5-year term from October 1, 2026, to September 30, 2031.
Proposed annual remuneration for the Whole Time Director fixed between Rs. 30.00 Lakhs and Rs. 50.00 Lakhs.
Shareholders can seek clarifications on financial statements from September 12, 2026, to September 14, 2026.

💡 Eligible shareholders may participate in the remote e-voting process or attend the virtual AGM on September 18, 2026, to vote on the tabled resolutions.

Paul Merchants Dispatches 42nd AGM & FY26 Annual Report Weblinks to Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 05:45 PM

Paul Merchants Limited has intimated the dispatch of communications to shareholders on August 20, 2026, under Regulation 36(1)(b) of SEBI LODR Regulations. The communication provides web links to access the Annual Report for FY 2025-26 and the Notice for the upcoming 42nd Annual General Meeting (AGM). The company has urged shareholders with unregistered email addresses to update their records with the RTA (Alankit Assignments Ltd) to receive electronic communications. This is a procedural compliance filing with no impact on operations or financials.

Dispatched shareholder communication on August 20, 2026, under SEBI LODR Regulation 36(1)(b)
Published web links for the FY 2025-26 Annual Report and 42nd AGM Notice
Shareholders advised to update email records via RTA Alankit Assignments Ltd or request physical copies
Standard procedural compliance filing with no operational or financial impact

💡 Shareholders can review the 42nd AGM notice and FY26 Annual Report on the company's website to track corporate resolutions and management commentary.

Paul Merchants Convenes 42nd AGM on Sept 18, 2026; WTD Re-Appointment Proposed

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 04:57 PM

Paul Merchants Limited has issued the notice for its 42nd Annual General Meeting (AGM) scheduled for September 18, 2026, via Video Conferencing. The key ordinary business includes the adoption of audited Standalone and Consolidated financial statements for FY26. As special business, the company seeks shareholder approval to re-appoint Mr. Ritesh Vaid as Designated Whole Time Director for a 5-year term starting October 1, 2026, at an annual remuneration range of Rs. 30.00 Lakhs to Rs. 50.00 Lakhs.

42nd AGM scheduled for September 18, 2026 at 12:00 Noon IST via Video Conferencing
Proposed re-appointment of Mr. Ritesh Vaid as Designated Whole Time Director for a 5-year tenure from October 1, 2026 to September 30, 2031
Proposed annual remuneration range of Rs. 30.00 Lakhs to Rs. 50.00 Lakhs for the Whole Time Director
Adoption of FY26 audited standalone and consolidated financial results on the agenda

💡 Shareholders can review the AGM notice resolutions and participate in the e-voting process ahead of the September 18, 2026 meeting.

Paul Merchants Releases FY26 Annual Report; 42nd AGM Scheduled for September 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 04:50 PM

Paul Merchants Limited has submitted its Annual Report for FY 2025-26 along with the Notice for its 42nd Annual General Meeting (AGM), scheduled to be held on September 18, 2026, via video conferencing. On a standalone basis, the company reported gross revenues from operations of Rs. 2,055.91 crore, net profit before tax of Rs. 17.56 crore, and net profit after tax of Rs. 13.19 crore (EPS of Rs. 42.77). Key agenda items for the AGM include the adoption of standalone and consolidated financial statements and the re-appointment of director Mr. Ritesh Vaid upon retirement by rotation.

42nd Annual General Meeting scheduled for Friday, September 18, 2026 at 12:00 PM IST via VC/OAVM
FY26 standalone gross revenue from operations stood at Rs. 2,055.91 crore
FY26 standalone net profit after tax reported at Rs. 13.19 crore with a standalone EPS of Rs. 42.77
AGM agenda includes adoption of audited standalone and consolidated FY26 financials and director re-appointment

💡 Shareholders may review the detailed disclosures in the annual report ahead of voting and the AGM scheduled for September 18, 2026.

Paul Merchants Schedules 42nd AGM on Sept 18, 2026; Book Closure Sept 4–10

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 02:25 PM

Paul Merchants Limited has announced that its 42nd Annual General Meeting (AGM) will be held on Friday, September 18, 2026, via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is set for Friday, September 11, 2026. The remote e-voting window will be open from September 15, 2026 (09:00 AM IST) to September 17, 2026 (05:00 PM IST). Furthermore, the Register of Members and Share Transfer Books will remain closed from September 4, 2026 to September 10, 2026.

42nd AGM scheduled for September 18, 2026 at 12:00 Noon IST via VC/OAVM
Cut-off date for e-voting eligibility fixed as September 11, 2026
Remote e-voting window from September 15, 2026 (09:00 AM) to September 17, 2026 (05:00 PM)
Book closure from September 4, 2026 to September 10, 2026 (both days inclusive)

💡 Eligible shareholders as of the September 11, 2026 cut-off date should review the Annual Report and cast their votes via CDSL e-voting between September 15 and September 17, 2026.

Paul Merchants Appoints Sushil Jindal as CFO Following Resignation of Ms. Sakshi

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Aug 2026, 08:08 PM

Paul Merchants Ltd has announced a change in its top financial leadership effective August 12, 2026. Ms. Sakshi has resigned from her position as Chief Financial Officer (CFO), and the Board has appointed Mr. Sushil Jindal as the new CFO and Key Managerial Personnel (KMP). Mr. Jindal, alongside Company Secretary Hardam Singh, is now authorized to determine the materiality of events for disclosures to the stock exchange. This transition occurs as the company manages a substantial TTM revenue of ‹ 2,074 Cr against a relatively small market capitalization of ‹ 155 Cr.

Resignation of Ms. Sakshi as CFO and Key Managerial Personnel effective August 12, 2026
Appointment of Mr. Sushil Jindal as the new CFO and authorized KMP for materiality determination
Company maintains a lean operational structure with 351 employees managing ‹ 2,074 Cr in TTM revenue
Authorization includes 2 specific KMPs for SEBI Regulation 30(5) compliance: the CFO and the Company Secretary

💡 Investors should monitor the next quarterly financial statement for any changes in reporting quality or strategic shifts following the CFO transition.

Paul Merchants Appoints Sushil Jindal as CFO; Re-appoints WTD for 5-Year Term

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 12 Aug 2026, 07:52 PM

Paul Merchants Ltd has announced a transition in its top leadership with the resignation of CFO Ms. Sakshi, effective August 12, 2026, due to personal priorities. The Board has immediately appointed Mr. Sushil Jindal as the new CFO, effective August 13, 2026, who brings over 22 years of experience in finance and strategic planning. Additionally, Mr. Ritesh Vaid has been re-appointed as Whole Time Director for a five-year term starting October 1, 2026. The company also scheduled its 42nd Annual General Meeting for September 18, 2026.

New CFO Mr. Sushil Jindal brings over 22 years of experience in finance, taxation, and strategic planning
Mr. Sushil Jindal also appointed as Advisor to the wholly-owned finance subsidiary at an annual CTC of Rs 16,20,000
Whole Time Director Mr. Ritesh Vaid re-appointed for a 5-year term from October 1, 2026, to September 30, 2031
The 42nd Annual General Meeting (AGM) is scheduled for September 18, 2026, via video conferencing
Outgoing CFO Ms. Sakshi resigned effective close of business hours on August 12, 2026

💡 Investors should monitor the new CFO's impact on the company's diversification strategy, particularly as it seeks to reduce dependency on Canada-centric forex revenue which previously caused a 48.8% revenue decline.

Paul Merchants Appoints Sushil Jindal as CFO; Re-appoints WTD for 5-Year Term

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 12 Aug 2026, 07:49 PM

Paul Merchants has announced a leadership transition with the resignation of CFO Ms. Sakshi and the appointment of Mr. Sushil Jindal, effective August 13, 2026. Mr. Jindal, a Chartered Accountant with 22 years of experience, will also serve as an advisor to the company's finance subsidiary with an annual CTC of ‡16.20 lakh. Additionally, the board has recommended the re-appointment of Mr. Ritesh Vaid as Whole Time Director for a five-year term ending September 2031. These changes occur as the company manages a ‡2,074 Cr TTM revenue base amid significant margin pressure from fintech competitors.

Appointment of Mr. Sushil Jindal as CFO effective August 13, 2026, bringing 22 years of experience in finance and strategic planning.
Re-appointment of Mr. Ritesh Vaid as Designated Whole Time Director for a 5-year term from October 1, 2026, to September 30, 2031.
New CFO to receive ‡16,20,000 annual CTC for an additional advisory role in the wholly-owned subsidiary, Paul Merchants Finance Private Limited.
Resignation of outgoing CFO Ms. Sakshi effective August 12, 2026, citing personal priorities.
42nd Annual General Meeting (AGM) scheduled for September 18, 2026, to seek shareholder approval for these appointments.

💡 Watch for the new CFO's impact on 'Project evaluation for new business opportunities' as the company attempts to diversify away from its high-risk Canada-centric forex revenue.

Paul Merchants Q1 Standalone Revenue at ₹469 Cr; CFO Resigns

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 07:07 PM

Paul Merchants reported a standalone revenue of ₹469.00 Cr for Q1 FY27, a 4.7% decline from ₹492.02 Cr in the same quarter last year. Standalone net profit dropped to ₹0.86 Cr compared to ₹1.49 Cr YoY, reflecting continued margin pressure in the core business. However, the consolidated performance is bolstered by its finance subsidiary, which contributed a net profit of ₹9.16 Cr for the quarter. The company also announced a leadership change, with Mr. Suresh Kumar taking over as CFO following the resignation of Ms. Sakhi.

Standalone revenue from operations stood at ₹469.00 Cr for the quarter ended June 30, 2026.
Standalone net profit for the period was ₹0.86 Cr, down from ₹1.49 Cr in Q1 FY26.
Consolidated results include a significant ₹9.16 Cr net profit contribution from Paul Merchants Finance Private Limited.
Total standalone expenses for the quarter were ₹471.86 Cr, nearly matching total income.
Management transition: Mr. Suresh Kumar appointed as CFO effective August 13, 2026, following Ms. Sakhi's resignation.

💡 Investors should monitor the growth and margins of the finance subsidiary, which is currently the primary driver of consolidated profitability. Additionally, track any updates regarding Canadian migration policies, as the company has previously noted high revenue sensitivity to these regulations.

Paul Merchants Q1 Standalone PAT at ₹0.86 Cr; New CFO Appointed

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 06:50 PM

Paul Merchants reported a standalone revenue of ₹469.00 Cr for Q1 FY27 (ended June 30, 2026), a 4.7% decline from ₹492.02 Cr in the year-ago period. Standalone net profit dropped to ₹0.86 Cr from ₹1.44 Cr YoY, reflecting continued margin pressure in its core forex and travel segments. However, the consolidated performance was significantly supported by its finance subsidiary, Paul Merchants Finance Private Limited, which contributed a net profit of ₹9.16 Cr. The company also announced the resignation of CFO Ms. Sakhi, replaced by Mr. Suresh Kumar effective August 13, 2026.

Standalone revenue from operations decreased to ₹469.00 Cr in Q1 FY27 from ₹492.02 Cr in Q1 FY26.
Standalone net profit for the quarter stood at ₹0.86 Cr, a decline of approximately 40% YoY.
Finance subsidiary Paul Merchants Finance Pvt Ltd reported a net profit of ₹9.16 Cr for the quarter.
Total standalone expenses for the quarter were ₹471.86 Cr, nearly matching total revenue.
Management transition: Mr. Suresh Kumar appointed as CFO following the resignation of Ms. Sakhi on August 12, 2026.

💡 Investors should monitor the growth and asset quality of the finance subsidiary, as it is currently the primary driver of consolidated profitability. The core forex business remains under pressure from fintech competition and migration policy shifts.

August 12, 2026: Paul Merchants to Consider Q1 FY2027 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 04 Aug 2026, 05:14 PM

Paul Merchants Ltd has scheduled a board meeting on August 12, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a challenging period where the company faced a 48.8% revenue decline in FY25 due to Canadian visa policy shifts. Investors will be looking for signs of recovery after the company reported a modest net profit of ₹2.29 cr in the March 2026 quarter. The trading window for insiders remains closed until August 14, 2026.

Board meeting scheduled for August 12, 2026, at 03:30 PM in Chandigarh.
Financial results to be considered for the quarter ended June 30, 2026.
Trading window closure period extended from July 01, 2026, to August 14, 2026.
Company is navigating a significant revenue contraction from ₹3,336 cr in FY25 to ₹2,074 cr TTM.

💡 Monitor the results on August 12 to evaluate the progress of the company's diversification into travel and allied financial services to offset forex revenue losses.

View All 539113 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations declined 48.8% YoY to INR 3,328.58 Cr in FY25. Segment performance: Travel Division (Hotel/Packages) grew 45.93% to INR 4.90 Cr; Air Ticketing grew 6.68% to INR 1.61 Cr; Domestic Money Transfer grew 0.93% to INR 0.097 Cr; MoneyGram (International) declined 6.10% to INR 0.26 Cr. The primary Forex segment saw a massive decline due to lower migration volumes.

Geographic Revenue Split

Canada is identified as the key market for the company's forex and remittance business. Other significant regions include Europe and the USA, which have seen reduced student and worker migration impacting revenue by approximately 48.8%.

Profitability Margins

Net Profit Margin declined from 0.40% in FY24 to 0.18% in FY25, a 55.87% drop. Operating Profit Margin turned negative at -0.28% in FY25 compared to 0.11% in FY24, a 354.55% decline, primarily due to the trading nature of the forex business and high fixed costs against lower volumes.

EBITDA Margin

Operating EBITDA (excluding other income) fell to a loss of INR 4.735 Cr in FY25 from a profit of INR 11.38 Cr in FY24, representing a 141.6% year-on-year decline in core operational profitability.

Capital Expenditure

No major capital expenditure is planned for the short-to-medium term. The company maintains a tangible net worth of INR 481.95 Cr as of March 31, 2025, to support its liquidity needs.

Credit Rating & Borrowing

Long-term rating downgraded to IVR BBB/Negative in August 2025 from IVR BBB+/Negative in June 2025. Short-term rating reaffirmed at IVR A3+. Interest coverage ratio declined 66.81% YoY to 8.83x in FY25.

⚙️ Operational Drivers

Raw Materials

Forex inventory and travel stock (97.6% of total revenue), employee benefits (0.73% of revenue), and other operating expenses (1.8% of revenue).

Import Sources

Not applicable as a service/trading entity; however, forex inventory is sourced globally based on migration corridors to Canada, USA, and Europe.

Key Suppliers

EBIX Money Express (P) Ltd (Principal for inbound money transfer), MoneyGram (International remittance partner), and various airlines/hotels for the travel division.

Capacity Expansion

Current operations span 351 employees across a nationwide branch network. Expansion is focused on diversifying revenue streams into new business areas to offset the 48.8% decline in traditional forex income.

Raw Material Costs

Purchase of stock-in-trade (forex/travel inventory) was INR 3,249.55 Cr in FY25, representing 97.6% of total revenue. Purchases reduced significantly YoY in line with the 48.8% revenue drop.

Manufacturing Efficiency

Not applicable; service efficiency is measured by Debtors Turnover which slowed from 5.43 to 4.82 (11.33% decline) and Inventory Turnover which dropped from 82.92 to 50.2 (39.46% decline).

Logistics & Distribution

Distribution costs are reflected in 'Other Expenses' of INR 59.81 Cr, which decreased from INR 112.04 Cr in FY24 due to lower business activity.

📈 Strategic Growth

Growth Strategy

Diversification into new business areas to reduce dependency on Canada-centric forex revenue; leveraging the 45.93% growth in the travel division (hotel/packages); and anticipating policy shifts following the April 2025 Canadian elections to restore migration-linked forex demand.

Products & Services

Foreign exchange, international and domestic money transfers, air ticketing, hotel bookings, holiday packages, and prepaid forex cards.

Brand Portfolio

Paul Merchants, PAUL Group.

New Products/Services

New business ventures in allied financial services; current contribution is not yet meaningful but intended to boost future revenue.

Market Expansion

Focusing on Tier 2 and Tier 3 cities for travel services while monitoring international migration policy changes in Europe and the USA for forex expansion.

Market Share & Ranking

Flagship company of the Paul Group; holds Authorized Dealer Category II license from RBI and is an IATA accredited travel agency.

Strategic Alliances

Sub-agent agreement with EBIX Money Express (P) Ltd and partnership with MoneyGram for international remittances.

🌍 External Factors

Industry Trends

Industry is shifting toward digital fintech platforms (Wise, Revolut) which eliminate pricing opacity. While travel demand is rebounding post-COVID (Travel segment grew 45.93%), traditional offline forex models are facing disruption.

Competitive Landscape

Faces intense competition from digital platforms (BookMyForex, Revolut) and other traditional money changers, leading to margin compression.

Competitive Moat

Moat includes a 30-year track record, RBI AD-II license, and extensive promoter experience. However, sustainability is challenged by fintech competitors and regulatory shifts in key migration destinations.

Macro Economic Sensitivity

Highly sensitive to global migration trends and geopolitical tensions; FY25 revenue fell 48.8% due to these external factors.

Consumer Behavior

Shift toward app-based solutions and instant transfers is threatening the traditional offline distribution network.

Geopolitical Risks

Ongoing tensions and policy changes in Canada, USA, and Europe regarding unemployment and migration are the primary risks to the forex income profile.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence to RBI Authorized Dealer Category II guidelines, FEMA regulations, and AML/KYC norms. Subject to SEBI (Prohibition of Insider Trading) Regulations.

Taxation Policy Impact

Effective tax provision of INR 2.33 Cr in FY25 on a standalone PBT of INR 8.24 Cr.

Legal Contingencies

Not disclosed in available documents; internal controls are reviewed by independent chartered accountants and the Audit Committee.

⚠️ Risk Analysis

Key Uncertainties

Uncertainty over the improvement of the operating profile in the near term due to Canadian policy changes, which could lead to further rating downgrades if profitability does not recover.