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Prithvi Exchange (India) Ltd

PRITHVIEXCH

BSE

₹101.00-1.94%19 Oct 2026

Reports

Finance Investment and Others

Prithvi Exchange (India) Ltd

PRITHVIEXCH

BSE

₹101.00

-1.94%

19 Oct 2026

SOICxStockScans Reports

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Finance Investment and Others

Indices

Business Overview: What the company does, in plain English.Forensic Report: Accounting quality and red flags.

Prithvi Exchange is a foreign-exchange house that has spent three decades turning a tightly regulated currency-changing business into a technology-led platform - it holds an RBI Authorised Dealer Category II licence, renewed until 2029, and its tagline “Making Forex Simple” captures the recurring approach: take a compliance-heavy, trust-dependent transaction and make it faster and easier, first through a national branch network and now through digital tools that blend physical and online service. Incorporated in August 1995 and headquartered in Chennai, the company has grown from a single-city operation into a listed entity with 36 branches across 25 Indian cities, recognised by Deloitte’s Enterprise Growth Awards and multiple Tamil Nadu Tourism Awards for Best Forex Service. That same pattern - build trust through regulatory credentials and physical presence, then layer on proprietary technology - now shapes its push into digital forex platforms, self-issued travel cards, and a planned expansion into markets where Indian students travel, including Germany, Dubai and Singapore.

Business segments

A single engine powering the whole company - foreign exchange for retail and corporate customers - now being extended through a dedicated enterprise desk, a proprietary digital platform, and a newly licensed insurance subsidiary.

1. Foreign exchange: the core currency engine

Every rupee of revenue starts with buying and selling foreign currency - notes, cards, drafts and wire transfers - for individuals and businesses that need money to cross borders.

Full product shelf under one licence - the company sells and encashes foreign currency notes, prepaid travel cards, traveller’s cheques, foreign currency demand drafts and SWIFT wire transfers, covering every major currency. Because it holds an RBI Authorised Dealer Category II licence, it can handle non-trade current account transactions and foreign trade transactions up to ₹25 lakh per transaction, which is the regulatory foundation for the entire product range.
Customers who need rupees turned into dollars, fast - the buyer base spans corporate travellers from IT and manufacturing, shipping companies paying crew wages, students paying university fees abroad, ultra-high-net-worth individuals, government companies, and foreign tourists visiting India. The company also maintains relationships with banks and travel agencies that feed customers into its branches.
Earns on the spread, the commission and the service charge - revenue comes from the margin on buying and selling currency notes and prepaid cards, commission recognised on an accrual basis, and explicit service charges. Currencies and gold are held as stock-in-trade, so the company carries inventory risk, though import and export transactions are hedged through forward contracts and coverings with overseas banks.
A branch network that reaches 25 cities - as of March 2026 the company operates 35 branches, with six cities hosting more than one outlet, and added four branches in the most recent year alone. That physical footprint matters because foreign exchange is a trust business: customers want to hand over cash and documents in person, and the branch presence in cities from Amritsar to Trivandrum gives the company a fulfilment network that pure-digital competitors lack.
Risk managed through back-to-back booking and customer profiling - in the outward remittance business, every transaction is booked back-to-back with the bank treasury, leaving minimal open exposure. For corporate clients, a Customer Acceptance Policy profiles each customer by business type, market standing and financial strength, with system-level limits that are monitored continuously.

2. Enterprise desk: corporate travel and crew wages

A dedicated team chasing the niche where compliance complexity keeps competitors out - shipping crew wages and corporate travel mandates that need multi-currency support and low conversion spreads.

A specialised team for a specialised buyer - the company has onboarded a qualified enterprise team with dedicated relationship managers and a remittance desk, focused on large corporates and SMEs whose forex needs are too compliance-heavy for a standard branch counter. The “Cash to Master” business - paying crew wages to ships calling at Indian ports - was identified as a specific opportunity and is being scaled across multiple branches.
Low spreads as the competitive hook - the enterprise vertical offers multi-currency support with low conversion spreads, which matters to corporate treasurers who compare pricing across the roughly 33 active non-bank AD Category II firms in the Indian market. The nationwide branch network gives it a fulfilment advantage: a shipping company in Chennai and a corporate travel desk in Mumbai can both be served from the same platform.

3. Digital platforms: the technology layer being built on top

A proprietary digital ecosystem - customer app, WhatsApp service, self-issued Visa cards and a planned industry platform - designed to turn a branch-based forex house into a fintech that scales without adding brick-and-mortar.

“Forex on WhatsApp” as the bridge from physical to digital - launched in February 2026, the service lets customers access live forex rates, initiate booking requests for currency purchase, encashment or remittance, and resolve queries through a conversational interface, part of a deliberate “Brick-Click” model that keeps branches while adding digital access.
Self-issued cards change the economics - the company has secured VISA membership and owns the intellectual property for Prithvi-branded forex cards, with multi-currency cards planned for launch. A native mobile app for iOS and Android is being built to let users manage the card, view live balances, set limits and PINs, and see transaction history, which turns a one-time forex purchase into an ongoing customer relationship.
A platform for the industry, not just for itself - the company is developing a Platform-as-a-Service solution intended to provide integrated technology infrastructure, compliance enablement and operational efficiencies for other forex industry participants. It is also building a B2C forex platform with end-to-end digital journeys, live rate integration and branch workflow orchestration, and a D2C website as a self-help booking tool.
Regulatory tailwind for digital reach - the RBI’s draft framework allowing AD Category II entities to process trade remittances and appoint forex correspondents is seen as an opportunity to extend the digital platform into tier-2 and tier-3 cities without building branches. The company had already explored a principal agency model where forex correspondents would operate under its licence.

Group structure and partners

A family-led group with a newly licensed insurance broker and a digital-forex associate - both extending the core forex franchise into adjacent regulated businesses.

The company has a wholly owned subsidiary, Octagon Insurance Broking Private Limited, which received an IRDAI licence in July 2024 to act as a direct insurance broker for life and general insurance, valid for three years. The subsidiary was incorporated in March 2023 and is 99.99% held by Prithvi Exchange.
An associate company, Prithvi Global FX Private Limited, operates a digital platform for exchanging, purchasing and selling currencies; Prithvi Exchange holds a 40% equity stake, approved by the board in October 2020. Related-party transactions between the two entities have included business promotion expenses and commission payments.
The Managing Director, Mr. Pavan Kumar Kavad, and the Whole-Time Director & CFO, Mr. Kalpesh Kumar Kavad, are brothers, and both hold directorships in the subsidiary and the associate. The Chairman, Mr. K.N. Deenadayalan, brings over 37 years of banking and foreign-exchange experience, including treasury roles at American Express Bank and Indian Bank.
The company’s banking relationships include Axis Bank - which named it “most valued partner” in 2014 - as well as HDFC Bank, ICICI Bank, Bank of Baroda, Indian Overseas Bank, Union Bank of India, State Bank of Mauritius, IndusInd Bank and Kotak Mahindra Bank.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹83Cr

Close Price

₹101.00

Industry

Finance Investment and Others

Price To Earnings

37.27

Price To Sales

0.02

Revenue

₹3,983Cr

Rev Gr TTM

Revenue Growth TTM

21.32%

PAT Gr TTM

PAT Growth TTM

-53.35%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,114	1,133	938	1,098	989	716	721	856	1,021	913	941	1,108
Growth YoY Revenue Growth YoY%	37.3	51.7	29.6	12.6	-11.2	-36.8	-23.1	-22.0	3.3	27.4	30.4	29.4
Expenses ExpensesCr	1,109	1,128	933	1,092	985	715	721	855	1,020	912	941	1,107
Operating Profit Operating ProfitCr	5	6	5	6	4	1	0	1	2	1	0	1
OPM OPM%	0.5	0.5	0.5	0.5	0.4	0.1	0.0	0.2	0.1	0.1	0.0	0.1
Other Income Other IncomeCr	0	0	0	0	0	0	1	0	0	1	1	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	6	5	6	4	1	0	2	2	1	-1	1
Tax TaxCr	1	1	2	2	1	0	0	0	0	0	0	0
PAT PATCr	4	4	3	4	3	1	0	1	1	1	0	1
Growth YoY PAT Growth YoY%	112.2	217.2	775.7	150.0	-22.3	-83.8	-100.0	-74.3	-58.6	-4.3		-34.8
NPM NPM%	0.3	0.4	0.3	0.4	0.3	0.1	0.0	0.1	0.1	0.1	0.0	0.1
EPS EPS₹	4.6	5.2	3.9	5.3	3.6	0.8	0.0	1.4	1.5	0.8	-0.5	0.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,114	1,133	938	1,098	989	716	721	856	1,021	913	941	1,108
Growth YoY Revenue Growth YoY%	37.3	51.7	29.6	12.6	-11.2	-36.8	-23.1	-22.0	3.3	27.4	30.4	29.4
Expenses ExpensesCr	1,109	1,128	933	1,092	985	715	721	855	1,020	912	941	1,107
Operating Profit Operating ProfitCr	5	6	5	6	4	1	0	1	2	1	0	1
OPM OPM%	0.5	0.5	0.5	0.5	0.4	0.1	0.0	0.2	0.1	0.1	0.0	0.1
Other Income Other IncomeCr	0	0	0	0	0	0	1	0	0	1	1	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	6	5	6	4	1	0	2	2	1	-1	1
Tax TaxCr	1	1	2	2	1	0	0	0	0	0	0	0
PAT PATCr	4	4	3	4	3	1	0	1	1	1	0	1
Growth YoY PAT Growth YoY%	112.2	217.2	775.7	150.0	-22.3	-83.8	-100.0	-74.3	-58.6	-4.3		-34.8
NPM NPM%	0.3	0.4	0.3	0.4	0.3	0.1	0.0	0.1	0.1	0.1	0.0	0.1
EPS EPS₹	4.6	5.2	3.9	5.3	3.6	0.8	0.0	1.4	1.5	0.8	-0.5	0.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	757	1,518	3,052	4,160	3,525	3,731	3,983
Growth Revenue Growth%		7,463.8	100.6	101.0	36.3	-15.3	5.8	21.3
Expenses ExpensesCr	8	760	1,519	3,046	4,142	3,514	3,727	3,980
Operating Profit Operating ProfitCr	2	-3	0	6	18	11	4	3
OPM OPM%	20.4	-0.4	0.0	0.2	0.4	0.3	0.1	0.1
Other Income Other IncomeCr	1	1	1	1	1	1	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	1	1	1	1	1	1
PBT PBTCr	3	-3	0	6	18	11	3	3
Tax TaxCr	1	-1	0	2	5	3	1	1
PAT PATCr	2	-2	0	5	13	8	3	2
Growth PAT Growth%		-192.0	102.6	9,220.0	179.8	-38.5	-67.2	-53.4
NPM NPM%	20.6	-0.3	0.0	0.1	0.3	0.2	0.1	0.1
EPS EPS₹	2.5	-2.3	0.1	5.6	15.8	9.7	3.2	2.7

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	757	1,518	3,052	4,160	3,525	3,731	3,983
Growth Revenue Growth%		7,463.8	100.6	101.0	36.3	-15.3	5.8	21.3
Expenses ExpensesCr	8	760	1,519	3,046	4,142	3,514	3,727	3,980
Operating Profit Operating ProfitCr	2	-3	0	6	18	11	4	3
OPM OPM%	20.4	-0.4	0.0	0.2	0.4	0.3	0.1	0.1
Other Income Other IncomeCr	1	1	1	1	1	1	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	1	1	1	1	1	1
PBT PBTCr	3	-3	0	6	18	11	3	3
Tax TaxCr	1	-1	0	2	5	3	1	1
PAT PATCr	2	-2	0	5	13	8	3	2
Growth PAT Growth%		-192.0	102.6	9,220.0	179.8	-38.5	-67.2	-53.4
NPM NPM%	20.6	-0.3	0.0	0.1	0.3	0.2	0.1	0.1
EPS EPS₹	2.5	-2.3	0.1	5.6	15.8	9.7	3.2	2.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8
Reserves ReservesCr	19	18	19	24	34	42	45
Current Liabilities Current LiabilitiesCr	5	4	9	17	14	18	21
Non Current Liabilities Non Current LiabilitiesCr	0	1	1	1	2	2	2
Total Liabilities Total LiabilitiesCr	33	32	37	50	59	70	76
Current Assets Current AssetsCr	20	15	25	35	40	51	48
Non Current Assets Non Current AssetsCr	13	17	13	15	19	18	28
Total Assets Total AssetsCr	33	32	37	50	59	70	76

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8
Reserves ReservesCr	19	18	19	24	34	42	45
Current Liabilities Current LiabilitiesCr	5	4	9	17	14	18	21
Non Current Liabilities Non Current LiabilitiesCr	0	1	1	1	2	2	2
Total Liabilities Total LiabilitiesCr	33	32	37	50	59	70	76
Current Assets Current AssetsCr	20	15	25	35	40	51	48
Non Current Assets Non Current AssetsCr	13	17	13	15	19	18	28
Total Assets Total AssetsCr	33	32	37	50	59	70	76

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	1	2	6	8	-2	-1
Investing Cash Flow Investing Cash FlowCr	0	1	1	0	0	-1	0
Financing Cash Flow Financing Cash FlowCr	1	-2	1	2	-7	1	-1
Net Cash Flow Net Cash FlowCr	-3	0	5	8	0	-2	-2
Free Cash Flow Free Cash FlowCr	-5	1	2	5	7	-3	-3
CFO To PAT CFO To PAT%	-231.2	-57.6	3,727.2	119.7	60.7	-23.4	-40.7
CFO To EBITDA CFO To EBITDA%	-232.7	-35.1	-847.1	89.0	43.8	-17.9	-29.9

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	1	2	6	8	-2	-1
Investing Cash Flow Investing Cash FlowCr	0	1	1	0	0	-1	0
Financing Cash Flow Financing Cash FlowCr	1	-2	1	2	-7	1	-1
Net Cash Flow Net Cash FlowCr	-3	0	5	8	0	-2	-2
Free Cash Flow Free Cash FlowCr	-5	1	2	5	7	-3	-3
CFO To PAT CFO To PAT%	-231.2	-57.6	3,727.2	119.7	60.7	-23.4	-40.7
CFO To EBITDA CFO To EBITDA%	-232.7	-35.1	-847.1	89.0	43.8	-17.9	-29.9

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	14	15	24	62	225	124	79	83
Price To Earnings Price To Earnings	6.9		289.5	13.4	17.3	15.5	30.2	37.3
Price To Sales Price To Sales	1.3	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Price To Book Price To Book	0.5	0.6	0.9	1.9	5.3	2.5	1.5	1.6
EV To EBITDA EV To EBITDA	4.3	-2.7	-64.2	7.5	11.3	9.2	17.2	21.8
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	20.4	-0.4	0.0	0.2	0.4	0.3	0.1	0.1
NPM NPM%	20.6	-0.3	0.0	0.1	0.3	0.2	0.1	0.1
ROCE ROCE%	10.0	-8.6	1.0	17.5	42.7	20.8	6.4	6.4
ROE ROE%	7.5	-7.2	0.2	14.7	30.6	16.1	5.0	5.0
ROA ROA%	6.3	-5.9	0.1	9.3	22.1	11.5	3.5	3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	14	15	24	62	225	124	79	83
Price To Earnings Price To Earnings	6.9		289.5	13.4	17.3	15.5	30.2	37.3
Price To Sales Price To Sales	1.3	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Price To Book Price To Book	0.5	0.6	0.9	1.9	5.3	2.5	1.5	1.6
EV To EBITDA EV To EBITDA	4.3	-2.7	-64.2	7.5	11.3	9.2	17.2	21.8
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	20.4	-0.4	0.0	0.2	0.4	0.3	0.1	0.1
NPM NPM%	20.6	-0.3	0.0	0.1	0.3	0.2	0.1	0.1
ROCE ROCE%	10.0	-8.6	1.0	17.5	42.7	20.8	6.4	6.4
ROE ROE%	7.5	-7.2	0.2	14.7	30.6	16.1	5.0	5.0
ROA ROA%	6.3	-5.9	0.1	9.3	22.1	11.5	3.5	3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PALASHSECU	ZMILGFIN	TTGIL	PRITHVIEXCH	TRANSCOR	SHRINIWAS	HARYNACAP
Market CapitalizationMkt CapCr	88	85	83	83	78	78	73
Close PriceClose₹	87.90	39.62	7.27	101.00	24.49	17.26	141.00
IndustryIndustry	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others
Price To EarningsPE	5.43			37.27	8.19	6.10	8.20
Price To SalesPS	2.44	3.63	1,391.05	0.02	0.08	53.32	11.48
RevenueRevenueCr	36	24	0	3,983	942	1	6
Revenue Growth TTMRev Gr TTM%	-35.6%		-91.3%	21.3%	-25.2%	19.5%	-12.4%
PAT Growth TTMPAT Gr TTM%	176.3%	-290.6%	91.8%	-53.4%	1,079.0%	109.4%	76.7%

	PALASHSECU	ZMILGFIN	TTGIL	PRITHVIEXCH	TRANSCOR	SHRINIWAS	HARYNACAP
Market CapitalizationMkt CapCr	88	85	83	83	78	78	73
Close PriceClose₹	87.90	39.62	7.27	101.00	24.49	17.26	141.00
IndustryIndustry	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others	Finance Investment and Others
Price To EarningsPE	5.43			37.27	8.19	6.10	8.20
Price To SalesPS	2.44	3.63	1,391.05	0.02	0.08	53.32	11.48
RevenueRevenueCr	36	24	0	3,983	942	1	6
Revenue Growth TTMRev Gr TTM%	-35.6%		-91.3%	21.3%	-25.2%	19.5%	-12.4%
PAT Growth TTMPAT Gr TTM%	176.3%	-290.6%	91.8%	-53.4%	1,079.0%	109.4%	76.7%