Prithvi Exchange (India) Limited

Financial Services — Capital Markets · BSE

₹103.00−₹1.50 (−1.44%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of Prithvi Exchange (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Prithvi Exchange (India) Limited engages in the foreign exchange business under the Prithvi Exchange brand in India. The company deals in tradeable foreign currencies, traveller cheques, drafts, and swift transfers.

IndustryCapital Markets

SectorFinancial Services

Employees301

Annual revenue₹3,718 Cr

How does it make money?

Turns over ₹3,718 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹0 left at the operating level before interest, tax and depreciation. Each of its 301 employees supports ₹12.35 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹12.35 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +22% while net margin moved -53% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+22%

Margin effect-53%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 6.9% — barely ahead of inflation
✗ Profit has declined at 17.2% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Profit fell 34.6% in the latest year

Quality vs. Valuation

Company Quality

45/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

51/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

42.6x

3Y Median

13.5x

40 monthly readings · mean 21.6x · range 9.2x–58.3x

Sector Median

58.4x

median of 3 sector peers

⚠️Current valuation is approximately 214% above its 3y median of 13.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 27% below the peer median of 58.4x.

vs. its own history

Expensive

13.5x median over 40 months · +214%

vs. sector peers

Cheap

58.4x median of 3 peers · -27%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

14.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Return on equity is falling
ROE has dropped from 14.6% to 5.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 19.3% to 6.8% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 105% against revenue growth of 22% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 62% against revenue growth of 22% — stock may not be moving.

Red Flags

1 item require attention · 1 watch

🟡Profit is decliningFinancial
Net profit is down 43% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 27% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 214% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Growth barely outpaces inflation
Revenue compounding at 6.9% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 14.6% to 5.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -2%✓ 0.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 5.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 5% a year✓ 6.9% CAGR
Latest reported year was 29.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Valuation vs its own median of 13.5x✗ 42.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 3 neutral · 6 weak

Market Cap

₹85 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

42.6x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.60x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.42

Profitable

Profitable on a per-share basis

ROE

5.0%

Weak

Weak capital efficiency

ROCE

6.8%

Weak

Low return on total capital employed

Debt/Equity

9.32x

High

High leverage

Revenue Growth (YoY)

29.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-34.6%

Falling

Profits are shrinking

Dividend Yield

0.97%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.1%

Weak

Thin margins leave little room for error

Net Margin

0.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.27

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.88

Market-like

Moves roughly in line with the market

52W Range Position

24%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

103.7 / 101.8

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3,045 Cr	₹4,152 Cr	₹3,515 Cr	₹3,718 Cr	+6.9%
EBITDA	₹8 Cr	₹19 Cr	₹12 Cr	₹5 Cr	-12.1%
EBITDA Margin	0.3%	0.5%	0.3%	0.1%	—
PAT (Net Profit)	₹5 Cr	₹13 Cr	₹8 Cr	₹3 Cr	-17.2%
EPS	₹5.61	₹15.82	₹9.72	₹3.19	-17.2%
ROE	14.6%	30.7%	16.1%	5.0%	—
ROCE	19.3%	40.9%	21.5%	6.8%	—
Total Debt	₹5 Cr	₹1 Cr	₹4 Cr	₹5 Cr	-2.7%
Free Cash Flow	₹5 Cr	₹7 Cr	-₹3 Cr	-₹3 Cr	—

🟢 Revenue has grown at 6.9% a year over 3 years.

🔴 EBITDA has shrunk at 12.1% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 0.1% over 3 years.

🔴 PAT (Net Profit) has shrunk at 17.2% a year over 3 years.

🔴 EPS has shrunk at 17.2% a year over 3 years.

🔴 ROE has fallen from 14.6% to 5.0% over 3 years (-9.6 pts).

🔴 ROCE has fallen from 19.3% to 6.8% over 3 years (-12.5 pts).

🟢 Total Debt has shrunk at 2.7% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹5 Cr to -₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹76 Cr

Total Liabilities

₹23 Cr

Cash & Equivalents

₹12 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

87.9%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

19 Aug 2026

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive1 mixed1 negative3 general

Prithvi Exchange (India) Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Prithvi Exchange Launches ICONIC Forex Card; Shares Slip

HDFC Sky, 22 Jul

Prithvi Exchange Q1 FY27 Results: Revenue, PAT & Key Highlights

Univest, 10 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Prithvi Exchange launches ICONIC Forex Card for global travellers

scanx.trade, 22 Jul

Prithvi Exchange revenue surges 25.1% in Q1FY27 on travel, wholesale demand

scanx.trade, 08 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Captain Pipes consolidated net profit declines 49.66% in the June 2026 quarter

Business Standard, 08 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 4 tripwires tripped — Return on equity stays above 8%; Valuation vs its own median of 13.5x · see Key things to watch ↑